Acorah Software Products - Accounts Production 16.1.300 false true false false true 6 February 2025 true 8 February 2023 31 March 2024 31 March 2024 14646636 Mr Kamlesh Patel Naik Diwakar Akhil Monappa 31 March 2024 iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 14646636 2023-02-07 14646636 2024-03-31 14646636 2023-02-08 2024-03-31 14646636 frs-core:CurrentFinancialInstruments 2024-03-31 14646636 frs-core:Non-currentFinancialInstruments 2024-03-31 14646636 frs-core:PlantMachinery 2024-03-31 14646636 frs-core:PlantMachinery 2023-02-08 2024-03-31 14646636 frs-core:PlantMachinery 2023-02-07 14646636 frs-core:ShareCapital 2023-02-07 14646636 frs-core:ShareCapital 2024-03-31 14646636 frs-core:RetainedEarningsAccumulatedLosses 2023-02-08 2024-03-31 14646636 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2023-02-07 14646636 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 14646636 frs-bus:ConsolidatedGroupCompanyAccounts 2023-02-08 2024-03-31 14646636 frs-core:CostValuation 2023-02-07 14646636 frs-core:AdditionsToInvestments 2024-03-31 14646636 frs-core:CostValuation 2024-03-31 14646636 frs-core:ProvisionsForImpairmentInvestments 2023-02-07 14646636 frs-core:ProvisionsForImpairmentInvestments 2024-03-31 14646636 frs-bus:Director1 2023-02-08 2024-03-31 14646636 frs-bus:Consolidated 2023-02-07 14646636 frs-bus:Consolidated 2024-03-31 14646636 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:CurrentFinancialInstruments frs-bus:Consolidated 2024-03-31 14646636 frs-core:Non-currentFinancialInstruments frs-bus:Consolidated 2024-03-31 14646636 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights frs-bus:Consolidated 2024-03-31 14646636 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights frs-bus:Consolidated 2023-02-07 14646636 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure frs-bus:Consolidated 2024-03-31 14646636 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure frs-bus:Consolidated 2023-02-07 14646636 frs-core:FurnitureFittings frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:NetGoodwill frs-bus:Consolidated 2024-03-31 14646636 frs-core:NetGoodwill frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:NetGoodwill frs-bus:Consolidated 2023-02-07 14646636 frs-core:InvestmentPropertyIncludedWithinPPE frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets frs-bus:Consolidated 2024-03-31 14646636 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets frs-bus:Consolidated 2023-02-07 14646636 frs-core:MotorVehicles frs-bus:Consolidated 2024-03-31 14646636 frs-core:MotorVehicles frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:MotorVehicles frs-bus:Consolidated 2023-02-07 14646636 frs-core:OtherResidualIntangibleAssets frs-bus:Consolidated 2024-03-31 14646636 frs-core:OtherResidualIntangibleAssets frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:OtherResidualIntangibleAssets frs-bus:Consolidated 2023-02-07 14646636 frs-core:PlantMachinery frs-bus:Consolidated 2024-03-31 14646636 frs-core:PlantMachinery frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:PlantMachinery frs-bus:Consolidated 2023-02-07 14646636 frs-core:ShareCapital frs-bus:Consolidated 2023-02-07 14646636 frs-core:ShareCapital frs-bus:Consolidated 2024-03-31 14646636 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount frs-bus:Consolidated 2023-02-07 14646636 frs-core:RetainedEarningsAccumulatedLosses frs-bus:Consolidated 2024-03-31 14646636 frs-countries:UnitedKingdom frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-countries:NorthAmerica frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:PrivateLimitedCompanyLtd frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:FullAccounts frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:MediumEntities frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Audited frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Medium-sizedCompaniesRegimeForAccounts frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Medium-sizedCompaniesRegimeForDirectorsReport frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:OrdinaryShareClass1 frs-bus:Consolidated 2024-03-31 14646636 1 frs-bus:Consolidated 2024-03-31 14646636 1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Director1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Director1 frs-bus:Consolidated 2024-03-31 14646636 frs-bus:Director2 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Director2 frs-bus:Consolidated 2024-03-31 14646636 frs-bus:Director3 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-bus:Director3 frs-bus:Consolidated 2024-03-31 14646636 1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-countries:EnglandWales frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary1 frs-bus:Consolidated 2024-03-31 14646636 frs-core:Subsidiary1 1 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary2 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary2 frs-bus:Consolidated 2024-03-31 14646636 frs-core:Subsidiary2 2 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary3 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary3 frs-bus:Consolidated 2024-03-31 14646636 frs-core:Subsidiary3 3 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary4 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary4 frs-bus:Consolidated 2024-03-31 14646636 frs-core:Subsidiary4 4 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary5 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary5 frs-bus:Consolidated 2024-03-31 14646636 frs-core:Subsidiary5 5 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary6 frs-bus:Consolidated 2023-02-08 2024-03-31 14646636 frs-core:Subsidiary6 frs-bus:Consolidated 2024-03-31 14646636 frs-core:Subsidiary6 6 frs-bus:Consolidated 2023-02-08 2024-03-31
Registered number: 14646636
ZYDUS PHARMACEUTICALS UK LTD
Strategic Report, Directors' Report and
Financial Statements
For the Period 8 February 2023 to 31 March 2024
Contents
Page
Strategic Report 1
Directors' Report 2—4
Independent Auditor's Report 5—7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15—25
Page 1
Strategic Report
The directors present their strategic report for the period ended 31 March 2024.
Review of the Business
The group's principal activity continues to be that of Manufacturing and Trading of Pharmaceutical Products including Research and development. The Group comprises Zydus Pharmaceuticals UK Ltd, the parent compan, its  subsidiaries and a joint-venture. The results for the period and financial position of the company are shown in the financial statements.
We have had a successful year, continuing to build on its reputation for high-quality pharmaceutical products. The pharmaceutical business has seen steady growth in both customer numbers and revenue. Key highlights include the expansion of our Pharma business with new drug developments and research.
Overall, we are well positioned for continued growth and success. We will continue to focus on delivering exceptional products, while exploring new opportunities to expand our business.
Principal Risks and Uncertainties
The Pharma industry faces several principal risks and uncertainties that could impact our business operations and financial performance. Key risks include:
Economic Conditions
Fluctuations in the economy can affect the business or any Govt policy changes may have an impact.
Health and Safety Regulations
Compliance with stringent health and safety regulations is critical. Any lapses could lead to fines, legal action, or reputational damage.
Supply Chain Disruptions
Our operations depend on a reliable Active Pharmaceutical Ingredients. Disruptions due to natural disasters, supplier issues, or transportation problems can affect our ability to serve customers.
Technological Risks
Increasing reliance on technology for operations and customer engagement introduces risks related to cybersecurity and data privacy. Any breaches could harm our reputation and lead to financial losses.
Competition in the market
The Pharma industry is highly competitive, with new entrants and existing competitors constantly evolving. Maintaining our market position requires continuous innovation and effective marketing strategies.
We are committed to mitigating these risks through proactive management, regular review of our risk management strategies, and maintaining flexibility to adapt to changing circumstances.
On behalf of the board
Mr Kamlesh Patel
Director
6 February 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the period ended 31 March 2024.
Change of Company Name
On the company changed its name from to ZYDUS PHARMACEUTICALS UK LTD .
Principal Activity
The group's principal activity continues to be that of Manufacturing and Trading of Pharmaceutical Products including Research and development. The Group comprises Zydus Pharmaceuticals UK Ltd, the parent company, its  subsidiaries and a joint-venture. The results for the period and financial position of the company are shown in the financial statements.
