REGISTERED NUMBER: 06994034 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
WELLBEING (UNITED KINGDOM) LIMITED |
REGISTERED NUMBER: 06994034 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
FOR |
WELLBEING (UNITED KINGDOM) LIMITED |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 28 February 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 16 |
WELLBEING (UNITED KINGDOM) LIMITED |
COMPANY INFORMATION |
for the year ended 28 February 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
GROUP STRATEGIC REPORT |
for the year ended 28 February 2023 |
The director presents his strategic report of the company and the group for the year ended 28 February 2023. |
REVIEW OF BUSINESS |
The principal activity of the Group is that of retail dispensing chemists. Turnover has increased by £5,578,462 (46.7%) compared to 2022 which is largely due to the acquisition of further chemists at various stages through the year across the Group; an addtional 6 pharmacies have been acquired bringing the Group number to 26 at 28th February 2023. |
Gross margin has fallen by 1.68% from prior year. A fall in margin was expected given the drug cost increases caused by supply shortages and the reduced funding from Government into the pharmaceutical industry. |
Staffing has been difficult and overhead costs particularly related to locums, have increased as a result. This has placed pressure on margin and bottom line results. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The pharmacy sector is closely monitored by the Department of Health. The drug pricing levels determined by the Department of Health directly impact the Group and thereby has an affect upon the Group's turnover and profitability. |
The Group closely monitors costs and proactively responds to drug shortages. |
DEVELOPMENT AND PERFORMANCE |
Key performance indicators are: |
2023 2022 |
Turnover increase 5,574,462 1,488,965 |
Gross margin percentage (decrease(/increase (1.68)% 3.1% |
Increase in number of employees 16 11 |
The Parent company is in the process of acquiring a wholesale licence in the new year in order to improve purchasing and therefore margin. Pharmacy technicians are in their second year of training and are due to join the payroll from August 2024. This is expected to lower overheads whilst improving purchasing and gross margin. |
The Group remains acquisitive of new businesses in the new year. |
The Group R&D activities continue in regard to the design and development of a centralised software system for multiple pharmacies. |
ON BEHALF OF THE BOARD: |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
REPORT OF THE DIRECTOR |
for the year ended 28 February 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of retail chemists. |
DIVIDENDS |
No dividends will be distributed for the year ended 28 February 2023. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO 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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WELLBEING (UNITED KINGDOM) LIMITED |
Opinion |
We have audited the financial statements of Wellbeing (United Kingdom) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. 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 opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 the 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WELLBEING (UNITED KINGDOM) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WELLBEING (UNITED KINGDOM) LIMITED |
Auditors' 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 a Report of the Auditors 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: |
In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | reference to past history and experience of the Group and knowledge of the Sector, |
- | enquiry of management, including obtaining and reviewing supporting documentation concerning |
the Group's procedures relating to: |
-identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
-detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud. |
- | assessment of the controls and processes that the Group has in place to mitigate risk |
Our assessments included the identification of the following potential areas for fraud: |
- | Management override of control; |
- | Purchase recognition; particularly cut-off and manipulation through override |
