Buchanhaven Pharmacy Limited

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Statement of Cash Flows	14
Notes to the Financial Statements	15—25

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Strategic Report

For The Year Ended 31 January 2026

Strategic Report

The directors present their strategic report for the year ended 31 January 2026.

Principal Activity

The company's principal activity continues to be that of operation and management of pharmacy and dispensary shops across Scotland.

Review of the Business

During the year, one of the company's branches was only partially operational following an incident, which resulted in a temporary restriction on the services that could be provided and consequently impacted income during the period.

Despite this, the company continued to invest in the development of the business, including expenditure on training for our pharmacists. This investment is intended to broaden the range of services available, support future income generation and strengthen the company's overall trading position.

We consider the key performance indicators to be those which reflect the financial performance and strength of the company, these being turnover, gross profit and net profit before tax.

Turnover for the year to 31 January 2026 was £8,678,386 (2025: £8,826,062).

Gross profit for the year to 31 January 2026 was £1,360,489 (2025: £1,469,800).

Net profit before tax and exceptional items for the year to 31 January 2026 was £767,542 (2025: £652,504).

Principal Risks and Uncertainties

Risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls which are consistently applied throughout the Buchanhaven Group of companies. All policies are subject to Board approval and ongoing review by management. Compliance with all regulation and legal requirements is a high priority for the group.

The directors regularly review the risks and uncertainties which the businesses are exposed to and ensure controls are in place to mitigate these risks. The main risks are considered to be in relation to regulatory requirements, health and safety and our people.

On behalf of the board

Mr J Mitchell

Director

15 September 2026

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Buchanhaven Pharmacy Limited

Company No. SC293941

Directors' Report For The Year Ended 31 January 2026

Directors' Report

The directors present their report and the financial statements for the year ended 31 January 2026.

Dividends

The value of dividends paid amounted to £848,246 .

Dividends per share per class are as follows:

Ordinary £1 shares	£848.25
Ordinary B £1 shares	NIL

Directors

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

Mr J Mitchell
Mr G Buchanan	Appointed	01/03/2026
Miss J Gordon	Appointed	01/03/2026

Mrs Samantha Reid Resigned on 21/02/2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the 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 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 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.

The directors are 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

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Buchanhaven Pharmacy Limited

Directors' Report (continued)

For The Year Ended 31 January 2026

Independent Auditors

The auditors, Nuvo Audit 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 J Mitchell

Director

15 September 2026

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Independent Auditor's Report

to the Members of

Buchanhaven Pharmacy Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Buchanhaven Pharmacy Limited for the year ended 31 January 2026 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, 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 company's affairs as at 31 January 2026 and of its 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 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 entity'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 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. 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Buchanhaven Pharmacy Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' 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 Directors' Responsibilities Statement set out on page 3—4, 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.

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Independent Auditor's Report (continued)

to the Members of

Buchanhaven 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:

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks identified include:

- UK GAAP

- Companies Act 2006

- Corporation Tax legislation

- VAT legislation

- Health and Safety legislation

We gained an understanding of how the company is complying with these laws and regulations by:

- enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims;

- enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- reviewing the level of and reasoning behind the company's procurement of legal and professional services;

- performing audit procedures over the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by the management in their calculation of accounting estimates for potential management bias.

Our audit procedures were designed to respond to the risk of material misstatement in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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.

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Independent Auditor's Report (continued)

to the Members of

Buchanhaven Pharmacy Limited

Alison Brown (Senior Statutory Auditor)

for and on behalf of Nuvo Audit Limited , Statutory Auditor

16 September 2026

Nuvo Audit Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Buchanhaven Pharmacy Limited

Profit and Loss Account

For The Year Ended 31 January 2026

Profit and Loss Account

		2026	2025
	Notes	£	£
TURNOVER	3	8,678,386	8,826,062
Cost of sales		(7,317,897 )	(7,356,262 )

GROSS PROFIT		1,360,489	1,469,800

Administrative expenses		(691,737 )	(729,961 )
Other operating income		86,399	100,515

OPERATING PROFIT	5	755,151	840,354
Exceptional items		-	857
Income from Shares in group undertakings		45,000	24,000
Profit/(loss) on disposal of fixed assets		12,701	(1,479 )
Other interest receivable and similar income	10	4,353	13,987
Interest payable and similar charges	11	(49,663 )	(225,215 )

PROFIT BEFORE TAXATION		767,542	652,504
Tax on Profit	12	(73,670 )	(163,171 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		693,872	489,333

The notes on pages 14 to 25 form part of these financial statements.

