Caseware UK (AP4) 2023.0.135 2023.0.135 All amounts relate to continuing operations. There was no other comprehensive income for 2023 (2022: £Nil).The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. On 10 March 2023, the Company filed for a change in its accounting period from 31 July to 31 December. As such, the current period is for the 17-month period ended 31 December 2023, whereas the comparative period is for the 12-month period ended 31 July 2022.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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 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.Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.Interest income is recognised in profit or loss using the effective interest method. Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.truetruefalse2022-08-01false2524false 04233261 2022-08-01 2023-12-31 04233261 2021-08-01 2022-07-31 04233261 2023-12-31 04233261 2022-07-31 04233261 2021-08-01 04233261 1 2022-08-01 2023-12-31 04233261 d:CompanySecretary1 2022-08-01 2023-12-31 04233261 d:CompanySecretary1 2023-12-31 04233261 d:Director1 2022-08-01 2023-12-31 04233261 d:Director1 2023-12-31 04233261 d:Director2 2022-08-01 2023-12-31 04233261 d:Director2 2023-12-31 04233261 d:Director3 2022-08-01 2023-12-31 04233261 d:Director3 2023-12-31 04233261 d:Director4 2022-08-01 2023-12-31 04233261 d:Director4 2023-12-31 04233261 d:RegisteredOffice 2022-08-01 2023-12-31 04233261 d:Agent1 2022-08-01 2023-12-31 04233261 d:Agent2 2022-08-01 2023-12-31 04233261 c:Buildings 2022-08-01 2023-12-31 04233261 c:Buildings 2023-12-31 04233261 c:Buildings 2022-07-31 04233261 c:Buildings c:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 04233261 c:PlantMachinery 2022-08-01 2023-12-31 04233261 c:PlantMachinery 2023-12-31 04233261 c:PlantMachinery 2022-07-31 04233261 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 04233261 c:FurnitureFittings 2022-08-01 2023-12-31 04233261 c:FurnitureFittings 2023-12-31 04233261 c:FurnitureFittings 2022-07-31 04233261 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 04233261 c:OwnedOrFreeholdAssets 2022-08-01 2023-12-31 04233261 c:CurrentFinancialInstruments 2023-12-31 04233261 c:CurrentFinancialInstruments 2022-07-31 04233261 c:Non-currentFinancialInstruments 2023-12-31 04233261 c:Non-currentFinancialInstruments 2022-07-31 04233261 c:UKTax 2022-08-01 2023-12-31 04233261 c:UKTax 2021-08-01 2022-07-31 04233261 c:ShareCapital 2023-12-31 04233261 c:ShareCapital 2022-07-31 04233261 c:ShareCapital 2021-08-01 04233261 c:CapitalRedemptionReserve 2022-08-01 2023-12-31 04233261 c:CapitalRedemptionReserve 2023-12-31 04233261 c:CapitalRedemptionReserve 2022-07-31 04233261 c:CapitalRedemptionReserve 2021-08-01 04233261 c:RetainedEarningsAccumulatedLosses 2022-08-01 2023-12-31 04233261 c:RetainedEarningsAccumulatedLosses 2023-12-31 04233261 c:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 04233261 c:RetainedEarningsAccumulatedLosses 2022-07-31 04233261 c:RetainedEarningsAccumulatedLosses 2021-08-01 04233261 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04233261 c:AcceleratedTaxDepreciationDeferredTax 2022-07-31 04233261 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 04233261 c:TaxLossesCarry-forwardsDeferredTax 2022-07-31 04233261 d:OrdinaryShareClass1 2022-08-01 2023-12-31 04233261 d:OrdinaryShareClass1 2021-08-01 2022-07-31 04233261 d:OrdinaryShareClass1 2023-12-31 04233261 d:OrdinaryShareClass1 2022-07-31 04233261 d:FRS102 2022-08-01 2023-12-31 04233261 d:Audited 2022-08-01 2023-12-31 04233261 d:FullAccounts 2022-08-01 2023-12-31 04233261 d:PrivateLimitedCompanyLtd 2022-08-01 2023-12-31 04233261 c:WithinOneYear 2023-12-31 04233261 c:WithinOneYear 2022-07-31 04233261 c:BetweenOneFiveYears 2023-12-31 04233261 c:BetweenOneFiveYears 2022-07-31 04233261 e:PoundSterling 2022-08-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

img6b53.png






Financial Statements
Alium Medical Limited
For the 17-month period ended 31 December 2023





































Registered number: 04233261

 
Alium Medical Limited
 

Company Information


Directors
Matthew Farrelly (appointed 10 March 2023)
Kyriacos Costas Kyriacou (resigned 10 March 2023)
Bennie Rabin (resigned 10 March 2023)
Ruth Moira Rabin (resigned 10 March 2023)




Company secretary
Kyriacos Costas Kyriacou (resigned 10 March 2023)



Registered number
04233261



Registered office
Unit 7 Capital Business Park
Manor Way

Borehamwood

Hertfordshire

WD6 1GW

England




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2

Ireland




Bankers
HSBC
46 Fore Street

Trowbridge

Wiltshire

BA14 8EL





Barclays

Swift Square, Building 1

Santry Demense

Northwood

Dublin 9

D09A0E4

Ireland




Solicitors
Trowers & Hamlins LLP
55 Princess Street

Manchester

M2 4EW

UK





 
Alium Medical Limited
 

Contents



Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 25


 
Alium Medical Limited
 
 
Director's report
For the 17-month period ended 31 December 2023

The director presents their report and the financial statements for the 17-month period ended 31 December 2023.

Principal activity

The principal activity of the Company is to supply medicines to hospitals and pharmacies.
On 10 March 2023, MSL Health Care Group Limited, a company registered in Ireland, entered a contract to acquire 100% of Alium Medical Limited.
 

Directors

The directors who served at any time during the year were as follows:

Matthew Farrelly (appointed 10 March 2023)
Kyriacos Costas Kyriacou (resigned 10 March 2023)
Bennie Rabin (resigned 10 March 2023)
Ruth Moira Rabin (resigned 10 March 2023)


Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the period end.

Auditor

The auditor, Grant Thorntonwas appointed during the financial period and continuous in office in accordance with section 485 of the Companies Act 2006.

Page 1

 
Alium Medical Limited
 

Directors' report (continued)
For the 17-month period ended 31 December 2023


Small companies note

In preparing this report, the director have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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



Matthew Farrelly
Director

Date: 6 March 2025

Page 2

 
Alium Medical Limited
 

Director's responsibilities statement
For the 17-month period ended 31 December 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair, view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any  material departure from those standards; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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



Matthew Farrelly
Director

Date: 6 March 2025
Page 3

 
 
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Independent auditor's report to the members of Alium Medical Limited
 
Opinion


We have audited the financial statements of Alium Medical Limited ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the 17-month period ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).


In our opinion, Alium Medical Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the 17-month period then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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 matter


The financial statements of Alium Medical Limited for the year ended 31 July 2022, were audited by Haslers who expressed an unmodified opinion on those statements on 13 January 2023.
Page 4

 
 
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Independent auditor's report to the members of Alium Medical Limited (continued)



Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 statementsour 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Directors' report for the 17-month period for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 5

 
 
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Independent auditor's report to the members of Alium Medical Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy Law, Employment Law, and Health & Safety regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
Page 6

 
 
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Independent auditor's report to the members of Alium Medical Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

In response to these principal risks, our audit procedures included but were not limited to:

enquiries of management and the board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of depreciable assets, net realisable value of stock, recognition of deferred tax asset, and recoverability of trade debtors;
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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 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.
Page 7

 
 
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Independent auditor's report to the members of Alium Medical Limited (continued)



 
 
Blaithin O’Neill (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
Statutory Auditors
13-18 City Quay
Dublin 2
Ireland

6 March 2025
Page 8

 
Alium Medical Limited
 

Statement of comprehensive income
For the 17-month period ended 31 December 2023

17-month period ended
31 December
12-month year ended
31 July
2023
2022
Note
£
£

  

Turnover
  
13,668,531
6,975,041

Cost of sales
  
(10,684,558)
(4,997,426)

Gross profit
  
2,983,973
1,977,615

Administrative expenses
  
(3,162,815)
(1,756,655)

Operating (loss)/profit
  
(178,842)
220,960

Interest receivable and similar income
  
6,842
1,099

Interest payable and similar expenses
  
(9)
(627)

(Loss)/profit before tax
  
(172,009)
221,432

Tax on (loss)/profit
 6 
29,784
(46,173)

(Loss)/profit for the period/year
  
(142,225)
175,259

All amounts relate to continuing operations.

There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 13 to 25 form part of these financial statements.

Page 9

 
Alium Medical Limited
Registered number:04233261

Statement of financial position
As at 31 December 2023

31 December
31 
July
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
46,190
56,832

  
46,190
56,832

Current assets
  

Stocks
 8 
352,928
231,861

Debtors: amounts falling due after more than one year
 9 
29,784
-

Debtors: amounts falling due within one year
 9 
1,412,277
956,473

Cash at bank and in hand
 10 
373,937
5,039,137

  
2,168,926
6,227,471

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(1,212,684)
(689,646)

Net current assets
  
 
 
956,242
 
 
5,537,825

Total assets less current liabilities
  
1,002,432
5,594,657

Provisions for liabilities
  

Deferred tax
 12 
(6,453)
(6,453)

  
 
 
(6,453)
 
 
(6,453)

Net assets
  
995,979
5,588,204


Capital and reserves
  

Called up share capital 
 13 
615
615

Capital redemption reserve
 13 
155
155

Profit and loss account
 13 
995,209
5,587,434

Shareholders' funds
  
995,979
5,588,204


Page 10

 
Alium Medical Limited
Registered number:04233261

Statement of financial position (continued)
As at 31 December 2023

The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102 Section 1A – Small Entities.

