IRIS Accounts Productionv24.2.0.38312585612Board of Directors1.1.2331.12.2331.12.2325.9.24falsetruefalsefalsetruefalseAuditors OpinionOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh125856122022-12-31125856122023-12-31125856122023-01-012023-12-31125856122021-12-31125856122022-01-012022-12-31125856122022-12-3112585612ns15:EnglandWales2023-01-012023-12-3112585612ns14:PoundSterling2023-01-012023-12-3112585612ns10:Director12023-01-012023-12-3112585612ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112585612ns10:SmallEntities2023-01-012023-12-3112585612ns10:Audited2023-01-012023-12-3112585612ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112585612ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112585612ns10:FullAccounts2023-01-012023-12-3112585612ns10:OrdinaryShareClass12023-01-012023-12-3112585612ns10:Director22023-01-012023-12-3112585612ns10:CompanySecretary12023-01-012023-12-3112585612ns10:RegisteredOffice2023-01-012023-12-3112585612ns5:CurrentFinancialInstruments2023-12-3112585612ns5:CurrentFinancialInstruments2022-12-3112585612ns5:ShareCapital2023-12-3112585612ns5:ShareCapital2022-12-3112585612ns5:RetainedEarningsAccumulatedLosses2023-12-3112585612ns5:RetainedEarningsAccumulatedLosses2022-12-3112585612ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112585612ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112585612ns10:OrdinaryShareClass12023-12-3112585612ns5:RetainedEarningsAccumulatedLosses2022-12-3112585612ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31

REGISTERED NUMBER: 12585612 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023


for



Eumedica Pharma Ltd


Eumedica Pharma Ltd (Registered number: 12585612)







Contents of the Financial Statements

for the Year Ended 31 December 2023





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

3




Eumedica Pharma Ltd


Company Information

for the Year Ended 31 December 2023









DIRECTORS:

J A Merckx


M J Arnold







SECRETARY:

MYUKOFFICE LTD







REGISTERED OFFICE:

8 Northumberland Avenue


London


WC2N 5BY







REGISTERED NUMBER:

12585612 (England and Wales)







AUDITORS:

Try Lunn & Co


Chartered Accountants


and Statutory Auditors


Roland House


Princes Dock Street


HULL HU1 2LD


Eumedica Pharma Ltd (Registered number: 12585612)


Balance Sheet

31 December 2023



2023


2022


Notes

£   

£   


CURRENT ASSETS

Stocks

3,069,620


3,700,159



Debtors

4

1,678,471


878,023



Cash at bank

237,375


316,063



4,985,466


4,894,245



CREDITORS

Amounts falling due within one year

5

5,108,343


5,231,063



NET CURRENT LIABILITIES

(122,877

)

(336,818

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(122,877

)

(336,818

)



CAPITAL AND RESERVES

Called up share capital

7

100


100



Retained earnings

8

(122,977

)

(336,918

)


SHAREHOLDERS' FUNDS

(122,877

)

(336,818

)



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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:






J A Merckx - Director



Eumedica Pharma Ltd (Registered number: 12585612)


Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Eumedica Pharma Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



The company is reliant on the financial support of Eumedica SA. The directors of Eumedica SA have agreed to provide continued financial support to ensure the company will be able to trade as a going concern for the foreseeable future.



Turnover


Sales are measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in respect of goods supplied during the year.



Sales are recognised on despatch of the goods in accordance with the company's terms of sale.



Stocks

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


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


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.


Hire purchase and leasing commitments

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


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.


Eumedica Pharma Ltd (Registered number: 12585612)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 5 (2022 - 6 ) .


4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

1,107,271


669,727




Other debtors

571,200


208,296



1,678,471


878,023




5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

37,402


16,737




Amounts owed to group undertakings

3,560,515


4,078,888




Taxation and social security

426,476


341,319




Other creditors

1,083,950


794,119



5,108,343


5,231,063




6.

SECURED DEBTS



The company uses KBC Commercial Finance NV invoice factoring. There is a fixed charge over book debts and proceeds of book debts.


7.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



100

Ordinary

£1

100


100




8.

RESERVES


Retained


earnings

£   




At 1 January 2023

(336,918

)



Profit for the year

213,941




At 31 December 2023

(122,977

)



Eumedica Pharma Ltd (Registered number: 12585612)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


9.

DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006



The Report of the Auditors was qualified on the following basis:



Basis for qualified 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 the 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 qualified opinion.



During the course of our audit we have found evidence that shows that the valuation of closing stock contains an impairment of £158,432 in relation to items of stock that are not valued correctly. In our opinion the Company should make a provision for impairment of £158,432, decreasing the profit for the year and reducing the net assets at 31 December 2023 by that amount.




In addition, during our audit work on the opening balances, we have found evidence that shows that the opening valuation of stock contains a potential impairment of £210,016 in relation to items of stock that are not valued correctly. In our opinion the Company should have made a provision for impairment of £210,016 in the 31 December 2022 accounts, increasing the loss for the previous year and reducing the net assets as 31 December 2022 by that amount. As a result of this, the profit in the 31 December 2023 accounts would be increased by this amount.




As the accounts have not been adjusted for the above the audit report is qualified on this basis.




Simon Moss FCCA (Senior Statutory Auditor)


for and on behalf of Try Lunn & Co


10.

RELATED PARTY DISCLOSURES


The company is a wholly owned subsidiary of Eumedica SA, a company incorporated in Belgium.

During the year the company purchased goods to the value of £6,787,753 (2022: £8,066,454) from Eumedica SA, recharged sales commissions of £881,777 (2022: £729,130) and a distribution margin of £222,590 (2022: £253,938) to Eumedica SA, and incurred management fees totalling £180,000 (2022: £180,000) from Eumedica SA.

As at 31 December 2023 the company owed £3,560,515 (2022: £4,078,138) to Eumedica SA.

11.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is Mr Jacques Merckx.