Company registration number NI034377 (Northern Ireland)
LARNE CHEMISTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
LARNE CHEMISTS LIMITED
COMPANY INFORMATION
Directors
Mr P. McCullough
A. McGrath
Secretary
Mr P. McCullough
Company number
NI034377
Registered office
14a Old Glenarm Road
Larne
Co Antrim
BT40 1RW
Auditor
Falconer Stewart Chartered Accountants
248 Upper Newtownards Road
Belfast
BT4 3EU
LARNE CHEMISTS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Statement of cash flows
17
Notes to the financial statements
18 - 32
LARNE CHEMISTS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the Period ended 30 September 2024.

Principal activities

The principal activities of the business are the operation of a chain of retail pharmacy and opticians outlets.

Review of the business

The business operates a number of community pharmacies and opticians in Northern Ireland. Over recent years the company has made significant investment in acquiring new pharmacy outlets. The company made a further acquisition during the period.

The directors are satisified with the performance of the business during the period given the challenging market conditions. During the period the company further improved its stock buying policies and practices. The directors expect the general level of activity to improve in the forseeable future.

There were no significant events subsequent to the period end requiring disclosure. The company has continued to develop policies to maintain service levels. The directors are satisified that the overall performance levels of the business have been maintained and that the company is well positioned to maintain the performance levels.

Principal risks and uncertainties

The directors consider the principle risks and uncertainties faced by the company are as follows:

Competition Risk: The directors manage competition risk through close attention to customer service levels and service innovation.

Financial Risk: the company has budgetary and financial reporting procedures supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

Economic Risk: Economic factors, particularly the continuing uncertainty of the Uk's exit from the European Union and the Northern Ireland Protocol and the Windsor Framework, may impact upon the company and in particular the supply and cost of medicines etc imported from both the European Union and Great Britain. The effect of Brexit is still subject to a considerable degree of uncertainty with the full range of outcomes.

LARNE CHEMISTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

Key performance indicators used by management include perscription item growth, retail turnover and expenses. These are monitored on an ongoing basis and on an individual shop basis.

A summary of key performance indicators are below:

Turnover 2024 £46.4m 2023 £25.5m

Gross Profit % 2024 34.86% 2023 33.91%

Net assets 2024 £3.78m 2023 £3.78m

Management and personnel

The company places considerable value on the involvement of its employees. The continued commitment and dedication of all its employees is appreciated by the directors.

Financial risk management

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

Interest Rate Risk: The company is exposed to interest rate risk on its fixed borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses a mix of fixed and variable rate debt to reduce its exposure to changes in interest rates.

Credit Risk: All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Business conducted with customers on credit terms is minimal.

Price Risk: The company is exposed to commodity price risk as a result of operations. The company seeks to minimise this risk by actively monitoring price trends and actively seeks out appropriate buying opportunities.

Foreign Exchange Risk: The company undertakes some transactions in Euros. No hedging takes place.

LARNE CHEMISTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
Promoting the success of the company

The Directors of Larne Chemists Limited acknowledge their duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, while having regard to:

- the likely long-term consequences of decisions;

- the interests of employees;

- relationships with customers, suppliers and healthcare stakeholders;

- the impact of the Company’s operations on the community and environment;

- maintaining high standards of business conduct; and

- acting fairly between members of the Company.

The Board recognises that the Company’s long-term success depends on maintaining trusted relationships with patients, NHS stakeholders, suppliers, employees and the local community.

Employees

The Directors value the contribution of all pharmacists and employees in delivering high-quality healthcare and pharmacy services. Employee engagement is maintained through regular communication, staff meetings and performance discussions. During the year, the Company continued to support employee training and professional development, including compliance, patient care and health and safety training.

The wellbeing of employees remains a priority, particularly in maintaining safe working practices and supporting flexible staffing arrangements where operationally possible.

Customers and Community

As a community pharmacy business, the Company plays an important role in supporting local healthcare services. The Directors seek to maintain high standards of customer service, patient confidentiality and professional conduct.

Feedback from patients and healthcare professionals is reviewed regularly to help improve service delivery. The Company continued to support community healthcare initiatives, including prescription services, health advice and access to essential medicines.

Suppliers and Business Relationships

The Company maintains constructive relationships with pharmaceutical wholesalers, healthcare providers and other suppliers to ensure continuity of supply and reliable service for customers. The Directors monitor supplier performance and pricing to maintain value and availability while ensuring regulatory compliance.

