Garnant Pharmacy Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06485658

Garnant Pharmacy Limited

Filleted Unaudited Financial Statements

31 July 2025

Garnant Pharmacy Limited

Financial Statements

Year ended 31 July 2025

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Garnant Pharmacy Limited

Officers and Professional Advisers

Director	Mr S Palmer

Company secretary	Miss S L Palmer - appointed 25th April 2025

Registered office	78 Langland Bay Road
	Langland
	Swansea
	Wales
	SA3 4QR

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Garnant Pharmacy Limited

Statement of Financial Position

31 July 2025

	2025	2024
Note	£	£

FIXED ASSETS

Intangible assets	5	110,000	165,000
Tangible assets	6	8,889	2,512
		---------	---------
		118,889	167,512

CURRENT ASSETS

Stocks	7	33,000	29,300
Debtors	8	202,792	194,276
Cash at bank and in hand		97,902	43,754
		---------	---------
		333,694	267,330

CREDITORS: amounts falling due within one year	9	245,648	221,561
		---------	---------
NET CURRENT ASSETS		88,046	45,769
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		206,935	213,281

PROVISIONS	1,991	346
	---------	---------
NET ASSETS	204,944	212,935
	---------	---------

CAPITAL AND RESERVES

Called up share capital	10	1,000	1,000
Profit and loss account		203,944	211,935
		---------	---------
SHAREHOLDERS FUNDS		204,944	212,935
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Garnant Pharmacy Limited

Statement of Financial Position (continued)

31 July 2025

These financial statements were approved by the board of directors and authorised for issue on 18 December 2025 , and are signed on behalf of the board by:

Mr S Palmer

Director

Company registration number: 06485658

Garnant Pharmacy Limited

Notes to the Financial Statements

Year ended 31 July 2025

1. GENERAL INFORMATION

Garnant Pharmacy Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are pharmacy services.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 July 2025. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Research & development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Going concern

The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells pharmacy products. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard Research & Development Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of medical and orthopaedic goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date. Interest receivable Interest income is recognised using the effective interest method. Other Income Other income is reported on date of receipt.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Intangible assets - goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet. Provision is made for any impairment.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 Years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% straight line

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stock

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 9 (2024: 9 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 August 2024 and 31 July 2025	550,000
	---------
Amortisation
At 1 August 2024	385,000
Charge for the year	55,000
	---------
At 31 July 2025	440,000
	---------
Carrying amount
At 31 July 2025	110,000
	---------
At 31 July 2024	165,000
	---------

6. TANGIBLE ASSETS

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 August 2024	2,913	2,500	5,413
Additions	175	8,500	8,675
	------	--------	--------
At 31 July 2025	3,088	11,000	14,088
	------	--------	--------
Depreciation
At 1 August 2024	1,338	1,563	2,901
Charge for the year	256	2,042	2,298
	------	--------	--------
At 31 July 2025	1,594	3,605	5,199
	------	--------	--------
Carrying amount
At 31 July 2025	1,494	7,395	8,889
	------	--------	--------
At 31 July 2024	1,575	937	2,512
	------	--------	--------

7. STOCKS

	2025	2024
	£	£
Raw materials and consumables	33,000	29,300
	--------	--------

8. DEBTORS

	2025	2024
	£	£
Other debtors	202,792	194,276
	---------	---------

9. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	160,665	103,676
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	32,015
Corporation tax	57,682	26,633
Social security and other taxes	1,385	7,878
Other creditors	25,916	51,359
	---------	---------
	245,648	221,561
	---------	---------

10. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	------	------	------	------

11. RELATED PARTY TRANSACTIONS

Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.

12. PARENT

The ultimate parent company is S P (Swansea) Limited, a company registered in England & Wales. It's registered office is that disclosed on page 1 of these financial statements.