We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below: |
- | We critically assessed the appropriateness and tested the application of the revenue and cost |
recognition policies |
- | We tested the appropriateness of accounting journals and other adjustments made in the |
preparation of the financial statements |
- | We reviewed the Group's accounting policies for non-compliance with relevant standards. |
- | We made enquiries of management and reviewed correspondence with the relevant authorities to |
identify any irregularities or instances of non-compliance with laws and regulations |
In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process. |
All engagement team members were made aware of relevant identified laws and regulations and potential fraud risks and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WELLBEING (UNITED KINGDOM) LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
1110 Elliott Court |
Coventry Business Park |
Herald Avenue |
Coventry |
West Midlands |
CV5 6UB |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 17,517,891 | 11,939,429 |
Cost of sales | 11,377,552 | 7,553,272 |
GROSS PROFIT | 6,140,339 | 4,386,157 |
Administrative expenses | 6,636,586 | 4,857,307 |
(496,247 | ) | (471,150 | ) |
Other operating income | 859,595 | 1,198,590 |
OPERATING PROFIT | 4 | 363,348 | 727,440 |
Interest receivable and similar income | 337 | 19 |
363,685 | 727,459 |
Interest payable and similar expenses | 5 | 318,096 | 256,544 |
PROFIT BEFORE TAXATION | 45,589 | 470,915 |
Tax on profit | 6 | 104,930 | (24,931 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(59,341 |
) |
495,846 |
(Loss)/profit attributable to: |
Owners of the parent | (180,294 | ) | 328,373 |
Non-controlling interests | 120,953 | 167,473 |
(59,341 | ) | 495,846 |
Total comprehensive income attributable to: |
Owners of the parent | (180,294 | ) | 335,562 |
Non-controlling interests | 120,953 | 160,284 |
(59,341 | ) | 495,846 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
CONSOLIDATED BALANCE SHEET |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 6,144,812 | 4,567,465 |
Tangible assets | 9 | 2,761,114 | 2,955,677 |
Investments | 10 | - | - |
8,905,926 | 7,523,142 |
CURRENT ASSETS |
Stocks | 11 | 1,319,097 | 861,248 |
Debtors | 12 | 1,819,703 | 1,748,710 |
Cash at bank and in hand | 1,171,312 | 1,441,631 |
4,310,112 | 4,051,589 |
CREDITORS |
Amounts falling due within one year | 13 | 7,732,513 | 5,870,143 |
NET CURRENT LIABILITIES | (3,422,401 | ) | (1,818,554 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,483,525 |
5,704,588 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(4,863,531 |
) |
(4,937,883 |
) |
PROVISIONS FOR LIABILITIES | 18 | (93,032 | ) | (100,402 | ) |
NET ASSETS | 526,962 | 666,303 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 2 | 2 |
Retained earnings | 20 | 124,117 | 304,411 |
SHAREHOLDERS' FUNDS | 124,119 | 304,413 |
NON-CONTROLLING INTERESTS | 21 | 402,843 | 361,890 |
TOTAL EQUITY | 526,962 | 666,303 |
The financial statements were approved by the director and authorised for issue on 22 March 2024 and were signed by: |
S Seow - Director |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
COMPANY BALANCE SHEET |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(67,996 |
) |
227,024 |
The financial statements were approved by the director and authorised for issue on |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 28 February 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 March 2021 | 2 | (23,962 | ) | (23,960 | ) | 216,606 | 192,646 |
Changes in equity |
Dividends | - | - | - | (15,000 | ) | (15,000 | ) |
Total comprehensive income | - | 328,373 | 328,373 | 160,284 | 488,657 |
Balance at 28 February 2022 | 2 | 304,411 | 304,413 | 361,890 | 666,303 |
Changes in equity |
Dividends | - | - | - | (80,000 | ) | (80,000 | ) |
Total comprehensive income | - | (180,294 | ) | (180,294 | ) | 120,953 | (59,341 | ) |
Balance at 28 February 2023 | 2 | 124,117 | 124,119 | 402,843 | 526,962 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 28 February 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 March 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 28 February 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 28 February 2023 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,186,533 | 2,494,411 |
