Company No: SC438418 (Scotland)

Contents

• Company Information
• Group Strategic Report
• Directors' Report
• Directors' Responsibilities Statement
• Independent Auditor's Report
• Consolidated Statement of Comprehensive Income
• Consolidated Balance Sheet
• Company Balance Sheet
• Consolidated Statement of Changes in Equity
• Company Statement of Changes in Equity
• Consolidated Statement of Cash Flows
• Notes to the Consolidated Financial Statements

DIRECTORS	Michelle Baird
	Myrtle Baird
	Nicol Baird
	Robert Baird

SECRETARY

Michelle Baird

REGISTERED OFFICE	302-308 Clifton Road
	Aberdeen
	AB24 4HP
	United Kingdom

COMPANY NUMBER

SC438418 (Scotland)

AUDITOR	Hall Morrice LLP
	Statutory Auditor
	6&7 Queens Terrace
	Aberdeen
	AB10 1XL

BANKERS	Bank of Scotland
	The Mound
	Edinburgh
	EH1 1YZ

The directors present their Strategic Report for the financial year ended 31 January 2026.

REVIEW OF THE BUSINESS

The principal activity of the Group and Company during the year was the operation of dispensing pharmacies.

The consolidated statement of comprehensive income for the year is set out on page 11. This shows a 5.08% increase in Group turnover to £13.28m (2025 - £12.64m). The directors maintain a close control of costs and this is reflected in the operating profit achieved during the year. The profit after tax for the year of £67k compared to £427k in 2025.

The trading results for the year combined with the dividends issued in the year has resulted in a small increase in shareholders' funds to £1.45m (2025 - £1.41m) however this includes £338k (2025 - £455.8k) in cash reserves. In addition the directors will continue the existing policy of replacing vehicles and equipment to ensure that they are of the highest quality and suitable for the required purpose.

The Group therefore continues to be in a strong financial position. Despite the current financial and business environment and wider economic volatility, the directors remain confident that the Group’s strong financial base and continued focus on cost control will enable it to continue providing high-quality services to its customers.

KEY PERFORMANCE INDICATORS ('KPIS')

Given the straightforward nature of the business the directors are of the opinion that the key performance indicator of financial success for the business is the monthly gross margin achievement for each shop. No other key performance indicators are necessary for an understanding of the development, performance, and position of the group.

PRINCIPAL RISKS AND UNCERTAINTIES

Management continually identify and monitor the major risks the company and its subsidiaries face together with assessing the controls for managing these risks. There are a number of factors identified in this manner and these include:

Competitor pressure – The markets in which the company and its subsidiaries operate are considered competitive and therefore competitor pressure could result in losing sales to key competitors. The group manages this risk through maintaining strong relationships, delivering quality products and services.

Market and general economic pressures - The company and its subsidiaries acknowledge the importance of maintaining relationships with key customers and suppliers in order to identify early signs of potential financial difficulties.

Liquidity risk – The company and its subsidiaries closely monitor credit terms with both customers and suppliers as the group is particularly sensitive to this whilst it establishes itself. Liquidity is achieved via close monitoring of working capital and maintaining control over stock and cash management.

FUTURE DEVELOPMENTS

The directors expect the general level of activity to increase in the forthcoming financial year and for the Group to continue to be profitable. The directors are implementing changes that will place the Baird's Pharmacy Group in a stronger position. The directors are confident that this will enable the Group to continue to provide the high quality specialist services that its customers require.

The directors have always ensured that the Group provides modern, efficient facilities and equipment so as to continue to deliver the services required by customers and to satisfy the stringent safety standards required by the pharmacy industry. They have continued this policy during the year with the Group upgrading its fixtures and fittings, plant and machinery, vehicles and buildings.

The directors take compliance with health and safety regulations very seriously. The Group is subject to audits of its health, safety and environmental operations by various bodies. This, combined with the directors' own philosophy of regularly reviewing procedures, ensures the continuous provision of an efficient and fully compliant service.

Approved by the Board of Directors and signed on its behalf by:

Nicol Baird Director

29 October 2026

The directors present their annual report on the affairs of the company and the group, together with the financial statements and auditors’ report, for the financial year ended 31 January 2026.

DIVIDENDS

The directors paid a dividend of £42,000 in the current financial year (2025: £35,500).

