Chase Pharmacy Limited

	Page
Strategic Report	1—2
Director's Report	3—5
Independent Auditor's Report	6—9
Consolidated Profit and Loss Account	10
Consolidated Statement of Comprehensive Income	11
Consolidated Balance Sheet	12—13
Company Balance Sheet	14—15
Consolidated Statement of Changes in Equity	16
Company Statement of Changes in Equity	17
Consolidated Statement of Cash Flows	18
Notes to the Consolidated Statement of Cash Flows	19
Company Statement of Cash Flows	20
Notes to the Company Statement of Cash Flows	21
Notes to the Financial Statements	22—35

The director presents his strategic report for the year ended 31 December 2024.

Review of the Business

The group continues to trade successfully, and looking at efficiencies within the business. The acquisitions of the pharmacies in 2022 has been fully integrated within the group and is delivering as expected with our commitment to customer service, combined with our investment in staff, we strive to provide the best possible healthcare to all the local communities in which we operate and serve.

Principal Risks and Uncertainties

The group operate in a highly regulated environment and any significant changes to those regulation could have impact on the business, adverse or otherwise. The director and the management of the company engage with relevant organisations, and constantly review any changes to regulations.

The potential risk of reduced margin due to the increased costs of drug purchases. Drug tariff have not yet fully updated to allow for increased costs of drug purchases. The company continue to find new suppliers and place bigger orders to get better price.

Group only has one customer. All prescriptions are paid by NHS. Group continue to work with pharmacists to ensure only correct and completed prescriptions are uploaded for payment.

Staff recruitment like in other industries is challenging and this can have an impact on the business but the business is coping well. Staff and other overheads are on an upward trend with inflation in double digits, this will have an impact on trading and the business is looking at ways to mitigate these as much as possible. Similarly supplies are challenging, however the business has managed this and has not affected business. With the cost-of-living head winds, times ahead are expected to be challenging.

Key performance indicators

	2024	2023
Turnover	19.79m	15.81m
Gross profit margin	30.23%	30.68%
Earnings before depreciation, interest, amortisation and taxation	.987	.987
Debtors days	30 days	28 days
Creditors days	98 days	83 days
Stock days	40 days	36 days

Page 1

Page 2

Chase Pharmacy Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Future Developments

Group is exploring new technologies to utilise artificial intelligence to stream line prescription process.

On behalf of the board

Mr Amarbir Johal

Director

24 December 2025

Page 2

Page 3

Chase Pharmacy Limited

Company No. 03359402

Director's Report For The Year Ended 31 December 2024

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of retailing, and dispensing of pharmaceutical and related products.

Dividends

The value of dividends paid amounted to £NIL .

The director recommended a final dividend of £NIL .

Financial Instruments

The Group's financial instruments comprise cash and bank, trade debtors and trade creditors that arises directly from operations, and bank and other loans. The financial risks affecting the Group are monitored and reviewed by the directors on a regular basis.

Liquidity risk

The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The Group finances some of its operations through bank funding, therefore there is a potential risk from an increase in interest rates on those facilities. The directors monitor any changes in interest rates so that action can be taken in a timely manner if necessary.

Credit risk

The Group has no significant credit risk as the majority of the Group's trade receivables balance is with government backed agencies.

Directors

The director who held office during the year were as follows:

Mr Amarbir Johal

Going Concern

The Directors have considered the Company’s financial position as at 31 December 2024 and its expected future performance. Although the statement of financial position shows net liabilities of £127,587, this arises primarily from accumulated amortisation reducing the carrying value of fixed assets and does not reflect a deterioration in operational performance.

Further the implications of net current liability position of £85,705 is averted from directors not intending to call of their loan amounting to £322,140 with in the 12 months period if the Company is unable to settle it. Accordingly, these events or conditions of net liability position and net current liability position does not lead to material uncertainty to going assumption based on detailed cash flow forecasts prepared by the Directors for a period of at least 12 months from the date of approval of these financial statements and their support. These forecasts indicate that the Company will have sufficient resources to meet its obligations as they fall due, supported by

...CONTINUED

Page 3

Page 4

Chase Pharmacy Limited

Director's Report (continued)

For The Year Ended 31 December 2024

Going Concern - continued

Continued trading and revenue generation;

Access to existing financing facilities;

Ongoing support from shareholders;

Ongoing support from subsidiaries.

