Caseware UK (AP4) 2023.0.135 2023.0.135 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 Company has availed of the exemptions in FRS 102 section 1.12 (b) which allows non disclosure of the requirements of Section 7 Statement of Cash Flows, Section 3 Financial Statement Presentation paragraph 3.17(d) and from disclosing the company key management personnel compensation under paragraph 33.7. The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements relating to financial instrument disclosures, including categories of financial instruments, items of income, expenses, gains or losses relating to financial instruments, and exposure to and management of financial risk.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.truetrue2023-01-01falseThe principal activity of the Company in the year under review is the provision of specialist staff to all industries.935662false 08258301 2023-01-01 2023-12-31 08258301 2022-01-01 2022-12-31 08258301 2023-12-31 08258301 2022-12-31 08258301 2022-01-01 08258301 1 2023-01-01 2023-12-31 08258301 d:CompanySecretary1 2023-01-01 2023-12-31 08258301 d:Director1 2023-01-01 2023-12-31 08258301 d:Director2 2023-01-01 2023-12-31 08258301 d:Director3 2023-01-01 2023-12-31 08258301 d:RegisteredOffice 2023-01-01 2023-12-31 08258301 d:Agent1 2023-01-01 2023-12-31 08258301 d:Agent2 2023-01-01 2023-12-31 08258301 d:Agent3 2023-01-01 2023-12-31 08258301 c:FurnitureFittings 2023-01-01 2023-12-31 08258301 c:FurnitureFittings 2023-12-31 08258301 c:FurnitureFittings 2022-12-31 08258301 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08258301 c:OfficeEquipment 2023-01-01 2023-12-31 08258301 c:OfficeEquipment 2023-12-31 08258301 c:OfficeEquipment 2022-12-31 08258301 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08258301 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08258301 c:CurrentFinancialInstruments 2023-12-31 08258301 c:CurrentFinancialInstruments 2022-12-31 08258301 c:UKTax 2023-01-01 2023-12-31 08258301 c:UKTax 2022-01-01 2022-12-31 08258301 c:ShareCapital 2023-12-31 08258301 c:ShareCapital 2022-12-31 08258301 c:ShareCapital 2022-01-01 08258301 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2023-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2022-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2022-01-01 08258301 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08258301 d:OrdinaryShareClass1 2022-01-01 2022-12-31 08258301 d:OrdinaryShareClass1 2023-12-31 08258301 d:OrdinaryShareClass1 2022-12-31 08258301 d:FRS102 2023-01-01 2023-12-31 08258301 d:Audited 2023-01-01 2023-12-31 08258301 d:FullAccounts 2023-01-01 2023-12-31 08258301 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08258301 c:WithinOneYear 2023-12-31 08258301 c:WithinOneYear 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

img6f01.png






Financial Statements
PharmEng Ltd
For the year ended 31 December 2023





































Registered number: 08258301

 
PharmEng Ltd
 

Company Information


Directors
John Lacy 
John Hannon 
Keith McDonagh 




Company secretary
John Lacy



Registered number
08258301



Registered office
St Magnus House

3 Lower Thames Street

London

EC3R 6HE

United Kingdom




Independent auditor
Grant Thornton
Chartered Accountants &  
Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Ulster Bank Northern Ireland Limited
11-16 Donegall Square East

Belfast

Northern Ireland





Allied Irish Bank

66 South Mall

Cork

Ireland





Bank of Ireland Finance

Baggot Plaza

27-33 Baggot Street

Dublin 4




Solicitors
JW O'Donovan
53 South Mall

Cork

Ireland





 
PharmEng Ltd
 

Contents



Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19


 
PharmEng Ltd
 

Strategic report
For the year ended 31 December 2023

Review of activities and future trading
 
2023 was a strong trading year for the Company, with steady growth following on from the 2022 expansion. The overall recruitment market quietened as the year progressed, due to a post-covid hiring slowdown, but the Company’s diversification of sales reduced the company’s exposure to the market’s movements. The company sales, net fee income and profit were in line with expectation and similarly the Company expects future trading levels in 2024 to follow the continuing growth trading pattern.

Principal risks and uncertainties
 
The Company’s contract business is dependent on the ability to renew and secure new contract wins on profitable terms. Failure to do so would result in reduced revenue and profitability.
The Company’s principal activities are based in the United Kingdom. While the English market continues to strengthen, the company faces challenges, regarding sourcing of talent.
The Company continues to face competitor risk in the markets where the provision of permanent and temporary recruitment is most competitive and fragmented.
Retaining and attracting good people is key to delivering superior performance and customer service.
Laws and regulations could change with a negative impact on the company.
Operations at the company’s facilities could be interrupted due to a fire, flood, or equipment failure.