Environment and Sustainability

The Directors recognise the importance of minimising the environmental impact of the Company’s operations. During the year, the Company continued efforts to reduce paper usage, manage pharmaceutical waste responsibly and improve energy efficiency within its premises.

LARNE CHEMISTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -

Principal Decisions During the Year

A principal focus during the year was maintaining continuity of pharmacy services while responding to operational and regulatory requirements within the healthcare sector. In making operational and financial decisions, the Directors considered:

- the long-term sustainability of the business;

- the wellbeing and retention of employees;

- service quality and accessibility for customers;

- supplier reliability and stock availability; and

- compliance with healthcare and pharmacy regulations.

The Directors believe that, throughout the year, they have acted in good faith and in a manner most likely to promote the success of the Company for the benefit of its members as a whole.

This report was approved by the board of directors.

Mr P. McCullough
Director
19 May 2026
LARNE CHEMISTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -

The directors present their annual report and financial statements for the Period ended 30 September 2024.

Results and dividends

The results for the Period are set out on page 13.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

Mr P. McCullough
A. McGrath
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Falconer Stewart Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

LARNE CHEMISTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
LARNE CHEMISTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr P. McCullough
A. McGrath
Director
Director
19 May 2026
LARNE CHEMISTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 8 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

LARNE CHEMISTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LARNE CHEMISTS LIMITED
- 9 -
Opinion

We have audited the financial statements of Larne Chemists Limited (the 'company') for the Period ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its loss for the Period 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
LARNE CHEMISTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LARNE CHEMISTS LIMITED (CONTINUED)
- 10 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

LARNE CHEMISTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LARNE CHEMISTS LIMITED (CONTINUED)
- 11 -

The extent to which the audit was considered capable of detecting irregularies, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk 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, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conduced in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operated in and how the company is complying with the legal and regulatory frameworks;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS102 and compliance with Companies Act 2006 and Tax compliance regulations and government grant income. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included, reviewing financial statement disclosures, completion of disclosure checklists to identify areas of non-compliance, inspecting correspondence with local tax authorities and evaluating advice obtained from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety and employment law. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected correspondence with the relevant authorities.

The audit engagement team identified the risk of management override of controls, revenue recognition and stock provisioning as areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. Audit procedures performed over the revenue recognition included testing the operating effectiveness of controls, performing cut off testing, analytical review and tests of detail to cover all revenue assertions. Procedures performed over stock provisioning included re-calculation of the provision based on the provision methodology for reasonableness, challenging judgements and estimates applied in the methodology adopted in establishing stock provisions.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LARNE CHEMISTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LARNE CHEMISTS LIMITED (CONTINUED)
- 12 -

Other matters which we are required to address

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.

Michael J Crooks (Senior Statutory Auditor)
For and on behalf of Falconer Stewart Chartered Accountants, Statutory Auditor
Chartered Accountants
248 Upper Newtownards Road
Belfast
BT4 3EU
19 May 2026
LARNE CHEMISTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 13 -
Period
Year
ended
ended
30 September
31 March
2024
2023
Notes
£
£
Turnover
3
46,400,587
25,533,166
Cost of sales
(29,956,509)
(16,875,996)
Gross profit
16,444,078
8,657,170
Administrative expenses
(14,621,282)
(7,713,972)
Operating profit
4
1,822,796
943,198
Interest receivable and similar income
7
6,016
446
Interest payable and similar expenses
8
(1,635,581)
(590,170)
Amounts written off investments
9
(1)
-
Profit before taxation
193,230
353,474
Tax on profit
10
(721,830)
(313,343)
(Loss)/profit for the financial Period
(528,600)
40,131

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LARNE CHEMISTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 14 -
Period
Year
ended
ended
30 September
31 March
2024
2023
£
£
(Loss)/profit for the Period
(528,600)
40,131
Other comprehensive income
-
-
Total comprehensive income for the Period
(528,600)
40,131
LARNE CHEMISTS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 15 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
13,753,257
14,207,771
Tangible assets
13
1,313,375
1,386,216
Investments
14
4
3
15,066,636
15,593,990
Current assets
Stocks
16
2,275,000
2,255,130
Debtors
17
3,305,129
3,011,522
Cash at bank and in hand
3,670,877
2,065,355
9,251,006
7,332,007
Creditors: amounts falling due within one year
18
(8,079,035)
(7,129,303)
Net current assets
1,171,971
202,704
Total assets less current liabilities
16,238,607
15,796,694
Creditors: amounts falling due after more than one year
19
(12,889,968)
(11,911,268)
Provisions for liabilities
Deferred tax liability
21
96,047
104,234
(96,047)
(104,234)
Net assets
3,252,592
3,781,192
Capital and reserves
Called up share capital
23
600,000
600,000
Profit and loss reserves
2,652,592
3,181,192
Total equity
3,252,592
3,781,192
The financial statements were approved by the board of directors and authorised for issue on 19 May 2026 and are signed on its behalf by:
Mr P. McCullough
A. McGrath
Director
Director
Company registration number NI034377 (Northern Ireland)
LARNE CHEMISTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 16 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
600,000
3,141,061
3,741,061
Year ended 31 March 2023:
Profit and total comprehensive income
-
40,131
40,131
Balance at 31 March 2023
600,000
3,181,192
3,781,192
Period ended 30 September 2024:
Loss and total comprehensive income
-
(528,600)
(528,600)
Balance at 30 September 2024
600,000
2,652,592
3,252,592
LARNE CHEMISTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,835,103
2,103,192
Interest paid
(1,635,581)
(590,170)
Income taxes paid
(69,031)
(7,188)
Net cash inflow from operating activities
2,130,491
1,505,834
Investing activities
Purchase of intangible assets
(2,200,000)
(4,470,000)
Purchase of tangible fixed assets
(55,828)
(75,313)
Purchase of subsidiaries
-
0
(3)
Proceeds from disposal of subsidiaries
(1)
-
Proceeds from disposal of investments
(1)
-
0
Repayment of loans
200,000
(200,000)
Interest received
6,016
446
Net cash used in investing activities
(2,049,814)
(4,744,870)
Financing activities
Repayment of bank loans
1,524,845
3,879,725
Net cash generated from financing activities
1,524,845
3,879,725
Net increase in cash and cash equivalents
1,605,522
640,689
Cash and cash equivalents at beginning of Period
2,065,355
1,424,666
Cash and cash equivalents at end of Period
3,670,877
2,065,355
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 18 -
1
Accounting policies
Company information

Larne Chemists Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 14a Old Glenarm Road, Larne, Co Antrim, BT40 1RW.

1.1
Reporting period

These financial statements comprise an 18 month period to 30 September 2024 and therefore the comparation amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Exemption has been claimed under Companies Act Section 405 from preparing group accounts as the four

subsidiary companies are immaterial for the purpose of giving a true and fair view.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 1 0 years. Previously goodwill was amortised over 13 years, the number of years has been reduced to align with common accounting practice.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Plant and equipment
12.5% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
46,400,587
25,533,166
2024
2023
£
£
Other revenue
Interest income
6,016
446
4
Operating profit
2024
2023
Operating profit for the period is stated after charging:
£
£
Depreciation of tangible fixed assets
128,669
86,282
Amortisation of intangible assets
2,654,514
1,155,157
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 24 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
15,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Office and management
13
12
Operations
294
250
Total
307
262

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
8,250,800
4,358,508
Social security costs
628,459
343,458
Pension costs
148,837
79,389
9,028,096
4,781,355
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,016
446
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,016
446
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 25 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
1,603,335
526,193
Other finance costs
Other interest
32,246
63,977
1,635,581
590,170
9
Amounts written off investments
2024
2023
£
£
Other gains and losses
(1)
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
730,017
285,201
Deferred tax
Origination and reversal of timing differences
(8,187)
28,142
Total tax charge
721,830
313,343

The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
193,230
353,474
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
48,308
67,160
Permanent capital allowances in excess of depreciation
9,894
26,703
Amortisation on assets not qualifying for tax allowances
663,628
219,480
Taxation charge for the period
721,830
313,343
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 26 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
14
1
1
-
Recognised in:
Amounts written off investments
1
1

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

12
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
24,130,808
Additions
2,200,000
At 30 September 2024
26,330,808
Amortisation and impairment
At 1 April 2023
9,923,037
Amortisation charged for the Period
2,654,514
At 30 September 2024
12,577,551
Carrying amount
At 30 September 2024
13,753,257
At 31 March 2023
14,207,771

Goodwill is amortised on a straight line basis over 10 years.

The following are amounts of amortisation still to be amortised:

£2,083,184 over 5years

£1,796,848 over 6 years

£4,121,400 over 7years

£3,625,159 over 8years

£2,126,666 over 9years

LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
12
Intangible fixed assets
(Continued)
- 27 -

Goodwill has arisen on the purchase by the business of a number of pharmacies. Goodwill is recognised and measured as the excess of the cost of the acquisitions of the business over the company's interest in the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is amortised through the profit and loss account over 10 years.

13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
1,321,456
883,340
2,204,796
Additions
-
0
55,828
55,828
At 30 September 2024
1,321,456
939,168
2,260,624
Depreciation and impairment
At 1 April 2023
354,214
464,366
818,580
Depreciation charged in the Period
39,644
89,025
128,669
At 30 September 2024
393,858
553,391
947,249
Carrying amount
At 30 September 2024
927,598
385,777
1,313,375
At 31 March 2023
967,242
418,974
1,386,216
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
4
3
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
3
Additions
2
At 30 September 2024
5
Impairment
At 1 April 2023
-
Impairment losses
1
At 30 September 2024
1
Carrying amount
At 30 September 2024
4
At 31 March 2023
3
15
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Park Pharmacy Limited
Northern Ireland
Ordinary £
100.00
Fegans Pharmacy Limited
Northern Ireland
Ordinary £1
100.00
McAleer and Donnelly Pharmacy Limited
Northern Ireland
Ordinary £1
100.00
Dorman Healthcare Limited
Northern Ireland
Ordinary £1
100.00

Registered office addresses (all UK unless otherwise indicated):

1
14a Glenarm Road Larne Co Antrim Northern Ireland BT40 1RW
2
14a Glenarm Road Larne Co Antrim Northern Ireland BT40 1RW
3
17 Kings Court Templepatrick Co Antrim Northern Ireland BT39 0EB
4
14a Glenarm Road Larne Co Antrim Northern Ireland BT40 1RW
16
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,275,000
2,255,130
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 29 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,632,523
2,240,173
Other debtors
672,606
771,349
3,305,129
3,011,522
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
20
1,874,963
1,344,081
Trade creditors
4,189,237
4,119,001
Corporation tax
1,389,194
728,208
Other taxation and social security
309,494
86,871
Other creditors
196,656
727,861
Accruals and deferred income
119,491
123,281
8,079,035
7,129,303

The bank loans are secured by four charges over the land and property known as Larne Medical Centre, Old Glenarm Road, Larne and property at 1-3 Downpatrick Street, Crossgar. There are also fixed and floating charges over all assets of the company both present and future.

19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
12,889,968
11,896,005
Other creditors
-
0
15,263
12,889,968
11,911,268
20
Loans and overdrafts
2024
2023
£
£
Bank loans
14,764,931
13,240,086
Payable within one year
1,874,963
1,344,081
Payable after one year
12,889,968
11,896,005
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
20
Loans and overdrafts
(Continued)
- 30 -

The bank loans are secured by four charges over the land and property known as Larne Medical Centre, Old Glenarm Road, Larne and property at 1-3 Downpatrick Street, Crossgar. There are also fixed and floating charges over all assets of the company both present and future.

The bank lending was restructured in the year.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
96,047
104,234
2024
Movements in the Period:
£
Liability at 1 April 2023
104,234
Credit to profit or loss
(8,187)
Liability at 30 September 2024
96,047

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
148,837
79,389

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
300,000
300,000
300,000
300,000
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
23
Share capital
(Continued)
- 31 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
300,000
300,000
300,000
300,000
Preference shares classified as equity
300,000
300,000
Total equity share capital
600,000
600,000

Ordinary Shares have full and equal voting and participation rights and equal right on dissolution.

Redeemable Preference shares are 2.5% non cumulative discretionary upon a simple majority in an annual vote of the holders of the ordinary shares. No rights to capital dividends on winding up. Nominal value of shares to rank above ordinary shares upon winding up. Redeemable at par upon a simple majority in a vote of the holders of the ordinary shares. There is no set date for redemption of shares.

24
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the Period in respect of shares held by the company's directors.

25
Ultimate controlling party

The controlling party is Mr Paul McCullough.

26
Cash generated from operations
2024
2023
£
£
(Loss)/profit after taxation
(528,600)
40,131
Adjustments for:
Taxation charged
721,830
313,345
Finance costs
1,635,581
590,170
Investment income
(6,016)
(446)
Amortisation and impairment of intangible assets
2,654,514
1,155,157
Depreciation and impairment of tangible fixed assets
128,669
86,282
Other gains and losses
1
-
Movements in working capital:
Increase in stocks
(19,870)
(466,880)
Increase in debtors
(493,607)
(546,126)
(Decrease)/increase in creditors
(257,399)
931,559
Cash generated from operations
3,835,103
2,103,192
LARNE CHEMISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 32 -
27
Analysis of changes in net debt
1 April 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2,065,355
1,605,522
3,670,877
Borrowings excluding overdrafts
(13,240,086)
(1,524,845)
(14,764,931)
(11,174,731)
80,677
(11,094,054)
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