REGISTERED NUMBER: 07662558 (England and Wales)

ONE PHARMACY LTD

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Mr S H Patel

Mr S P Hirani

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

07662558 (England and Wales)

SENIOR STATUTORY AUDITOR:

Antony Kounnis FCCA

AUDITORS:

Christiansons Ltd

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of pharmaceutical services.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr S H Patel

Mr S P Hirani

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Christiansons Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S H Patel - Director

15 December 2025

Opinion

We have audited the financial statements of One Pharmacy Ltd (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, represent instances of non-compliance with laws and regulations. We implement procedures aligned with our responsibilities, as outlined above, to detect material misstatements related to irregularities, including fraud. The effectiveness of our procedures in identifying such irregularities are detailed below.

We considered the nature of the company's industry and its control environment, and we reviewed the company's policies and procedures concerning fraud and compliance with laws and regulations. Additionally, we consulted with management about their own identification and assessment of the risks associated with irregularities.

We gained an understanding of the legal and regulatory framework in which the company operates, identifying key laws and regulations that:

1. Have a direct effect on the determination of material amounts and disclosures in the financial statements, such as the UK Companies Act, pensions legislation, and tax legislation.

2. Do not directly affect the financial statements but are fundamental to the company's ability to operate or to avoid significant penalties, such as regulatory solvency requirements and environmental regulations.

We also discussed with the audit engagement team, including relevant internal specialists such as those in tax, valuations, pensions, and IT, about the opportunities and incentives for fraud that may exist within the organization and how and where fraud could occur in the financial statements.

Because of the discussion, we identified the following high risk areas with the potential of significant high fraud risk. We have also described below our procedures to address these risk:

1. Revenue recognition, NHS sales have been tested with counter sales and also NHS statements, 3rd party statements, have been reconciled to the bank receipts and with the accounting system to ensure that NHS revenue completely recognised into the account.

2. As a norm for audits under ISAs (UK), we are also required to perform audit procedures to respond to the risk of management override. We responded by testing the appropriateness of the journal entries and other estimates in the financial statements, considering their potential bias and evaluated the business rational of a significant transactions that are unusual or outside the normal course of the business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Antony Kounnis FCCA (Senior Statutory Auditor)

for and on behalf of Christiansons Ltd

Chartered Certified Accountants

& Statutory Auditors

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

15 December 2025

REVENUE

1,276,103

972,260

Cost of sales

945,188

845,069

GROSS PROFIT

330,915

127,191

Administrative expenses

298,657

189,420

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) BEFORE TAXATION

32,258

(62,229

)

Tax on profit/(loss)

5

10,928

(2,963

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

21,330

(59,266

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

21,330

(59,266

)

FIXED ASSETS

Property, plant and equipment

7

16,832

20,131

CURRENT ASSETS

Inventories

8

56,447

62,904

Debtors

9

220,346

226,104

Cash and cash equivalents

120,068

101,162

396,861

390,170

CREDITORS

Amounts falling due within one year

10

547,838

568,434

NET CURRENT LIABILITIES

(150,977

)

(178,264

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(134,145

)

(158,133

)

PROVISIONS FOR LIABILITIES

11

2,658

-

NET LIABILITIES

(136,803

)

(158,133

)

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

(137,803

)

(159,133

)

SHAREHOLDERS' FUNDS

(136,803

)

(158,133

)

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Mr S H Patel - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2023

1,000

(99,867

)

(98,867

)

Changes in equity

Total comprehensive income

-

(59,266

)

(59,266

)

Balance at 31 March 2024

1,000

(159,133

)

(158,133

)

Changes in equity

Total comprehensive income

-

21,330

21,330

Balance at 31 March 2025

1,000

(137,803

)

(136,803

)

Cash flows from operating activities

Cash generated from operations

1

18,906

(27,711

)

Tax paid

-

7,346

Net cash from operating activities

18,906

(20,365

)

Increase/(decrease) in cash and cash equivalents

18,906

(20,365

)

Cash and cash equivalents at beginning of year

2

101,162

121,527

Cash and cash equivalents at end of year

2

120,068

101,162

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.7.23

Year Ended

to

31.3.25

31.3.24

£

£

Profit/(loss) before taxation

32,258

(62,229

)

Depreciation charges

3,299

3,986

35,557

(58,243

)

Decrease in inventories

6,457

429

Decrease in trade and other debtors

5,758

2,744

(Decrease)/increase in trade and other creditors

(28,866

)

27,359

Cash generated from operations

18,906

(27,711

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

120,068

101,162

Period ended 31 March 2024

31.3.24

1.7.23

£

£

Cash and cash equivalents

101,162

121,527

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash and cash equivalents

101,162

18,906

120,068

101,162

18,906

120,068

Total

101,162

18,906

120,068

1.	STATUTORY INFORMATION

One Pharmacy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the directors have provided assurances that they will continue to support the company and have the resources to do so, for the foreseeable future.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

Period

1.7.23

Year Ended

to

31.3.25

31.3.24

£

£

Wages and salaries

202,661

107,686

Social security costs

13,171

7,266

Other pension costs

4,083

1,744

219,915

116,696

The average number of employees during the year was as follows:

Period

1.7.23

Year Ended

to

31.3.25

31.3.24

Administrative staff

2

2

Pharmacy staff

8

7

10

9

Period

1.7.23

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

Period

1.7.23

Year Ended

to

31.3.25

31.3.24

£

£

Depreciation - owned assets

3,299

3,986

5.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

Period

1.7.23

Year Ended

to

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

8,270

-

Interest on corporation tax

-

(219

)

Total current tax

8,270

(219

)

Deferred tax

2,658

(2,744

)

Tax on profit/(loss)

10,928

(2,963

)

6.	OPERATING RENTAL LEASES

One Pharmacy Limited, which currently operates from 28 Curtis Road, Norwich, NR6 6RB, under lease at will on a monthly notice period. But as per director from February 2025, this branch will be relocated and merged with a new pharmacy acquisition with a lease in place and will be protected under the Landlord and Tenant Act.

7.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

41,139

56,945

15,816

113,900

DEPRECIATION

At 1 April 2024

34,797

43,156

15,816

93,769

Charge for year

714

2,585

-

3,299

At 31 March 2025

35,511

45,741

15,816

97,068

NET BOOK VALUE

At 31 March 2025

5,628

11,204

-

16,832

At 31 March 2024

6,342

13,789

-

20,131

8.	INVENTORIES

31.3.25

31.3.24

£

£

Finished goods

56,447

62,904

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

191,835

169,712

Other debtors

14,112

14,112

VAT

13,742

38,336

Prepayments and accrued income

657

3,944

220,346

226,104

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

113,221

174,950

Amounts owed to group undertakings

414,343

384,343

Tax

8,270

-

Social security and other taxes

5,619

4,475

Other creditors

165

165

Accrued expenses

6,220

4,501

547,838

568,434

11.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

2,658

-

Deferred

tax

£

Provided during year

2,658

Balance at 31 March 2025

2,658

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

1,000

Share capital 1

£1

1,000

1,000

13.

RESERVES

Retained

earnings

£

At 1 April 2024

(159,133

)

Profit for the year

21,330

At 31 March 2025

(137,803

)

14.	RELATED PARTY DISCLOSURES

15.	CONTROLLING PARTY