FUTURE DEVELOPMENTS

Details of future developments can be found in the Strategic Report.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Michelle Baird
Myrtle Baird
Nicol Baird
Robert Baird

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.


Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

Nicol Baird Director

29 October 2026

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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 group and of the profit or loss of the group for that financial 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 group will continue in business.

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

Report on the audit of the financial statements

Qualified opinion

We have audited the financial statements of Baird's Pharmacy Limited (the “parent company”) and its subsidiaries (the “group”) for the year ended 31 January 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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, except for the possible effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:
• give a true and fair view of the state of the group’s and the parent company’s affairs as at 31 January 2026 and of the group’s profit 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 qualified opinion

Included within the consolidated balance sheet at 31 January 2026 are stocks amounting to £745,384. We were unable to obtain sufficient appropriate audit evidence over the opening stock balance of £680,698 at 1 February 2025, as we were not in attendance at the prior-year physical inventory count and were unable to verify that balance by alternative means. Consequently, we were unable to determine whether any adjustments to opening stock, cost of sales and profit for the financial year may have been necessary.

In addition, management did not permit us to attend the physical inventory count conducted at 31 January 2026 and we were not provided with a sufficiently detailed inventory listing setting out the individual stock items, quantities held, unit costs and total values comprising the year-end stock balance.

Consequently, we were unable to perform sufficient audit procedures over the existence, completeness, accuracy, cut-off and valuation of stocks at 31 January 2026. No alternative audit procedures were available that would provide sufficient appropriate audit evidence to overcome these limitations. We were therefore unable to determine whether any adjustments might have been necessary in respect of stocks, cost of sales, profit for the financial year, current assets, retained earnings and the related disclosures and cash flow presentation.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

We are independent of the group 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 qualified 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 group’s and parent 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.

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.

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.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or;
• the parent company financial statements are not in agreement with the accounting records and 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; or and
• the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, 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 parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Louise Smith (Senior Statutory Auditor)
For and on behalf of Hall Morrice LLP
Statutory Auditor

6&7 Queens Terrace
Aberdeen
AB10 1XL

29 October 2026

	Note	2026		2025
		£		£
Turnover	3	13,279,884		12,638,177
Cost of sales		( 8,008,220)		( 7,162,272)
Gross profit		5,271,664		5,475,905
Administrative expenses		( 5,029,407)		( 4,861,399)
Other operating income	4	408,106		475,570
Operating profit		650,363		1,090,076
Interest receivable and similar income	5	1,024		250
Interest payable and similar expenses	5	( 335,690)		( 403,203)
Profit before taxation	6	315,697		687,123
Tax on profit	9	( 248,971)		( 260,486)
Profit for the financial year		66,726		426,637
Other comprehensive income		0		0
Total comprehensive income		66,726		426,637
Total comprehensive income attributable to:
Owners of the parent		60,770		407,605
Non-controlling interests		5,956		19,032
		66,726		426,637

All amounts relate to continuing operations.

	Note	2026		2025
		£		£
Fixed assets
Intangible assets	11	2,042,317		2,563,718
Tangible assets	12	2,371,335		2,455,222
Investment property	13	138,235		138,235
		4,551,887		5,157,175
Current assets
Stocks	15	745,384		680,698
Debtors
- due within one year	16	2,225,162		2,009,285
- due after more than one year	16	79,049		74,685
Cash at bank and in hand		338,049		455,776
		3,387,644		3,220,444
Creditors: amounts falling due within one year	17	( 2,598,645)		( 2,597,693)
Net current assets		788,999		622,751
Total assets less current liabilities		5,340,886		5,779,926
Creditors: amounts falling due after more than one year	18	( 4,161,995)		( 4,588,867)
Provision for liabilities	19	( 17,519)		( 20,934)
Net assets		1,161,372		1,170,125
Capital and reserves	22
Called-up share capital		150		150
Capital redemption reserve		8		8
Translation reserve		( 11,928)		( 38,749)
Profit and loss account		1,465,314		1,446,544
Equity attributable to owners of the parent company		1,453,544		1,407,953
Non-controlling interests		( 292,172)		( 237,828)
		1,161,372		1,170,125

The financial statements of Baird's Pharmacy Limited (registered number: SC438418) were approved and authorised for issue by the Board of Directors on 29 October 2026. They were signed on its behalf by:

Nicol Baird Director

29 October 2026

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	12	1,414,121		1,461,066
Investment property	13	138,235		138,235
Investments	14	2,322,925		2,322,925
		3,875,281		3,922,226
Current assets
Stocks	15	267,355		233,370
Debtors
- due within one year	16	3,975,078		4,037,318
Cash at bank and in hand		31,435		16,895
		4,273,868		4,287,583
Creditors: amounts falling due within one year	17	( 1,795,961)		( 1,888,173)
Net current assets		2,477,907		2,399,410
Total assets less current liabilities		6,353,188		6,321,636
Creditors: amounts falling due after more than one year	18	( 2,815,279)		( 3,121,024)
Provision for liabilities	19	( 17,519)		( 20,934)
Net assets		3,520,390		3,179,678
Capital and reserves	22
Called-up share capital		150		150
Capital redemption reserve		8		8
Profit and loss account		3,520,232		3,179,520
Total shareholders' funds		3,520,390		3,179,678

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit of the parent company was £382,712 (2025: profit of £482,902).

The financial statements of Baird's Pharmacy Limited (registered number: SC438418) were approved and authorised for issue by the Board of Directors on 29 October 2026. They were signed on its behalf by:

Nicol Baird Director

29 October 2026

	Called-up share capital		Capital redemption reserve		Translation reserve		Profit and loss account		Equity attributable to owners of parent company		Non-controlling interests		Total
	£		£		£		£		£		£		£
At 01 February 2024	158		0		( 18,591)		1,264,518		1,246,085		( 184,554)		1,061,531
Profit for the financial year	0		0		0		407,605		407,605		19,032		426,637
Total comprehensive income	0		0		0		407,605		407,605		19,032		426,637
Dividends paid on equity shares (note 10)	0		0		0		( 35,500)		( 35,500)		0		( 35,500)
Dividends paid to non controlling interest	0		0		0		0		0		( 72,306)		( 72,306)
Other movements	0		0		( 20,158)		0		( 20,158)		0		( 20,158)
Redemption of share capital	( 8)		8		0		( 190,079)		( 190,079)		0		( 190,079)
At 31 January 2025	150		8		( 38,749)		1,446,544		1,407,953		( 237,828)		1,170,125
At 01 February 2025	150		8		( 38,749)		1,446,544		1,407,953		( 237,828)		1,170,125
Profit for the financial year	0		0		0		60,770		60,770		5,956		66,726
Total comprehensive income	0		0		0		60,770		60,770		5,956		66,726
Dividends paid on equity shares (note 10)	0		0		0		( 42,000)		( 42,000)		0		( 42,000)
Dividends paid to non controlling interest	0		0		0		0		0		( 60,300)		( 60,300)
Other movements	0		0		26,821		0		26,821		0		26,821
At 31 January 2026	150		8		( 11,928)		1,465,314		1,453,544		( 292,172)		1,161,372

	Called-up share capital		Capital redemption reserve		Profit and loss account		Total
	£		£		£		£
At 01 February 2024	158		0		2,922,197		2,922,355
Profit for the financial year	0		0		482,902		482,902
Total comprehensive income	0		0		482,902		482,902
Dividends paid on equity shares (note 10)	0		0		( 35,500)		( 35,500)
Redemption of share capital	( 8)		8		( 190,079)		( 190,079)
At 31 January 2025	150		8		3,179,520		3,179,678
At 01 February 2025	150		8		3,179,520		3,179,678
Profit for the financial year	0		0		382,712		382,712
Total comprehensive income	0		0		382,712		382,712
Dividends paid on equity shares (note 10)	0		0		( 42,000)		( 42,000)
At 31 January 2026	150		8		3,520,232		3,520,390