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Buchanhaven Pharmacy Limited

Statement of Comprehensive Income

For The Year Ended 31 January 2026

Statement of Comprehensive Income

	2026	2025
	£	£
PROFIT FOR THE FINANCIAL YEAR	693,872	489,333
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	693,872	489,333

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Buchanhaven Pharmacy Limited

Balance Sheet

As At 31 January 2026

Balance Sheet

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		472,078		531,087
Tangible Assets	14		426,370		376,026
Investments	15		725,890		725,890

			1,624,338		1,633,003
CURRENT ASSETS
Stocks	16	314,111		301,784
Debtors	17	3,602,730		4,528,743
Cash at bank and in hand		533,207		952,267

		4,450,048		5,782,794
Creditors: Amounts Falling Due Within One Year	18	(2,939,479 )		(4,182,867 )

NET CURRENT ASSETS (LIABILITIES)			1,510,569		1,599,927

TOTAL ASSETS LESS CURRENT LIABILITIES			3,134,907		3,232,930

Creditors: Amounts Falling Due After More Than One Year	19		(171,403 )		(132,115 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(90,728 )		(73,665 )

NET ASSETS			2,872,776		3,027,150

CAPITAL AND RESERVES
Called up share capital	22		1,020		1,020
Share premium account			156,982		156,982
Capital redemption reserve			35		35
Profit and Loss Account			2,714,739		2,869,113

SHAREHOLDERS' FUNDS			2,872,776		3,027,150

The financial statements were approved by the board of directors on 15 September 2026 and were signed on its behalf by:

Mr J Mitchell

Director

The notes on pages 14 to 25 form part of these financial statements.

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Buchanhaven Pharmacy Limited

Statement of Changes in Equity

For The Year Ended 31 January 2026

Statement of Changes in Equity

	Share Capital	Share Premium	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 February 2024	1,020	156,982	35	2,592,574	2,750,611
Profit for the year and total comprehensive income	-	-	-	489,333	489,333

Dividends paid	-	-	-	(212,794)	(212,794)

As at 31 January 2025 and 1 February 2025	1,020	156,982	35	2,869,113	3,027,150


Profit for the year and total comprehensive income	-	-	-	693,872	693,872

Dividends paid	-	-	-	(848,246)	(848,246)

As at 31 January 2026	1,020	156,982	35	2,714,739	2,872,776

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Buchanhaven Pharmacy Limited

Statement of Cash Flows

For The Year Ended 31 January 2026

Statement of Cash Flows

		2026	2025
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	498,873	986,654
Interest paid		(49,663 )	(225,215 )
Tax paid		(155,824 )	(127,325 )

Net cash generated from operating activities		293,386	634,114

Cash flows from investing activities
Purchase of intangible assets		-	(590,097 )
Purchase of tangible assets		(356,714 )	(86,742 )
Proceeds from disposal of tangible assets		192,974	142
Grants received		81,063	92,511
Interest received		4,353	13,987
Dividends received		45,000	24,000

Net cash used in investing activities		(33,324 )	(546,199 )

Cash flows from financing activities
Equity dividends paid		(848,246 )	(212,794 )
Proceeds from new bank borrowings		-	2,434,997
Repayment of bank borrowings		(2,434,997 )	-
Repayment of finance leases		38,275	37,337
Proceeds from new loans from group undertakings		1,719,338	-
Advance of new loans to group undertakings		-	(238,724 )
Repayment of loans to group undertakings		846,508	-

Net cash (used in)/generated from financing activities		(679,122 )	2,020,816



(Decrease)/increase in cash and cash equivalents		(419,060 )	2,108,731
Cash and cash equivalents at beginning of year	2	952,267	(1,156,464 )

Cash and cash equivalents at end of year	2	533,207	952,267

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Buchanhaven Pharmacy Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 January 2026

Notes to the Statement of Cash Flows

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

	2026	2025
	£	£
Profit for the financial year	693,872	489,333
Adjustments for:
Tax on profit	73,670	163,171
Interest expense	49,663	225,215
Interest income	(4,353 )	(13,987 )
Income from shares in group undertakings	(45,000)	(24,000)
Amortisation of intangible assets	59,009	59,010
Depreciation of tangible assets	126,097	109,961
(Profit)/loss on disposal of tangible assets	(12,701)	1,479
Grant income	(81,063)	(92,511)
Movements in working capital:
(Increase)/decrease in stocks	(12,327 )	3,717
Decrease in trade and other debtors	79,505	6,256
(Decrease)/increase in trade and other creditors	(427,499 )	59,010

Net cash generated from operations	498,873	986,654

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:

	2026	2025
	£	£
Cash at bank and in hand	533,207	952,267

3. Analysis of changes in net debt

	As at 1 February 2025	Cash flows	As at 31 January 2026
	£	£	£
Cash at bank and in hand	952,267	(419,060)	533,207
Finance leases	(208,073)	(38,275)	(246,348)
Debts falling due within one year	(2,434,997 )	715,659	(1,719,338 )

	(1,690,803)	258,324	(1,432,479)

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements

For The Year Ended 31 January 2026

Notes to the Financial Statements

1. General Information

Buchanhaven Pharmacy Limited is a private company, limited by shares, incorporated in Scotland, registered number SC293941 . The registered office is 23 Skelton Street Buchanhaven, Peterhead, Aberdeenshire, AB42 1HR.

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

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.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. 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.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that 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.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been amortised evenly over its estimated useful life of ten years.

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

2.6. 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:

Freehold property	-	5% on cost
Improvements to property	-	10% on cost
Plant & machinery	-	25% reducing balance
Fixture & fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	25% reducing balance

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

2.7. Investments

Investment in wholly owned subsidiaries and associated undertakings are recognised at cost less any provision for impairment. Carrying values of investments in subsidiaries and associates are reviewed at the end of each reporting period for any indication of impairment with any effect accounted for in the profit and loss account.

Investments in subsidiaries and associated undertakings are de-recognised upon disposal of the owned share capital and associated control of the entity.

2.8. 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 company. 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.

2.9. 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.

2.10. 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.

2.11. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.12. 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 company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

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.

2.13. Provisions and Contingencies

Provisions

Provisions are recognised when the company 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 company’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.

2.14. Pensions

The company 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.

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.15. 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.

2.16. Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

3. Turnover

Analysis of turnover by class of business is as follows:

	2026	2025
	£	£
Management charge income	85,333	80,111
Pharmacy & dispensary	8,544,186	8,700,994
Sundry income	48,867	44,957

	8,678,386	8,826,062

4. Other Operating Income

	2026	2025
	£	£
Grant income	81,063	92,511
Rental income	5,336	8,004

	86,399	100,515

5. Operating Profit

The operating profit is stated after charging:

	2026	2025
	£	£
Operating lease rentals	63,300	62,896
Depreciation of tangible fixed assets - owned	48,732	46,852
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	77,365	63,109
Amortisation of intangible fixed assets	59,009	59,010

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

6. Auditor's Remuneration

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

	2026	2025
	£	£
Audit Services
Audit of the company's financial statements	11,350	11,445


Other Services
Other taxation advisory services	2,676	-
Corporate finance transactions	-	26,250
Other non-audit services	43,138	69,569

	45,814	95,819

7. Staff Costs

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

	2026	2025
	£	£
Wages and salaries	1,662,374	1,615,679
Social security costs	148,648	115,071
Other pension costs	26,704	25,823

	1,837,726	1,756,573

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2026	2025
Directors	1	2
Senior managers	3	-
Pharmacy managers	2	2
Pharmacists	7	11
Dispensing & shop assistants	72	68

	85	83

9. Directors' remuneration

	2026	2025
	£	£
Emoluments	12,570	31,050
Company contributions to money purchase pension schemes	-	91

	12,570	31,141

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

10. Interest Receivable and Similar Income

	2026	2025
	£	£
Bank interest receivable	4,353	13,970
Dividends from shares in associates	45,000	24,000
Corporation tax interest	-	17