Based on these considerations, the Directors believe it is appropriate to prepare the financial statements on a going concern basis.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Page 4

Page 5

Chase Pharmacy Limited

Director's Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, De Montfort Advisory Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Amarbir Johal

Director

24 December 2025

Page 5

Page 6

Independent Auditor's Report

to the Members of

Chase Pharmacy Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Chase Pharmacy Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

Chase Pharmacy Limited

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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's Report have 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 3—5, the director is 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 director determine is 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 director is responsible for assessing the group and parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 7

Page 8

Independent Auditor's Report (continued)

to the Members of

Chase Pharmacy Limited

Auditor's 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 an auditor's report 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:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.
We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation (GDPR); fraud; bribery and corruption, and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Page 8

Page 9

Independent Auditor's Report (continued)

to the Members of

Chase Pharmacy Limited

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 that we are required to state to them in an auditor's report 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.

Sandip Kumar (Senior Statutory Auditor)

for and on behalf of De Montfort Advisory Limited , Statutory Auditor

24 December 2025

Page 9

Page 10

Chase Pharmacy Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	19,794,551	15,810,402
Cost of sales		(13,810,946 )	(10,959,306 )

GROSS PROFIT		5,983,605	4,851,096

Administrative expenses		(6,022,785 )	(4,993,997 )

OPERATING LOSS	4	(39,180 )	(142,901 )
Income from Shares in group undertakings		-	-
Income from other current asset investments		-	14,584
Profit on disposal of fixed assets		442,342	-
Interest payable and similar charges	10	(763,773 )	(495,088 )

LOSS BEFORE TAXATION		(360,611 )	(623,405 )
Tax on Loss	11	(124,360 )	(146,975 )

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(484,971 )	(770,380 )

The notes on pages 19 to 34 form part of these financial statements.

Page 10

Page 11

Chase Pharmacy Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
LOSS FOR THE FINANCIAL YEAR	(484,971 )	(770,380 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	(484,971 )	(770,380 )

Page 11

Page 12

Chase Pharmacy Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 03359402

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		5,672,164		7,225,646
Tangible Assets	13		349,673		458,792
Investment Properties	14		2,452,000		2,452,000

			8,473,837		10,136,438
CURRENT ASSETS
Stocks	16	1,060,355		1,219,315
Debtors	17	2,404,441		2,587,480
Cash at bank and in hand		991,206		270,649

		4,456,002		4,077,444
Creditors: Amounts Falling Due Within One Year	18	(4,541,707 )		(4,217,224 )

NET CURRENT ASSETS (LIABILITIES)			(85,705 )		(139,780 )

TOTAL ASSETS LESS CURRENT LIABILITIES			8,388,132		9,996,658

Creditors: Amounts Falling Due After More Than One Year	19		(8,364,834 )		(9,463,023 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(150,885 )		(176,251 )

NET (LIABILITIES)/ASSETS			(127,587 )		357,384

CAPITAL AND RESERVES
Called up share capital	24		2		2
Fair value reserve			214,272		214,272
Profit and Loss Account			(341,861 )		143,110

SHAREHOLDERS' FUNDS			(127,587)		357,384

Page 12

Page 13

Chase Pharmacy Limited

Consolidated Balance Sheet (continued)

As At 31 December 2024

On behalf of the board

Mr Amarbir Johal

Director

24 December 2025

The notes on pages 19 to 34 form part of these financial statements.

Page 13

Page 14

Chase Pharmacy Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 03359402

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	14		2,452,000		2,452,000
Investments	15		258,868		258,868

			2,710,868		2,710,868
CURRENT ASSETS
Debtors	17	546,000		546,000
Cash at bank and in hand		121,456		2,626

		667,456		548,626
Creditors: Amounts Falling Due Within One Year	18	(1,292,060 )		(818,447 )

NET CURRENT ASSETS (LIABILITIES)			(624,604 )		(269,821 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,086,264		2,441,047

Creditors: Amounts Falling Due After More Than One Year	19		(1,888,016 )		(2,130,287 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(71,423 )		(71,423 )

NET ASSETS			126,825		239,337

CAPITAL AND RESERVES
Called up share capital	24		2		2
Fair value reserve			214,272		214,272
Profit and Loss Account			(87,449 )		25,063

SHAREHOLDERS' FUNDS			126,825		239,337

Page 14

Page 15

Chase Pharmacy Limited

Company Balance Sheet (continued)

As At 31 December 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(112,512 ) (2023: £(94,716 ) loss).

On behalf of the board

Mr Amarbir Johal

Director

24 December 2025

The notes on pages 19 to 34 form part of these financial statements.

