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Registered number: 11829209









G.L. PHARMA UK LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
G.L. PHARMA UK LIMITED
REGISTERED NUMBER: 11829209

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
8,172
3,533

Tangible assets
 5 
29,727
33,736

  
37,899
37,269

Current assets
  

Stocks
  
712,290
305,222

Debtors: amounts falling due within one year
 6 
743,709
229,402

Cash at bank and in hand
  
114,962
100,879

  
1,570,961
635,503

Creditors: amounts falling due within one year
 7 
(1,299,862)
(494,533)

Net current assets
  
 
 
271,099
 
 
140,970

Total assets less current liabilities
  
308,998
178,239

Creditors: amounts falling due after more than one year
 8 
(200,455)
(204,853)

Provisions for liabilities
  

Deferred tax
  
(6,916)
-

  
 
 
(6,916)
 
 
-

Net assets/(liabilities)
  
101,627
(26,614)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
101,527
(26,714)

  
101,627
(26,614)


Page 1

 
G.L. PHARMA UK LIMITED
REGISTERED NUMBER: 11829209

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 March 2024.




M Bartenstein
M Homent
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

G.L. Pharma UK Limited is a private company, limited by shares, incorportated in England and Wales. The registration number is 11829209 and the registered office is Suite 3a, 30 St Thomas Place, Ely, England, CB7 4EX. 
On 4 April 2023, the company changed it's name from Gerot Lannach UK Limited to G.L. Pharma UK Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company continued to build its portfolio during the year with sales increasing significantly from £0.2m in 2022 to £1.6m in 2023 – as such, the directors have prepared the financial statements on the going concern basis.  Further product licenses are expected to be granted by the competent authority during 2024 which will enable the Company to continue its planned growth.  Additionally, the Company continues to receive the support of its parent company which will not be withdrawn for a period of at least 12 months from the date of approval of the financial statements. On this basis the directors consider the going concern principal is appropriate in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
10% - 25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 7 (2022 - 5).

Page 6

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Licences

£



Cost


At 1 January 2023
3,655


Additions
5,370



At 31 December 2023

9,025



Amortisation


At 1 January 2023
122


Charge for the year on owned assets
731



At 31 December 2023

853



Net book value



At 31 December 2023
8,172



At 31 December 2022
3,533



Page 7

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
31,199
10,248
41,447


Additions
1,267
3,720
4,987



At 31 December 2023

32,466
13,968
46,434



Depreciation


At 1 January 2023
5,235
2,476
7,711


Charge for the year on owned assets
5,987
3,009
8,996



At 31 December 2023

11,222
5,485
16,707



Net book value



At 31 December 2023
21,244
8,483
29,727



At 31 December 2022
25,964
7,772
33,736

Page 8

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
653,865
29,233

Amounts owed by group undertakings
59,439
82,750

Other debtors
7,380
44,922

Prepayments and accrued income
23,025
59,909

Deferred taxation
-
12,588

743,709
229,402



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
76,590
133,182

Amounts owed to group undertakings
984,574
316,898

Corporation tax
19,022
-

Other taxation and social security
87,250
18,418

Other creditors
7,230
3,639

Accruals and deferred income
125,196
22,396

1,299,862
494,533



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
200,455
204,853


Page 9

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
12,588


Charged to profit or loss
(19,504)



At end of year
(6,916)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,916)
12,588

(6,916)
12,588


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary share shares of £1.00 each
100
100



11.


Pension commitments

The Company operate defined contributions pension schemes. The assets of the schemes are held
separately from those of the Company in independently administered funds. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £15,111 (2022 - £6,977).
Contributions totalling £2,798 (2022 - £1,056) were payable to the fund at the balance sheet date and are
included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
22,500
16,667

Later than 1 year and not later than 5 years
41,250
-

63,750
16,667

Page 10

 
G.L. PHARMA UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Controlling party

The controlling party is G.L. Pharma GmbH, based in Austria. The ultimate parent is Bartenstein Holding GmbH. 


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 March 2024 by  (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 11