Interest paid | (318,096 | ) | (256,544 | ) |
Tax paid | (87,275 | ) | (52,649 | ) |
Net cash from operating activities | 781,162 | 2,185,218 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (2,340,870 | ) | (1,599,243 | ) |
Purchase of tangible fixed assets | (103,973 | ) | (109,233 | ) |
Sale of intangible fixed assets | 8,995 | - |
Sale of tangible fixed assets | 383,329 | - |
Purchase of subsidiary companies | - | (357,270 | ) |
Cash acquired as part of acquisitions | - | 40,777 |
Interest received | 337 | 19 |
Net cash from investing activities | (2,052,182 | ) | (2,024,950 | ) |
Cash flows from financing activities |
New bank loans in year | 242,400 | 1,165,000 |
Bank loan repayments in year | (370,128 | ) | (590,161 | ) |
Other new loans | 860,000 | - |
Capital repayments in year | (21,546 | ) | (7,417 | ) |
Amount withdrawn by directors | (88,008 | ) | (8,231 | ) |
Dividends paid to minority interests | (80,000 | ) | (15,000 | ) |
Net cash from financing activities | 542,718 | 544,191 |
(Decrease)/increase in cash and cash equivalents | (728,302 | ) | 704,459 |
Cash and cash equivalents at beginning of year |
2 |
1,441,631 |
737,172 |
Cash and cash equivalents at end of year |
2 |
713,329 |
1,441,631 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 28 February 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 45,589 | 470,915 |
Depreciation charges | 872,849 | 645,611 |
Profit on disposal of fixed assets | (81,091 | ) | - |
Finance costs | 318,096 | 256,544 |
Finance income | (337 | ) | (19 | ) |
1,155,106 | 1,373,051 |
Increase in stocks | (457,849 | ) | (145,056 | ) |
(Increase)/decrease in trade and other debtors | (181,947 | ) | 697,644 |
Increase in trade and other creditors | 671,223 | 568,772 |
Cash generated from operations | 1,186,533 | 2,494,411 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 1,171,312 | 1,441,631 |
Bank overdrafts | (457,983 | ) | - |
713,329 | 1,441,631 |
Year ended 28 February 2022 |
28.2.22 | 1.3.21 |
£ | £ |
Cash and cash equivalents | 1,441,631 | 737,172 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 28 February 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.3.22 | Cash flow | changes | At 28.2.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,441,631 | (270,319 | ) | 1,171,312 |
Bank overdrafts | - | (457,983 | ) | (457,983 | ) |
1,441,631 | (728,302 | ) | 713,329 |
Debt |
Finance leases | (2,263 | ) | 3,576 | (122,023 | ) | (120,710 | ) |
Debts falling due |
within 1 year | (353,031 | ) | (34,258 | ) | - | (387,289 | ) |
Debts falling due |
after 1 year | (4,937,883 | ) | 161,986 | - | (4,775,897 | ) |
(5,293,177 | ) | 131,304 | (122,023 | ) | (5,283,896 | ) |
Total | (3,851,546 | ) | (596,998 | ) | (122,023 | ) | (4,570,567 | ) |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Wellbeing (United Kingdom) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Group has been impacted by the reduced Government funding into the pharmaceutical industry, coupled with the driving price increases caused by the well-publicised drug shortages. Staffing has also proved challenging and the increased hire of locums has impacted results. |
Management have taken steps to rectify this situation. Pharmacy technicians are in their second year of training and due to join the payroll in August 2024. This in-house utilisation of pharmacy staff will reduce overall staffing costs whilst providing improved stock monitoring and purchasing, thereby improving results at gross margin level and reducing overheads. |
The parent company is in the process of acquiring a wholesale licence which will further improve purchasing and margins. |
With consideration of the close control over business performance that the management team operate, it is considered appropriate that the financial statements have been prepared on the going concern basis. |
Basis of consolidation |
All subsidiaries of the Group have been accounted for using the acquisition method set out in Section 9 paragraph 13 onwards of FRS 102. |
The financial statements consolidate the results of the Company and all it's subsidiaries for the year ended 28th February 2023 and shows the results of the Group for the year to 28th February 2023. |
