REGISTERED NUMBER: OC338033

PHARMA PROPERTIES LLP

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Report of the Members

1

Profit and Loss Account

2

Balance Sheet

3

Reconciliation of Members' Interests

5

Notes to the Financial Statements

7

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

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of property investment.

DESIGNATED MEMBERS

The designated members during the year under review were:

R G Andrew

D Shah

S D Shah

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £146,731 (2024 - £52,907 profit).

MEMBERS' INTERESTS

The members participate fully in the firm's profit, share the risks and subscribe the capital.

An individual member's capital requirement is linked to their share of profit and the financing requirements of the firm. There is no opportunity for appreciation of capital subscribed. Just as incoming members subscribe their capital at par, so retiring members are repaid their capital at par subject to the approval of the members.

The firm has no fixed drawings policy. All payments are made subject to the cash requirements of the business.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small LLPs.

ON BEHALF OF THE MEMBERS:

D Shah - Designated member

22 December 2025

TURNOVER

96,751

75,986

Administrative expenses

11,945

11,841

84,806

64,145

Other operating income

72,441

-

OPERATING PROFIT

157,247

64,145

Interest payable and similar expenses

10,516

11,238

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

146,731

52,907

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

146,731

52,907

FIXED ASSETS

Investment property

4

528,210

881,852

CURRENT ASSETS

Debtors

5

98,324

51,230

Cash at bank

49,636

29,605

147,960

80,835

CREDITORS

Amounts falling due within one year

6

54,808

89,068

NET CURRENT ASSETS/(LIABILITIES)

93,152

(8,233

)

TOTAL ASSETS LESS CURRENT LIABILITIES

621,362

873,619

CREDITORS

Amounts falling due after more than one year

7

-

228,988

NET ASSETS ATTRIBUTABLE TO MEMBERS

621,362

644,631

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

621,362

644,631

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

621,362

644,631

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 22 December 2025 and were signed by:

D Shah - Designated member

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

644,631

Amount due from members

-

Balance at 1 April 2024

-

644,631

644,631

Profit for the financial year available for discretionary division among members

146,731

-

146,731

Members' interests after profit for the year

146,731

644,631

791,362

Other divisions of profit

(146,731

)

146,731

-

Drawings on account and distributions of profit

-

(170,000

)

(170,000

)

Amount due to members

621,362

Amount due from members

-

Balance at 31 March 2025

-

621,362

621,362

EQUITY

DEBT

TOTAL

Members'

Loans and other debts due to

MEMBERS'

other

members less any amounts due

INTERESTS

interests

from members in debtors

Other

Other

reserves

amounts

Total

£

£

£

Amount due to members

612,325

Amount due from members

-

Balance at 1 July 2023

-

612,325

612,325

Profit for the financial year available for discretionary division among members

52,907

-

52,907

Members' interests after profit for the year

52,907

612,325

665,232

Other divisions of profit

(52,907

)

52,907

-

Drawings on account and distributions of profit

-

(20,601

)

(20,601

)

Amount due to members

644,631

Amount due from members

-

Balance at 31 March 2024

-

644,631

644,631

1.	STATUTORY INFORMATION

Pharma Properties LLP is a limited liability partnership, registered in England. The company's registered office is Suite M, Earl Road, Cheadle Hulme, Cheadle, Cheshire, SK8 6GN.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements

The LLP considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The members consider there are no such significant judgements.

Provisions

Provisions are recognised when the LLP has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the LLP will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Turnover

Turnover represents rental income and other recharges excluding value added tax. The LLP's policy is to recognise income in accordance with the terms of the lease agreements.

Investment property

The LLP's investment properties are held for long term investment. Investment properties are accounted for as follows:-

(i) Investment properties are initially recorded at cost which includes purchase cost and any directly attributable expenditure.

(ii) Thereafter, investment properties are revalued at each balance sheet date to their fair value, where this can be measured reliably.

(iii) The surplus or deficit arising on revaluation in the financial year is recognised in the profit and loss account for that year. Revaluation gains and losses are accumulated in the profit and loss account reserve, unless the revaluation amount exceeds original cost in which case, a transfer is made of the surplus to a non-distributable reserve in the balance sheet.

(iv) Deferred taxation is provided on any gains at the rate expected to apply when a property is sold.

Financial instruments

The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Tax provisions

The tax payable by the members is a personal liability of the members during the period.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

881,852

Disposals

(353,642

)

At 31 March 2025

528,210

NET BOOK VALUE

At 31 March 2025

528,210

At 31 March 2024

881,852

The fair value of the investment property at 31 March 2025 has been arrived at on the basis of a valuation carried out at that date by the members, who are not professionally qualified valuers. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the current state of the rental market in the area where the properties are situated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

98,324

51,230

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

41,293

Taxation and social security

9,585

12,726

Other creditors

45,223

35,049

54,808

89,068

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

-

228,988

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

78,639

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

-

270,281

HSBC holds a fixed and floating charge over all assets of the LLP in respect of bank borrowings.

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

£

£

Amounts owed to members in respect of profits

621,362

644,631

Falling due within one year

621,362

644,631

On winding up of the LLP, loans and other debts due to members rank pari passu with other creditors.

10.	RELATED PARTY DISCLOSURES

During the year to 31st March 2025, Pharma Properties LLP leased properties to its associated company, Pharmacy Care Plus Limited, at an arms length rent of £96,751 (2024: £75,986). Dr R G Andrew and Dr D Shah are directors of Pharmacy Care Plus Limited.

As at 31st March 2025, Pharma Properties LLP was due rent of £98,324 (2024: £51,230) from its associated company, Pharmacy Care Plus Limited. This amount is interest free and repayable on normal commercial terms.

During the year to 31st March 2025, Pharma Properties LLP was charged a management fee of £2,775 (2024: £5,625) from Pharmacy Care Plus Limited. This was outstanding at the year end and is included in creditors.

As at 31st March 2025, Pharma Properties LLP owed £30,000 (2024: £27,225) to its associated company, Pharmacy Care Plus Limited. This amount is interest free and repayable on normal commercial terms.

11.	ULTIMATE CONTROLLING PARTY

Pharma Properties LLP was under the ultimate control of Dr R G Andrew, Dr D Shah and Mrs S D Shah, members, for the whole period to 31st March 2025.