Registered number
09114043
L M MANUFACTURING LIMITED
Filleted Accounts
6 November 2023
L M MANUFACTURING LIMITED
Registered number: 09114043
Balance Sheet
as at 6 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 2,466,533 2,548,366
Investments 5 5,965 5,965
2,472,498 2,554,331
Current assets
Stocks 982,806 774,687
Debtors 6 3,093,337 1,327,073
Cash at bank and in hand 62,017 32,748
4,138,160 2,134,508
Creditors: amounts falling due within one year 7 (19,135,798) (22,192,786)
Net current liabilities (14,997,638) (20,058,278)
Total assets less current liabilities (12,525,140) (17,503,947)
Creditors: amounts falling due after more than one year 8 - (27,805)
Provisions for liabilities - (177,078)
Net liabilities (12,525,140) (17,708,830)
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account (12,529,140) (17,712,830)
Shareholders' funds (12,525,140) (17,708,830)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr. Amrut Naik
Director
Approved by the board on 4 November 2024
L M MANUFACTURING LIMITED
Notes to the Accounts
for the period from 1 January 2023 to 6 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Changes in the accounting reference dates
During the year, the company changed its accounting reference date from 31 December to 6 Novemeber. As a result, the current financial statements cover an 10-month period from 1 January 2023 to 6 November 2023. The comparative figures cover the 12-month period ended 31 December 2022.
Going concern
The company has support from the shareholders for any funding requirements. The directors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. They continue to believe that the going concern basis of accounting is appropriate in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 4% straight line
Fixture and fittings 25% reducing balance
Plant and machinery 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Devender Arora ACA
Firm: The Corporate Practice Limited
Date of audit report: 4 November 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 93 79
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 2,247,435 4,592,962 6,840,397
Additions - 176,874 176,874
At 6 November 2023 2,247,435 4,769,836 7,017,271
Depreciation
At 1 January 2023 483,397 3,808,634 4,292,031
Charge for the period 58,456 200,251 258,707
At 6 November 2023 541,853 4,008,885 4,550,738
Net book value
At 6 November 2023 1,705,582 760,951 2,466,533
At 31 December 2022 1,764,038 784,328 2,548,366
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 5,965
At 6 November 2023 5,965
There was no movement in fixed assets investments during the period.
6 Debtors 2023 2022
£ £
Trade debtors 2,058,929 1,056,568
Amounts owed by group undertakings and undertakings in which the company has a participating interest 727 727
Other debtors 1,033,681 269,778
3,093,337 1,327,073
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 9,695
Trade creditors 517,910 1,312,117
Taxation and social security costs 1,918,480 1,034,864
Other creditors 16,699,408 19,836,110
19,135,798 22,192,786
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 27,805
9 Events after the reporting date
The company's entire share capital was acquired by Zydus Pharmaceuticals UK Limited after the close of business at 6 November 2023.
10 Related party transactions 2023 2021
£ £
Liqmeds Limited
Common director
Turnover includes the work carried out for Liqmeds Limited of: 1,915,435 720,333
Included within other creditor is an amount payable to Liqmeds Limited of: - 887,324
Liqmeds Lifecare Limited
Common director
Included within other creditor is an amount payable to Liqmeds Limited of: 1,098,710 -
Liqmeds Worldwide Limited
Common director
Turnover includes the work carried out for Liqmeds Worldwide
Limited of:
7,490,848 2,650,000
During the year the company purchases goods and services
from Liqmeds Worldwide Limited of:
68,989 -
Included within trade debtors is an amount receivable from Liqmeds Worldwide Limited: 1,800,570 -
Included within other debtors is an amount receivable from Liqmeds Worldwide Limited: 258,832 -
Included within trade creditors is an amount payable to Liqmeds Worldwide Limited: - 833,975
L M Manufacturing India Private Limited - a company
incorporated in India
Common director
During the year the company received goods and services from
L M Manufacturing India Private Limited of:
- 518,282
Included within trade creditors is an amount payable to L M manufacturing India Private Limited
of:
126,500 -
Included within amount receivable from group undertakings is an amount receivable from L M Manufacturing India Private Limited of: - 727
UDAJ Limited
Common director
Included within other creditors is an amount payable to UDAJ Limited of: - 30,000
Medsolutions (Europe) Limited
Common director
Turnover includes the work carried out for Medsolutions (Europe) Limited of: 300,000 -
Included within trade creditors is an amount payable to Medsolutions (Europe) Limited of: 69,490 -
Included within other debtor is an amount receivable from Medsolutions (Europe) Limited of: 121,611 6,797
Zydus Pharmaceuticals UK Limited
Common director
Included within other creditors is an amount payable to Zydus Pharmaceuticals UK Limited of: 15,391,895 -
11 Controlling party
The company is not under the control of any single individual.
12 Other information
L M MANUFACTURING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Sandretto Building
Cavalry Hill Industrial Park
Weedon
Northampton
NN7 4PP
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