SCOTPHARM (MNA) LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 1.5 in the financial statements, which indicates that the company and the wider group is currently in the process of refinancing its borrowings. If the current refinancing exercise does not complete as expected, then the directors would need to look at alternative lenders and potentially look at the disposal of assets to raise funds. As stated in Note 1.5, these events or conditions, along with other matters as set forth in Note 1.5, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Azets Audit Services Limited

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“We draw attention to Note 1.5 in the financial statements, which indicates that the company and the wider group is currently in the process of refinancing its borrowings. If the current refinancing exercise does not complete as expected, then the directors would need to look at alternative lenders and potentially look at the disposal of assets to raise funds. As stated in Note 1.5, these events or conditions, along with other matters as set forth in Note 1.5, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. SCOTPHARM (MNA) LIMITED · parent
   1. Barrie Dear Limited 100% · Scotland · Dispensing chemist in specialised stores
   2. MSBL Properties Limited 100% · Scotland · Other letting and operating of own or leased real estate

Significant events

• “The creation of a hub-and-spoke dispensing model in 2022, alongside a Pill Pouch centralised pouching hub, has provided the infrastructure to scale rapidly and achieve sustainable growth.”
• “Dedicated centralised facilities have been established housing three core functions: Pick 2 Prescription Hub & Spoke Dispensing, Pill Pouch Automated Solution, and Central Warehouse.”
• “Diversification of services: Travel health clinics, Children's vaccination services, Private blood testing and diagnostics, Private prescribing and pharmacy services, and Ear health clinics.”
• “Investment in technology: Bespoke Patient App, New Website & Online Booking, 24/7 Automated Collection Points, and Green Fleet Transition.”
• “NHS changeover to a new computerised system has culminated in delays in the recovery of prescription income by Community Pharmacies.”
• “Contingent asset recognised in respect of £2.4m expected to be recovered by Barrie Dear Limited due to NHS prescription income shortfall.”
• “The group is in the latter stages of discussions with a new lender in respect of the restructure of its borrowing requirements.”
• “During the period the company breached the covenants set out by lenders therefore all borrowing is now repayable on demand.”
• “During the year the company acquired the trade and two pharmacies from Bestway Panacea Holdings Limited.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.