Future Developments
Looking ahead, our pharma business is poised for growth and innovation, driven by several key strategic initiatives:
Expansion Plans
We plan to expand our footprint by expanding the business in various territories of the United Kingdom. This will not only increase our market presence but also cater to a broader customer base.
Medical Innovation
The group to utilise latest medical innovations in its implementation of the business strategy.
Sustainability Initiatives
Sustainability remains a core focus. We aim to reduce our environmental impact by sourcing ingredients locally, minimizing waste, and implementing energy-efficient practices across our operations.
Technology Integration
Embracing technology is crucial for enhancing customer experience and operational efficiency. We will invest in various digital initiatives and customer relationship management tools to streamline operations and improve product delivery.
Employee Development
Our employees are our greatest asset. We will invest in comprehensive training programs to enhance their skills and ensure they deliver exceptional service. Additionally, we aim to foster a positive work environment that promotes growth and retention.
Marketing and Brand Building
Strengthening our brand presence through targeted marketing campaigns and community engagement activities will be a priority. We will leverage social media and digital marketing to reach a wider audience and build a loyal customer base.
Financial Performance
We are committed to maintaining strong financial health. This includes prudent cost management, optimising our supply chain, and exploring new revenue streams to ensure sustainable growth. By focusing on these strategic areas, we are confident in our ability to navigate the challenges ahead and capitalise on opportunities to drive long-term success.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Political Donations and Expenditure
Political donations amounted to £NIL .
Political expenditure amounted to £NIL .
Financial Instruments
The group utilises various financial instruments to manage its exposure to financial risks, including credit risk, liquidity risk, and market risk. The primary financial instruments used by the group include:
Trade Receivables and Payables: These arise directly from the group's operations and are managed in accordance with established policies to ensure timely collection and payment.
Cash and Cash Equivalents: The group maintains cash balances and short-term deposits to manage its liquidity needs. These are held with reputable financial institutions to mitigate credit risk.
Borrowings: The group may use short-term and long-term borrowings to finance its operations and expansion plans. Interest rate risk associated with borrowings is managed through fixed and variable rate debt instruments.
Risk Management
...CONTINUED
Page 2
Page 3
Financial Instruments - continued
The group has a comprehensive risk management framework to monitor and manage the risks associated with financial instruments:
Credit Risk: The group assesses the creditworthiness of its customers and counterparties to minimise the risk of financial loss. Credit limits are established and regularly reviewed.
Liquidity Risk: The group maintains sufficient cash reserves and access to credit facilities to meet its short-term and long-term obligations. Cash flow forecasts are prepared regularly to ensure adequate liquidity.
Market Risk: The group monitors market conditions and may use hedging strategies to mitigate the impact of adverse movements in interest rates and foreign exchange rates.
Directors
The directors who held office during the period were as follows:
Mr Kamlesh Patel Appointed 08/02/2023
Naik Diwakar Appointed 08/02/2023
Akhil Monappa Appointed 08/02/2023
Qualifying Third-party and Pension Scheme Indemnity Provision
Research and Development
The group continues to invest in R&D related activities in the future and seek to achieve more patents in the UK and the US which will generate future cash flow for the group.
By continuously investing in R&D and embracing technological advancements, the group aim to bring innovative and effective treatments to market, ultimately improving patient outcomes and addressing global health challenges. 
Post Balance Sheet Events
There are no event occured subsequent to the balance sheet date that may require either adjustment or the disclosures in the financial statements.
Employees
Employee Engagement Statement
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group
Branches Outside the UK
Streamlined Energy and Carbon Reporting
Additional note to the Report of the Directors
Matters covered in the Strategic Report
Disclosures required under section 416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Page 3
Page 4
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). 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 group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 group's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, The Corporate Practice Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Kamlesh Patel
Director
6 February 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of ZYDUS PHARMACEUTICALS UK LTD for the period ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group and the parent company's affairs as at 31 March 2024 and of its profit/(loss) for the period 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 Auditor's 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 UK, including the FRC'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 entity's ability to continue as a going concern for a period of at least 12 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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. In connection with our audit of the financial statements, 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 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.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
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 or 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 2—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 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.
Auditor's 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 auditor's 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: 
  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 
  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control. 
  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. 
  • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
...CONTINUED
Page 6
Page 7
Auditor's Responsibilities for the Audit of the Financial Statements - continued
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
  • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation, and the Medicines and Healthcare products Regulatory Agency. 
  • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. 
  • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. 
  • We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations. 
  • We discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. 
  • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 
There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Devender Arora (Senior Statutory Auditor)
for and on behalf of The Corporate Practice Limited , Statutory Auditor
6 February 2025
The Corporate Practice Limited
Chartered Accountants and Statutory Auditors
65 Delamere Road
Hayes
Middlesex
UB4 0NN
Page 7
Page 8
Consolidated Statement of Comprehensive Income
31 March 2024
Notes £
TURNOVER 3 5,597,299
Cost of sales (993,119 )
GROSS PROFIT 4,604,180
Administrative expenses (7,533,231 )
Other operating income 62,142
OPERATING LOSS 5 (2,866,909 )
Other interest receivable and similar income 28,335
Interest payable and similar charges (2,343,167 )
LOSS BEFORE TAXATION (5,181,741 )
Tax on Loss 9 5,245,119
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT 63,378
OTHER COMPREHENSIVE INCOME FOR THE PERIOD -
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO THE OWNERS OF THE PARENT 63,378
The notes on pages 14 to 25 form part of these financial statements.
Page 8
Page 9
Consolidated Balance Sheet
Registered number: 14646636
31 March 2024
Notes £ £
FIXED ASSETS
Intangible Assets 10 157,864,501
Tangible Assets 11 2,632,252
160,496,753
CURRENT ASSETS
Stocks 13 1,596,755
Debtors 14 10,566,186
Cash at bank and in hand 1,711,757
13,874,698
Creditors: Amounts Falling Due Within One Year 15 (5,251,875 )
NET CURRENT ASSETS (LIABILITIES) 8,622,823
TOTAL ASSETS LESS CURRENT LIABILITIES 169,119,576
Creditors: Amounts Falling Due After More Than One Year 16 (99,156,198 )
NET ASSETS 69,963,378
CAPITAL AND RESERVES
Called up share capital 18 69,900,000
Profit and Loss Account 63,378
SHAREHOLDERS' FUNDS 69,963,378
On behalf of the board
Mr Kamlesh Patel
Director
6 February 2025
The notes on pages 14 to 25 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
Registered number: 14646636
31 March 2024
Notes £ £
FIXED ASSETS
Tangible Assets 11 1,044
Investments 12 144,741,770
144,742,814
CURRENT ASSETS
Debtors 14 23,231,954
Cash at bank and in hand 794,987
24,026,941
Creditors: Amounts Falling Due Within One Year 15 (2,471,706 )
NET CURRENT ASSETS (LIABILITIES) 21,555,235
TOTAL ASSETS LESS CURRENT LIABILITIES 166,298,049
Creditors: Amounts Falling Due After More Than One Year 16 (99,156,198 )
NET ASSETS 67,141,851
CAPITAL AND RESERVES
Called up share capital 18 69,900,000
Profit and Loss Account (2,758,149 )
SHAREHOLDERS' FUNDS 67,141,851
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the period was £(2,758,149 ) .
On behalf of the board
Mr Kamlesh Patel
Director
6 February 2025
The notes on pages 14 to 25 form part of these financial statements.
