Company Registration No. 07080124 (England and Wales)
LONDON PHARMA & CHEMICALS HOLDINGS LTD
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LONDON PHARMA & CHEMICALS HOLDINGS LTD
COMPANY INFORMATION
Directors
D R Straus
C J S Straus
Secretary
L P C Secretarial Limited
Company number
07080124
Registered office
Unit 10, Delta Court
Manor Way
Borehamwood
Hertfordshire
WD6 1FJ
Auditor
Morris Palmer Limited
Barttelot Court
Barttelot Road
Horsham
West Sussex
RH12 1DQ
Business address
Unit 10, Delta Court
Manor Way
Borehamwood
Hertfordshire
WD6 1FJ
LONDON PHARMA & CHEMICALS HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 40
LONDON PHARMA & CHEMICALS HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Section 172 Companies Act
Promoting the success of the company

Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:

 

 

During the course of this financial year we have discharged our section 172 duties by taking into account the above. By considering the Group’s purpose and obligations to its employees, creditors, banks and regulatory bodies we aim to fulfil the needs of our stakeholders whilst maintaining our core values and principles.

 

An example of discharging our duties as set out in section 172(1)(a)-(f) was the introduction of a hybrid working pattern open to all employees whose work could be conducted away from the office. This has led to greater employee work-life balance and has added to overall employee satisfaction.

Fair Review of the Business

The Group continued its operations both within the United Kingdom and internationally and as reported on page 8 of the financial statements, recorded a turnover of £110,000,357 for the year compared with £101,598,328 for the year ended 31 December 2022. Profit before taxation for the year was £8,294,502 compared with £7,048,278 for the previous year. There has been an increase in the net profit margin to 7.5% compared to the previous year of 6.9%.

 

Stock holding and liquidity within the Group saw an increase of cash holdings during the year to £29.0m and an increase of total stock value to £22.1m.

 

The directors are confident that the continued development of each business area will see sales maintained at a level which will continue to drive the business forward. Investment opportunities will be considered during the coming year if they are of benefit to the Group and fit in with its overall objectives.

Description of Principal Risks and Uncertainties

The Group operates internationally and is exposed to a number of different market risks, including movements in foreign currency exchange rates and interest rates. The Board reviews and agrees policies for managing the exposures arising from these risks.

 

The Group’s principal financial instruments comprise cash at bank, receivables, payables and forward foreign exchange contracts and the main purpose of these instruments is to finance the Group’s operations.

 

The policy of the Group is to ensure that credit risk, cash flow risk and currency risk are minimised. Credit and cash flow risks are mitigated by prudent financing policies and appropriate risk management strategies.

 

Liquidity risk in respect of payables is managed by ensuring sufficient funds are available to meet amounts due.

 

Since the Group operates internationally, it reduces significant currency risk by hedging transactions in foreign currencies using forward foreign exchange contracts where considered appropriate. As a result of these objectives and policies, the directors consider that the Group’s overall exposure to financial risk is low.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Analysis of Development and Performance

The Group is always looking to move forward with regards to infrastructure and as such has decided to unify its operating systems throughout the Group. The companies based in Switzerland, Czech Republic and Slovakia have already been incorporated in the system and we will now look to onboard the remaining companies over the coming 18 months. This is a significant investment for the Group and will allow for a greater level of cohesion going forward as well as the adoption of Group-wide processes.

 

2024 will also see the opening of a new facility for the ProTec group of companies within Derbyshire in the UK. This central hub / warehouse facility will enable both ProTec Nutra and ProTec Ingredia to deliver an even greater customer / supplier experience with updated lab spaces helping to drive new innovation and a centralised warehouse enabling faster order turnaround times.

 

 

Review of Territories

 

United Kingdom

Turnover in the UK increased by £3m year on year giving rise to an increase in PBT for the period. Investment within the ProTec group of companies within 2024 is expected to be bring in additional revenue. New products brought into the portfolio are also expected to lead to an increase in business in the next Financial Year.

 

Czech Republic and Slovakia

Sales and operating results in both regions were above budgeted expectations as well as those of 2022. The Group fully expect all companies within the territory to maintain a steady growth and the budgets for 2024 within the region reflect this.

 

Bulgaria

S&D Pharma Logistics continues to have the highest stock holding within the Group at £12m, which is up on the previous year and is a reflection of the ongoing growth and need of the company. S&D Pharma Logistics also has the largest turnover within the Group at £30.4m, being 28% of the Group’s overall turnover. PBT for S&D Pharma Logistics was 20% above that of 2022 and growth is expected throughout 2024. LPC Bulgaria again had another strong year with turnover up 22% in 2023 and the Directors' expectations are that with the range of products it is able to offer, the company will continue to grow.

