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Registered number: 08511438









A1 PHARMACEUTICALS HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs C Lewis 
G S Lewis BSc (Hons) MRParmS 
T Lewis 
H Lewis 




Registered number
08511438



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 HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Notes to the financial statements
 
18 - 33


 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
GROUP 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 HOLDINGS LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the group
 
The directors of the group, 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 of 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 group is aware of their obligations on the above and can seek professional advice from an independent advisor as necessary. As a group with a highly skilled workforce the group’s directors invariably delegate day to day decision making to employees of the group. 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 group 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 – Our employees and managers are constantly interacting with our customers to fulfil our customers' requirements. We focus on customer service and this enables us to act as an extension of our customers' buying department. All of our staff uphold our key values as noted on our website and adhere to our trading protocols.
Employees – We rely on our employees to ensure the best prices and products are sourced to be able to deliver a high quality service to our customers. We are renowned for our customers service which requires us to be able to adapt to our client’s requirements and potentially tight turnarounds. This is only possibly through the hard work our employees put into job management. In this regards we provide a support network that they can rely upon, a remuneration package that rewards high performing individuals and ongoing training.
Suppliers – We appreciate the key role our suppliers play in the delivery of our goods on time, as such we aim to pay all supplier son time and to ensure our purchasing department are having an open and honest dialogue with our suppliers on our ongoing requirements.
The group also operates a zero-tolerance approach to modern slavery and human trafficking.  The group 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.

Page 2

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 

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


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


Mrs C Lewis
Director

Date: 30 October 2024

Page 3

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
 
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 Group strategic report, the Directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group'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 group 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 the group 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 the group 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: £183,140) were voted in the year.

Directors

The directors who served during the year were:

Mrs C Lewis 
G S Lewis BSc (Hons) MRParmS 
T Lewis 
H Lewis 

Engagement with suppliers, customers and others

A1 Pharmaceuticals 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. 

Page 4

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

Greenhouse gas emissions, energy consumption and energy efficiency action

During the year, the group emitted 97 tonnes (2023: 116 tonnes) of CO2 from activities involving the purpose of transport, 26 tonnes (2023: 26 tonnes) of CO2 from the consumption of electricity for its own use and 12 tonnes (2023: 10 tonnes) of CO2 from the consumption of gas for its own use. Total aggregate energy consumption expressed in kWH was 573,312 (2023: 638,333).

Greenhouse gas emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting 2024. Energy usage data was gathered from a variety of sources including fuel cards and fuel receipts for transport and utility bills for gas and electricity.

The company consider the most relevant factor in calculating the intensity ratio to be turnover which derives an intensity ratio of 2.41 tonnes (2023: 2.49 tonnes) of CO2 per total £1m of turnover.

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 and the group'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 and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill 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 by
 





Mrs C Lewis
Director

Date: 30 October 2024

Page 5

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of A1 Pharmaceuticals Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 group's and of the parent company's affairs as at 30 April 2024 and of the group's 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 group 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 group's or the parent 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 6

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED (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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 7

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


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 Group 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. 
 
Page 8

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



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. 
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.


Page 9

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


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

31 October 2024
Page 10

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
CONSOLIDATED 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
 8 
244,215
203,461

Interest payable and similar expenses
 9 
(1,423)
(1,603)

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

Tax on profit
 10 
(659,587)
(527,818)

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

Profit for the year attributable to:
  

Owners of the parent company
  
1,592,889
2,562,376

  
1,592,889
2,562,376

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

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

The notes on pages 18 to 33 form part of these financial statements.

Page 11

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
REGISTERED NUMBER: 08511438

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
-
-

Tangible assets
 13 
469,406
473,864

  
469,406
473,864

Current assets
  

Stocks
 15 
4,262,110
4,512,674

Debtors: amounts falling due within one year
 16 
26,587,752
21,043,404

Cash at bank and in hand
 17 
3,828,006
7,676,906

  
34,677,868
33,232,984

Creditors: amounts falling due within one year
 18 
(6,088,324)
(6,118,143)

Net current assets
  
 
 
28,589,544
 
 
27,114,841

Total assets less current liabilities
  
29,058,950
27,588,705

Creditors: amounts falling due after more than one year
 19 
(24,566)
(31,234)

Provisions for liabilities
  

Deferred taxation
 21 
(112,442)
(108,278)

Net assets
  
28,921,942
27,449,193


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Capital redemption reserve
  
49,000
49,000

Profit and loss account
  
28,871,942
27,399,193

  
28,921,942
27,449,193


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




Mrs C Lewis
Director

Date: 30 October 2024

The notes on pages 18 to 33 form part of these financial statements.

Page 12

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
REGISTERED NUMBER: 08511438

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
49,000
49,000

  
49,000
49,000

Current assets
  

Debtors: amounts falling due within one year
 16 
14,114,210
11,539,683

  
14,114,210
11,539,683

Creditors: amounts falling due within one year
 18 
(1,561,210)
(486,683)

Net current assets
  
 
 
12,553,000
 
 
11,053,000

Total assets less current liabilities
  
12,602,000
11,102,000

  

  

Net assets
  
12,602,000
11,102,000


Capital and reserves
  

Called up share capital 
 22 
1,000
1,000

Capital redemption reserve
  
49,000
49,000

Profit and loss account brought forward
  
11,052,000
9,056,000

Profit for the year
  
1,620,140
2,179,140

Other changes in the profit and loss account

  

(120,140)
(183,140)

Profit and loss account carried forward
  
12,552,000
11,052,000

  
12,602,000
11,102,000


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


Mrs C Lewis
Director

Date: 30 October 2024

The notes on pages 18 to 33 form part of these financial statements.

Page 13

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£
£

At 1 May 2023
1,000
49,000
27,399,193
27,449,193
27,449,193



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

Dividends: Equity capital
-
-
(120,140)
(120,140)
(120,140)


At 30 April 2024
1,000
49,000
28,871,942
28,921,942
28,921,942



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


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£
£

At 1 May 2022
1,000
49,000
25,019,957
25,069,957
25,069,957



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

Dividends: Equity capital
-
-
(183,140)
(183,140)
(183,140)


At 30 April 2023
1,000
49,000
27,399,193
27,449,193
27,449,193


The notes on pages 18 to 33 form part of these financial statements.

Page 14

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
1,000
49,000
11,052,000
11,102,000



Profit for the year
-
-
1,620,140
1,620,140

Dividends: Equity capital
-
-
(120,140)
(120,140)


At 30 April 2024
1,000
49,000
12,552,000
12,602,000



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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
1,000
49,000
9,056,000
9,106,000



Profit for the year
-
-
2,179,140
2,179,140

Dividends: Equity capital
-
-
(183,140)
(183,140)


At 30 April 2023
1,000
49,000
11,052,000
11,102,000


The notes on pages 18 to 33 form part of these financial statements.

Page 15

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

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

Adjustments for:

Depreciation of tangible assets
95,209
143,077

Loss on disposal of tangible assets
42,480
-

Interest paid
1,423
1,603

Interest received
(244,215)
(203,461)

Taxation charge
659,587
527,818

Decrease/(increase) in stocks
250,564
(181,115)

(Increase) in debtors
(3,983,138)
(5,663,632)

(Increase)/decrease in amounts owed by groups
(1,561,210)
-

(Decrease) in creditors
(1,887,846)
(851,941)

Increase in amounts owed to groups
1,561,210
-

Corporation tax (paid)
(358,607)
(853,506)

Net cash generated from operating activities

(3,831,654)
(4,518,781)


Cash flows from investing activities

Purchase of tangible fixed assets
(158,231)
(227,213)

Sale of tangible fixed assets
25,000
-

Interest received
244,215
203,461

Net cash from investing activities

110,984
(23,752)
Page 16

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
(6,667)
(5,993)

Dividends paid
(120,140)
(183,140)

Interest paid
(1,423)
(1,603)

Net cash used in financing activities
(128,230)
(190,736)

Net (decrease) in cash and cash equivalents
(3,848,900)
(4,733,269)

Cash and cash equivalents at beginning of year
7,676,906
12,410,175

Cash and cash equivalents at the end of year
3,828,006
7,676,906


Cash and cash equivalents at the end of year comprise:

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

3,828,006
7,676,906


Page 17

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

1.


General information

The group 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 group continued to be that of the 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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 April 2020.

Page 18

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

2.Accounting policies (continued)

 
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.

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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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 group has transferred the significant risks and rewards of ownership to the buyer;
the group 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 group 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.

 
2.5

Operating leases: the group as lessee

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

 
2.6

Interest income

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

Page 19

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.

 
2.9

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 and the group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 20

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

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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 bases.


Short-term leasehold property
-
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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 first in, first out 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.

 
2.14

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.

Page 21

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

2.Accounting policies (continued)

 
2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.16

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.

 
2.17

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.

 
2.18

Financial instruments

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

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 group'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.



 
Page 22

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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.

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.

 
2.19

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 group has made key assuptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.11 of the accounting policies. 
The group holds a significant amount of product stock which 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 for £42,196 
(2023: £99,209) of stock.

Page 23

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

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



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
364,912
343,832


6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors and their associates:


2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
17,800
15,900

Fees payable to the company's auditors and their associates in respect of:

All other non-audit related services
4,623
2,889

Page 24

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

7.


Employees

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


Group
Group
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:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Office Management
16
16
4
4



Production and sales
36
36
-
-

52
52
4
4


8.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
238,338
195,618

Other interest receivable
5,877
7,843

244,215
203,461


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,423
1,603

1,423
1,603

Page 25

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

10.


Taxation


2024
2023
£
£

Corporation tax


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

Adjustments in respect of previous periods
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 - 19%). 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 - 19%)
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 lower than/(in excess) of depreciation
(9,819)
(26,751)

Profit on sale of fixed assets
10,620
-

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

Unpaid remuneration adjustments
-
(88,189)

Movement in deferred tax
4,164
42,224

Change in tax rates
-
12,285

Pension contributions deductible on paid basis
84,144
-

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 26

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)



11.


Dividends

2024
2023
£
£


Dividends paid
120,140
183,140

120,140
183,140


12.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £1,620,140 (2023 - £2,179,140).

Page 27

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

13.


Tangible fixed assets

Group






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 28

 
A1 PHARMACEUTICALS HOLDINGS LIMITED
 
 
 
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.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
49,000



At 30 April 2024
49,000





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

A1 Pharmaceuticals plc
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

A1 Pharmaceuticals plc
17,951,628
1,675,495

Page 29

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

15.


Stocks

Group
Group
2024
2023
£
£

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

4,262,110
4,512,674


The difference between purchase price or production cost of stocks and their replacement cost is not material.


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


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

Amounts owed by group undertakings
1,561,210
-
-
2,415,603

Other debtors
14,707,102
9,718,046
14,114,210
9,124,080

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

26,587,752
21,043,404
14,114,210
11,539,683



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

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

3,828,006
7,676,906


Page 30

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

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

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

Amounts owed to group undertakings
1,561,210
-
1,561,210
-

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
1,126,703
1,687,115
-
486,683

6,088,324
6,118,143
1,561,210
486,683



19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

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

24,566
31,234


Hire purchase liabilities of £31,234 (2023: £37,901) are secured over the assets to which they relate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
6,668
6,667

Between 1-5 years
24,566
31,234

31,234
37,901

Page 31

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

21.


Deferred Taxation


Group



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)

Company


2024
2023






At end of year
-
-
Group
Group
2024
2023
£
£

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

(112,442)
(108,278)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



900 (2023 - 900) Ordinary shares of £1.00 each
900
900
50 (2023 - 50) A Ordinary shares of £1.00 each
50
50
50 (2023 - 50) B Ordinary shares of £1.00 each
50
50

1,000

1,000



23.


Pension commitments

The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to these funds and amounted to £726,659 (2023: £48,640). Contributions totalling £8,464 (2023: £6,069) were payable to these funds at the balance sheet date and are included in other creditors.

Page 32

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

24.


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 group paid rent of £359,438 
(2023: £337,500) to G S and Mrs C Lewis in respect of commercial leasehold property, which was rented to the group.
At the year end amounts were owed by a company under common control amounting to £6,094,038 
(2023: £9,124,080), and included within other creditors due within one year are amounts due to another connected company of £805,691 (2023: £844,227).

At the year end the following amounts were due by directors and are disclosed in debtors due within one year £4,958,962 
(2023: creditor balance £486,683). These amounts are repayable upon demand.

 
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