Page 15

Page 16

Chase Pharmacy Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	2	237,127	890,635	1,127,764
Loss for the year and total comprehensive income	-	-	(770,380 )	(770,380)

Transfer to/from Fair value reserve	-	-	22,855	22,855
Transfer to/from Profit & Loss Account	-	(22,855 )	-	(22,855)

As at 31 December 2023 and 1 January 2024	2	214,272	143,110	357,384


Loss for the year and total comprehensive income	-	-	(484,971 )	(484,971)

Dividends paid	-	-	-	-

As at 31 December 2024	2	214,272	(341,861 )	(127,587)

Page 16

Page 17

Chase Pharmacy Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Fair value reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	2	237,127	96,924	334,053
Loss for the year and total comprehensive income	-	-	(94,716 )	(94,716)

Transfer to/from Fair value reserve	-	-	22,855	22,855
Transfer to/from Profit & Loss Account	-	(22,855 )	-	(22,855)

As at 31 December 2023 and 1 January 2024	2	214,272	25,063	239,337


Loss for the year and total comprehensive income	-	-	(112,512 )	(112,512)

As at 31 December 2024	2	214,272	(87,449 )	126,825

Page 17

Page 18

Chase Pharmacy Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,731,485	1,181,124
Interest paid		(763,773 )	(495,088 )
Tax paid		(49,857 )	(123,835 )

Net cash generated from operating activities		917,855	562,201

Cash flows from investing activities
Purchase of intangible assets		-	(2,194,009 )
Proceeds from disposal of intangible assets		743,617	-
Purchase of tangible assets		(34,638 )	(276,851 )
Proceeds from disposal of current asset investments		-	300,000
Interest received		-	14,584

Net cash generated from/(used in) investing activities		708,979	(2,156,276 )

Cash flows from financing activities
Proceeds from new bank borrowings		-	1,358,993
Repayment of bank borrowings		(743,883 )	-
Repayment of finance leases		(73,454 )	221,789
Amount introduced by directors		-	60,105
Amount withdrawn by directors		(88,940)	-

Net cash (used in)/generated from financing activities		(906,277 )	1,640,887



Increase in cash and cash equivalents		720,557	46,812
Cash and cash equivalents at beginning of year	2	270,649	223,837

Cash and cash equivalents at end of year	2	991,206	270,649

Page 18

Page 19

Chase Pharmacy Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash generated from operations

	2024	2023
	£	£
Loss for the financial year	(484,971 )	(770,380 )
Adjustments for:
Tax on loss	124,360	146,975
Interest expense	763,773	495,088
Income from investments	-	(14,584)
Amortisation of intangible assets	1,252,207	1,102,868
Depreciation of tangible assets	143,757	159,455
Profit on disposal of intangible assets	(442,342)	-
Movements in working capital:
Decrease/(increase) in stocks	158,960	(317,157 )
Decrease/(increase) in trade and other debtors	183,039	(686,005 )
Increase in trade and other creditors	32,702	1,064,864

Net cash generated from operations	1,731,485	1,181,124

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	991,206	270,649

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	270,649	720,557	991,206
Finance leases	(246,754)	73,454	(173,300)
Debts falling due within one year	(369,366 )	(287,289)	(656,655 )
Debts falling due after more than one year	(9,305,350)	1,031,172	(8,274,178)

	(9,650,821)	1,537,894	(8,112,927)

Page 19

Page 20

Chase Pharmacy Limited

Company Statement of Cash Flows

For The Year Ended 31 December 2024

Company Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	320,850	(168,887 )
Interest paid		(161,861 )	(135,795 )
Tax refunded		152	370

Net cash generated from/(used in) operating activities		159,141	(304,312 )

Cash flows from investing activities
Proceeds from disposal of current asset investments		-	300,000
Interest received		-	14,584

Net cash generated from investing activities		-	314,584

Cash flows from financing activities
Repayment of bank borrowings		(80,955 )	(90,790 )
Amount introduced by directors		40,644	78,510

Net cash used in financing activities		(40,311 )	(12,280 )



Increase/(decrease) in cash and cash equivalents		118,830	(2,008 )
Cash and cash equivalents at beginning of year	2	2,626	4,634

Cash and cash equivalents at end of year	2	121,456	2,626

Page 20

Page 21

Chase Pharmacy Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Company Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
Loss for the financial year	(112,512 )	(94,716 )
Adjustments for:
Tax on loss	-	22,855
Interest expense	161,861	135,795
Income from investments	-	(14,584)
Movements in working capital:
Increase in trade and other debtors	-	(28,000 )
Increase/(decrease) in trade and other creditors	271,501	(190,237 )