Page 10
Page 11
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 8 February 2023 - - -
Profit for the period and total comprehensive income - 63,378 63,378
Arising on shares issued during the period 69,900,000 - 69,900,000
As at 31 March 2024 69,900,000 63,378 69,963,378
Page 11
Page 12
Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 8 February 2023 - - -
Loss for the period and total comprehensive income - (2,758,149 ) (2,758,149)
Arising on shares issued during the period 69,900,000 - 69,900,000
As at 31 March 2024 69,900,000 (2,758,149 ) 67,141,851
Page 12
Page 13
Consolidated Statement of Cash Flows
31 March 2024
Notes £
Cash flows from operating activities
Net cash generated from operations 1 825,793
Net cash generated from operating activities 825,793
Cash flows from investing activities
Purchase of intangible assets (68,738,464 )
Purchase of investment in associated undertakings and joint ventures (294,014 )
Interest received 28,335
Net cash used in investing activities (69,004,143 )
Cash flows from financing activities
Proceeds from issue of share capital 69,900,000
Interest paid (9,893)
Net cash generated from financing activities 69,890,107
Increase in cash and cash equivalents 1,711,757
Cash and cash equivalents at beginning of period 2 -
Cash and cash equivalents at end of period 2 1,711,757
Page 13
Page 14
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial period to cash generated from operations
31 March 2024
£
Profit for the financial period 63,378
Adjustments for:
Tax on profit (5,245,119 )
Interest income (28,335 )
Amortisation of intangible assets 2,751,213
Depreciation of tangible assets 141,939
Movements in working capital:
Increase in stocks (613,949 )
Decrease in trade and other debtors 7,752,773
Decrease in trade and other creditors (3,996,107 )
Net cash generated from operations 825,793
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 March 2024
£
Cash at bank and in hand 1,711,757
3. Analysis of changes in net funds
As at 8 February 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand - 1,711,757 1,711,757
Page 14
Page 15
Notes to the Financial Statements
1. General Information
ZYDUS PHARMACEUTICALS UK LTD is a private company, limited by shares, incorporated in England & Wales, registered number 14646636 . The registered office is First Floor, Templeback, 10 Temple Back, Bristol, BS1 6FL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates/joint ventures made up to 31 March 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus postacquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The
carrying values of investments in joint ventures and associates include acquired goodwill. 
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
Page 15
Page 16
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Significant judgements and estimations
Estimates and judgements are continuously evaluated by the company and are based on historical experience and various other assumptions and factors (including expectations of future events); that company believes to be reasonable under the existing circumstances.
Significant estimates are relied upon in preparing these financial statements include fair valuation of financial instruments on initial recognition, useful lives of Tangible and Intangible assets, allowance for impairment of trade receivables, provision for credit notes, expected future cash  flows used to evaluate the recoverability of property, plant and equipment, intangible assets, contingent liabilities, and asset retirement obligations.
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying values of assets, liabilities, income and expenses are as below:
Impairment of financial assets 
The Company assesses at each reporting date, whether there is objective evidence that the financial assets are impaired. An impairment exists if one or more events that have occurred since the initial recognition of the asset (as incurred ‘loss event’), has an impact on the estimated future cash flows of the financial asset that can be reliably estimated. Evidence of impairment may include indications that the debtors are experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.
2.5. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Page 16
Page 17
2.7. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Internally generated intangibles are not capitalised and the related expenditure is reflected in the Statement of profit and loss in the period in which the expenditure is incurred.
Brands, trademarks and customer relationsships and other similar rights are amortised over their estimated useful lives.
Intangible assets under development is stated at cost less accumulated impairment loss, if any.
The estimated useful lives of other intangible assets other than goodwill are as floows:
Brands:                                                                     over useful life of 10 years
Trademarks:                                                              over useful life of 15 years 
Customer relationships:                                              over useful life of 3 years
Intangibles under development:                                   not amortised
2.8. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 4% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles over useful life of 8 years
Fixtures & Fittings 25% reducing balance
2.9. Investments
Equity investments are measured at fair value through profit and loss, except for those equity investments that are not publicly traded and whose fair value cannot be otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company finacial statements, investments in subsidiaries, associates and joint ventures entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as joint ventures entities.
