Company registration number 05664019 (England and Wales)
PHARMATHEN U.K. LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PHARMATHEN U.K. LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PHARMATHEN U.K. LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,627
21,982
Investments
5
8,057,484
1,991,284
8,069,111
2,013,266
Current assets
Debtors
6
14,756,150
14,198,066
Cash at bank and in hand
210,739
188,001
14,966,889
14,386,067
Creditors: amounts falling due within one year
7
(6,963,076)
(1,112,611)
Net current assets
8,003,813
13,273,456
Net assets
16,072,924
15,286,722
Capital and reserves
Called up share capital
1,654,049
1,654,049
Other reserves
269,256
269,256
Profit and loss reserves
14,149,619
13,363,417
Total equity
16,072,924
15,286,722

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 6 September 2024
Mr E Georgiou
Director
Company registration number 05664019 (England and Wales)
PHARMATHEN U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Pharmathen U.K. Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Stag House, Old London Road, Hertford, Hertfordshire, United Kingdom, SG13 7LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Going concern

At the time of approval the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing their financial statements.true

1.3
Turnover

Turnover represents the amounts receivable in respect of the provision of services, excluding value added tax which falls within the company's ordinary activities.

 

Turnover is recognised when it is probable that the economic benefit associated with the transaction will flow to the entity.

 

Interest income relates to amounts receivable on interest-bearing instruments from a group company, which are conducted on normal commercial terms. Interest is accrued using the effective interest rate on a daily basis and is recognised in the profit and loss account in line with the loans underlying agreement. Interest is recognised when it is probable that economic benefit will flow to the entity.

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
Amortised over the period of the lease
Plant and machinery
25% on reducing balance
Fixtures and fittings
20% on reducing balance
1.5
Fixed asset investments

Investments are included in the balance sheet at cost less provisions required for diminution in value.

1.6
Cash and cash equivalents

Cash and cash equivalents are redeemed by cash in hand, deposits held at call with financial institutions, other short-term 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.

PHARMATHEN U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in non-puttable ordinary shares.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence is found, an impairment loss is recognised in profit or loss.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Taxation
Current tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit or Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxations assets and liabilities are not discounted.

 

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PHARMATHEN U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.11
Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss evenly over the period of the lease.

1.12
Foreign exchange

Monetary assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.13

Expenses

Expenses incurred have been recognised on an accruals basis.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

 

a) Foreign currency transactions are translated using the exchange rate at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss statement.

 

b) Interest receivable on group loans is calculated in line with transfer pricing rules using the effective interest rate determined by the underling agreement which is based on the extraction of market data that is publicly available but open to a degree of interpretation.

3
Employees and directors

The average number of employees during the year was 14 (2022: 12)

PHARMATHEN U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Improvements to property
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
48,072
82,276
130,348
Depreciation and impairment
At 1 January 2023
29,057
79,309
108,366
Depreciation charged in the year
9,614
741
10,355
At 31 December 2023
38,671
80,050
118,721
Carrying amount
At 31 December 2023
9,401
2,226
11,627
At 31 December 2022
19,015
2,967
21,982
5
Fixed asset investments
2023
2022
£
£
Shares in group undertaking
8,057,484
1,991,284
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
1,991,284
Additions
6,066,200
At 31 December 2023
8,057,484
Carrying amount
At 31 December 2023
8,057,484
At 31 December 2022
1,991,284

During the year the Company paid €7,000,000 to increase its shareholding in the Group Company 'Pharmathen International SA' to 12.76%. The balance remains payable at the year end.

PHARMATHEN U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
459,286
886,457
Amounts owed by group undertakings
13,849,575
13,010,418
Other debtors
44,084
39,370
Prepayments and accrued income
403,205
261,821
14,756,150
14,198,066
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
73,501
49,793
Amounts owed to group undertakings
6,083,350
-
0
Corporation tax
22,554
302,948
Other taxation and social security
30,212
29,349
Other creditors
43,031
6,094
Accruals and deferred income
710,428
724,427
6,963,076
1,112,611
8
Financial commitments

At the year end the company had a commitment to pay £19,800 (2022: £46,200) under non-cancellable operating leases.

 

The company is party to a Pledge of Shares agreement dated 7th February 2022 guaranteeing a bond loan on behalf of its parent company, Pharmathen SA (incorporated in Greece).

9
Parent company

The parent company is Pharmathen Developments Limited, a company incorporated in Cyprus. The ultimate parent of the Company is Partners Group Client Access 37 LP Inc.

 

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ralph Sears
Statutory Auditor:
Henton & Co LLP
Date of audit report:
6 September 2024
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