	2026		2025
	£		£
Operating profit	650,363		1,090,076
Adjustment for:
Depreciation and amortisation	642,649		666,743
(Profit)/loss on sale of plant and equipment	( 536)		2,055
Operating cash flows before movement in working capital	1,292,476		1,758,874
(Increase)/decrease in stocks	( 64,686)		4,212
(Increase)/decrease in debtors	( 264,377)		82,781
Decrease in creditors	( 376,770)		( 216,114)
Cash generated by operations	586,643		1,629,753
Income taxes (paid)/received	( 94,784)		657
Interest paid	( 335,690)		( 403,203)
Net cash flows from operating activities	156,169		1,227,207
Cash flows from investing activities
Proceeds from sale of plant and machinery	8,827		2,771
Purchase of plant and machinery	( 42,328)		( 189,388)
Interest received	1,024		250
Other loans made	0		(116,115)
Repayment of other loans	106,426		0
Net cash flows from investing activities	73,949		( 302,482)
Cash flows from financing activities
Repayments of borrowings	( 400,942)		( 638,114)
New bank loans raised	0		150,000
Dividends paid to equity shareholders	(42,000)		(35,500)
Dividends paid to non-controlling interests	(60,300)		(72,306)
Redemption of shares	0		(190,079)
Other loans advanced	131,900		0
Net cash flows from financing activities	( 371,342)		( 785,999)
Net (decrease)/increase in cash and cash equivalents	( 141,224)		138,726
Cash and cash equivalents at beginning of year	455,776		337,208
Effect of foreign exchange rate changes	23,497		( 20,158)
Cash and cash equivalents at end of year	338,049		455,776
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year	337,097		454,913
Cash equivalents	952		863
Cash and cash equivalents at end of year	338,049		455,776

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Baird's Pharmacy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the group's registered office is 302-308 Clifton Road, Aberdeen, AB24 4HP, United Kingdom.

The principal activities are set out in the Strategic Report.

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 items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Baird's Pharmacy Limited is the parent undertaking of the Group and these consolidated financial statements are publicly available and are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. Accordingly, in preparing the parent company information presented within these consolidated financial statements, the Company has taken advantage of the reduced disclosure exemptions available to a qualifying entity under FRS 102 in respect of:

• Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;
• Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
• Not to disclose transactions and balances with other members of the group.

Going concern

At the time of approving the financial statements, the directors have assessed the group’s ability to continue as a going concern. Having reviewed cash flows and other relevant information, the directors consider that the group has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings made up to 31 January 2026.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.

Business combinations

The cost of a business combination is measured at fair value, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably. If the potential consideration subsequently becomes probably and reliable the additional consideration will be treated as an adjustment. Similarly if expected events do not occur the estimate will be adjusted accordingly.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that will be assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises income from NHS prescription dispensing (reimbursement and fees), over-the-counter (“OTC”) retail sales and other pharmacy services. Turnover is recognised at the fair value of the consideration received or receivable and is shown net of VAT and other sales-related taxes.

NHS prescription income represents reimbursement and fees earned from dispensing prescriptions. Turnover is recognised in the period in which prescriptions are dispensed and the Group becomes entitled to reimbursement under the relevant NHS arrangements. Income is measured based on expected amounts receivable, taking account of prescription activity/claims submissions, fee rates and known or expected adjustments.

Revenue from OTC retail sales is recognised at the point of sale. Revenue from other pharmacy services is recognised when the service is provided. Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Employee benefits

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

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

Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.

Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the group is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.

Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.

Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the group has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the group and the group intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 - 20 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is between 10 to 20 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	10 years straight line
Plant and machinery	5 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The group as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The group as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each balance sheet date, the group reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in subsidiary undertakings are initially recognised at cost and are subsequently measured at cost less any accumulated impairment losses. At each reporting date, the Company assesses whether there are any indicators that an investment may be impaired. Where such indicators exist, the carrying amount of the investment is compared with its recoverable amount and any impairment loss is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Stocks comprise pharmaceutical and other goods held for resale and are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises purchase price and other directly attributable costs, net of trade discounts and rebates, and is determined using the FIFO method. Provision is made for expired, obsolete, damaged and slow-moving stock where appropriate.

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.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

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 group after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either 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.

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.

Equity instruments
Equity instruments issued by the group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the group will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the group’s accounting policies

The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement - Net realisable value of stock

Stocks are stated at the lower of cost and net realisable value. Net realisable value represents the estimated selling price in the ordinary course of business less costs to sell. At each reporting date, management reviews inventory for indicators of impairment, including expiry dates, slow-moving lines and damaged stock. Where net realisable value is assessed to be lower than cost, an impairment provision is recognised to reduce the carrying value of stock to net realisable value.

Key source of estimation on uncertainty – useful economic lives of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Key source of estimation uncertainty – impairment of intangible assets

Determining whether intangible assets are impaired requires an estimation of their value in use to the group. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.

3. Turnover

Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.

Breakdown by business class

An analysis of the group's turnover by class of business is set out below.

	2026		2025
	£		£
Shop sales	1,530,920		1,083,157
Wholesale sales	401,981		342,232
NHS prescription income	11,346,983		11,212,788
	13,279,884		12,638,177

Breakdown by geographical market:

An analysis of the group's turnover by geographical market is set out below.

	2026		2025
	£		£
United Kingdom	11,916,650		11,191,141
Republic of Ireland	1,363,234		1,447,036
	13,279,884		12,638,177

4. Other operating income

	2026		2025
	£		£
Rent receivable	133,471		100,618
Sundry income	0		6,497
Other grants receivable	113,669		137,917
Assignation of lease	0		97,500
Recharged expenses	96,285		90,563
Management fees	64,681		42,475
	408,106		475,570

5. Interest receivable and interest payable

	2026		2025
	£		£
Interest receivable and similar income	1,024		250
Interest payable and similar expenses	( 335,690)		( 403,203)
	(334,666)		(402,953)

Interest receivable and similar income

	2026		2025
	£		£
Bank interest	0		98
Other interest receivable and similar income	1,024		152
	1,024		250

Interest payable and similar expenses

	2026		2025
	£		£
Bank loans and overdrafts	( 323,738)		( 402,373)
Other interest payable and similar expense	( 11,952)		( 830)
	( 335,690)		( 403,203)

6. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2026		2025
	£		£
Depreciation of tangible fixed assets (note 12)	121,248		138,504
Amortisation of intangible assets (note 11)	521,401		528,239
Operating lease rentals	258,955		211,320
Foreign exchange losses/(gains)	13,221		( 1,007)
Loss/(gain) on disposal of fixed assets	536		( 2,055)
Fees payable to the group's auditor for the audit of the groups financial statements	40,000		57,000

7. Staff number and costs

	Group		Group		Company		Company
	2026		2025		2026		2025
	Number		Number		Number		Number
The average monthly number of employees (including directors) was:
Directors	4		5		4		4
Operations	114		124		51		62
	118		129		55		66

Their aggregate remuneration comprised:

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Wages and salaries	2,742,942		2,639,241		1,946,272		1,136,122
Social security costs	295,254		213,800		213,015		87,767
Other retirement benefit costs	86,022		70,572		78,542		45,553
	3,124,218		2,923,613		2,237,829		1,269,442

8. Directors' remuneration

	2026		2025
	£		£
Directors' emoluments	8,730		11,460

9. Tax on profit

	2026		2025
	£		£
Current tax on profit
UK corporation tax	256,750		332,167
Foreign tax	0		14,332
Total current tax	256,750		346,499
Deferred tax
Origination and reversal of timing differences	( 7,779)		( 86,013)
Total deferred tax	( 7,779)		( 86,013)
Total tax on profit	248,971		260,486

The main rate of UK corporation tax remained at 25% throughout the financial year. Deferred tax balances relating to UK companies are measured using tax rates enacted or substantively enacted at the balance sheet date, being 25%.

Tax reconciliation

The tax assessed for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK:

	2026		2025
	£		£
Profit before taxation	315,697		687,123
Tax on profit at standard UK corporation tax rate of 22.5% (2025: 22.91667%)	71,032		157,466
Effects of:
Expenses not deductible for tax purposes	74,852		94,453
Income not taxable in determining taxable profit	( 2,958)		( 19,065)
Change in unrecognised deferred tax assets	1,336		( 71,281)
Adjustments in respect of prior years	504		2,159
Fixed asset differences	67,923		67,325
Effect of foreign tax rates	35,749		29,429
Chargeable gains	533		0
Total tax charge for year	248,971		260,486

10. Dividends on equity shares

	2026		2025
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 January 2026 of £280.00 (2025: £236.666667) per ordinary share	42,000		35,500

11. Intangible assets

Group

	Goodwill		Total
	£		£
Cost
At 01 February 2025	8,260,623		8,260,623
Disposals	( 54,116)		( 54,116)
At 31 January 2026	8,206,507		8,206,507
Accumulated amortisation
At 01 February 2025	5,696,905		5,696,905
Charge for the financial year	521,401		521,401
Disposals	( 54,116)		( 54,116)
At 31 January 2026	6,164,190		6,164,190
Net book value
At 31 January 2026	2,042,317		2,042,317
At 31 January 2025	2,563,718		2,563,718

Company

	Goodwill		Total
	£		£
Cost
At 01 February 2025	2,817,500		2,817,500
At 31 January 2026	2,817,500		2,817,500
Accumulated amortisation
At 01 February 2025	2,817,500		2,817,500
At 31 January 2026	2,817,500		2,817,500
Net book value
At 31 January 2026	0		0
At 31 January 2025	0		0

12. Tangible assets

Group

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£		£
Cost
At 01 February 2025	2,725,711		56,926		312,990		103,271		291,728		3,490,626
Additions	0		6,517		790		28,564		6,457		42,328
Disposals	0		0		0		( 28,225)		0		( 28,225)
FX differences	14,492		0		0		0		5,955		20,447
At 31 January 2026	2,740,203		63,443		313,780		103,610		304,140		3,525,176
Accumulated depreciation
At 01 February 2025	548,102		3,171		234,311		58,134		191,686		1,035,404
Charge for the financial year	55,464		6,197		23,103		12,241		24,243		121,248
Disposals	0		0		0		( 19,935)		0		( 19,935)
FX differences	11,285		0		0		0		5,839		17,124
At 31 January 2026	614,851		9,368		257,414		50,440		221,768		1,153,841
Net book value
At 31 January 2026	2,125,352		54,075		56,366		53,170		82,372		2,371,335
At 31 January 2025	2,177,609		53,755		78,679		45,137		100,042		2,455,222

Company

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£		£
Cost
At 01 February 2025	1,478,067		56,926		271,038		91,067		3,852		1,900,950
Additions	0		6,517		791		14,833		940		23,081
Disposals	0		0		0		( 28,225)		0		( 28,225)
At 31 January 2026	1,478,067		63,443		271,829		77,675		4,792		1,895,806
Accumulated depreciation
At 01 February 2025	165,479		3,171		222,032		45,930		3,272		439,884
Charge for the financial year	29,561		6,197		14,712		10,811		455		61,736
Disposals	0		0		0		( 19,935)		0		( 19,935)
At 31 January 2026	195,040		9,368		236,744		36,806		3,727		481,685
Net book value
At 31 January 2026	1,283,027		54,075		35,085		40,869		1,065		1,414,121
At 31 January 2025	1,312,588		53,755		49,006		45,137		580		1,461,066

13. Investment property

Group

	Investment property
	£
Valuation
As at 01 February 2025	138,235
As at 31 January 2026	138,235

Company

	Investment property
	£
Valuation
As at 01 February 2025	138,235
As at 31 January 2026	138,235

Valuation

The fair value of the investment property has been arrived at on the basis of a valuation carried out prior to purchase on 28 April 2023 by DM Hall LLP Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that this valuation remains appropriate as at 31 January 2026.

Leasing arrangements

At the balance sheet date, the group had contracted with tenants for the following future minimum lease payments:

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Within one year	142,000		130,000		142,000		130,000
Between one and five years	492,340		520,000		492,340		520,000
After five years	0		94,384		0		94,384

At the reporting date, total future minimum lease payments receivable under non-cancellable operating leases amounted to £634,340 (2025: £756,384).

14. Fixed asset investments

Group

	Total
	£
Cost or valuation before impairment
At 01 February 2025	0
At 31 January 2026	0
Carrying value at 31 January 2026	0
Carrying value at 31 January 2025	0

Company

	Investments in subsidiaries		Total
	£		£
Cost or valuation before impairment
At 01 February 2025	2,329,941		2,329,941
Disposals	( 7,016)		( 7,016)
At 31 January 2026	2,322,925		2,322,925
Provisions for impairment
At 01 February 2025	7,016		7,016
Disposals	(7,016)		(7,016)
At 31 January 2026	0		0
Carrying value at 31 January 2026	2,322,925		2,322,925
Carrying value at 31 January 2025	2,322,925		2,322,925

Investments in subsidiaries

The following were subsidiary undertakings of the company:

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.01.2026	Ownership 31.01.2025	Held
Dargans (Chemists) Limited	19 Berkeley Street, Dublin, Ireland	Dispensing chemist	Ordinary	100.00%	100.00%	Direct
Jesmond Pharmacy Limited	302-308 Clifton Road, Aberdeen, AB24 4HP, United Kingdom	Holding company	Ordinary	51.00%	51.00%	Direct
LP North Eight Limited	C/O Medicentre Chemists 43a St. Georges Terrace, Jesmond, Newcastle Upon Tyne NE2 2SX, United Kingdom	Dispensing chemist	Ordinary	100.00%	100.00%	Direct
LP SD One Hundred Thirty Limited	C/O Medicentre Chemists 43a St. Georges Terrace, Jesmond, Newcastle Upon Tyne NE2 2SX, United Kingdom	Dormant company	Ordinary	0.00%	100.00%	Direct
Medicentre (Newcastle) Limited	43a St. Georges Terrace, Jesmond, Newcastle Upon Tyne, NE2 2SX , United Kingdom	Dispensing chemist	Ordinary	51.00%	51.00%	Indirect

During the year, LP SD One Hundred Thirty Limited was dissolved.

The following subsidiary undertakings of Baird's Pharmacy Limited have elected to take the exemption from statutory audit of their individual accounts for the financial year ended 31 January 2026 under Section 479A of the Companies Act 2006:

• Jesmond Pharmacy Limited, Company Registration Number: SC708170
• LP North Eight Limited, Company Registration Number: 14778906
• Medicentre (Newcastle) Limited, Company Registration Number: 06372085
Baird's Pharmacy Limited has given a statutory guarantee under Section 479C of the Companies Act 2006 in respect of all outstanding liabilities of these subsidiaries as at 31 January 2026, until they are fully satisfied.

15. Stocks

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Finished goods	745,384		680,698		267,355		233,370

16. Debtors

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Debtors: amounts falling due within one year
Trade debtors	1,173,836		1,144,103		609,162		543,611
Amounts owed by own subsidiaries (note 25)	0		0		2,972,953		3,173,252
Amounts owed by related parties (note 25)	410,117		214,971		324,653		144,413
VAT recoverable	320,707		203,209		0		0
Corporation tax	56,905		659		2,425		0
Witholding tax	67,373		65,693		0		0
Other debtors	54,133		48,351		0		0
Prepayments and accrued income	132,402		216,184		58,699		93,080
Amounts owed by directors (note 25)	9,689		116,115		7,186		82,962
	2,225,162		2,009,285		3,975,078		4,037,318
Debtors: amounts falling due after more than one year
Deferred tax asset	79,049		74,685		0		0

17. Creditors: amounts falling due within one year

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Bank loans (secured)	376,137		350,207		274,471		252,429
Directors loans (note 25)	196,364		64,464		25,325		4,464
Trade creditors	1,160,396		1,343,906		506,863		665,835
Amounts owed to own subsidiaries (note 25)	0		0		385,916		354,146
Amounts owed to related parties (note 25)	0		173,322		0		132,149
Corporation tax	518,060		298,168		320,279		162,918
Payroll taxes payable	71,262		58,767		47,815		30,696
VAT	0		0		55,752		108,787
Accruals and deferred income	158,685		175,284		64,682		70,829
Other creditors	117,741		133,575		114,858		105,920
	2,598,645		2,597,693		1,795,961		1,888,173

18. Creditors: amounts falling due after more than one year

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Bank loans (secured)	4,161,995		4,588,867		2,815,279		3,121,024

The bank loans are secured by a fixed charge over certain land and buildings and a floating charge over all assets of the company.

Bank loans
	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Between one and two years	205,209		985,932		177,941		887,055
Between two and five years	3,860,670		2,685,572		2,541,222		1,974,336
After five years	96,116		917,363		96,116		259,633
	4,161,995		4,588,867		2,815,279		3,121,024
On demand or within one year	376,137		350,207		274,471		252,429
	4,538,132		4,939,074		3,089,750		3,373,453

Directors loans
	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Between one and two years	0		0		0		0
Between two and five years	0		0		0		0
After five years	0		0		0		0
	0		0		0		0
On demand or within one year	196,364		64,464		25,325		4,464
	196,364		64,464		25,325		4,464

Total borrowings
	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Between one and two years	205,209		985,932		177,941		887,055
Between two and five years	3,860,670		2,685,572		2,541,222		1,974,336
After five years	96,116		917,363		96,116		259,633
	4,161,995		4,588,867		2,815,279		3,121,024
On demand or within one year	572,501		414,671		299,796		256,893
	4,734,496		5,003,538		3,115,075		3,377,917

19. Provision for liabilities

Group

	Deferred taxation		Total
	£		£
At 01 February 2025	20,934		20,934
Credited to the Profit and Loss Account	( 3,415)		( 3,415)
At 31 January 2026	17,519		17,519

Deferred tax

	2026		2025
	£		£
Accelerated capital allowances	18,699		22,268
Other timing differences	( 1,180)		( 1,334)
Provision for deferred tax	17,519		20,934

Company

	Deferred taxation		Total
	£		£
At 01 February 2025	20,934		20,934
Credited to the Profit and Loss Account	( 3,415)		( 3,415)
At 31 January 2026	17,519		17,519

Deferred tax

	2026		2025
	£		£
Accelerated capital allowances	18,699		22,268
Other timing differences	( 1,180)		( 1,334)
Provision for deferred tax	17,519		20,934

20. Deferred tax

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
At the beginning of financial year	53,751		( 32,262)		( 20,934)		( 30,933)
Credited to the Profit and Loss Account	7,779		86,013		3,415		9,999
At the end of financial year	61,530		53,751		( 17,519)		( 20,934)

21. Financial instruments

The carrying values of the group’s financial assets and liabilities are summarised by category below:

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Financial assets
Measured at undiscounted amount receivable
Trade debtors (note 16)	1,173,836		1,144,103		609,162		543,611
Other debtors (note 16)	54,033		48,251		0		0
Amounts owed by own subsidiaries (note 16)	0		0		2,972,953		3,173,252
Amounts owed by related parties (note 16)	410,117		214,971		324,653		144,413
Amounts owed by directors (note 16)	9,689		116,115		7,186		82,962
	1,647,675		1,523,440		3,913,954		3,944,238
Financial liabilities
Measured at amortised cost
Bank loans and other loans	( 4,542,727)		( 4,942,669)		( 3,094,345)		( 3,377,048)
Measured at undiscounted amount payable
Trade creditors (note 17)	( 1,160,396)		( 1,343,906)		( 506,863)		( 665,835)
Other payables (note 17)	( 91,698)		( 115,902)		( 91,183)		( 89,916)
Amounts owed to own subsidiaries (note 17)	0		0		( 385,916)		( 354,146)
Amounts owed to related parties (note 17)	0		( 173,322)		0		( 132,149)
Amounts owed to directors (note 17)	( 196,364)		( 64,464)		( 25,325)		( 4,464)
	(5,991,185)		(6,640,263)		(4,103,632)		(4,623,558)

22. Called-up share capital and reserves

	2026		2025
	£		£
Allotted, called-up and fully-paid
104 Ordinary A shares of £ 1.00 each	104		104
8 Ordinary B shares of £ 1.00 each	8		8
38 Ordinary D shares of £ 1.00 each	38		38
	150		150
Presented as follows:
Called-up share capital presented as equity	150		150

Each Ordinary A share is entitled to one vote in any circumstances. Each Ordinary A share is entitled to dividend payments as determined by the directors for this class (including different rates for each class and paying a dividend on one class and not on another). Each Ordinary A share is entitled to participate in a distribution arising from a winding up of the company.

Each Ordinary B share is entitled to one vote in any circumstances. Each Ordinary B share is entitled to dividend payments as determined by the directors for this class (including different rates for each class and paying a dividend on one class and not on another). Each Ordinary B share is entitled to participate in a distribution arising from a winding up of the company.

Each Ordinary D share is entitled to one vote in any circumstances. Each Ordinary D share is entitled to dividend payments as determined by the directors for this class (including different rates for each class and paying a dividend on one class and not on another). Each Ordinary D share is entitled to participate in a distribution arising from a winding up of the company.

The group's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

The capital redemption reserve represents amounts arising from the purchase of own share capital.

The currency translation reserve records the accumulated exchange rate differences for transactions denominated in currencies other than pounds sterling.

23. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Group		Company		Company
	2026		2025		2026		2025
	£		£		£		£
Within one year	170,304		154,179		130,804		116,179
Between one and five years	550,308		560,759		396,504		408,759
After five years	52,997		161,785		0		70,788
	773,609		876,723		527,308		595,726

24. Net debt reconciliation

	Balance at 01 February 2025		Cash flows		Balance at 31 January 2026
	£		£		£
Cash at bank and in hand	455,776		( 117,727)		338,049
	455,776		( 117,727)		338,049
Bank loans	( 4,939,074)		400,942		( 4,538,132)
	( 4,939,074)		400,942		( 4,538,132)
Net debt	( 4,483,298)		283,215		( 4,200,083)