In all instances, the consolidation is adjusted for minority interests and intra-group transactions are eliminated. |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
The policies adopted for the recognition of turnover are as follows:- |
NHS Income |
NHS income is recognised in line with statements FP34. Adjustments are made for any income earned but not yet received. |
Over the counter (OTC) sales |
OTC sales are recorded as per till records and are therefore recognised at point of sale. |
Goodwill |
Goodwill on consolidation has been accounted for in line with FRS 102 Section 19 procedures. |
Goodwill on consolidation is being amortised over its estimated useful life of 10 years. |
Goodwill in relation to the acquisition of a business in 2009 is being written off over it's estimated economic life of 10 years. |
Goodwill in relation to the acquisition of a business in 2011 is being written off over it's estimated economic life of 10 years. |
Goodwill in relation to the acquisition of a business in 2013 is being written off over it's estimated economic life of 10 years. |
Goodwill in relation to the acquisition of a business in 2020 is being written off over it's estimated economic life of 10 years. |
Goodwill in relation to the acquisitions of businesses in 2022 is being written off over the revised estimated economic useful life of 6,8 and 10 years. |
Goodwill in relation to the acquisition of businesses in 2023 is being written off over it's estimated economic useful life of 6,8 and 10 years. |
The total annual charge to amortisation is reduced by £65,042 following the revisions to the estimated useful economic life. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Government grants received have been released to the profit and loss account during the period on a systematic basis over the period in which the Entity recognises the costs for which the grant is intended to compensate. This is in accordance with FRS 102 section 24. |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Agreements for the sale of pharmacy receivables have been accounted for in accordance with FRS 102 11.33 such that the financial asset is derecognised as the Entity transfers to another party substantially all the risks and reward of ownership of the financial asset. The remaining financial obligation is shown as an overdraft; as short term finance repayable on demand. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,513,790 | 1,917,200 |
Social security costs | 180,927 | 133,596 |
Other pension costs | 42,591 | 31,999 |
2,737,308 | 2,082,795 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative and retail |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees by undertakings that were proportionately consolidated during the year was 121 (2022 - 85 ) . |
2023 | 2022 |
£ | £ |
Director's remuneration | - | - |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 5,038 | - |
Other operating leases | 381,395 | 282,965 |
Depreciation - owned assets | 118,321 | 85,249 |
Depreciation - assets on hire purchase contracts | - | 1,330 |
Profit on disposal of fixed assets | (81,091 | ) | - |
Goodwill amortisation | 456,083 | 284,499 |
Goodwill on acquisition amortisation | 298,445 | 273,684 |
Auditors' remuneration | 43,358 | 31,400 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest | 103,165 | 67,860 |
Bank loan interest | 213,994 | 184,141 |
Late payment interest | 937 | 4,543 |
318,096 | 256,544 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 143,854 | 184,556 |
Prior years | (2,992 | ) | 31,704 |
R&D Credit | (28,562 | ) | (248,372 | ) |
Total current tax | 112,300 | (32,112 | ) |
Deferred tax | (7,370 | ) | 7,181 |
Tax on profit | 104,930 | (24,931 | ) |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 45,589 | 470,915 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
8,662 |
89,474 |
Effects of: |
Expenses not deductible for tax purposes | 8,891 | 4,636 |
Depreciation in excess of capital allowances | 104,460 | 90,446 |
Adjustments to tax charge in respect of previous periods | (2,992 | ) | 31,704 |
Deferred tax | (7,370 | ) | 7,181 |
Losses carried forward | 8,019 | - |
R&D claim | (28,562 | ) | (248,372 | ) |