 

Germany and Poland

The personal care market in Germany had been affected by the economic outlook of the country during the 2023 period and this has been reflected within the results for ProTec GmbH. This can be seen in a reduction in turnover and a somewhat reduced PBT figure. ProTec Polska continued to perform well and were able to increase their turnover by just under £1m for the year, helping the company to continue and expand. Both companies are continually looking at ways in which they can increase their market share and the Directors of the Group are confident that growth will continue through 2024.

Analysis based on Key Performance Indicators

 

KPIs            Dec-23            Dec-22            % Movement

 

 

Current Ratio        2.44            2.42            + 1.2%

 

Stock Days        95            93            + 2.2%

 

Days of Debt        54            56            - 9.5%

 

Employee Numbers    159            150            + 6%

On behalf of the board

D R Straus
Director
12 September 2024
LONDON PHARMA & CHEMICALS HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the group is that of agents and distributors within the pharmaceutical, nutraceutical, food supplement, cosmetic ingredient, personal care, botanical extract and laboratory supply industries.

 

A review of the group together with details of the principal risks faced by the group may be found in the Strategic Report on page 1.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D R Straus
C J S Straus
Auditor

In accordance with the company's articles, a resolution proposing that Morris Palmer Limited be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

The group is not required to report on its emissions, energy consumption or energy efficiency activities since all companies in the group are exempt, either because of their SME status, or because their individual energy consumption is less than 40,000 kWh of energy in the reporting period, or both.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect the group's business review and future developments.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
D R Straus
Director
12 September 2024
LONDON PHARMA & CHEMICALS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONDON PHARMA & CHEMICALS HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of London Pharma & Chemicals Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LONDON PHARMA & CHEMICALS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LONDON PHARMA & CHEMICALS HOLDINGS LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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.

Auditor's 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 auditor's 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.

 

Our responsibilities in a group audit engagement are as follows:

 

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the group and parent company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

LONDON PHARMA & CHEMICALS HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LONDON PHARMA & CHEMICALS HOLDINGS LTD
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

Marti Stenton FCA (Senior Statutory Auditor)
For and on behalf of Morris Palmer Limited
12 September 2024
Chartered Accountants
Statutory Auditor
Barttelot Court
Barttelot Road
Horsham
West Sussex
RH12 1DQ
LONDON PHARMA & CHEMICALS HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
110,000,357
101,598,328
Cost of sales
(84,751,651)
(78,510,678)
Gross profit
25,248,706
23,087,650
Administrative expenses
(18,180,356)
(16,390,012)
Other operating income
176,632
177,892
Operating profit
4
7,244,982
6,875,530
Share of results of associates and joint ventures
14,623
31,547
Other interest receivable and similar income
8
664,953
443,613
Other interest payable and similar expenses
9
(77,196)
(30,122)
Fair value gains and losses on listed investments
10
(141,239)
(402,290)
Fair value gains and losses on investment properties
14
588,379
130,000
Profit before taxation
8,294,502
7,048,278
Tax on profit
11
(2,091,802)
(1,646,476)
Profit for the financial year
6,202,700
5,401,802
Profit for the financial year is attributable to:
- Owners of the parent company
5,479,351
4,736,291
- Non-controlling interests
723,349
665,511
6,202,700
5,401,802

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
6,202,700
5,401,802
Other comprehensive income
Currency translation differences
(124,389)
942,967
Effect of change in Non-Controlling Interests
-
0
(323,110)
Other comprehensive income for the year
(124,389)
619,857
Total comprehensive income for the year
6,078,311
6,021,659
Total comprehensive income for the year is attributable to:
- Owners of the parent company
5,369,520
5,491,237
- Non-controlling interests
708,791
530,422
6,078,311
6,021,659
LONDON PHARMA & CHEMICALS HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
656,250
750,000
Tangible assets
13
1,289,627
836,884
Investment property
14
3,000,000
925,000
Investments
15
1,174,362
1,348,672
6,120,239
3,860,556
Current assets
Stocks
19
22,062,065
19,949,586
Debtors
20
17,527,355
17,667,620
Cash at bank and in hand
29,019,714
25,038,022
68,609,134
62,655,228
Creditors: amounts falling due within one year
21
(28,082,118)
(25,892,893)
Net current assets
40,527,016
36,762,335
Total assets less current liabilities
46,647,255
40,622,891
Creditors: amounts falling due after more than one year
22
(14,192)
-
Net assets
46,633,063
40,622,891
Capital and reserves
Called up share capital
26
100,000
100,000
Other reserves
2,015,306
1,679,951
Profit and loss reserves
41,415,084
36,380,919
Equity attributable to owners of the parent company
43,530,390
38,160,870
Non-controlling interests
3,102,673
2,462,021
46,633,063
40,622,891
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
12 September 2024
D R Straus
Director
Company registration number 07080124 (England and Wales)
LONDON PHARMA & CHEMICALS HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
3,000,000
3,000,000
Current assets
-
-
Creditors: amounts falling due within one year
21
(2,900,000)
(2,900,000)
Net current liabilities
(2,900,000)
(2,900,000)
Net assets
100,000
100,000
Capital and reserves
Called up share capital
26
100,000
100,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 ).

The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
D R Straus
Director
Company Registration No. 07080124
LONDON PHARMA & CHEMICALS HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Fair value reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
100,000
2,421,420
30,148,213
32,669,633
2,231,580
34,901,213
Year ended 31 December 2022:
Profit for the year
-
-
4,736,291
4,736,291
665,511
5,401,802
Other comprehensive income:
Currency translation differences
-
-
942,967
942,967
-
942,967
Amounts attributable to non-controlling interests
-
-
(188,021)
(188,021)
(135,089)
(323,110)
Total comprehensive income
-
-
5,491,237
5,491,237
530,422
6,021,659
Dividends
-
-
-
-
(299,981)
(299,981)
Transfers - fair value changes
-
(741,469)
741,469
-
-
-
Balance at 31 December 2022
100,000
1,679,951
36,380,919
38,160,870
2,462,021
40,622,891
Year ended 31 December 2023:
Profit for the year
-
-
5,479,351
5,479,351
723,349
6,202,700
Other comprehensive income:
Currency translation differences
-
-
(124,389)
(124,389)
-
(124,389)
Amounts attributable to non-controlling interests
-
-
14,558
14,558
(14,558)
-
Total comprehensive income
-
-
5,369,520
5,369,520
708,791
6,078,311
Dividends
-
-
-
-
(68,139)
(68,139)
Transfers - fair value changes
-
335,355
(335,355)
-
-
-
Balance at 31 December 2023
100,000
2,015,306
41,415,084
43,530,390
3,102,673
46,633,063
LONDON PHARMA & CHEMICALS HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
£
Balance at 1 January 2022
100,000
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
Balance at 31 December 2022
100,000
Year ended 31 December 2023:
Profit and total comprehensive income
-
Balance at 31 December 2023
100,000
LONDON PHARMA & CHEMICALS HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
6,837,806
4,988,129
Interest paid
(92,226)
(19,293)
Income taxes paid
(1,116,365)
(2,302,083)
Net cash inflow from operating activities
5,629,215
2,666,753
Investing activities
Purchase of intangible assets
-
(750,000)
Purchase of tangible fixed assets
(785,944)
(401,431)
Proceeds from disposal of tangible fixed assets
24,576
1,586
Purchase of investment property
(1,486,621)
-
Proceeds from disposal of investment property
-
877,933
Payments to associates
47,694
(7,249)
Interest received
724,151
222,447
Net cash used in investing activities
(1,476,144)
(56,714)
Financing activities
Purchase of derivatives
-
(24,181)
Payment of finance leases obligations
19,335
(4,107)
Dividends paid to non-controlling interests
(68,139)
(299,981)
Net cash used in financing activities
(48,804)
(328,269)
Net increase in cash and cash equivalents
4,104,267
2,281,770
Cash and cash equivalents at beginning of year
25,038,022
22,215,955
Effect of foreign exchange rates
(122,575)
540,297
Cash and cash equivalents at end of year
29,019,714
25,038,022
LONDON PHARMA & CHEMICALS HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

London Pharma & Chemicals Holdings Ltd (“the company”) is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is Unit 10, Delta Court, Manor Way, Borehamwood, Hertfordshire, WD6 1FJ.

 

The group consists of London Pharma & Chemicals Holdings Ltd and all of its subsidiaries.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of London Pharma & Chemicals Holdings Ltd and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

The individual financial statements of each Group entity are prepared in the currency of the primary economic environment in which the entity operates (its functional currency). These financial statements are then translated into the Group’s presentation currency for consolidation purposes as described below.

 

In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency 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.

 

Exchange differences are recognised in profit or loss in the period in which they arise. However, in the consolidated financial statements exchange differences arising on monetary items that form part of the net investment in a foreign operation are recognised in other comprehensive income and are not reclassified to profit or loss.

 

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated from their functional currency to Sterling using the closing exchange rate. Income and expenses are translated using the average rate for the period. Exchange differences arising on the translation of group companies are recognised in other comprehensive income. If the Group disposes of the foreign operation the cumulative exchange difference is not reclassified to profit or loss but is transferred within equity to retained earnings.

 

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

 

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Intellectual property rights
12.5% straight line (from 1 January 2023)
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Land and buildings freehold
2% straight line
Leasehold improvements
Over life of the lease
Plant and machinery
25% straight line
Fixtures, fittings and equipment
25% straight line
Computer equipment
25% and 33.3% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Derivatives

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

On consolidation, profit and loss accounts and cash flow statements of overseas subsidiaries are translated at average annual rates of exchange. Balance sheets of overseas subsidiaries are translated at the rates prevailing at the balance sheet date, exchange differences being dealt with through reserves.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of the group's fixed assets

Determine whether there are indicators of impairment of the group's tangible and intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Listed investments

In determining the carrying value of listed investments at fair value through profit and loss, the company has reference to the quoted share price and net assets value of the company, but applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature, facts and circumstance of the investment drives the valuation methodology.

 

The value of the listed investment is based on available market price information and the directors’ assessment of the marketability of the shares on the reporting date, translated into GBP at the closing rate of exchange on that date.

Tangible fixed assets

Tangible fixed assets, other than investment properties, are depreciated 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 a 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.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sales of goods
110,000,357
101,598,328
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 24 -
2023
2022
£
£
Turnover analysed by geographical market
UK
16,677,135
13,835,581
Europe
91,531,833
82,358,268
Rest of the World
1,791,389
5,404,479
110,000,357
101,598,328
2023
2022
£
£
Other revenue
Interest income
724,151
222,447
Dividends received
-
29,741
Rental income arising from investment properties
82,074
93,246
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
268,125
(148,132)
Research and development costs
35,980
34,213
Depreciation of owned tangible fixed assets
318,830
303,618
(Profit)/loss on disposal of tangible fixed assets
(11,993)
12,852
Amortisation of intangible assets
93,750
-
Operating lease charges
764,103
695,916
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
34,800
33,000
Audit of the financial statements of the company's subsidiaries
24,965
23,550
59,765
56,550
For other services
Accountancy, taxation and company secretarial services
56,835
53,725

The company's auditors provide non-audit services in relation to accountancy, taxation and company secretarial assistance.

The company's auditors also audit the accounts of the group's associate company for a fee of £3,750 (2022 - £3,500).

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Selling and commerical
85
76
-
-
Administration
70
69
2
2
Drivers, warehousemen and production
4
5
-
-
Total
159
150
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
9,771,381
8,486,725
-
0
-
0
Social security costs
1,347,783
1,215,746
-
-
Pension costs
366,618
334,130
-
0
-
0
11,485,782
10,036,601
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
808,034
271,757
Company pension contributions to defined contribution schemes
13,200
11,138
821,234
282,895
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
808,034
271,757
Company pension contributions to defined contribution schemes
13,200
11,138

The number of directors of the parent company for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
717,265
213,160
Other interest income
6,886
9,287
Total interest revenue
724,151
222,447
Other income from investments
Dividends received
-
0
29,741
Exchange differences on financing transactions
(59,198)
191,425
Total income
664,953
443,613
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
664,953
443,613

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
717,265
213,160
Dividends from financial assets measured at fair value through profit or loss
-
0
29,741
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
87,348
14,513
Other finance costs:
Interest on finance leases and hire purchase contracts
-
274
Finance costs for financial instruments measured at fair value through profit or loss
(15,030)
10,829
Other interest
4,878
4,506
Total finance costs
77,196
30,122
Disclosed on the profit and loss account as follows:
Other interest payable and similar expenses
77,196
30,122
10
Fair value gains and losses on listed investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(141,239)
(402,290)
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
786,982
542,509
Adjustments in respect of prior periods
45
-
0
Total UK current tax
787,027
542,509
Foreign current tax on profits for the current period
1,067,896
885,263
Adjustments in foreign tax in respect of prior periods
1,622
(12,859)
Total current tax
1,856,545
1,414,913
Deferred tax
Origination and reversal of timing differences
235,257
230,543
Changes in tax rates
-
0
1,020
Total deferred tax
235,257
231,563
Total tax charge
2,091,802
1,646,476

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
8,294,502
7,048,278
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,950,867
1,339,173
Tax effect of expenses that are not deductible in determining taxable profit
239,909
184,534
Tax effect of income not taxable in determining taxable profit
(105,814)
(48,912)
Gains not taxable
(138,387)
(24,700)
Tax effect of utilisation of tax losses not previously recognised
(7,566)
-
0
Unutilised tax losses carried forward
55,354
25,573
Effect of overseas tax rates
(189,173)
90,167
Under/(over) provided in prior years
45
-
0
Deferred tax
286,007
110,020
Consolidation adjustments
560
(48,328)
Foreign taxes withheld
-
18,949
Taxation charge
2,091,802
1,646,476
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
12
Intangible fixed assets
Group
Intellectual property rights
£
Cost
At 1 January 2023 and 31 December 2023
750,000
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
93,750
At 31 December 2023
93,750
Carrying amount
At 31 December 2023
656,250
At 31 December 2022
750,000
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
13
Tangible fixed assets
Group
Land and buildings freehold
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
169,784
175,014
45,945
510,130
795,842
823,181
2,519,896
Additions
-
0
408,570
-
0
136,870
91,353
149,151
785,944
Disposals
-
0
-
0
-
0
(17,606)
(75,033)
(90,188)
(182,827)
Exchange adjustments
(2,952)
(127)
-
0
4,007
8,875
(13,038)
(3,235)
At 31 December 2023
166,832
583,457
45,945
633,401
821,037
869,106
3,119,778
Depreciation and impairment
At 1 January 2023
29,812
103,826
27,325
408,225
628,748
485,076
1,683,012
Depreciation charged in the year
3,995
23,442
7,445
42,585
94,546
146,817
318,830
Eliminated in respect of disposals
-
0
-
0
-
0
(17,462)
(74,504)
(78,278)
(170,244)
Exchange adjustments
(518)
(127)
-
0
2,456
6,533
(9,791)
(1,447)
At 31 December 2023
33,289
127,141
34,770
435,804
655,323
543,824
1,830,151
Carrying amount
At 31 December 2023
133,543
456,316
11,175
197,597
165,714
325,282
1,289,627
At 31 December 2022
139,972
71,188
18,620
101,905
167,094
338,105
836,884
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
925,000
-
Additions through external acquisition
1,486,621
-
Net gains or losses through fair value adjustments
588,379
-
At 31 December 2023
3,000,000
-

The investment properties were prudently valued at the balance sheet date by the directors or by qualified valuation agents at their estimated open market values which are considered to represent their fair values in accordance with FRS 102. The fair value gains arising on the investment properties are credited to the profit and loss account.

The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and, where applicable, the estimated uplift in value since the last professional valuation.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Cost
2,118,121
631,500
-
-
Accumulated depreciation
-
-
-
-
Carrying amount
2,118,121
631,500
-
-

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
3,000,000
925,000
-
-
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
3,000,000
3,000,000
Investments in associates
17
94,362
127,433
-
0
-
0
Listed investments
1,080,000
1,221,239
-
0
-
0
1,174,362
1,348,672
3,000,000
3,000,000
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Fixed asset investments
(Continued)
- 31 -
Fixed asset investments revalued

The listed investment is deemed to have a fair value of £1,080,000 (2022 - £1,221,239) based on available market price information and the limited marketability of the shares. The historical cost of the listed investment is £1,734,375 (2022 - £1,734,375).

Fixed asset investments not carried at market value

Investments in subsidiaries are measured at deemed cost under FRS 102 which is represented by the previous UK GAAP valuation as at 1 June 2014. Investment additions since that date are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
127,433
1,221,239
1,348,672
Additions
(33,071)
-
(33,071)
Valuation changes
-
(141,239)
(141,239)
At 31 December 2023
94,362
1,080,000
1,174,362
Carrying amount
At 31 December 2023
94,362
1,080,000
1,174,362
At 31 December 2022
127,433
1,221,239
1,348,672
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
3,000,000
Carrying amount
At 31 December 2023
3,000,000
At 31 December 2022
3,000,000
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Canprop Holdings Inc
46 Woburn Avenue, Toronto, Ontario, Canada
Ordinary
-
77.27
Chemgo AG
Florenz-Strasse 9, 4142 Muenchenstein, Switzerland
Ordinary
-
100.00
Chemgo SARL
Parc de Crécy, 1 rue Claude Chappe, 69370 St-Didier-Au-Mont-D'Or, France
Ordinary
-
100.00
F.I.T. Industries Limited
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
-
100.00
London Pharma & Chemicals Group Ltd
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
100.00
-
LPC Bulgaria Ltd OOD
World Trade Centre Interpred office 102 B 36, Dragan Tzankov blvd 1040 Sofia, Bulgaria
Ordinary
-
60.00
ProTec Balkans Ltd EOOD
World Trade Centre Interpred office 102 B 36, Dragan Tzankov blvd 1040 Sofia, Bulgaria
Ordinary
-
100.00
ProTec Botanica Limited
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
-
85.00
ProTec Ingredia GmbH
Wipperfürther Strasse 32, 51429 Bergisch Gladbach, Germany
Ordinary
-
80.00
ProTec Ingredia Limited
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
-
92.00
ProTec Nutra Limited
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
-
60.00
ProTec Polska Sp. z o.o.
ul. Berezynska 6A 03-904, Warsaw, Poland
Ordinary
-
99.60
S & D Pharma CZ, spol. s r.o.
Písnická 22/546, 142 00 Prague 4, Czech Republic
Ordinary
-
100.00
S & D Pharma Limited
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
-
100.00
S & D Pharma Logistics BG EOOD
World Trade Centre Interpred office 102 B 36, Dragan Tzankov blvd 1040 Sofia, Bulgaria
Ordinary
-
100.00
S & D Pharma SK s r.o.
Farebná 32, 821 05 Bratislava,
Slovak Republic
Ordinary
-
97.00
INB GmbH
Kirchseeon, HRB 276995, Germany
Ordinary
-
100.00

The investments in subsidiaries are stated at deemed cost (or cost less impairment for additions since 2 June 2014).

