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REGISTERED NUMBER: SC273779 (Scotland)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STRATHCLYDE PHARMACEUTICALS LIMITED

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


STRATHCLYDE PHARMACEUTICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P M Wadding
Mrs S C Wadding
Mrs S Gorrell
J R P Ogle


REGISTERED OFFICE: 3 Young Place
Kelvin Industrial Estate
East Kilbride
Glasgow
G75 0TD


REGISTERED NUMBER: SC273779 (Scotland)


SENIOR STATUTORY AUDITOR: Douglas Paton BSc CA


AUDITORS: Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY


BANKERS: AIB
10 Molesworth Street
Dublin
D02 W260

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

The principal activity of the company is the wholesaling of pharmaceutical supplies and chemist sundries.

REVIEW OF BUSINESS
The directors are disappointed with the results for the period but would note that the underlying trading loss was less than the previous year.

Market conditions remain challenging but the directors are confident that the company will return to profitability and remains well placed to take advantage of future opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES
During the forthcoming year the board consider the principal risks and uncertainties affecting the company to be:

- Competition in the market
- Fluctuating foreign exchange rates
- Managing the impact of the difficult economic conditions on our suppliers and customers
- The continuing impact of Brexit

Having considered the risks of the business, the board are of the opinion that the company has taken positive action and responded to mitigate the impact of these risks and uncertainties.

KEY PERFORMANCE INDICATORS
The directors and senior management of the company regularly monitor the performance of the business with reference to key trading and financial data. Given the straightforward nature of the business, the directors are of the opinion that presenting a detailed analysis using key performance indicators is not necessary for an understanding of the development, performance, or position of the business.

ON BEHALF OF THE BOARD:





P M Wadding - Director


26 June 2024

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the period ended 31 December 2023 will be £nil (31 December 2022: £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P M Wadding
Mrs S C Wadding
Mrs S Gorrell
J R P Ogle

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P M Wadding - Director


26 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STRATHCLYDE PHARMACEUTICALS LIMITED


Opinion
We have audited the financial statements of Strathclyde Pharmaceuticals Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 loss 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 UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STRATHCLYDE PHARMACEUTICALS LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector
in which it operates. We determined that the following laws and regulations were the most significant: the
Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making enquires to the management.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the engagement team included:

- identifying and assessing the design and effectiveness of controls management has in place to prevent and
detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular any journal entries posted with unusual accounting
combinations; and
- assessing the extent of compliance with relevant laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STRATHCLYDE PHARMACEUTICALS LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Douglas Paton BSc CA (Senior Statutory Auditor)
for and on behalf of Bannerman Johnstone Maclay
Chartered Accountants
and Statutory Auditor
213 St Vincent Street
Glasgow
G2 5QY

26 June 2024

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

YEAR ENDED PERIOD
31.12.23 10.3.22 TO 31.12.22
Notes £    £    £    £   

TURNOVER 24,171,559 16,265,434

Cost of sales 22,284,874 14,859,094
GROSS PROFIT 1,886,685 1,406,340

Distribution costs 228,354 210,544
Administrative expenses 1,924,714 1,883,037
2,153,068 2,093,581
(266,383 ) (687,241 )

Other operating income 9,465 7,765
OPERATING LOSS 4 (256,918 ) (679,476 )


Interest payable and similar expenses 6 74,191 18,782
LOSS BEFORE TAXATION (331,109 ) (698,258 )

Tax on loss 7 - -
LOSS FOR THE FINANCIAL YEAR (331,109 ) (698,258 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(331,109

)

(698,258

)

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 196,287 117,419
Tangible assets 9 15,962 25,822
212,249 143,241

CURRENT ASSETS
Stocks 10 1,417,578 1,203,649
Debtors 11 5,710,746 3,739,432
Cash at bank and in hand 193,270 933,384
7,321,594 5,876,465
CREDITORS
Amounts falling due within one year 12 3,355,227 1,509,981
NET CURRENT ASSETS 3,966,367 4,366,484
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,178,616

4,509,725

CAPITAL AND RESERVES
Called up share capital 13 5,010 5,010
Retained earnings 14 4,173,606 4,504,715
SHAREHOLDERS' FUNDS 4,178,616 4,509,725

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its behalf by:





P M Wadding - Director


STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 10 March 2022 5,010 5,202,973 5,207,983

Changes in equity
Total comprehensive income - (698,258 ) (698,258 )
Balance at 31 December 2022 5,010 4,504,715 4,509,725

Changes in equity
Total comprehensive income - (331,109 ) (331,109 )
Balance at 31 December 2023 5,010 4,173,606 4,178,616

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


1. STATUTORY INFORMATION

Strathclyde Pharmaceuticals Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management 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 during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Impairment of trade and other debtors

The Company regularly reviews the recoverability of trade and other debtors. A provision for impairment is made where the Company believes that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain.