Financial risk management objectives and policies

The Company recognises the importance of identifying and actively monitoring the full range of financial and non-financial risks facing the business. A review of the Company’s risk profile was carried out during the year, including the ongoing identification and consideration of emerging risk, including market/recruitment-related and cyber-related risk. The Company instigated further cyber-security certification and a Board Committee was set up to regularly review all potential risks.

Financial key performance indicators
 
The directors utilise various KPIs in order to measure the performance of the business. Revenue and margin are closely monitored. These KPIs allow the Board to assess both the growth and profitability of the Company against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.


This report was approved by the board and signed on its behalf.



................................................
Keith McDonagh
Director

Date: 11 September 2024

Page 1

 
PharmEng Ltd
 
 
Directors' report
For the year ended 31 December 2023

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

Principal activity

The principal activity of the Company in the year under review is the provision of specialist staff to all industries.

Results and dividends

The profit for the year, after taxation, amounted to £308,057 (2022: £411,584).

The directors have proposed a dividend of £Nil (2022: £Nil).

Directors

The directors who served during the year were:

John Lacy 
John Hannon 
Keith McDonagh 

Research and development activities

The Company did not engage in research or development activities during the year.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Keith McDonagh
Director
................................................
John Hannon
Director


Date: 11 September 2024

Page 2

 
PharmEng Ltd
 

Directors' responsibilities statement
For the year ended 31 December 2023

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 2006They 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.

On behalf of the board



................................................   ................................................
Keith Mc Donagh     John Hannon
Director      Director

Date: 11 September 2024
Page 3

 
 
img7724.png
 
Independent auditor's report to the members of PharmEng Ltd
 
Opinion


We have audited the financial statements of PharmEng Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, and the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, 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).


In our opinion, PharmEng Ltd's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 Company's ability to continue as a going concern for a period of at least twelve months from the date 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.
 




Page 4

 
 
img04e5.png
Independent auditor's report to the members of PharmEng Ltd (continued)
 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' reportand the Strategic Report have been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Page 5

 
 
img7455.png
Independent auditor's report to the members of PharmEng Ltd (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. 
 
Page 6

 
 
img7a56.png
Independent auditor's report to the members of PharmEng Ltd (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances on non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company's legal correspondence and review of minutes of board meetings during the year to corroborate inquires made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of out testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating allowance for impairment of debtors; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management. 

The purpose of our audit work and to whom we owe our responsibilities
 

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.



 
 
Tracey Sullivan (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13-18 City Quay
Dublin 2
 
Date: 11 September 2024
 
Page 7

 
PharmEng Ltd
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,365,665
11,507,993

Cost of sales
  
(11,281,629)
(9,488,090)

Gross profit
  
2,084,036
2,019,903

Administrative expenses
  
(1,682,014)
(1,517,595)

Operating profit
  
402,022
502,308

Tax on profit
 7 
(93,965)
(90,724)

Profit for the year
  
308,057
411,584

There was no other comprehensive income for 2023 (2022: £Nil).

The notes on pages 11 to 19 form part of these financial statements.

Page 8

 
PharmEng Ltd
Registered number:08258301

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 8 
33,489
24,756

  
33,489
24,756

Current assets
  

Debtors: amounts falling due within one year
 9 
2,484,490
2,800,604

Cash at bank and in hand
 10 
188,093
-

  
2,672,583
2,800,604

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(1,657,108)
(2,084,453)

Net current assets
  
 
 
1,015,475
 
 
716,151

Net assets
  
1,048,964
740,907


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,048,963
740,906

Shareholders' funds
  
1,048,964
740,907


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Keith McDonagh
................................................
John Hannon
Director
Director


Date: 11 September 2024

The notes on pages 11 to 19 form part of these financial statements.

Page 9

 
PharmEng Ltd
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
740,906
740,907



Profit for the year
-
308,057
308,057


At 31 December 2023
1
1,048,963
1,048,964



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
329,322
329,323



Profit for the year
-
411,584
411,584


At 31 December 2022
1
740,906
740,907


The notes on pages 11 to 19 form part of these financial statements.