	49,353	37,987

11. Interest Payable and Similar Charges

	2026	2025
	£	£
Bank loans and overdrafts	35,696	211,004
Finance charges payable under finance leases and hire purchase contracts	10,125	9,185
Other finance charges	3,842	5,026

	49,663	225,215

12. Tax on Profit

The tax charge on the profit for the year was as follows:

	2026	2025
	£	£
Current tax
UK Corporation Tax	57,400	156,617
Prior period adjustment	(793 )	-

	56,607	156,617
Deferred Tax
Deferred taxation	17,063	6,554


Total tax charge for the period	73,670	163,171

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

	2026	2025
	£	£
Profit before tax	767,542	652,504

Tax on profit at 25% (UK standard rate)	191,885	163,126
Expenses not deductible for tax purposes	1,642	8,617
Capital allowances	(24,163 )	(8,912 )
Prior period adjustment	(793 )	-
Revenue exempt from taxation	(14,426 )	(6,214 )
Deferred tax from unrecognised tax loss or credit	17,063	6,554
Group relief	(97,538 )	-

Total tax charge for the period	73,670	163,171

Page 20

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

13. Intangible Assets

	Goodwill
	£
Cost
As at 1 February 2025	985,097

As at 31 January 2026	985,097

Amortisation
As at 1 February 2025	454,010
Provided during the period	59,009

As at 31 January 2026	513,019

Net Book Value
As at 31 January 2026	472,078

As at 1 February 2025	531,087

14. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 February 2025	275,599	63,832	77,812	305,393
Additions	-	-	6,509	333,269
Disposals	-	-	-	(262,521 )

As at 31 January 2026	275,599	63,832	84,321	376,141

Depreciation
As at 1 February 2025	224,147	14,284	32,909	130,928
Provided during the period	13,780	6,383	12,238	76,732
Disposals	-	-	-	(82,623 )

As at 31 January 2026	237,927	20,667	45,147	125,037

Net Book Value
As at 31 January 2026	37,672	43,165	39,174	251,104

As at 1 February 2025	51,452	49,548	44,903	174,465


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 February 2025	250,847	121,720	1,095,203
Additions	13,396	3,540	356,714
Disposals	(383 )	-	(262,904 )

As at 31 January 2026	263,860	125,260	1,189,013

Depreciation
As at 1 February 2025	217,664	99,245	719,177

...CONTINUED

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

Provided during the period	10,511	6,453	126,097
Disposals	(8 )	-	(82,631 )

As at 31 January 2026	228,167	105,698	762,643

Net Book Value
As at 31 January 2026	35,693	19,562	426,370

As at 1 February 2025	33,183	22,475	376,026

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2026	2025
	£	£
Plant & Machinery	16,956	22,608
Motor Vehicles	229,880	166,720

	246,836	189,328

15. Investments

	Associates
	£
Cost or Valuation
As at 1 February 2025	725,890

As at 31 January 2026	725,890

Provision
As at 1 February 2025	-

As at 31 January 2026	-

Net Book Value
As at 31 January 2026	725,890

As at 1 February 2025	725,890

Associates

Details of the company's associates as at 31 January 2026 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
N & F Enterprise Limited	Crimond Pharmacy, Crimond Medical Centre And Community Hub, Crimond, Fraserburgh, Scotland, AB43 8QJ	A Ordinary	30.00%	-
Peterhead Health Centre Consortium Limited	Peterhead Healthcentre, Links Terrace, Peterhead, Aberdeenshire, Scotland, AB42 2XA	Ordinary	33.33%	-

Dividends received from N & F Enterprise Limited of £45,000 (2025: £24,000) have been recognised as income in the profit and loss account in the year.

No dividends were received from Peterhead Health Centre Consortium Limited in the current or comparative year.

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

16. Stocks

	2026	2025
	£	£
Stock	314,111	301,784

17. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	632,149	674,148
Prepayments and accrued income	92,952	120,090
Other debtors	1,951	3,266
VAT	79,894	88,947
Amounts owed by group undertakings	2,795,784	3,642,292

	3,602,730	4,528,743

18. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	74,945	75,958
Trade creditors	903,007	1,168,393
Bank loans and overdrafts	-	2,434,997
Corporation tax	57,400	156,617
Other taxes and social security	32,433	31,863
Other creditors	111,461	111,484
Accruals and deferred income	40,895	203,555
Amounts owed to group undertakings	1,719,338	-

	2,939,479	4,182,867

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

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	171,403	132,115

Of the creditors the following amounts are secured.

	2026		2025
	£		£
Bank loans and overdrafts	-		2,434,997

The company had previously granted the following charges in favour of Barclays Commercial Trustee Limited;

Floating charge over all current and future undertakings and property of the company.

Security over the tenant's interest in the lease of premises at Lochardil Store, Morven Road, Inverness, IV2 4BU.

Security over the tenant's interest in the lease of premises at Riverside Medical Centre, Inverness, IV3 5PW.

Standard security over whole subjects forming property 23-25 Skelton Street, Peterhead, AB42 1HR.

Standard security over whole subjects forming property 12-14 High Street, Alness, IV17 0PS.

...CONTINUED

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

All of the above-noted charges were satisfied on 6 March 2025 upon refinancing of the company's borrowing facilities by the ultimate parent company with Bank of Scotland PLC.

During the year, the company granted the following charges in favour of Bank of Scotland PLC;

Floating charge over all current and future undertakings and property of the company.

Standard security over whole subjects forming property 23-25 Skelton Street, Peterhead, AB42 1HR.

Standard security over whole subjects forming property 12-14 High Street, Alness, IV17 0PS.

20. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	74,945	75,958
Later than one year and not later than five years	171,403	132,115

	246,348	208,073

	246,348	208,073

21. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 February 2025	73,665	73,665
Additions	17,063	17,063

Balance at 31 January 2026	90,728	90,728

22. Share Capital

	2026	2025
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000
20 Ordinary B shares of £ 1.00 each	20	20

	1,020	1,020

23. Contingent Assets

During the year, the company incurred repair and renewal costs of approximately £39,596 as a result of a car accident at one of it's shop premises.

Claims to insurers are currently being finalised to compensate the company for the cost of damages suffered, no provision has been made in these financial statements for any amounts due to the company as the value of such claims has yet to be determined.

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Buchanhaven Pharmacy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

24. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2026	2025
	£	£
Not later than one year	66,872	68,463
Later than one year and not later than five years	195,755	202,627
Later than five years	357,500	417,500

	620,127	688,590

25. Pension Commitments

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

During the year the charge to the profit and loss account in respect of defined contribution schemes was £26,704 (2025: £25,823).

At the balance sheet date contributions of £6,894 (2025: £6,891) were due to the fund and are included in creditors.

26. Dividends

	2026	2025
	£	£
On equity shares:
Final dividend paid	848,246	212,794

27. Reserves

	Share Premium	Capital Redemption	Profit and Loss Account
	£	£	£
As at 1 February 2025	156,982	35	2,869,113
Profit for the year and total comprehensive income	-	-	693,872

Dividends paid	-	-	(848,246)

As at 31 January 2026	156,982	35	2,714,739

28. Related Party Disclosures

Peterhead Health Clinic Consortium Limited is a company under common control of a director.

During the year, Peterhead Health Clinic Consortium Limited paid management charges of £85,333 (2025: £80,111) to the

company. As at 31 January 2026, a balance of £40,266 (2025: £46,433) was due to the company in respect of these charges.

29. Controlling Parties

The company's immediate parent undertaking is Buchanhaven Holdings 2020 Limited.

The ultimate parent undertaking is Buchanhaven Holdings 2024 Limited (incorporated in Scotland). Its registered office is C/O Nuvo Scotland Limited Bankhead Drive, City South Office Park, Portlethen, Aberdeen, Scotland, United Kingdom, AB12 4XX.

The company's ultimate controlling party is John Mitchell by virtue of his controlling interest in the ultimate parent company.

30. Exceptional Items

During the comparative year the company wrote off amounts due to group former subsidiary Gaelpharm Limited of £857 upon the hive up of Gaelpharm Ltd into the company. No such write-offs were made in the current year.

Page 25