Net cash generated from/(used in) operations	320,850	(168,887 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	121,456	2,626

3. Analysis of changes in net debt

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	2,626	118,830	121,456
Debts falling due within one year	(28,431 )	(161,316)	(189,747 )
Debts falling due after more than one year	(2,130,287)	242,271	(1,888,016)

	(2,156,092)	199,785	(1,956,307)

Page 21

Page 22

Chase Pharmacy Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Chase Pharmacy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03359402 . The registered office is 32 De Montfort Street , Leicester, Leicestershire, LE1 7GD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

Page 22

Page 23

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Going Concern Disclosure

Further the implications of net current liability position of £85,705 is averted from directors not intending to call of their loan amounting to £ 322,140 with in the 12 months period if the Company is unable to settle it. Accordingly, these events or conditions of net liability position and net current liability position does not lead to material uncertainty to going assumption based on detailed cash flow forecasts prepared by the Directors for a period of at least 12 months from the date of approval of these financial statements and their support. These forecasts indicate that the Company will have sufficient resources to meet its obligations as they fall due, supported by

Continued trading and revenue generation;

Access to existing financing facilities;

Ongoing support from shareholders;

Ongoing support from subsidiaries.

Based on these considerations, the Directors believe it is appropriate to prepare the financial statements on a going concern basis.

2.5. Significant judgements and estimations

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 23

Page 24

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.7. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	25% on cost
Motor Vehicles	25% on cost
Fixtures & Fittings	15% on cost

2.9. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

Page 24

Page 25

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.11. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.12. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.13. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.14. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

...CONTINUED

Page 25

Page 26

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.14. Taxation - continued

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.15. Provisions and Contingencies

Provisions

Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

2.16. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 26

Page 27

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.17. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	19,794,551	15,810,402

	19,794,551	15,810,402

4. Operating Loss

The operating loss is stated after charging:

	2024	2023
	£	£
Depreciation of tangible fixed assets	143,757	159,455
Amortisation of intangible fixed assets	1,252,207	1,102,868

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	11,690	8,600

Page 27

Page 28

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	2,492,865	1,938,815
Social security costs	190,707	144,493
Other pension costs	41,002	53,203

	2,724,574	2,136,511

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 120 (2023: 103)

Company

Average number of employees, including directors, during the year was: 2 (2023: 2)

8. Director's remuneration

	2024	2023
	£	£
Emoluments	40,950	39,600
Company contributions to money purchase pension schemes	3,314	22,729

	44,264	62,329

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Interest from other current asset investments - listed	-	14,584

10. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	762,428	488,692
Late payment tax charges	1,345	6,396

	763,773	495,088

Page 28

Page 29

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the loss for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	20.0%	146,525	21,740
Prior period adjustment			3,201	-

			149,726	21,740
Deferred Tax
Deferred taxation			(25,366 )	102,380
Changes in tax rates			-	22,855

			(25,366)	125,235


Total tax charge for the period			124,360	146,975


The actual charge for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(360,611)	(623,405)

Tax on profit at 25% (UK standard rate)			(55,501 )	(124,681 )
Goodwill/depreciation not allowed for tax			241,198	166,869
Expenses not deductible for tax purposes			721	417
Capital allowances			(9,942 )	57,012
Short term timing differences			(24,851 )	47,358
Prior period adjustment			3,201	-
Dividends from companies			(12,500 )	-
Group relief			(17,966 )	-

Total tax charge for the period			124,360	146,975

Page 29

Page 30

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 January 2024	15,296,649
Disposals	(309,000 )

As at 31 December 2024	14,987,649

Amortisation
As at 1 January 2024	8,071,003
Provided during the period	1,252,207
Disposals	(7,725 )

As at 31 December 2024	9,315,485

Net Book Value
As at 31 December 2024	5,672,164

As at 1 January 2024	7,225,646

Company

The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.

13. Tangible Assets

Group

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2024	210,709	59,996	1,500,134	1,770,839
Additions	-	-	34,638	34,638

As at 31 December 2024	210,709	59,996	1,534,772	1,805,477

Depreciation
As at 1 January 2024	208,190	52,153	1,051,704	1,312,047
Provided during the period	2,327	5,205	136,225	143,757

As at 31 December 2024	210,517	57,358	1,187,929	1,455,804

Net Book Value
As at 31 December 2024	192	2,638	346,843	349,673

As at 1 January 2024	2,519	7,843	448,430	458,792

Page 30

Page 31

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Company

The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.

