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Registered number: 02690345









A1 PHARMACEUTICALS PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
A1 PHARMACEUTICALS PLC
 
 
COMPANY INFORMATION


Directors
G S Lewis BSc (Hons) MRPharmS 
C Lewis 
H T J Lewis 
T W Lewis 
C Dancer 




Company secretary
Mrs C Lewis



Registered number
02690345



Registered office
Unit 20 & 21 Easter Industrial Park
Ferry Lane South

Rainham

Essex

RM13 9BP




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
A1 PHARMACEUTICALS PLC
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 24

 
A1 PHARMACEUTICALS PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report in conjunction with the financial statements for the year ended 30 April 2024.

Business review
 
The financial results, as detailed on page 9, reflect another commendable year of trading performance despite the ongoing challenges from Brexit and wider interruptions across global markets. Although turnover remained flat, gross margins improved compared to the previous year. 
The directors are pleased that, despite a constrained market earlier in the financial year, the team successfully navigated the challenges and margins remained robust enough to offset potential setbacks.
The company’s financial position continues to strengthen annually, with ongoing reinvestment in personnel, operational processes, and advanced technology.

Principal risks and uncertainties
 
The primary risks faced by the company include uncertainties in global markets, as well as continued adjustments following Brexit. Volatility in foreign exchange rates and higher inflation have posed challenges, potentially affecting profitability and procurement costs. 
The company remains committed to enhancing operational efficiencies to counterbalance rising overheads, protecting operating margins.

Financial key performance indicators
 
The directors consider key performance indicators to be those that reflect the company’s financial performance and overall strength. These include turnover, gross profit, and operating profit.

Page 1

 
A1 PHARMACEUTICALS PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the company
 
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised below:
A director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit its members as a whole, and in doing so have regard (amongst other matters) to:
1. The likely consequences of any decision in the long term
2. The interests of the company's employees
3. The need to foster the company's business relationships with suppliers, customers and others
4. The impact of the company's operations on the community and the environment
5. The desirability of the company maintaining a reputation for high standards of business conduct, and
6. The need to act fairly as between members of the company.
Each director of the company is aware of their obligations on the above and can seek professional advice from an independent advisor as necessary. As a company with a highly skilled workforce the company’s directors invariably delegate day to day decision making to employees of the company. We make strategic decisions based on both long and short term objectives in particular our supply chain and relationships therein. At all times the board considers how the decisions they make support the company’s visions and values and how they promote the success of A1 Pharmaceuticals plc.
The Board uses its regular meetings as a mechanism to address and meet its obligations under Section 172 of the Companies Act 2006 at which point the stakeholders of the company are discussed. In the directors'   opinion the employees, suppliers and the customer base represent the key stakeholders and the means of engagement have been detailed below:
Customers – We engage regularly with our customers to fulfil their requirements. We focus on providing excellent customer service, acting as an extension of their procurement team to create win-win solutions.  Our staff are trained to uphold our key values as noted on our website and to adhere to our trading protocols and industry best practice.
Employees – We value our employees; we provide support with training and have a good management team to help facilitate personal development.  The company is well positioned in the marketplace offering competitive remuneration packages.
Suppliers – We appreciate the key role our suppliers play in the delivery of goods, we work collaboratively to identify new opportunities and to add value to the relationship, making us a preferred customer to grow with.
The company also operates a zero-tolerance approach to modern slavery and human trafficking.  The company is committed to acting ethically and with integrity in all of our business relations.  We work closely with our business partners, suppliers and supply chains to ensure there is no place for modern slavery and human trafficking.   


This report was approved by the board on 30 October 2024 and signed on its behalf.


C Lewis
Director
Page 2

 
A1 PHARMACEUTICALS PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

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.

Results and dividends

The profit for the year, after taxation, amounted to £1,592,889 (2023 - £2,562,376).

Dividends of £120,140 (2023: £2,179,140) were voted in the year.

Directors

The directors who served during the year were:

G S Lewis BSc (Hons) MRPharmS 
C Lewis 
H T J Lewis 
T W Lewis 
C Dancer 

Future developments

There are no future developments that the directors consider noteworthy.

Page 3

 
A1 PHARMACEUTICALS PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Engagement with suppliers, customers and others

A1 Pharmaceuticals plc recognises that its commercial activities have the potential to impact on its customers, suppliers and the environment and this is taken very seriously. The company is committed to acting ethically and with integrity in all of our business relations.  We work closely with our business partners, suppliers and supply chains to ensure there is no place for modern slavery and human trafficking.   

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There are no events after the balance sheet date which have impacted the company.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board on 30 October 2024 and signed on its behalf.
 





C Lewis
Director

Page 4

 
A1 PHARMACEUTICALS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS PLC
 

Opinion


We have audited the financial statements of A1 Pharmaceuticals PLC (the 'company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 the financial statements:


give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to 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.


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 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 5

 
A1 PHARMACEUTICALS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
A1 PHARMACEUTICALS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence           capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and
          other management, and from our commercial knowledge and experience of the software and technology
          sector in which the company operates;
• The specific laws and regulations which we considered may have a direct material effect on the financial
          statements or the operations of the company, are as follows;
       o       Companies Act 2006
       o FRS102
       o      Health and Safety legislation
       o     Employment legislation
       o      Tax legislation 
       o      Medicines and Healthcare Products Regulatory Authority (MHRA) licence
       o      Various other licences to deal with the provision of pharmaceutical products and potential  
                             hazardous waste disposal. 
• We assessed the extent of compliance with the laws and regulations identified above through making
        enquiries of management, reviewing board minutes and inspecting relevant legal and other 
 correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the
         audit as any further laws and regulation were identified. The audit team remained alert to instances of non
         compliance throughout the audit. 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their
          knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
          regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;-
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
          including certain year end accruals, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
          company’s usual course of business. 

 
Page 7

 
A1 PHARMACEUTICALS PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS PLC (CONTINUED)


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Use of our report
 

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 2006Our 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 Auditors' 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.





Mario Cientanni (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
31 October 2024
Page 8

 
A1 PHARMACEUTICALS PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
                                                                                                             Note
£
£

  

Turnover
 4 
55,982,183
56,973,458

Cost of sales
  
(49,624,679)
(50,826,126)

Gross profit
  
6,357,504
6,147,332

Administrative expenses
  
(4,347,820)
(3,258,996)

Operating profit
 5 
2,009,684
2,888,336

Interest receivable and similar income
 9 
244,215
203,461

Interest payable and similar expenses
 10 
(1,423)
(1,603)

Profit before tax
  
2,252,476
3,090,194

Tax on profit
 11 
(659,587)
(527,818)

Profit for the financial year
  
1,592,889
2,562,376

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
A1 PHARMACEUTICALS PLC
REGISTERED NUMBER: 02690345

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 13 
469,406
473,864

  
469,406
473,864

Current assets
  

Stocks
 14 
4,262,110
4,512,674

Debtors: amounts falling due within one year
 15 
12,473,622
11,919,404

Cash at bank and in hand
 16 
3,828,006
7,676,906

  
20,563,738
24,108,984

Creditors: amounts falling due within one year
 17 
(4,527,114)
(8,047,063)

Net current assets
  
 
 
16,036,624
 
 
16,061,921

Total assets less current liabilities
  
16,506,030
16,535,785

Creditors: amounts falling due after more than one year
 18 
(24,566)
(31,234)

Provisions for liabilities
  

Deferred tax
 20 
(112,442)
(108,278)

Net assets
  
16,369,022
16,396,273


Capital and reserves
  

Called up share capital 
 21 
51,080
51,080

Profit and loss account
  
16,317,942
16,345,193

  
16,369,022
16,396,273


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




C Lewis
Director

Date: 30 October 2024

The notes on pages 12 to 24 form part of these financial statements.
Page 10

 
A1 PHARMACEUTICALS PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
51,080
16,345,193
16,396,273



Profit for the year
-
1,592,889
1,592,889

Dividends: Equity capital
-
(1,620,140)
(1,620,140)


At 30 April 2024
51,080
16,317,942
16,369,022



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
51,080
15,961,957
16,013,037



Profit for the year
-
2,562,376
2,562,376

Dividends: Equity capital
-
(2,179,140)
(2,179,140)


At 30 April 2023
51,080
16,345,193
16,396,273


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The company is incorporated in England and Wales and has its registered office at Unit 20 & 21 Easter Industrial  Park, Ferry Lane South, Rainham, Essex, RM13 9BP.
The principal activity of the company continued to be that of the manufacture, wholesale marketing and distribution of pharmaceutical products and medical devices.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

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:

 
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 of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of A1 Pharmaceuticals Holdings Limited as at 30 April 2023 and these financial statements may be obtained from companies house.

 
2.3

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 12

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 13

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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, on the following basis:.


Leasehold improvements
-
15 years straight line
Plant and machinery
-
10%-33% straight line
Motor vehicles
-
20% straight line

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

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

 
2.12

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.

 
2.13

Creditors

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

Page 14

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.


 
Page 15

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgments have been made by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions
The company has made key assuptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.9 of the accounting policies. 
The company holds a significant amount of product stock and is subject to changing consumer demands and industry trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the saleability of stock at the year end the company has provided against £42,196 
(2023: £99,209) of stock value.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
54,406,541
55,291,120

Rest of Europe
1,575,642
1,682,338

55,982,183
56,973,458


Page 16

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
364,912
343,832


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the 's  for the audit of the company's financial statements
22,375
18,750
The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,816,217
1,705,496

Social security costs
237,288
201,635

Cost of defined contribution scheme
726,659
48,640

2,780,164
1,955,771


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


        2024
        2023
            No.
            No.







Office and management
13
16



Production and sales
37
36

50
52

Page 17

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
426,917
326,949

Company contributions to defined contribution pension schemes
689,162
3,500

1,116,079
330,449


During the year retirement benefits were accruing to 4 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £415,779 (2023 - £319,132).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,262 (2023 - £3,500).


9.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
238,338
195,618

Other interest receivable
5,877
7,843

244,215
203,461


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,423
1,603

1,423
1,603

Page 18

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
649,546
485,594

Adjustments in respect of previous periods (R&D Refund)
5,877
-


Total current tax
655,423
485,594

Deferred tax


Origination and reversal of timing differences
4,164
42,224


Tax on profit
659,587
527,818

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,252,476
3,090,194


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
563,119
587,137

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,482
1,112

Capital allowances for year in excess of depreciation
(9,819)
(26,751)

Adjustments to tax charge in respect of prior periods
5,877
-

Loss on sale of fixed assets
10,620
-

Unpaid remuneration adjustments
-
(88,189)

Movement in deferred tax
4,164
42,224

Pension contributions deductible on paid basis
84,144
-

Change in tax rates
-
12,285

Total tax charge for the year
659,587
527,818


Factors that may affect future tax charges

There were no factors that may affect future tax charges.
Page 19

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)



12.


Dividends

2024
2023
£
£


Dividends paid
1,620,140
2,179,140

1,620,140
2,179,140


13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
383,834
780,283
575,603
1,739,720


Additions
56,733
53,878
47,620
158,231


Disposals
-
-
(85,350)
(85,350)



At 30 April 2024

440,567
834,161
537,873
1,812,601



Depreciation


At 1 May 2023
360,620
587,290
317,946
1,265,856


Charge for the year on owned assets
2,950
43,895
39,474
86,319


Charge for the year on financed assets
-
8,890
-
8,890


Disposals
-
-
(17,870)
(17,870)



At 30 April 2024

363,570
640,075
339,550
1,343,195



Net book value



At 30 April 2024
76,997
194,086
198,323
469,406



At 30 April 2023
23,214
192,993
257,657
473,864

Page 20

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Plant and machinery
26,670
35,560

26,670
35,560


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
4,262,110
4,512,674

4,262,110
4,512,674


15.


Debtors

2024
2023
£
£


Trade debtors
10,281,940
11,287,858

Amounts owed by group undertakings
1,561,210
-

Other debtors and prepayments
592,972
594,046

Called up share capital not paid
37,500
37,500

12,473,622
11,919,404



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,828,006
7,676,906

3,828,006
7,676,906


Page 21

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,438,010
4,088,721

Amounts owed to group undertakings
-
2,415,603

Corporation tax
440,645
143,829

Other taxation and social security
515,088
191,811

Obligations under finance lease and hire purchase contracts
6,668
6,667

Other creditors and accruals
1,126,703
1,200,432

4,527,114
8,047,063



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
24,566
31,234

24,566
31,234


Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase contracts fall due as follows:

2024
2023
£
£


Within one year
6,668
6,667

Between 1-5 years
24,566
31,234

31,234
37,901

Page 22

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Deferred taxation




2024
2023


£

£






At beginning of year
(108,278)
(66,054)


Charged to profit or loss
(4,164)
(42,224)



At end of year
(112,442)
(108,278)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(112,442)
(108,278)

(112,442)
(108,278)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



51,000 (2023 - 51,000) Ordinary shares of £1.00 each
51,000
51,000
10 (2023 - 10) Ordinary B shares of £1.00 each
10
10
10 (2023 - 10) Ordinary C shares of £1.00 each
10
10
10 (2023 - 10) Ordinary D shares of £1.00 each
10
10
10 (2023 - 10) Ordinary E shares of £1.00 each
10
10
10 (2023 - 10) Ordinary F shares of £1.00 each
10
10
10 (2023 - 10) Ordinary G shares of £1.00 each
10
10
10 (2023 - 10) Ordinary H shares of £1.00 each
10
10
10 (2023 - 10) Ordinary I shares of £1.00 each
10
10

51,080

51,080


Page 23

 
A1 PHARMACEUTICALS PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


22.


Pension commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to these funds and amounted to £37,497 (2023: £45,140). Contributions totalling £8,464 (2023: £6,069) were payable to these funds at the balance sheet date and are included in other creditors.


23.


Related party transactions

Included within other creditors due within one year are amounts due to the A1 Pharmaceuticals PLC Employee Benefit Trust of £18,317 (2023: £18,317).
During the year the company paid rent of £359,438 
(2023: £337,500) to G S and Mrs C Lewis in respect of commercial property owned by them and leased to the company.


24.


Controlling party

The company is controlled by G S and Mrs C Lewis. The ultimate parent company is A1 Pharmaceuticals Holdings Limited, a company incorporated in England and Wales.
 
Page 24