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Registered number: 08550018












LINEPHARMA INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

LINEPHARMA INTERNATIONAL LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 14


 

LINEPHARMA INTERNATIONAL LIMITED
 
COMPANY INFORMATION


Directors
M F D Boutillier 
C A Phelps 
G Pluntz 




Registered number
08550018



Registered office
16 Upper Woburn Place

London

WC1H 0BS




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:08550018
LINEPHARMA INTERNATIONAL LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investments
 5 
1
1

  
1
1

Current assets
  

Stocks
  
825,335
427,403

Debtors: amounts falling due after more than one year
 6 
9,532,988
4,388,258

Debtors: amounts falling due within one year
 6 
6,837,195
4,819,761

Cash at bank and in hand
  
1,178,230
669,882

  
18,373,748
10,305,304

Creditors: amounts falling due within one year
 7 
(3,403,454)
(1,459,599)

Net current assets
  
 
 
14,970,294
 
 
8,845,705

Total assets less current liabilities
  
14,970,295
8,845,706

Provisions for liabilities
  

Other provisions
 8 
-
(255,215)

  
 
 
-
 
 
(255,215)

Net assets
  
14,970,295
8,590,491


Capital and reserves
  

Called up share capital 
 9 
1,304
1,304

Share premium account
  
6,365,031
6,365,031

Profit and loss account
  
8,603,960
2,224,156

  
14,970,295
8,590,491


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.




Page 2


 
REGISTERED NUMBER:08550018
LINEPHARMA INTERNATIONAL LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

C A Phelps
Director

The notes on pages 5 to 14 form part of these financial statements.

Page 3

 

LINEPHARMA INTERNATIONAL LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity



At 1 January 2022
1,304
6,365,031
2,402,298
8,768,633


Comprehensive income for the year

Profit for the year
-
-
2,821,858
2,821,858
Total comprehensive income for the year
-
-
2,821,858
2,821,858


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,000,000)
(3,000,000)



At 1 January 2023
1,304
6,365,031
2,224,156
8,590,491


Comprehensive income for the year

Profit for the year
-
-
7,879,804
7,879,804
Total comprehensive income for the year
-
-
7,879,804
7,879,804


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,500,000)
(1,500,000)


Total transactions with owners
-
-
(1,500,000)
(1,500,000)


At 31 December 2023
1,304
6,365,031
8,603,960
14,970,295


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Linepharma International Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Upper Woburn Place, London, WC1H 0BS.
The financial statements are presented in Euros (€), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

 
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 5

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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 a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%

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.

 
2.5

Stocks

Stocks represent active pharmaceutical ingredient (API) as well as processed and packaged pharmaceutical products for resale and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus any associated costs on a weighted average cost basis.
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. 
Where there is a requirement to destroy pharmaceutical product, the estimated costs of destruction and disposal are accrued for in the accounts.

  
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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 deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Page 6

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Page 7

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

Financial instruments (continued)

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.8

Share capital

Ordinary shares are classified as equity.

 
2.9

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.

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Euros.

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.

All foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

Page 8

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 

 
2.12

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

  
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence. 

Page 9

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

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.

 
2.16

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.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - €NIL).

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 10

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings




Cost


At 1 January 2023
4,226



At 31 December 2023

4,226



Depreciation


At 1 January 2023
4,226



At 31 December 2023

4,226



Net book value



At 31 December 2023
-



At 31 December 2022
-


5.


Fixed asset investments





Investments in subsidiary companies




Cost or valuation


At 1 January 2023
1



At 31 December 2023
1






Net book value



At 31 December 2023
1



At 31 December 2022
1




6.


Debtors

2023
2022
Page 11

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.Debtors (continued)


Due after more than one year

Amounts owed by group undertakings
9,532,988
4,388,258


2023
Restated 2022

Due within one year

Trade debtors
826,568
2,397,199

Amounts owed by group undertakings
513,891
-

Other debtors
13,115
20,726

Accrued income
5,483,621
2,401,836

6,837,195
4,819,761


Amounts owed from group undertakings are subject to interest accruing on the first day of the calendar year at Euribor 12 month rate plus a margin of 1% , repayment of the outstanding amounts is due on the 31 December 2027. 
The prior year has been restated for presentational purposes only in order to show accrued income separately from trade debtors.


7.


Creditors: amounts falling due within one year

2023
2022

Trade creditors
57,357
135,205

Amounts owed to group undertakings
895,319
89,682

Corporation tax
2,426,595
661,918

Accruals and deferred income
24,183
572,794

3,403,454
1,459,599


Amounts owed from group undertakings are subject to interest accruing on the first day of the calendar year at Euribor 12 month rate plus a margin of 1%, repayment of the outstanding amounts is due on the 31 December 2027.

Page 12

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Provisions





Provision for on termination of contract






At 1 January 2023
255,215


Charged to profit or loss
(255,215)



At 31 December 2023
-

During the current year the company breached an indemnity condition on an existing distribution agreement. The cost of €494,785 recognised in the current year reflects the maximum penalty of €750,000 less last years provision brought forward of €255,215 for which the company was liable for as a result of breach of agreement terms. At the year ended 31 December 2023 the contract had expired and the company will no longer be liable to pay compensation on this contact.


9.


Share capital

2023
2022
Allotted, called up and fully paid



1,008 (2022 - 1,008) Ordinary shares of £1.00 each
1,299
1,299
404 (2022 - 404) Ordinary B shares of £0.01 each
5
5

1,304

1,304

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.



10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 Section 33.1A "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


11.


Parent undertaking

The immediate parent undertaking at the balance sheet date was AMRING Holding SA, a company incorporated in Switzerland.
The smallest group that prepares consolidated financial statements and for which the company is a member is that headed by AMRING Holding SA. The consolidated financial statements are available from the registered office of Route de Pallatex 7A, 1163 Etoy, Switzerland.

Page 13

 

LINEPHARMA INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 6 March 2025 by Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 14