Page 10

 
PharmEng Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Company is a private company limited by shares and is incorporated and resident in the United Kingdom. The principal activity of the Company is the provision of specialist staff to all industries. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and Irish statute comprising of the Companies Act 2014.

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 Company has availed of the exemptions in FRS 102 section 1.12 (b) which allows non disclosure of the requirements of Section 7 Statement of Cash Flows, Section 3 Financial Statement Presentation paragraph 3.17(d) and from disclosing the company key management personnel compensation under paragraph 33.7.

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements relating to financial instrument disclosures, including categories of financial instruments, items of income, expenses, gains or losses relating to financial instruments, and exposure to and management of financial risk.

This information is included in the consolidated financial statements of BPVA (Ireland) Limited as at 31 December 2023 and these financial statements may be obtained from 36 Merrion Square, Dublin 2.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.

Page 11

 
PharmEng Ltd
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
PharmEng Ltd
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:
Fixtures and fittings
-
3 years
Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
PharmEng Ltd
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

 Financial instruments

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, the directors have had to make the following significant judgement: 

Allowances for impairment of trade debtors
The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.


4.


Turnover

Turnover is derived from the provision of specialist staff to all industries. The directors have availed of the exemption under the Companies Act 2006, SI 2008/410, section 68 which exempts the disclosure of disaggregated information as the directors have deemed that this would be seriously prejudicial to the interests of the Company and have not disclosed such information.
 
Page 14

 
PharmEng Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
80
-

Operating lease expense
110,918
70,208

Depreciation
18,550
8,585

129,388
78,793


6.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
3,170,689
3,359,134

Social security costs
261,125
316,407

Cost of defined contribution scheme
50,913
51,480

3,482,727
3,727,021


The directors received no remuneration during the period.

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Temporary contractors
883
627



Recruitment
38
25



Administration
14
10

935
662

Page 15

 
PharmEng Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

7.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
93,965
90,724


Taxation on profit on ordinary activities
93,965
90,724

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 23.5% (2022: 19%). The differences are explained below:
2023
2022
£
£


Profit on ordinary activities before tax
402,022
502,308


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%)
94,475
95,439

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
230
(4,055)

Capital allowances for year in excess of depreciation
(822)
171

Group relief
-
(831)

Timing differences
82
-

Total tax charge for the year
93,965
90,724


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

 
PharmEng Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
1,800
34,987
36,787


Additions
5,780
22,616
28,396



At 31 December 2023

7,580
57,603
65,183



Depreciation


At 1 January 2023
1,200
10,831
12,031


Charge for the year on owned assets
2,767
16,896
19,663



At 31 December 2023

3,967
27,727
31,694



Net book value



At 31 December 2023
3,613
29,876
33,489



At 31 December 2022
600
24,156
24,756


9.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
2,215,948
2,627,354

Prepayments and accrued income
268,542
173,250

2,484,490
2,800,604



10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
188,093
-

Less: bank overdrafts
(400,754)
(232,755)

(212,661)
(232,755)


Page 17

 
PharmEng Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
400,754
232,755

Trade creditors
175,562
182,122

Amounts owed to group undertakings
679,542
985,595

Corporation tax
93,965
90,724

Other taxation and social security
228,491
531,303

Accruals and deferred income
78,794
61,954

1,657,108
2,084,453


Amounts due to group undertakings are unsecured, interest free and repayable on demand.

2023
2022
£
£

Other taxation and social security

PAYE/NI payable
82,941
107,981

VAT payable
145,550
423,322

228,491
531,303



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022: 1) Ordinary share of £1.00
1
1


13.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


14.


Pension commitments

The Company contributed £50,913 (2022: £51,480) to pension schemes for employees during the year, which included £16,273 (2022: £11,671) for staff and £34,640 (2022: £39,809) for contractors.

Page 18

 
PharmEng Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

15.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
30,300
5,100


16.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


17.


Post balance sheet events

No significant events have affected the Company since the year end.


18.


Controlling party

The immediate parent company is PharmEng Limited, a company incorporated in the Republic of Ireland.
The ultimate controlling undertaking of the Company is BPVA (Ireland) Limited, a company registered and incorporated in the Republic of Ireland, with a registered office at 36 Merrion Square, Dublin 2.
The smallest financial statements presented are that of Pharmeng Limited. These are publicly available from 8 Eastgate Avenue, Little Island, Co. Cork. The largest consolidated financial statements presented are that of BPVA (Ireland) Limited. They are publicly available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.

Page 19