14. Investment Property

Group

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	2,452,000

Company

	2024
	£
Fair Value
As at 1 January 2024 and 31 December 2024	2,452,000

15. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	258,868

As at 31 December 2024	258,868

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	258,868

As at 1 January 2024	258,868

Subsidiaries

Details of the group's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Saffron Apothecaries (Leicester) Limited	16 Central Street, Countesthorpe, LE8 5QJ	Ordinary	100.00%	-
D.M.H. Pharm Limited	16 Central Street, Countesthorpe, LE8 5QJ	Ordinary	-	100.00%
Millennium Pharmacy Limited	16 Central Street, Countesthorpe, LE8 5QJ	Ordinary	-	100.00%

Page 31

Page 32

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

16. Stocks

	2024	2023
	£	£
Finished goods	1,060,355	1,219,315

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	1,406,555	1,311,618	-	-
Amounts owed by participating interests	546,000	546,000	546,000	546,000
Other debtors	451,886	729,862	-	-

	2,404,441	2,587,480	546,000	546,000

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	82,644	89,081	-	-
Trade creditors	3,139,250	3,035,618	-	-
Bank loans and overdrafts	656,655	369,366	189,747	28,431
Amounts owed to group undertakings	-	-	775,464	500,784
Amounts owed to participating interests	1,000	1,000	1,000	1,000
Other creditors	388,829	478,851	322,141	281,497
Corporation tax	183,930	84,061	2,387	2,235
Taxation and social security	39,874	49,156	-	-
Accruals and deferred income	49,525	110,091	1,321	4,500

	4,541,707	4,217,224	1,292,060	818,447

19. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	90,656	157,673	-	-
Bank loans	8,274,178	9,305,350	1,888,016	2,130,287

	8,364,834	9,463,023	1,888,016	2,130,287

Page 32

Page 33

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	656,655	369,366	189,747	28,431

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	8,274,178	9,305,350	1,888,016	2,130,287

The long-term loans are secured by first charges over the freehold properties of the group companies, by joint and several personal guarantees of the shareholders (who are also the directors) of the company and the group), and by debentures and cross guarantees granted by the subsidiaries within the group.
1st Legal Charge over Pharmacy, Allesley Park Medical Centre, 2 Whitaker Road, Coventry, CV5 9JE
1st Legal Charg ober Willington Pharmacy, Knigfisher Lane, Willington, Derby, Derbyshire, DE65 6QT
1st Legal Charge over Burton Latimer Medical Centre, Higham Road, Burton Latimer, NN15 5PU
1st Legal Charge over Unit 1 Fraternity House, 52 Church Street, Hunslett, N E Lincolnshire, LS10 2AR
1st Legal Charge over Phoenix Pharmacy, Phoenix Health Centre, Parkfield Road, Wolverhampton, WV4 6ED

21. Obligations Under Finance Leases and Hire Purchase

	Group
	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	82,644	89,081
Later than one year and not later than five years	90,656	157,673

	173,300	246,754

	173,300	246,754

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Other timing differences	150,885	176,251	71,423	71,423

Page 33

Page 34

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	176,251	176,251
Deferred taxation	(25,366 )	(25,366 )

Balance at 31 December 2024	150,885	150,885

24. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
2 Ordinary Shares of £ 1.00 each	2	2

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £41,002 (2023: £53,203).

At the balance sheet date contributions of £5,917 (2023: £8,148) were due to the fund and are included in creditors.

26. Related Party Disclosures

Mr Amarbir Johal

Director

Amount owed by company - £374,586 (2023 - £463,527)

27. Controlling Parties

The company's ultimate controlling party is Mr & Mrs Johal by virtue of their interest in the share capital of the company.

28. Going Concern and Net Liabilities Position

The financial statements have been prepared on a going concern basis. As at 31 December 2024, the Company’s statement of financial position shows net liabilities of £127,587 (2023: £357,384 - net assets), primarily due to accumulated amortisation reducing the carrying value of fixed assets. This position does not reflect a deterioration in operational performance but arises from the application of the Company’s amortisation policy in accordance with UK GAAP requirements.

The Directors have considered the Company’s financial position and prepared detailed cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. These forecasts indicate that the Company will have sufficient resources to meet its obligations as they fall due, supported by:

...CONTINUED

Page 34

Page 35

Chase Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Continued trading and revenue generation;
Access to existing financing facilities;
Ongoing support from shareholders;
Ongoing support from subsidiaries.

Based on these considerations, the Directors believe it is appropriate to prepare the financial statements on a going concern basis. However, the net liabilities position represents a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that would be required if the Company were unable to continue as a going concern.

Page 35