GREENLIGHT HEALTHCARE LIMITED

Latest accounts filed cover 2024-06-30; financial figures currently reflect up to 2022-06-30.

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

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.”

Group structure

1. GREENLIGHT HEALTHCARE LIMITED · parent
   1. Keencare Limited 100% · England · retail pharmacy, or a holding company or healthcare services
   2. Greenlight NZ New Zealand Limited 50% · NZ New Zealand · retail pharmacy, or a holding company or healthcare services
   3. Pyramid Pharma 2 Limited 100% · England · retail pharmacy, or a holding company or healthcare services
   4. Greenlight GP Connect Limited 50% · England · retail pharmacy, or a holding company or healthcare services
   5. Greenlight Operations Limited 100% · England · retail pharmacy, or a holding company or healthcare services
   6. Angel Pharmacies Limited 100% · England · retail pharmacy, or a holding company or healthcare services
   7. Regionchoice Limited 100% · England · retail pharmacy, or a holding company or healthcare services
   8. Greenlight Dejure Limited 100% · England · retail pharmacy, or a holding company or healthcare services
   9. Greenlight Initiatives Limited 83.33% · 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 and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

2

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.

• Turnover

  —

  Not reported

• Cash

  +60.3%

  £316,008 → £506,411

  highest in 5 filed years

• Net assets

  +148.1%

  £440,286 → £1,092,387

• Employees

  +13.6%

  88 → 100

• Wages

  +16.4%

  £3,230,771 → £3,759,526

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers