REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Macopharma (UK) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
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 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Finished goods |
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 |
Other debtors |
Accrued income and prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors | ( |
) | ( |
) |
Amounts owed to group undertakings |
Tax |
VAT | 448,645 | 545,142 |
Other creditors |
Accruals |
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 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |