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REGISTERED NUMBER: 01986987 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Macopharma (UK) Limited

Macopharma (UK) Limited (Registered number: 01986987)






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


Macopharma (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: F J Schoenfeld
Ms C C P Hernu





SECRETARY: Pramex International Ltd





REGISTERED OFFICE:
11 Old Jewry
London
EC2R 8DU





REGISTERED NUMBER: 01986987 (England and Wales)





INDEPENDENT AUDITORS: FC Expertise Ltd
Certified Chartered Accountants
Registered Auditor
23 Copenhagen Street
London
United Kingdom
N1 0JB

Macopharma (UK) Limited (Registered number: 01986987)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 33,071 10,811
33,071 10,811

CURRENT ASSETS
Stocks 7 1,055,892 1,613,692
Debtors 8 1,597,277 1,165,326
Cash in hand 20,623 164,237
2,673,792 2,943,255
CREDITORS
Amounts falling due within one year 9 1,789,211 2,238,866
NET CURRENT ASSETS 884,581 704,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

917,652

715,200

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 717,652 515,200
SHAREHOLDERS' FUNDS 917,652 715,200

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 11 September 2024 and were signed on its behalf by:





F J Schoenfeld - Director


Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Macopharma (UK) Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going Concern
The company meets its day-to-day working capital requirements through its own cash reserves.

The company has also secured the continued financial support of its parent company which has undertaken to financially support the company for the at least 12 months after the date of the signing of these accounts.

The company has considered its forecast cashflows for the foreseeable future including a severe but plausible downside and concluded that the company's forecasts demonstrate it has the ability to operate within its cash resources without needing to access group funding facilities that have been made available to the company. The Company has finalised new contracts for Eurobloodpack to extend the current contracts for 3 more years, with options to further extend the contracts for 2 others years at the end. The contract is being reviewed at the moment by both parties and in the processed of being signed. The Director is confident that the contracts will be signed soon. The director has a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, not always equal the related actual results. Estimates and assumptions are used in most areas of reporting. The ones having a greater chance of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
There are no significant judgement in these financial statements other than non-recognition of the deferred tax asset as explained in note 8.

Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stock provisions
The company manufactures a wide range of products across different product areas. Differing production methods are also used. To ensure that a fair net carrying amount is stated, the recoverability of the cost of inventory, and the associated provisioning required is considered. When making inventory provisions, management consider the nature and condition of the inventory, together with any time restrictions on its use. Assumptions about the anticipated saleability of finished goods, and future usage of raw materials are made. See note 12 for the net carrying amount of the stock and associated provision.

Impairment of debtors
The company makes and estimate of the recoverable value of trade and other debtors. Management makes an assessment of trade and other debtors by reviewing the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors plus any associated impairment provision, if any.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes in effect a financing transaction, the fair value of the consideration is measured as the present value of all future receipts determined using an imputed rate of interest, normally the rate that discounts the nominal amount of consideration to the cash sales price.

Sales of goods
The company sells a small range of medicinal products. Sales of goods are recognised when the company has delivered the products to the customer and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products. The risk of obsolescence and loss of the products are considered to have been transferred to the customer when the products are shipped to the location specified by the customer, or are installed if required, and the customer has accepted them.

Rendering of services
When installation is required, revenue is recognised when it is completed.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to property - over the period of the lease
Plant and machinery - 25% straight line
Computer equipment - 25% straight line

Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

At the end of each reporting period, stocks are assessed for impairment. If an item of stocks is impaired, the identified stocks is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the Statement of Comprehensive Income. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Statement of Comprehensive Income.

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.

Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency
The functional currency and the presentation currency of the financial statements is the Pound Sterling (£)

Transactions and balances
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period, end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.


Annual bonus plan
The company operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 90,044
AMORTISATION
At 1 January 2023
and 31 December 2023 90,044
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023 20,507 17,577 28,022 66,106
Additions 20,321 1,224 7,549 29,094
At 31 December 2023 40,828 18,801 35,571 95,200
DEPRECIATION
At 1 January 2023 19,140 15,559 20,596 55,295
Charge for year 2,939 543 3,352 6,834
At 31 December 2023 22,079 16,102 23,948 62,129
NET BOOK VALUE
At 31 December 2023 18,749 2,699 11,623 33,071
At 31 December 2022 1,367 2,018 7,426 10,811

7. STOCKS
31.12.23 31.12.22
£    £   
Finished goods 1,055,892 1,613,692

Stocks are stated after provisions for impairment of £22,217 (2022: £147,644).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,527,608 1,111,119
Other debtors 25,707 23,900
Accrued income and prepayments 43,962 30,307
1,597,277 1,165,326

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors (16,148 ) (46,239 )
Amounts owed to group undertakings 1,146,653 1,524,034
Tax 7,484 1,392
VAT 448,645 545,142
Other creditors 108,198 136,037
Accruals 94,379 78,500
1,789,211 2,238,866

Macopharma (UK) Limited (Registered number: 01986987)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The other creditors balance of £108,198 (2022: £133,032) is payable to Carelide UK Limited. This balance arose from the agency relationship agreement between Carelide UK Limited and Macopharma UK Limited.

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

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 26,828 15,003

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

The Auditors' Report was unqualified.

Olivier PJ Foucault (Senior Statutory Auditor)
for and on behalf of FC Expertise Ltd