Stock provisioning

It is necessary to consider the recoverability of the cost of stock and the associated provisioning required given the items have expiry dates and are subject to strict licensing regulations. When calculating the stock provision, management considers the remaining time to expiry date of the stock as well as applying assumptions around anticipated saleability under current and future pharmaceutical regulations.

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

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


2. ACCOUNTING POLICIES - continued

Licenses
Intangible fixed assets are held at cost and amortised over their estimated useful lives. All licenses are amortised over 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including certain creditors and loans from related undertakings, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation 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.

The company is part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payment for group relief is made equal to the tax benefit and amounts are included within the current tax disclosures.

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.

Foreign currencies
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.

Pension costs and other post-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.

3. EMPLOYEES AND DIRECTORS
PERIOD
10.3.22
YEAR ENDED TO
31.12.23 31.12.22
£    £   
Wages and salaries 1,020,072 885,985
Social security costs 85,854 77,182
Other pension costs 18,505 16,981
1,124,431 980,148

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
PERIOD
10.3.22
YEAR ENDED TO
31.12.23 31.12.22

Administration 39 44
Directors 4 4
43 48

PERIOD
10.3.22
YEAR ENDED TO
31.12.23 31.12.22
£    £   
Directors' remuneration 81,878 68,959
Directors' pension contributions to money purchase schemes 1,321 1,101

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING LOSS

The operating loss is stated after charging/(crediting):

PERIOD
10.3.22
YEAR ENDED TO
31.12.23 31.12.22
£    £   
Depreciation - owned assets 18,071 15,976
Licences amortisation 49,876 36,311
Auditors' remuneration 8,500 8,500
Foreign exchange differences 4,216 (88,515 )

5. EXCEPTIONAL ITEMS

Contained within administrative expenses is an exceptional bad debt cost totalling £nil (31 December 2022: £331,099).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
10.3.22
YEAR ENDED TO
31.12.23 31.12.22
£    £   
Invoice discounting interest 74,191 18,782

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the period ended 31 December 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

PERIOD
10.3.22
YEAR ENDED TO
31.12.23 31.12.22
£    £   
Loss before tax (331,109 ) (698,258 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

(82,777

)

(132,669

)

Effects of:
Expenses not deductible for tax purposes - (91 )
Capital allowances in excess of depreciation - (1,297 )
Depreciation in excess of capital allowances 1,743 -
Tax losses available to be carried forward 81,034 134,057
Total tax charge - -

8. INTANGIBLE FIXED ASSETS
Licences
£   
COST
At 1 January 2023 1,109,578
Additions 130,506
Disposals (1,792 )
At 31 December 2023 1,238,292
AMORTISATION
At 1 January 2023 992,159
Amortisation for year 49,876
Eliminated on disposal (30 )
At 31 December 2023 1,042,005
NET BOOK VALUE
At 31 December 2023 196,287
At 31 December 2022 117,419

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 504,665 446,913 951,578
Additions 3,916 4,295 8,211
At 31 December 2023 508,581 451,208 959,789
DEPRECIATION
At 1 January 2023 488,809 436,947 925,756
Charge for year 12,446 5,625 18,071
At 31 December 2023 501,255 442,572 943,827
NET BOOK VALUE
At 31 December 2023 7,326 8,636 15,962
At 31 December 2022 15,856 9,966 25,822

10. STOCKS
2023 2022
£    £   
Finished goods 1,417,578 1,203,649

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,615,004 3,186,987
Amounts owed by group undertakings 1,001,000 476,898
Prepayments and accrued income 94,742 75,547
5,710,746 3,739,432

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 227,259 355,141
Amounts owed to group undertakings 1,548,868 180,797
Social security and other taxes 22,230 21,319
VAT 710,806 210,045
Other creditors 800,110 707,615
Accruals and deferred income 45,954 35,064
3,355,227 1,509,981

Included within other creditors is an invoice discounting account of £800,110 (31 December 2022: £707,615) which is secured on the company's trade debtors.

Allied Irish Banks PLC and AIB Commercial Finance Limited both hold floating charges over the undertaking of the company.

STRATHCLYDE PHARMACEUTICALS LIMITED (REGISTERED NUMBER: SC273779)

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


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,010 Ordinary £1 5,010 5,010

14. RESERVES
Retained
earnings
£   

At 1 January 2023 4,504,715
Deficit for the year (331,109 )
At 31 December 2023 4,173,606

15. ULTIMATE PARENT COMPANY

P.C.O Holdings Limited (incorporated in Republic of Ireland ) is regarded by the directors as being the company's ultimate parent company.

P.C.O. Holdings Limited is the smallest and largest group of undertakings for which group financial statements are drawn up and of which Strathclyde Pharmaceuticals Limited is a member. The group financial statements are available at the registered office at Unit 10 Ashbourne Business Park, Rath, Ashbourne, Co Meath.