Registered number:
For the Year Ended
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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PHARMACARE (EUROPE) LIMITED
Company Information
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PHARMACARE (EUROPE) LIMITED
Contents
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PHARMACARE (EUROPE) LIMITED
Strategic Report
For the Year Ended 30 June 2024
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
PharmaCare (Europe) Limited, whose ultimate parent is PharmaCare Laboratories Pty Ltd, an Australian registered company, operates in the UK, Europe and Middle East, marketing and distributing a range of natural health and beauty products to pharmacy, retail and online customers.
The strategic objective of PharmaCare (Europe) is the sale, marketing and distribution of exceptional products in key market segments like health, wellness and skin care which will provide our customers with the highest quality products.
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. Our review is consistent with the size and complexity of our business and is written in the context of the risks and uncertainty we face.
The financial year ended 30th June 2024 presented ongoing challenges, especially the operating environment, where geopolitical tensions remained elevated, particularly due to the prolonged conflict in Ukraine, which continued to exacerbate global energy concerns and contribute to supply chain disruptions. Although global inflation pressures eased somewhat compared to previous years, high core inflation persisted and while the impact of Covid-19 has diminished, lingering effects on global supply chains are still evident. As a result, one of most significant economic impacts on PharmaCare (Europe) was the continued pressure on input costs, where although inflation in the UK eased from its 2022 peak, core inflation in key areas such as services and manufacturing remained high throughout the year. Despite this, the growing focus on health and wellness continues to drive demand in the VMS (vitamins, minerals and supplements) market, where in 2024 UK sales of PharmaCare products grew by 10%, demonstrating sustained interest in its vitamin and immune health ranges. PharmaCare’s export markets did not fare as well, with total sales 1% lower than 2023 levels. Inflationary pressure (and consequential local currency weakness) was a key driver that contributed to lower consumer demand in some of these markets. Although total sales increased in the year, the continued inflationary pressure on input costs, along with the general state of the global economies and their impact on consumer behaviour, resulted in a slight reduction to gross profit for 2024, down to 47.8% (2023: 48.3%) and consequently a 0.5% drop in operating profit to 14.1% (2023: 14.6%). The Company remains committed to revenue growth, increased profitability and improved cash flow in order to continue the momentum gains made in recent years. New product development is fundamental to PharmaCare’s goal of continued revenue growth, with a focus on VMS markets. The UK VMS sector is estimated to be worth £568m (Mintel Group 2023), whilst the global nutraceutical market is worth some £240bn and expected to grow at a CAGR of 9.24% between 2024 and 2031 (Grand View Research Inc, published January 2024). The association with the PharmaCare Group, its expertise and broad product portfolio, will continue to afford further opportunities for growth, both within existing brands and in the form of strategic acquisitions.
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PHARMACARE (EUROPE) LIMITED
Strategic Report (continued)
For the Year Ended 30 June 2024
The Directors consider that the most important key performance indicators are those that communicate the financial performance and strength of the Company’s trading results, these being Revenue, Gross Profit and Operating Profit.
The Company reports on the twelve months trading to 30th June 2024, which generated Net Revenue of £36,547,801 (2023: £34,140,155), a Gross Profit of 47.8% (2023: 48.3%) and an Operating Profit of £5,149,104 (2023: £4,996,277). The Directors and senior management team monitor the Company’s performance through a number of other KPI’s on a continual basis to ensure the company’s revenue, profit, cash flow and balance sheet strength are in line with the targets set at the beginning of the financial year. Despite the fall in 2024 Gross Profit levels and the continued pressure from third party suppliers on product cost increases, the Directors and senior management team have confidence in the financial fundamentals underpinning the business. The product cost drivers and overhead structure are routinely reviewed to ensure the company maintains, and where possible improves, its profitability. Continuous improvement and business process efficiency are key elements to this, permeated throughout the organisation.
The Company, in common with other suppliers in the retail environment, is dependent on the geopolitical stability of the countries in which it operates. It manages this risk by supporting its brands within each marketplace and maintaining strong relationships with both customers and suppliers.
The Company's future trading success remains dependent on the overall state of the economy. At the date of signing this report, global economic conditions remain uncertain, with growth expected to stabilise toward the end of 2024, albeit at a slower rate than pre-pandemic levels. The UK economy, while showing signs of recovery from the impacts of the pandemic and elevated inflation, continues to face challenges such as persistent core-inflation, high interest rates (albeit now moderating) and ongoing geopolitical tensions. PharmaCare (Europe) Ltd is exposed to the potential impact on the supply, distribution and other operational challenges associated with these risks. However, the Directors feel confident that the Company, supported as required by its parent company, will have sufficient resources to continue trading for the next year should such risks have an unforeseen impact on the Company. The Company trades in a number of different territories, principally within Europe but also in other territories of the world where regulatory, economic and political change can all impact on retail markets. The volatility of raw material prices compounded by continued import/export problems post-Brexit, along with the uncertainty surrounding the continued Ukraine/Russia conflict and its detrimental effect on supply chain, remain potential threats. The Company therefore continues to evaluate alternative Supply Chain channels and other opportunities, managing these risks by trading in a diverse group of countries to reduce the impact of any potential downturn in an individual territory. A significant proportion of export sales are denominated in foreign currencies and as such there is exposure to movement in the Sterling exchange rate. This risk is ameliorated to some extent by the natural hedging provided through foreign currency denominated purchases and normal trading activities within the PharmaCare Group companies. The company’s principal financial assets are bank balances (including cash) and trade debtors, the latter carrying with it an element of credit risk. The amounts presented in the balance sheet are net of allowances for doubtful debts and the Company has no significant concentration of credit risk, as it holds credit insurance covering many of the larger customers, and any remaining exposure is spread across a large number of customers. In order to maintain liquidity and ensure that sufficient funds are retained to enable the Company to meet its day-to-day obligations as they become due, the Company uses cash resources, an invoice discounting facility, and has access to both bank finance and working capital made available by its parent company if required.
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PHARMACARE (EUROPE) LIMITED
Strategic Report (continued)
For the Year Ended 30 June 2024
The business strategy for growth is achieved through both organic growth and new product development, plus brand acquisition, with the company continuing to invest in new opportunities and innovation within niche markets that will deliver long term market differentiation from our competitors.
This report was approved by the board on 24 September 2024 and signed on its behalf by:.
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PHARMACARE (EUROPE) LIMITED
Directors' Report
For the Year Ended 30 June 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The profit for the year, after taxation, amounted to £3,838,465 (2023 - £3,961,643).
A dividend amounting to £5,100,000 (2023 - £3,100,000) has been declared and paid in the current year.
The directors do not recommend any further dividend for the year ended 30 June 2024.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PHARMACARE (EUROPE) LIMITED
Directors' Report (continued)
For the Year Ended 30 June 2024
There have been no significant events affecting the company since the balance sheet date.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited
We have audited the financial statements of PharmaCare (Europe) Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Strategic Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Strategic 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.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (continued)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure have been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (continued)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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PHARMACARE (EUROPE) LIMITED
Statement of Comprehensive Income
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Registered number: 06408300
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board of directors and were signed on its behalf on
The notes on pages 14 to 25 form part of these financial statements.
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PHARMACARE (EUROPE) LIMITED
Statement of Changes in Equity
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Statement of Cash Flows
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
PharmaCare (Europe) Limited is a private company limited by shares, registered in England and Wales. The principal activity of the company in the year under review was the marketing and distribution of natural healthcare and skin care products.
The company's registered office address can be found on the Company Information page. The company's principal place of business is: Unit 3, Dialog Fleming Way Crawley West Sussex RH10 9NQ
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Monetary amounts in these financial statements are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight line method. The intangible assets are amortised over the following useful economic lives. Goodwill - 10 years
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted respectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Net realisable value is determined by deducting any future costs from the selling price of each product.
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Functional and presentation currency
Transactions and balances
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. In making its judgement, management considered the detailed criteria for the recognition of revenue from the sale of goods set out in FRS 102 Section 23 Revenue and, in particular, whether the Company had transferred to the buyer the significant risks and rewards of ownership of the goods. Following the detailed review of sales and subsequent rebates and the agreed limitation on the customer's ability to require replacement of the goods, the directors are satisfied that the significant risks and rewards have been transferred and that recognition of the revenue in the current year is appropriate, in conjunction with recognition of an appropriate provision for the rectification costs.
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
Analysis of turnover by country of destination:
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
9.Taxation (continued)
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £225,435 (2023 - £210,855). There are contributions payable to the fund at the balance sheet date in the current amounting to £34,574 (2023 - £31,508).
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
The ultimate parent undertaking is Pharmacare Laboratories Proprietary Limited, a company incorporated in Australia. The registered office address for Pharmacare Laboratories Proprietary Limited is Level 4, 73 Walker Street, North Sydney, NSW 2059, Australia. Copies of Pharmacare Laboratories Proprietary Limited's financial statements can be obtained from the Australian company public registrar, ASIC. The ultimate controlling party is T R Browne.
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