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


Matthew Farrelly
Director

Date: 6 March 2025

The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
Alium Medical Limited
 

Statement of changes in equity
For the 17-month period ended 31 December 2023


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

£
£
£
£

At 1 August 2022
615
155
5,587,434
5,588,204


Comprehensive income for the 17-month period

Loss for the 17-month period
-
-
(142,225)
(142,225)


Contributions by and distributions to owners

Dividends paid
-
-
(4,450,000)
(4,450,000)


At 31 December 2023
615
155
995,209
995,979



Statement of changes in equity
For the year ended 31 July 2022


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

£
£
£
£

At 1 August 2021
615
155
5,412,175
5,412,945


Comprehensive income for the year

Profit for the year
-
-
175,259
175,259


At 31 July 2022
615
155
5,587,434
5,588,204


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023

1.


General information

Alium Medical Limited is a private company limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 04233261. The address of the registered office is Unit 7 Capital Business Park, Manor Way, Borehamwood, Hertfordshire, WD6 1GW, England.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

On 10 March 2023, the Company filed for a change in its accounting period from 31 July to 31 December. As such, the current period is for the 17-month period ended 31 December 2023, whereas the comparative period is for the 12-month period ended 31 July 2022.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling (£).

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
Alium Medical Limited
 

Notes to the financial statements
For the 17-month period ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is generated from their principal activity of sale of medicines to hospitals and pharmacies in United Kingdom. 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 evidenced by shipment or delivery of the products. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 


 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

Finance costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 14

 
Alium Medical Limited
 

Notes to the financial statements
For the 17-month period ended 31 December 2023

2.Accounting policies (continued)


2.9
Current and deferred taxation (continued)

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

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

 
2.10

 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, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
20%
Plant and machinery
-
25%
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.

 
2.11

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting 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.

Page 15

 
Alium Medical Limited
 

Notes to the financial statements
For the 17-month period ended 31 December 2023

2.Accounting policies (continued)

 
2.12

 Debtors

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

 
2.13

 Cash and cash equivalents

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

 
2.14

 Creditors

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

 
2.15

 Financial instruments

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

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 16

 
Alium Medical Limited
 

Notes to the financial statements
For the 17-month period ended 31 December 2023

2.Accounting policies (continued)


2.15
 Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 17

 
Alium Medical Limited
 

Notes to the financial statements
For the 17-month period ended 31 December 2023

2.Accounting policies (continued)

 
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 a board meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgments, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Estimating useful lives of depreciated assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes i estimates brought about by changes in factors mentioned above.

Determining net realisable value of stock
Management estimates the net realisable values of stock, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by future technology or other market-driven changes that may reduce future selling price.

Recognition of deferred tax assets
Deferred tax assets are determined using enacted tax rates for the effects of net operating losses and temporary differences between the book and tax bases of assets and liabilities.  In assessing the realisability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realised. The ultimate realisation of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. While management considers the scheduled reversal of deferred tax liabilities, and projected future taxable income in making this assessment, there can be no assurance that these deferred tax assets may be realisable.

Impairment of trade debtors
The Company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis.

Page 18

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023

4.


Employees

The average monthly number of employees, including directors, during the period was 25 (2022: 24).


5.


Directors' remuneration

17-month period ended
31 December
12-month year ended
31 July
2023
2022
£
£

Directors' emoluments
52,954
121,200

Company contributions to defined contribution pension schemes
15,565
32,800

68,519
154,000



6.


Taxation


17-month period ended
31 December
12-month year ended
31 July
2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
46,173


Deferred tax


Deferred tax credit during the year
(29,784)
-


Tax on (loss)/profit
(29,784)
46,173
Page 19

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023
 
6.Taxation (continued)


Factors affecting tax (credit)/charge for the period/year

The tax assessed for the period/year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

17-month period ended
31 December
12-month year ended
31 
July
2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(172,009)
221,432


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(32,682)
42,072

Effects of:


Non-deductible expenses
2,898
4,101

Total tax (credit)/charge for the 17-month period/year
(29,784)
46,173


Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' for those companies with profits between the new thresholds. Deferred tax assets and liabilities have been recognised using the tax rates applicable for the date the assets and liabilities are expected to reverse.

Page 20

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023

7.


Tangible fixed assets







Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2022
96,314
17,163
110,720
224,197


Additions
10,400
-
9,539
19,939



At 31 December 2023

106,714
17,163
120,259
244,136



Depreciation


At 1 August 2022
69,222
10,614
87,529
167,365


Charge for the 17-month period on owned assets
14,523
2,530
13,528
30,581



At 31 December 2023

83,745
13,144
101,057
197,946



Net book value



At 31 December 2023
22,969
4,019
19,202
46,190



At 31 July 2022
27,092
6,549
23,191
56,832


8.


Stocks

31 December
31
 July
2023
2022
£
£

Finished goods and goods for resale
352,928
231,861


Page 21

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023

9.


Debtors

31 December
31 July
2023
2022
£
£

Due after more than one year

Deferred tax asset
29,784
-


31 December
31 
July
2023
2022
£
£

Due within one year

Trade debtors
785,792
852,147

Amounts owed by group undertakings
141,176
-

Other debtors
341,367
14,381

VAT repayable
63,521
-

Prepayments and accrued income
80,421
89,945

1,412,277
956,473


Amounts owed by group undertakings are unsecured, interest free, and repayable on demand.
An impairment loss of £387,964 (2022: £Nil) was recognised against trade debtors.

VAT repayable are refundable at various dates over the coming months in accordance with the applicable statutory provisions.


10.


Cash and cash equivalents

31 December
31
 July
2023
2022
£
£

Cash at bank and in hand
373,937
5,039,137


Page 22

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023

11.


Creditors: Amounts falling due within one year

31
December
31 
July
2023
2022
£
£

Trade creditors
1,066,582
546,436

Amounts owed to group undertakings
542
-

Corporation tax
-
45,991

Other taxation and social security
41,317
49,305

Accruals
104,243
47,914

1,212,684
689,646


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms.

Other taxes and social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
Amounts owed to group undertakings is unsecured, interest free, and repayable on demand.


12.


Deferred taxation






2023


£






At beginning of year
(6,453)


Credited to profit or loss
29,784



At end of year
23,331

Page 23

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023
 
12.Deferred taxation (continued)

The deferred tax balance is made up as follows:

31 December
31 July
2023
2022
£
£


Accelerated capital allowances
(6,453)
(6,453)

Losses carried forward
29,784
-

23,331
(6,453)

Comprising:

Asset - due after one year
29,784
-

Liability
(6,453)
(6,453)

23,331
(6,453)



13.


Share capital

31 December
31 July
2023
2022
£
£
Allotted, called up and fully paid



615 (2022: 615) Ordinary shares of £1.00 each
615
615

Capital redemption reserve

The capital redemption reserve is related to redemption of Company's own shares out of distributable profits. This was redeemed from its employees who left the Company.

Profit and loss account

Includes all current and prior period retained profits and losses less dividends declared.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £68,347 (2022: £34,765).
Pension commitments included within other creditors total €Nil (2022: €Nil) at the balance sheet date.

Page 24

 
Alium Medical Limited
 
 
Notes to the financial statements
For the 17-month period ended 31 December 2023

15.


Commitments under operating leases

At 31 December 2023, the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
31 
July
2023
2022
£
£


Not later than 1 year
148,000
120,000

Later than 1 year and not later than 5 years
-
240,000

148,000
360,000

As at 31 December 2024, the lease has not yet been renewed. While a formal renewal has not been finalised, it will be reassessed on a monthly basis following the expiration date. Any decisions regarding the renewal or extension of the lease will be evaluated in accordance with the terms of the lease agreement.


16.


Related party transactions

During the year, the Company rented properties owned by two of the directors who ceased office on 10 March 2023. The amount paid during the year was £193,000 (2022: £120,000). The amount outstanding at year-end is £Nil (2022: £Nil).
In accordance with the exemption permitted by FRS, paragraph 33.1a, the Company has not disclosed transactions with wholly-owned subsidiaries within the group, as consolidated financial statements for the group are publicly available.


17.


Company charge

On 10 March 2023, MSL Health Care Group Limited, the immediate and ultimate parent of the Company, secured €2,000,000 of credit facilities from funds managed by the Close Invoice Finance Limited. 

Together with another group undertaking, the Company's asset was used as a guarantee and collateral for the provision of the said debt. 


18.


Post balance sheet events

There have been no significant events affecting the Company since the period end.


19.


Controlling party

From 10 March 2023, the immediate and ultimate parent of the Company is MSL Health Care Group Limited, a company incorporated in the Republic of Ireland. MSL Health Care Group Limited is the smallest and largest group of undertakings for which Group Financial Statements are drawn up and of which Alium Medical Limited  is a member.  The Group financial statements are available at the registered address of the company at Main Street, Cloneygowan, Offaly, Ireland. 

Matthew Farrelly is the ultimate controlling party of MSL Health Care Group Limited.

Page 25