 

The results of each subsidiary are included in the consolidated results of the group.

 

Each sub-subsidiary is owned by London Pharma & Chemicals Group Ltd, which is the subsidiary of London Pharma & Chemicals Holdings Ltd.

F.I.T. Industries Limited is exempt from audit for the year by virtue of s479A of Companies Act 2006.

17
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Lipoid Kosmetik Ltd
Unit 10, Delta Court, Manor Way, Borehamwood, WD6 1FJ, England
Ordinary
-
36.80
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,597
-
-
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
3,743
-
-

The group purchases forward foreign currency contracts to hedge currency exposure on firm future commitments. The fair values of the assets and liabilities held at fair value through profit and loss at the balance sheet date are determined using quoted prices.

19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Goods for resale
22,062,065
19,949,586
-
0
-
0
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
16,157,229
15,539,081
-
0
-
0
Corporation tax recoverable
-
0
100,756
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
419
-
-
-
Derivative financial instruments
2,597
-
-
-
Other debtors
576,858
1,252,564
-
0
-
0
Prepayments and accrued income
734,071
487,623
-
0
-
0
17,471,174
17,380,024
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 24)
56,181
287,596
-
0
-
0
Total debtors
17,527,355
17,667,620
-
-
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
23
7,039
1,896
-
0
-
0
Trade creditors
20,070,433
19,656,788
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,900,000
2,900,000
Amounts owed to undertakings in which the group has a participating interest
291,832
389,049
-
0
-
0
Corporation tax payable
643,266
-
0
-
0
-
0
Other taxation and social security
1,077,257
884,051
-
-
Derivative financial instruments
-
0
3,743
-
0
-
0
Other creditors
3,119,736
2,603,811
-
0
-
0
Accruals and deferred income
2,872,555
2,353,555
-
0
-
0
28,082,118
25,892,893
2,900,000
2,900,000
22
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
23
14,192
-
0
-
0
-
0
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,039
1,896
-
0
-
0
In two to five years
14,192
-
0
-
0
-
0
21,231
1,896
-
-

Finance lease payments represent rentals payable by the group for certain motor vehicles. The average lease term is 4 years with a finance charge of 5.5%. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured on the assets concerned.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

(Liabilities)/  Assets
(Liabilities)/  Assets
2023
2022
Group
£
£
Accelerated capital allowances
(32,465)
(42,064)
Tax losses
14,019
6,161
Other timing differences
79,178
58,281
Investment property
(183,843)
(36,748)
Investments
646,608
170,775
Unremitted earnings to parent company
(579,678)
(444,001)
(56,181)
(287,596)
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(287,596)
-
Charge to profit or loss
231,415
-
Asset at 31 December 2023
(56,181)
-

A deferred tax liability amount included in the above is expected to reverse by £36,360 within 12 months and relates to accelerated capital allowances that are expected to mature within the same period. A deferred tax asset amount included in the above is expected to reverse by £9,656 within 12 months and relates to holiday provisions.

A deferred tax liability of £579,678 (2022 - £444,001) is also recognised on the unremitted earnings of overseas subsidiaries, since the group may have a liability to withholding taxes should such amounts be remitted to the UK.

25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
366,618
334,130

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
26
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50,000
50,000
50,000
50,000
Ordinary B shares of £1 each
50,000
50,000
50,000
50,000
100,000
100,000
100,000
100,000

At the balance sheet date, the company has two classes of ordinary shares, neither of which carry any right to fixed income and neither of which include any restrictions on distributions of dividends or repayment of capital. The two share classes rank pari passu in all respects except that the holders of the Ordinary B shares do not carry any voting rights and are not entitled to attend, receive notice of, or any information in relation to, any meeting.

27
Fair value reserves
2023
2022
Group
£
£
At the beginning of the year
1,679,951
2,421,420
Additions
335,355
(741,469)
At the end of the year
2,015,306
1,679,951
2023
2022
Company
£
£
At the beginning and end of the year
-
-

The reserves above are non-distributable.

 

The fair value reserves relate to two investment properties and a listed investment.