Capital gains | 13,822 | - |
Total tax charge/(credit) | 104,930 | (24,931 | ) |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
Intellectual | on |
Goodwill | property | acquisition | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2022 | 3,764,523 | 13 | 2,984,455 | 6,748,991 |
Additions | 2,340,858 | 12 | - | 2,340,870 |
Disposals | (8,995 | ) | - | - | (8,995 | ) |
At 28 February 2023 | 6,096,386 | 25 | 2,984,455 | 9,080,866 |
AMORTISATION |
At 1 March 2022 | 1,309,106 | - | 872,420 | 2,181,526 |
Amortisation for year | 456,083 | - | 298,445 | 754,528 |
At 28 February 2023 | 1,765,189 | - | 1,170,865 | 2,936,054 |
NET BOOK VALUE |
At 28 February 2023 | 4,331,197 | 25 | 1,813,590 | 6,144,812 |
At 28 February 2022 | 2,455,417 | 13 | 2,112,035 | 4,567,465 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
8. | INTANGIBLE FIXED ASSETS - continued |
Company |
Intellectual |
Goodwill | property | Totals |
£ | £ | £ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
AMORTISATION |
At 1 March 2022 |
Amortisation for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 March 2022 | 2,216,393 | 10,795 | 100,000 | 101,741 |
Additions | - | 48,683 | - | - |
Disposals | (185,077 | ) | - | (100,000 | ) | - |
At 28 February 2023 | 2,031,316 | 59,478 | - | 101,741 |
DEPRECIATION |
At 1 March 2022 | - | 1,660 | - | 26,220 |
Charge for year | - | 830 | - | 6,490 |
Eliminated on disposal | - | - | - | - |
At 28 February 2023 | - | 2,490 | - | 32,710 |
NET BOOK VALUE |
At 28 February 2023 | 2,031,316 | 56,988 | - | 69,031 |
At 28 February 2022 | 2,216,393 | 9,135 | 100,000 | 75,521 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 | 627,188 | 468,602 | 134,122 | 80,501 | 3,739,342 |
Additions | 7,327 | 106,949 | 44,695 | 18,342 | 225,996 |
Disposals | - | (946 | ) | (18,040 | ) | - | (304,063 | ) |
At 28 February 2023 | 634,515 | 574,605 | 160,777 | 98,843 | 3,661,275 |
DEPRECIATION |
At 1 March 2022 | 337,740 | 347,742 | 47,776 | 22,527 | 783,665 |
Charge for year | 34,572 | 34,336 | 16,307 | 25,786 | 118,321 |
Eliminated on disposal | - | - | (1,825 | ) | - | (1,825 | ) |
At 28 February 2023 | 372,312 | 382,078 | 62,258 | 48,313 | 900,161 |
NET BOOK VALUE |
At 28 February 2023 | 262,203 | 192,527 | 98,519 | 50,530 | 2,761,114 |
At 28 February 2022 | 289,448 | 120,860 | 86,346 | 57,974 | 2,955,677 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2022 | 6,650 |
Transfer to ownership | (6,650 | ) |
At 28 February 2023 | - |
DEPRECIATION |
At 1 March 2022 | 2,660 |
Transfer to ownership | (2,660 | ) |
At 28 February 2023 | - |
NET BOOK VALUE |
At 28 February 2023 | - |
At 28 February 2022 | 3,990 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 2 Parsons Lane, Littleport, Ely CB6 1JU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1207 High Road, Romford RM6 4AL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT |
Nature of business: |
% |
Class of shares: | holding |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT |
Nature of business: |
% |
Class of shares: | holding |
Percentage shareholding increased as from 28th February 2022. |
Registered office: 8 Prior Deram Walk, Coventry CV4 8FT |
Nature of business: |
% |
Class of shares: | holding |
Ross Chemist (Bishopsteignton) Ltd |
Registered office: 8 Prior Deram Walk,Coventry CV4 8FT |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 60.00 |
11. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 1,319,097 | 861,248 |
12. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,107,342 | 1,212,361 |
Amounts owed by group undertakings | - | - |
Other debtors | 493,185 | 298,651 |
Tax | 94,029 | 204,983 |
Prepayments | 104,697 | 17,215 |
1,799,253 | 1,733,210 |
Amounts falling due after more than one | year: |
Other debtors | 20,450 | 15,500 |
Aggregate amounts | 1,819,703 | 1,748,710 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 845,272 | 353,031 |
Hire purchase contracts (see note 16) | 33,076 | 2,263 |
Trade creditors | 2,575,622 | 2,071,644 |
Amounts owed to group undertakings | - | - |
Tax | 137,042 | 222,971 |
Social security and other taxes | 59,547 | 45,366 |
Other creditors | 2,500,924 | 1,614,490 |
Directors' current accounts | 1,293,178 | 1,381,186 | 1,293,178 | 1,381,186 |
Accrued expenses | 287,852 | 179,192 |