2.10. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the weighted average method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 17
Page 18
2.12. Financial Instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective
interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Classification of 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 group after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
2.13. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 18
Page 19
2.14. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.15. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.16. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.17. Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for
impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Page 19
Page 20
3. Turnover
Analysis of turnover by class of business is as follows:
31 March 2024
£
Batch production 798,883
Milestone 1,181,320
Profit sharing 3,617,096
5,597,299
Analysis of turnover by geographical market is as follows:
31 March 2024
£
United Kingdom 1,243,008
North America 4,354,291
5,597,299
4. Other Operating Income
31 March 2024
£
Rental income 48,179
Other operating income 13,963
62,142
5. Operating Loss
The operating loss is stated after charging:
31 March 2024
£
Research and Development Costs 657,803
Depreciation of tangible fixed assets 141,939
Amortisation of intangible fixed assets 2,751,213
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the period was as follows:
31 March 2024
£
Audit Services
Audit of the group and company's financial statements 22,750
Page 20
Page 21
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
31 March 2024 31 March 2024
£ £
Wages and salaries 1,604,369 136,014
Social security costs 149,064 11,460
Other pension costs 34,321 7,567
1,787,754 155,041
8. Average Number of Employees
Group
Average number of employees, including directors, during the period was: 97
Company
Average number of employees, including directors, during the period was: 3
97
3
9. Tax on Profit
The tax credit on the loss for the period was as follows:
Tax Rate 31 March 2024
31 March 2024 £
Current tax
UK Corporation Tax 25.0% 17,235
Deferred Tax
Deferred taxation (5,262,354 )
Total tax charge for the period (5,245,119 )
The actual credit for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:
31 March 2024
£
Profit before tax (5,181,741)
Tax on profit at 25% (UK standard rate) (4,623,620 )
Expenses not deductible for tax purposes (8,134 )
Tax losses utilised (337,141 )
Capital allowances 55,083
Short term timing differences (340,064 )
Difference in tax rates 8,757
Total tax charge for the period (5,245,119)
Page 21
Page 22
10. Intangible Assets
Group
Goodwill Intangibles under development Brand / Trademarks Customer relationship Total
£ £ £ £ £
Cost
As at 8 February 2023 - - - - -
Additions 13,140,676 112,827,000 26,091,038 8,557,000 160,615,714
As at 31 March 2024 13,140,676 112,827,000 26,091,038 8,557,000 160,615,714
Amortisation
As at 8 February 2023 - - - - -
Provided during the period 547,528 - 1,015,213 1,188,472 2,751,213
As at 31 March 2024 547,528 - 1,015,213 1,188,472 2,751,213
Net Book Value
As at 31 March 2024 12,593,148 112,827,000 25,075,825 7,368,528 157,864,501
As at 8 February 2023 - - - - -
Company
The company had no intangible fixed assets as at 31 March 2024.
11. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 8 February 2023 1,705,582 768,680 5,915 2,480,177
Additions - 294,014 - 294,014
As at 31 March 2024 1,705,582 1,062,694 5,915 2,774,191
Depreciation
As at 8 February 2023 - - - -
Provided during the period 29,229 111,988 722 141,939
As at 31 March 2024 29,229 111,988 722 141,939
Net Book Value
As at 31 March 2024 1,676,353 950,706 5,193 2,632,252
As at 8 February 2023 1,705,582 768,680 5,915 2,480,177
Page 22
Page 23
Company
Plant & Machinery
£
Cost
As at 8 February 2023 -
Additions 1,131
As at 31 March 2024 1,131
Depreciation
As at 8 February 2023 -
Provided during the period 87
As at 31 March 2024 87
Net Book Value
As at 31 March 2024 1,044
As at 8 February 2023 -
12. Investments
Company
Subsidiaries
£
Cost
As at 8 February 2023 -
Additions 144,741,770
As at 31 March 2024 144,741,770
Provision
As at 8 February 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 144,741,770
As at 8 February 2023 -
Subsidiaries
Details of the company's subsidiaries as at 31 March 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
LM Manufacturing Limited Sandretto Building Cavalry Hill Industrial Park, Weedon, Northampton, England, NN7 4PP Ordinary 100.00% -
Liqmeds Lifecare Limited Sandretto Building Cavalry Hill Industrial Park, Weedon, Northampton, England, NN7 4PP Ordinary 100.00% -
Liqmeds Limited Sandretto Building Cavalry Hill Industrial Park, Weedon, Northampton, England, NN7 4PP Ordinary 100.00% -
...CONTINUED
Page 23
Page 24
Liqmeds Worldwide Limited Sandretto Building Cavalry Hill Industrial Park, Weedon, Northampton, England, NN7 4PP Ordinary 100.00% -
Medsolutions (Europe) Limited Sandretto Building Cavalry Hill Industrial Park, Weedon, Northampton, England, NN7 4PP Ordinary 100.00% -
LM manufacturing India Private Limited Ambli Bopal Road, Bopal, Ahmedabad, Gujarat, India, 380058 Ordinary - 99.80%
The aggregate capital and reserves and the result for the period of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
LM Manufacturing Limited (12,923,589 ) 3,115,923
Liqmeds Lifecare Limited 376,867 (909,267 )
Liqmeds Limited (3,905,195 ) 1,090,500
Liqmeds Worldwide Limited 2,445,359 2,016,378
Medsolutions (Europe) Limited 98,989 235,731
LM manufacturing India Private Limited 92,012 23,457
The cost of acquisition is GBP 68,738,464 (Presented as Investment - GBP 46,585,146 and Debtors - GBP 22,153,318) paid as upfront consideration, settled by way of cash. Over and above upfront consideration, additional amount of GBP 96,822,924 (discounted value of future consideration of GBP 112,000,000) will be paid in cash, in tranches, over next three calendar years as future consideration, depending on achievement of certain agreed milestones by the Investee Companies.
The Company had done unwinding of interest for a period from 6 November 2023 to 31 March 2024 on future consideration stated above. The same is disclosed under Note 17 (Creditors: amounts falling due after one year) as GBP 99,156,198. The delta between the amount disclosed under Note 17 (Creditors: amounts falling due after one year) and the actual liability booked on the transaction date (6 November 2023, being acquisition date of LM business) is accounted as “Interest payable” in the Profit and Loss account. 
13. Stocks
31 March 2024
£
Stock 1,596,755
14. Debtors
Group Company
31 March 2024 31 March 2024
£ £
Due within one year
Trade debtors 4,544,328 -
Prepayments and accrued income 96,017 657,332
Other debtors 517,446 279,708
Deferred tax current asset 5,270,179 141,596
Other taxes and social security 138,216 -
Amounts owed by subsidiaries - 22,153,318
10,566,186 23,231,954
Page 24
Page 25
15. Creditors: Amounts Falling Due Within One Year
Group Company
31 March 2024 31 March 2024
£ £
Trade creditors 3,227,559 2,437,126
Other creditors 202,765 16,727
Corporation tax 48,689 -
Taxation and social security 930,596 11,905
Accruals and deferred income 842,266 5,948
5,251,875 2,471,706
16. Creditors: Amounts Falling Due After More Than One Year
Group Company
31 March 2024 31 March 2024
£ £
Other creditors 99,156,198 99,156,198
Refer Note 13 for details
17. Deferred Taxation
During the year a deferred tax assets of £5,287,886 was recognised on the basis of tax losses carried forward for the furure utilisation.
18. Share Capital
31 March 2024
Allotted, called up and fully paid £
69,900,000 Ordinary Shares of £ 1.00 each 69,900,000
Shares issued during the period: £
69,900,000 Ordinary Shares of £ 1.00 each 69,900,000
19. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the period the charge to profit or loss in respect of defined contribution schemes was £34,321.
At the balance sheet date contributions of £13,330 were due to the fund and are included in creditors.
Page 25