28
Profit and loss reserves

Included in profit and loss reserves is an amount of £324,226 (2022 - £313,476) in respect of legal reserves of overseas subsidiaries. This sum is non-distributable.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
29
Operating lease commitments
Lessee

The operating leases principally represent leases of land and buildings and motor vehicles. The leases are generally negotiated over terms of 1 to 5 years.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
780,565
565,516
-
-
Between two and five years
664,035
401,588
-
-
1,444,600
967,104
-
-
Lessor

The operating leases represent leases of land and buildings to third parties. The leases are negotiated over terms of 1 to 5 years.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
227,073
82,073
-
-
Between two and five years
703,110
205,183
-
-
930,183
287,256
-
-
30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
1,125,926
489,665
Transactions with related parties

During the year the group entered into the following transactions with related parties:

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
30
Related party transactions
(Continued)
- 38 -
Net income/(expense) from interest, rent and costs recharged
Provision/(receipt) of finance
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
66,220
64,166
(134,855)
(164,281)

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
2,627,233
2,552,277

The amounts outstanding at the reporting end date are unsecured and repayable on demand.

31
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Temporary advances
-
25,887
20,708
46,595
25,887
20,708
46,595
32
Controlling party

The company's ultimate controlling party is Mr D R Straus as the majority shareholder.

LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
33
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
6,202,700
5,401,802
Adjustments for:
Share of results of associates and joint ventures
(14,623)
(31,547)
Taxation charged
2,091,802
1,646,476
Finance costs
77,196
30,122
Investment income
(664,953)
(252,187)
(Gain)/loss on disposal of tangible fixed assets
(11,993)
12,852
Fair value gain on investment properties
(588,379)
(130,000)
Amortisation and impairment of intangible assets
93,750
-
Depreciation and impairment of tangible fixed assets
318,830
303,618
Foreign exchange gains on cash equivalents
21,596
(34,786)
Other gains and losses
141,239
402,290
Movements in working capital:
Increase in stocks
(2,193,299)
(394,898)
Increase in debtors
(189,309)
(4,399,088)
Increase in creditors
1,553,249
2,433,475
Cash generated from operations
6,837,806
4,988,129
34
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
-
-
Cash absorbed by operations
-
-
35
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
25,038,022
4,175,446
(193,754)
29,019,714
Obligations under finance leases
(1,896)
(19,335)
-
(21,231)
25,036,126
4,156,111
(193,754)
28,998,483
LONDON PHARMA & CHEMICALS HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
36
Analysis of changes in net funds - company
1 January 2023
31 December 2023
£
£
-
-
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200D R StrausC J S StrausL P C Secretarial Limitedfalsefalse070801242023-01-012023-12-3107080124bus:Director12023-01-012023-12-3107080124bus:Director22023-01-012023-12-3107080124bus:CompanySecretary12023-01-012023-12-3107080124bus:RegisteredOffice2023-01-012023-12-31070801242023-12-3107080124bus:Consolidated2023-01-012023-12-3107080124bus:Consolidated2022-01-012022-12-31070801242022-01-012022-12-3107080124core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3107080124core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3107080124bus:Consolidated2023-12-3107080124core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3107080124core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3107080124core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3107080124core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3107080124bus:Consolidated2022-12-3107080124core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3107080124core:LeaseholdImprovementsbus:Consolidated2023-12-3107080124core:PlantMachinerybus:Consolidated2023-12-3107080124core:FurnitureFittingsbus:Consolidated2023-12-3107080124core:ComputerEquipmentbus:Consolidated2023-12-3107080124core:MotorVehiclesbus:Consolidated2023-12-3107080124core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3107080124core:LeaseholdImprovementsbus:Consolidated2022-12-3107080124core:PlantMachinerybus:Consolidated2022-12-3107080124core:FurnitureFittingsbus:Consolidated2022-12-3107080124core:ComputerEquipmentbus:Consolidated2022-12-3107080124core:MotorVehiclesbus:Consolidated2022-12-31070801242022-12-3107080124core:ShareCapitalbus:Consolidated2023-12-3107080124core:ShareCapitalbus:Consolidated2022-12-3107080124core:OtherMiscellaneousReservebus:Consolidated2023-12-3107080124core:OtherMiscellaneousReservebus:Consolidated2022-12-3107080124core:ShareCapital2023-12-3107080124core:ShareCapital2022-12-3107080124core:ShareCapitalbus:Consolidated2021-12-3107080124core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3107080124core:Non-controllingInterestsbus:Consolidated2022-12-3107080124core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3107080124core:Non-controllingInterestsbus:Consolidated2023-12-3107080124core:ShareCapital2021-12-3107080124bus:Consolidated2021-12-31070801242021-12-3107080124core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107080124core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107080124core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3107080124core:LeaseholdImprovements2023-01-012023-12-3107080124core:PlantMachinery2023-01-012023-12-3107080124core:FurnitureFittings2023-01-012023-12-3107080124core:ComputerEquipment2023-01-012023-12-3107080124core:MotorVehicles2023-01-012023-12-3107080124core:UKTaxbus:Consolidated2023-01-012023-12-3107080124core:UKTaxbus:Consolidated2022-01-012022-12-3107080124core:ForeignTaxbus:Consolidated2023-01-012023-12-3107080124core:ForeignTaxbus:Consolidated2022-01-012022-12-3107080124bus:Consolidated12023-01-012023-12-3107080124bus:Consolidated12022-01-012022-12-3107080124bus:Consolidated22023-01-012023-12-3107080124bus:Consolidated22022-01-012022-12-3107080124bus:Consolidated32023-01-012023-12-3107080124bus:Consolidated32022-01-012022-12-3107080124bus:Consolidated42023-01-012023-12-3107080124bus:Consolidated42022-01-012022-12-3107080124core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3107080124core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3107080124core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3107080124core:LeaseholdImprovementsbus:Consolidated2022-12-3107080124core:PlantMachinerybus:Consolidated2022-12-3107080124core:FurnitureFittingsbus:Consolidated2022-12-3107080124core:ComputerEquipmentbus:Consolidated2022-12-3107080124core:MotorVehiclesbus:Consolidated2022-12-3107080124bus:Consolidated2022-12-3107080124core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3107080124core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3107080124core:PlantMachinerybus:Consolidated2023-01-012023-12-3107080124core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3107080124core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3107080124core:MotorVehiclesbus:Consolidated2023-01-012023-12-3107080124core:ListedExchangeTradedbus:Consolidated2023-12-3107080124core:ListedExchangeTradedbus:Consolidated2022-12-3107080124core:ListedExchangeTraded2023-12-3107080124core:ListedExchangeTraded2022-12-3107080124core:Subsidiary12023-01-012023-12-3107080124core:Subsidiary22023-01-012023-12-3107080124core:Subsidiary32023-01-012023-12-3107080124core:Subsidiary42023-01-012023-12-3107080124core:Subsidiary52023-01-012023-12-3107080124core:Subsidiary62023-01-012023-12-3107080124core:Subsidiary72023-01-012023-12-3107080124core:Subsidiary82023-01-012023-12-3107080124core:Subsidiary92023-01-012023-12-3107080124core:Subsidiary102023-01-012023-12-3107080124core:Subsidiary112023-01-012023-12-3107080124core:Subsidiary122023-01-012023-12-3107080124core:Subsidiary132023-01-012023-12-3107080124core:Subsidiary142023-01-012023-12-3107080124core:Subsidiary152023-01-012023-12-3107080124core:Subsidiary162023-01-012023-12-3107080124core:Subsidiary172023-01-012023-12-3107080124core:Subsidiary112023-01-012023-12-3107080124core:Subsidiary212023-01-012023-12-3107080124core:Subsidiary312023-01-012023-12-3107080124core:Subsidiary412023-01-012023-12-3107080124core:Subsidiary512023-01-012023-12-3107080124core:Subsidiary612023-01-012023-12-3107080124core:Subsidiary712023-01-012023-12-3107080124core:Subsidiary812023-01-012023-12-3107080124core:Subsidiary912023-01-012023-12-3107080124core:Subsidiary1012023-01-012023-12-3107080124core:Subsidiary1112023-01-012023-12-3107080124core:Subsidiary1212023-01-012023-12-3107080124core:Subsidiary1312023-01-012023-12-3107080124core:Subsidiary1412023-01-012023-12-3107080124core:Subsidiary1512023-01-012023-12-3107080124core:Subsidiary1612023-01-012023-12-3107080124core:Subsidiary1712023-01-012023-12-310708012412023-01-012023-12-3107080124core:CurrentFinancialInstruments2023-12-3107080124core:CurrentFinancialInstruments2022-12-3107080124core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3107080124core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3107080124core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3107080124core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3107080124core:Non-currentFinancialInstruments2023-12-3107080124core:Non-currentFinancialInstruments2022-12-3107080124core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3107080124core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3107080124core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3107080124core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107080124core:WithinOneYearbus:Consolidated2023-12-3107080124core:WithinOneYearbus:Consolidated2022-12-3107080124core:WithinOneYear2023-12-3107080124core:WithinOneYear2022-12-3107080124core:BetweenTwoFiveYearsbus:Consolidated2023-12-3107080124core:BetweenTwoFiveYearsbus:Consolidated2022-12-3107080124core:BetweenTwoFiveYears2023-12-3107080124core:BetweenTwoFiveYears2022-12-3107080124bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107080124bus:FRS1022023-01-012023-12-3107080124bus:Audited2023-01-012023-12-3107080124bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3107080124bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP