GREENLIGHT HEALTHCARE LIMITED

Company number

03783984

Status

Active

Incorporation

1999-06-08

Last accounts made up

2024-06-30

Account category

GROUP

Primary SIC

47730

Hubs

UK Healthcare

Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers

Accounting basis

FRS 102

Reporting scope

Consolidated (group)

Auditor

Hazlewoods LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Following a challenging financial year, due to several operating challenges within the pharmacy sector including clawbacks of National Health Service (NHS) funding, inflationary pressure on medicines and staff costs, and the significant interest rate rises, the group breached its bank loan covenants after the year end. The group's management team promptly implemented an operational review after the year end, resulting in notable improvements. These measures have collectively strengthened gross profit margins. As a result of the covenant breaches, the group's banking partner issued a reservation of rights letter in December 2024. The group are in process of refinancing the banking facilities, which are expected to be completed in November 2025. The directors have prepared detailed forecasts for a period of not less than 12 months from the date of approval of these financial statements. These forecasts indicate that the group has sufficient facilities to meet its operational needs and is expected to meet covenant requirements under the refinanced facilities. There are inherent uncertainties surrounding these assumptions, including the timing of cash inflows and outflows, and sensitivity analysis on those forecasts could result in additional funding facilities being required. The directors remain confident the group will continue to operate within its facilities and meet covenant requirements under the new loan facilities. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. We draw attention to Note 1.4 in the financial statements, the Group incurred loss before taxation of £1,114,295 during the year and net liabilities of £776,576 as at the reporting date, which indicates the existence of a material uncertainty related to going concern. This financial position underscores the group's dependence on continued support from the bank loans following a breach of bank covenants after the year end and shareholders' loans. The Group expects that this reliance is forecasted to continue, with shareholders anticipated to address any financial shortfall. However, there is a material uncertainty that, if this shareholders' support is not obtained in the forecasted period, it may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Subsidiaries

• Keencare Limited · 100% held · England · retail pharmacy, or a holding company or healthcare services
• Greenlight NZ New Zealand Limited · 50% held · NZ New Zealand · retail pharmacy, or a holding company or healthcare services
• Pyramid Pharma 2 Limited · 100% held · England · retail pharmacy, or a holding company or healthcare services
• Greenlight GP Connect Limited · 50% held · England · retail pharmacy, or a holding company or healthcare services
• Greenlight Operations Limited · 100% held · England · retail pharmacy, or a holding company or healthcare services
• Angel Pharmacies Limited · 100% held · England · retail pharmacy, or a holding company or healthcare services
• Regionchoice Limited · 100% held · England · retail pharmacy, or a holding company or healthcare services
• Greenlight Dejure Limited · 100% held · England · retail pharmacy, or a holding company or healthcare services
• Greenlight Initiatives Limited · 83.33% held · England · retail pharmacy, or a holding company or healthcare services

Significant events

• “The 2023-24 financial year has been another challenging year for community pharmacy with drug shortages, drug price volatility and cost inflation pressures being key headwinds for the group alongside a funding vacuum with no NHS contractual uplift.”
• “During the year there were indirect pharmacy acquisitions via share purchase of Regionchoice Limited & Dejure Limited.”
• “We were pleased to recommence wholesale trading activities during the period with the lifting of our suspension of the MHRA wholesale licence following the strengthening of governance procedures.”
• “Additionally, the PAYE liability from the previous period was successfully discharged.”
• “Following a challenging 2023-24 the future prospects of the company appear positive with a clear opportunity to realise sustained growth under improved contractual arrangements.”
• “The group breached its bank loan covenants after the year end.”
• “The group's banking partner issued a reservation of rights letter in December 2024.”
• “The group are in process of refinancing the banking facilities, which are expected to be completed in November 2025.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers