Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-072024-05-072023-12-312024-05-07Vetinary Servicestrue2023-01-01truetruetruetruetruefalsefalse8877false 10075021 2023-01-01 2023-12-31 10075021 2022-04-01 2022-12-31 10075021 2023-12-31 10075021 2022-12-31 10075021 2022-04-01 10075021 1 2023-01-01 2023-12-31 10075021 1 2022-04-01 2022-12-31 10075021 3 2023-01-01 2023-12-31 10075021 3 2022-04-01 2022-12-31 10075021 4 2023-01-01 2023-12-31 10075021 4 2022-04-01 2022-12-31 10075021 1 2023-01-01 2023-12-31 10075021 e:Director1 2023-01-01 2023-12-31 10075021 e:Director2 2023-01-01 2023-12-31 10075021 e:Director3 2023-01-01 2023-12-31 10075021 e:RegisteredOffice 2023-01-01 2023-12-31 10075021 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 10075021 d:Buildings d:LongLeaseholdAssets 2023-12-31 10075021 d:Buildings d:LongLeaseholdAssets 2022-12-31 10075021 d:PlantMachinery 2023-01-01 2023-12-31 10075021 d:PlantMachinery 2023-12-31 10075021 d:PlantMachinery 2022-12-31 10075021 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10075021 d:MotorVehicles 2023-01-01 2023-12-31 10075021 d:MotorVehicles 2023-12-31 10075021 d:MotorVehicles 2022-12-31 10075021 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10075021 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10075021 d:OtherPropertyPlantEquipment 2023-12-31 10075021 d:OtherPropertyPlantEquipment 2022-12-31 10075021 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10075021 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10075021 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 10075021 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 10075021 d:CurrentFinancialInstruments 2023-12-31 10075021 d:CurrentFinancialInstruments 2022-12-31 10075021 d:Non-currentFinancialInstruments 2023-12-31 10075021 d:Non-currentFinancialInstruments 2022-12-31 10075021 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10075021 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10075021 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10075021 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10075021 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 10075021 d:ReportableOperatingSegment1 2022-04-01 2022-12-31 10075021 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 10075021 d:ReportableOperatingSegment2 2022-04-01 2022-12-31 10075021 d:UKTax 2023-01-01 2023-12-31 10075021 d:UKTax 2022-04-01 2022-12-31 10075021 d:ShareCapital 2023-12-31 10075021 d:ShareCapital 2022-12-31 10075021 d:ShareCapital 2022-04-01 10075021 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10075021 d:RetainedEarningsAccumulatedLosses 2023-12-31 10075021 d:RetainedEarningsAccumulatedLosses 2022-04-01 2022-12-31 10075021 d:RetainedEarningsAccumulatedLosses 2022-12-31 10075021 d:RetainedEarningsAccumulatedLosses 2022-04-01 10075021 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10075021 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10075021 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 10075021 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 10075021 e:OrdinaryShareClass1 2023-01-01 2023-12-31 10075021 e:OrdinaryShareClass1 2023-12-31 10075021 e:OrdinaryShareClass1 2022-12-31 10075021 e:FRS102 2023-01-01 2023-12-31 10075021 e:Audited 2023-01-01 2023-12-31 10075021 e:FullAccounts 2023-01-01 2023-12-31 10075021 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10075021 d:WithinOneYear 2023-12-31 10075021 d:WithinOneYear 2022-12-31 10075021 d:BetweenOneFiveYears 2023-12-31 10075021 d:BetweenOneFiveYears 2022-12-31 10075021 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 10075021 2 2023-01-01 2023-12-31 10075021 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 10075021 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10075021









BOVA SPECIALS UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BOVA SPECIALS UK LIMITED
 
 
COMPANY INFORMATION


Directors
N P Bova 
M Kjellberg 
E Ohlen 




Registered number
10075021



Registered office
7 Gorst Road
Park Royal

London

NW10 6LA




Independent auditors
Nyman Libson Paul LLP

124 Finchley Road

London

NW3 5JS





 
BOVA SPECIALS UK LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9 - 10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 27


 
BOVA SPECIALS UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors presents the company's strategic report for the year ended 31 December 2023. 
The principal activity of the Company is that of the manufacture and sales of veterinary special medications.

Business review
 
The directors consider the results for the year to be in line with expectations. The results for the year were considered more than satisfactory by the directors who anticipate the company to display continued growth and profitability. 

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company are considered to relate to the normal commercial risks involved in the manufacture and sales of veterinary special medications. The principal financial instruments of the company comprise bank balances, debtors and creditors. 
In respect of bank balances, liquidity risk is managed by actively monitoring balances and ensuring that funds are in place to meet liabilities as and when they fall due.
Debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Currency risk is managed by monitoring movements in exchange rates in an effort to reduce any negative impact of those movements.

Financial key performance indicators
 
The directors consider the financial key performance indicators of the company to be sales growth, gross profit margin and debtor days. 


This report was approved by the board on 7 May 2024 and signed on its behalf.



N P Bova
Director

Page 1

 
BOVA SPECIALS UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

N P Bova 
M Kjellberg 
E Ohlen 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,507,905 (2022 - £1,980,041).

The directors recommend the payment of a dividend of £3,600,000 (2022: £nil).

Going concern

The directors have reasonable expectation that the Company will continue in existence for the foreseeable future. The directors are satisfied that the Company having net assets, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements on the basis that the parent company will continue to support the Company to meet maturing obligations for a period of at least 12 months following the approval of the financial statements.
The Company's immediate parent, Nextmune Holding B.V, has confirmed its continuing financial support and therefore the Directors consider the Company is in a position to meet its liabilities as they fall due.

Page 2

 
BOVA SPECIALS UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 May 2024 and signed on its behalf.
 





N P Bova
Director

Page 3

 
BOVA SPECIALS UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED
 

Opinion


We have audited the financial statements of Bova Specials UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its profit 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
BOVA SPECIALS UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine is 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BOVA SPECIALS UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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 Auditors' Report.


Page 6

 
BOVA SPECIALS UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOVA SPECIALS UK LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Hetal Mistry (Senior Statutory Auditor)
  
for and on behalf of
Nyman Libson Paul LLP
 
124 Finchley Road
London
NW3 5JS

7 May 2024
Page 7

 
BOVA SPECIALS UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31 December
9 months ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
13,691,407
8,602,381

Cost of sales
  
(2,949,564)
(2,379,439)

Gross profit
  
10,741,843
6,222,942

Administrative expenses
  
(4,961,371)
(3,648,203)

Operating profit
 6 
5,780,472
2,574,739

Interest receivable and similar income
 7 
18,615
528

Interest payable and similar expenses
 8 
(12,794)
(103,062)

Profit before tax
  
5,786,293
2,472,205

Tax on profit
 12 
(1,278,388)
(492,164)

Profit for the financial year
  
4,507,905
1,980,041

The notes on pages 12 to 27 form part of these financial statements.

Page 8

 
BOVA SPECIALS UK LIMITED
REGISTERED NUMBER: 10075021

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
  
1,693,637
158,564

Tangible fixed assets
  
907,654
934,719

  
2,601,291
1,093,283

Current assets
  

Stocks
 15 
1,810,035
1,246,550

Debtors: amounts falling due after more than one year
 16 
92,776
92,776

Debtors: amounts falling due within one year
 16 
1,928,315
1,158,154

Cash at bank and in hand
 19 
1,297,753
2,283,388

  
5,128,879
4,780,868

Creditors: amounts falling due within one year
 17 
(2,228,249)
(1,378,327)

Net current assets
  
 
 
2,900,630
 
 
3,402,541

Total assets less current liabilities
  
5,501,921
4,495,824

Creditors: amounts falling due after more than one year
 18 
(2,985,707)
(3,004,740)

Provisions for liabilities
  

Deferred tax
  
(126,669)
(9,444)

  
 
 
(126,669)
 
 
(9,444)

Net assets
  
2,389,545
1,481,640


Capital and reserves
  

Called up share capital 
 22 
3
3

Profit and loss account
  
2,389,542
1,481,637

  
2,389,545
1,481,640


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2024.




N P Bova
Director

The notes on pages 12 to 27 form part of these financial statements.
Page 9

 
BOVA SPECIALS UK LIMITED
REGISTERED NUMBER: 10075021
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 10

 
BOVA SPECIALS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
3
(498,404)
(498,401)



Profit for the period
-
1,980,041
1,980,041



At 1 January 2023
3
1,481,637
1,481,640



Profit for the year
-
4,507,905
4,507,905


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,600,000)
(3,600,000)


At 31 December 2023
3
2,389,542
2,389,545


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bova Specials UK Limited ('the company') is a private company limited by shares and is incorporated in England. The Company's registered office address is 7 Gorst Road, Park Royal, London, United Kingdom, NW10 6LA.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Vimian Group AB (publ) as at 31 December 2023 and these financial statements may be obtained from the registered address of the group or via the groups website.

 
2.3

Going concern

The directors have reasonable expectation that the Company will continue in existence for the foreseeable future. The directors are satisfied that the Company having net assets, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements on the basis that the parent company will continue to support the Company to meet maturing obligations for a period of at least 12 months following the approval of the financial statements.
The Company's immediate parent, Nextmune Holding B.V, has confirmed its continuing financial support and therefore the Directors consider the Company is in a position to meet its liabilities as they fall due.

Page 12

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Financial instruments

The Company has chosen to adopt Section 11 and Section 12 of FRS 102 in respect of financial instruments.
Basic financial assets, including trade and other receivables and cash and bank balances are initially measured at cost and are subsequently measured at amortised cost using the effective interest rate method. At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, an impairment loss, being the difference between the carrying amount of the asset and the present value of the estimated cash flows discounted at the asset’s original effective interest rate, is recognised in the profit and loss accounts.
Basic financial liabilities, including trade and other payables, bank loans and loans from group undertakings are initially measured at cost. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.5

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.

 
2.6

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.

 
2.7

Revenue

Revenue is measured at the fair value of the consideration received or receiveable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.8

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.

Page 13

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 at varying annual rates from 10% to 33% in order to write off each asset over its estimated usfeul life.


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.

 
2.10

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP rounded to nearest pound
Transactions and balances
Transactions in foreign currencies are translated to the Company's functional currency rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.

Page 14

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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 income 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.

 
2.12

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Interest

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

 
2.14

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.

Page 15

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Research and development

Expenditure on research activities is recognised in the profit and loss account as an expense as incurred. Expenditure on development activities may be capitalised if the product or process is techincally and commercially feasible and the Company intends, and has the technical ability and sufficient resources, to complete devlopment,  future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs.Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

 
2.16

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.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the
amounts reported for revenues and expenses during the year. However, the nature of estimation means
that actual outcomes could differ from those estimates.
The following are the company's key sources of estimation uncertainty:
Tangible and Intangible assets
Assets are depreciated / amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation,
product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Impairment of debtors
Management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment, the management considers factors including the current credit rating of the debtor, the ageing profile and historical experience.
Accruals
Management makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.


4.


Turnover

An analysis of turnover by class of business is as follows:


31 December
9 months ended
31 December
2023
2022
£
£

Sale of pharmaceutical products
13,691,407
8,571,592

Other income
-
30,789

13,691,407
8,602,381


Page 17

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Analysis of turnover by country of destination:

2023
2022
£
£



United Kingdom
12,687,455
8,031,861

Europe
516,005
325,625

Rest of the world
487,947
244,895

13,691,407
8,602,381


5.


Employees

Staff costs, including directors' remuneration, were as follows:


31 December
9 months ended
31 December
2023
2022
£
£

Wages and salaries
2,544,181
2,170,784


The average monthly number of employees during the year was as follows:


     31 December
   9 months ended
      31 December
        2023
        2022
            No.
            No.







Employees
88
77

Page 18

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

31 December
9 months ended
31 December
2023
2022
£
£

Auditors' remuneration
18,000
18,000

Depreciation of tangible assets
359,752
202,563

Amortisation of intangible assets
77,320
16,136


7.


Interest receivable

31 December
9 months ended
31 December
2023
2022
£
£


Other interest receivable
18,615
528

18,615
528


8.


Interest payable and similar expenses

31 December
9 months ended
31 December
2023
2022
£
£


Other loan interest payable
327
245

Interest expense for intercompany loan (Bova Holdings)
-
102,817

Other interest payable
12,467
-

12,794
103,062

Page 19

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


31 December
9 months ended
31 December
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,000
18,000

Fees payable for the preparation of the statutory accounts
4,500
-


10.


Directors' remuneration

The director received emoluments of £122,748 (2022: £92,155) in respect of their services to the company for the year ended 31 December 2023.


11.


Dividends

2023
2022
£
£


Dividends
3,600,000
-

3,600,000
-

Page 20

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


31 December
9 months ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,430,140
482,720

Adjustments in respect of previous periods
(268,977)
-


1,161,163
482,720


Total current tax
1,161,163
482,720

Deferred tax


Origination and reversal of timing differences
86,723
7,178

Changes to tax rates
-
2,266

Adjustments in respect of prior periods
30,502
-

Total deferred tax
117,225
9,444


Tax on profit
1,278,388
492,164
Page 21

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

31 December
9 months ended
31 December
2023
2022
£
£


Profit on ordinary activities before tax
5,786,293
2,472,205


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,359,779
470,098

Effects of:


Fixed asset differences
70,219
(10,661)

Expenses not deductible for tax purposes
19,143
6,600

Adjustments to tax charge in respect of prior periods
(268,977)
-

Adjustments to tax charge in respect of prior periods - deferred tax
30,502
-

Research and development expenditure credit
61,811
30,115

Remeasurement of deferred tax for changes in tax rates
5,132
2,266

Movement in deferred tax not recognised
-
(6,254)

Other differences leading to an increase (decrease) in the tax charge
779
-

Total tax charge for the year/period
1,278,388
492,164


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
215,154


Additions
1,826,332



At 31 December 2023

2,041,486



Amortisation


At 1 January 2023
56,590


Charge for the year on owned assets
291,259



At 31 December 2023

347,849



Net book value



At 31 December 2023
1,693,637



At 31 December 2022
158,564



Page 23

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
761,557
988,290
67,051
257,533
2,074,431


Additions
28,793
116,978
-
191,476
337,247


Disposals
-
(1,084)
(22,445)
(3,834)
(27,363)



At 31 December 2023

790,350
1,104,184
44,606
445,175
2,384,315



Depreciation


At 1 January 2023
419,787
579,242
45,944
94,739
1,139,712


Charge for the year on owned assets
76,988
156,416
11,440
115,128
359,972


Disposals
-
(245)
(22,445)
(333)
(23,023)



At 31 December 2023

496,775
735,413
34,939
209,534
1,476,661



Net book value



At 31 December 2023
293,575
368,771
9,667
235,641
907,654



At 31 December 2022
341,770
409,048
21,107
162,794
934,719


15.


Stocks

2023
2022
£
£

Raw materials
1,015,831
720,353

Work in progress
293,420
208,307

Finished goods
500,784
317,890

1,810,035
1,246,550


Page 24

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
92,776
92,776

92,776
92,776


2023
2022
£
£

Due within one year

Trade debtors
1,679,218
1,031,321

Amounts owed by group undertakings
2,000
2,000

Other debtors
8,240
9,706

Prepayments and accrued income
238,857
115,127

1,928,315
1,158,154



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
320,540
208,261

Corporation tax
1,230,140
474,228

Other taxation and social security
469,307
441,241

Other creditors
27,083
36,869

Accruals and deferred income
181,179
217,728

2,228,249
1,378,327


Amounts owed to group undertakings are interest free and repayble on demand.

Page 25

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
2,977,730
2,987,730

Other creditors
7,977
17,010

2,985,707
3,004,740


Amounts owed to group undertakings include a convertible loan of £750,000 bearing 0% interest (2022: 0%).


19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,297,753
2,283,388

1,297,753
2,283,388



20.


Deferred taxation




2023


£






At beginning of year
(9,444)


Charged to profit or loss
(117,225)



At end of year
(126,669)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(132,611)
(207,497)

Short term timing differences
5,942
198,053

(126,669)
(9,444)

Page 26

 
BOVA SPECIALS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


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
257,916
216,112

Later than 1 year and not later than 5 years
442,841
607,481

700,757
823,593


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3 (2022 - 3) Ordinary Shares shares of £1.00 each
3
3



23.


Related party transactions

The Company has taken advantage of the exemption available under The Small Companies and Groups Regulations 2008, Schedule 1 paragraph 66(4) from disclosing details of any transactions entered into between two or more members of a group where they are wholly owned members of this group. Disclosures of transactions between members of the group are being disclosed within the Consolidated accounts at the group level.


24.


Controlling party

The ultimate parent undertaking and controlling party is Vimian Group AB (publ), a company incorporated
in Sweden. Copies of the financial statements of Vimian Group AB (publ) may be obtained from the registered address of the group or via the groups website:
Riddargatan 19
SE-114 57 Stockholm
Sweden


25.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

 
Page 27