7,732,513 | 5,870,143 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 15) | 4,775,897 | 4,937,883 |
Hire purchase contracts (see note 16) | 87,634 | - |
4,863,531 | 4,937,883 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 457,983 | - |
Bank loans | 387,289 | 353,031 |
845,272 | 353,031 |
Amounts falling due between one and | two years: |
Bank loans | 428,547 | 366,813 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 1,334,561 | 1,235,772 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,012,789 | 3,335,298 | 2,652,742 | 2,907,583 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 33,076 | 2,263 |
Between one and five years | 87,634 | - |
120,710 | 2,263 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 327,956 | 254,897 |
Between one and five years | 1,017,357 | 643,614 |
In more than five years | 1,213,463 | 948,402 |
2,558,776 | 1,846,913 |
Company |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 5,163,186 | 5,290,914 |
The Bank holds a first legal charge over the freehold property at 13-15 Replingham Road, London,.An unlimited debenture has been given and there is a right of set off between Wellbeing (United Kingdom) Ltd, Triclover Ltd, Alchemy Pharmaceuticals Ltd, Roots Chemist Ltd, Leal Healthcare Ltd, Care & Cure Partnership Ltd, New Exmouth Ltd, Ross Chemist (Bishopsteignton) Ltd; all being members of the Group. |
Other Companies included in right of set off include Automeds Pharmacy Ltd and Portland Assets Ltd. |
The Bank holds a Guarantee from S Seow dated 16/7/2018 for £375,000 plus costs and a deed of postponement or subordination in respect of all loans to the company. |
A bank loan totalling £364,112 is secured by a first legal charge over the leasehold land and buildings of Leal Healthcare Ltd. A bank loan totalling £202,577 is secured by a first legal charge over the leasehold land and buildings at Bishopsteignton. A bank loan totalling £260,169 is secured by way of a fixed and floating charge on the assets of Care & Cure Partnership Ltd. |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 93,032 | 100,402 | 60,431 | 67,801 |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2022 | 100,402 |
Credit to Statement of Comprehensive Income during year | (7,370 | ) |
Balance at 28 February 2023 | 93,032 |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2022 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 28 February 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
All shares rank pari passu in all respects. |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 March 2022 | 304,411 |
Deficit for the year | (180,294 | ) |
At 28 February 2023 | 124,117 |
Company |
Retained |
earnings |
£ |
At 1 March 2022 |
Deficit for the year | ( |
) |
At 28 February 2023 |
21. | NON-CONTROLLING INTERESTS |
Minority interests relate to a 40% interest in the capital and reserves of Alchemy Pharmaceutical Ltd, a 30% interest in the capital and reserves of Triclover Ltd, a 40% interest in the capital and reserves of Leal Healthcare Ltd, a 40% interest in the capital and reserves of Care & Cure Partnership Ltd and a 15% interest in the capital and reserves of New Exmouth Ltd. |
During the year, the profit after tax attributable to minority interests was £120,953 (2022: £167,473). |
22. | OTHER FINANCIAL COMMITMENTS |
Wellbeing (United Kingdom) Ltd acts as top company guarantor for the funding advances by RX Bridge to subsidiary companies; Alchemy Pharmaceuticals Ltd, New Exmouth Ltd and Care & Cure Partnership Ltd. |
23. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Amount due to related party | 1,293,178 | 1,381,186 |
Other related parties |
2023 | 2022 |
£ | £ |
Recharges of expenses to related parties | 375,233 | 448,049 |
Professional and consulting fees received | 40,366 | 43,176 |
Rental income | 15,300 | 15,300 |
Interest payable | 71,460 | - |
Amount due from related party | 183,834 | 178,148 |
Amount due to related party | 2,224,015 | 1,014,321 |
WELLBEING (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 06994034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
24. | POST BALANCE SHEET EVENTS |
The Group remains acquisitive of additional pharmacies and has acquired 11 further pharmacies since the year end. |