REGISTERED NUMBER: 04077549 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2026

for

PHARMAC LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

11,945

1,038

Investments

5

333,359

333,359

Investment property

6

420,000

840,000

765,304

1,174,397

CURRENT ASSETS

Debtors

7

1,192,196

1,094,093

Investments

8

174,345

86,538

Cash at bank

277,827

190,649

1,644,368

1,371,280

CREDITORS

Amounts falling due within one year

9

50,647

144,922

NET CURRENT ASSETS

1,593,721

1,226,358

TOTAL ASSETS LESS CURRENT LIABILITIES

2,359,025

2,400,755

PROVISIONS FOR LIABILITIES

36,516

73,707

NET ASSETS

2,322,509

2,327,048

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,322,409

2,326,948

SHAREHOLDERS' FUNDS

2,322,509

2,327,048

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 October 2026 and were signed by:

M Ayton - Director

1.	STATUTORY INFORMATION

Pharmac Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04077549

Registered office:

16 Hartfield Road

Forest Row

RH18 5DN

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment 33% on cost

Motor Vehicles 25% reducing balance

Investments in subsidiaries and associates

Investments in associates are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2025 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

4,022

Additions

12,000

At 31 March 2026

16,022

DEPRECIATION

At 1 April 2025

2,984

Charge for year

1,093

At 31 March 2026

4,077

NET BOOK VALUE

At 31 March 2026

11,945

At 31 March 2025

1,038

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 April 2025

and 31 March 2026

26

333,333

333,359

NET BOOK VALUE

At 31 March 2026

26

333,333

333,359

At 31 March 2025

26

333,333

333,359

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

840,000

Disposals

(420,000

)

At 31 March 2026

420,000

NET BOOK VALUE

At 31 March 2026

420,000

At 31 March 2025

840,000

The investment properties have not been depreciated which is a departure from the Companies Act. This is because departure from the Act is necessary to give a true and fair view.

The investment properties are carried at their fair value.

Fair value at 31 March 2026 is represented by:

£

Valuation in 2015

64,562

Valuation in 2017

25,000

Valuation in 2023

50,000

Valuation in 2025

70,000

Cost

210,438

420,000

If Investment property had not been revalued it would have been included at the following historical cost:

31.3.26

31.3.25

£

£

Cost

210,438

420,875

Investment property was valued on an open market basis on 31 March 2026 by the Director .

7.

DEBTORS

31.3.26

31.3.25

£

£

Amounts falling due within one year:

Trade debtors

411,361

548,059

Other debtors

607,764

246,897

1,019,125

794,956

Amounts falling due after more than one year:

Other debtors

173,071

299,137

Aggregate amounts

1,192,196

1,094,093

8.	CURRENT ASSET INVESTMENTS

31.3.26

31.3.25

£

£

Listed investments

174,345

86,538

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

664

122,747

Taxation and social security

48,825

22,175

Other creditors

1,158

-

50,647

144,922

10.	RELATED PARTY DISCLOSURES

During the year ended 31 March 2026 rent of £22,000 (31 March 2025 - £21,708) was paid by the company to the company SSAS for rental of Freehold property.

Pharmac Limited sold 50% of Freehold Property to the SSAS in the year ended 31 March 2026 for the open market value.

At 31 March 2026 Pharmac Limited was owed £239,137 (31 March 2025 - £310,000) from the SSAS and in the year ended 31 March 2026 charged £28,467 (31 March 2025 - £14,411) loan interest to the SSAS.

During the year Pharmac Limited loaned £230,000 to Ashdown Properties Limited. Mr M Ayton is a Director and shareholder in both companies. Pharmac Limited charged £7996 loan interest on this loan during the year ended 31 March 2026.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is M Ayton.