| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 April 2025 |
| for |
| Will Chemists (Inverurie) Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 April 2025 |
| for |
| Will Chemists (Inverurie) Limited |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Contents of the Financial Statements |
| for the Year Ended 30 April 2025 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Will Chemists (Inverurie) Limited |
| Company Information |
| for the Year Ended 30 April 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 46 High Street |
| Banchory |
| Aberdeenshire |
| AB31 5SR |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Statement of Financial Position |
| 30 April 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Statement of Financial Position - continued |
| 30 April 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Notes to the Financial Statements |
| for the Year Ended 30 April 2025 |
| 1. | STATUTORY INFORMATION |
| Will Chemists (Inverurie) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. |
| Revenue recognition |
| Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| Income is recognised when the service has been provided, when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. If a customer has not been invoiced for the services during the period, the income is accrued and included in debtors under prepayments and accrued income. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of businesses purchased in 1999, has been fully amortised. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. |
| Land and buildings is comprised of freehold property. The company accounts for land and buildings using the historic cost model. |
| Land is not depreciated. Depreciation on other assets is provided at various annual rates in order to write off each asset over its estimated useful life or, if held under a finance agreement, over the lease term, whichever is the shorter. |
| Freehold property | - is maintained such that its residual value is not materially different to its book value. Having regard to this, it is the opinion of the directors that depreciation, as required by the Companies Act 2006 and accounting standards, would not be material |
| Plant and machinery etc | Various rates between 10-25% on a reducing balance or straight line basis |
| Inventories |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, other loans and directors' loans. |
| Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. |
| Directors loans and other loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
| The interest element of these obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the profit and loss account as incurred. |
| 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. |
| Short term employee benefits |
| Short term employee benefits, including holiday pay, are recognised in the profit and loss in the period in which they are incurred. |
| Operating lease receivables |
| Rentals receivable under operating leases are included in 'Other operating income' on an accruals basis. |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2025 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 May 2024 |
| and 30 April 2025 |
| AMORTISATION |
| At 1 May 2024 |
| and 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2024 |
| Additions |
| At 30 April 2025 |
| DEPRECIATION |
| At 1 May 2024 |
| Charge for year |
| At 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Will Chemists (Inverurie) Limited (Registered number: SC195815) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 April 2025 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | CONTINGENT LIABILITIES |
| Cross corporate guarantees and indemnity supported by 35-39 West High Street, Inverurie, Leasehold Interest in 2a Burghmuir Drive, Inverurie and bond and floating charge over assets of Will Chemists (Inverurie) Limited are in place between the company and it's parent, in respect of bank loans. As at the balance sheet date, the total group liability under these facilities is £884,500. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The parent company is Will (Inverurie) Holdings Limited. |
| Parents registered address: |
| 35 West High St, Inverurie, Aberdeenshire AB51 3QQ |