Company registration number 08954173 (England and Wales)
BRISTOL LABORATORIES GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS OF THE GROUP
FOR THE YEAR ENDED 31 MARCH 2024
BRISTOL LABORATORIES GROUP LIMITED
GROUP INFORMATION
Director
Mr T Ramachandran
Company number
08954173
Registered office
5th Floor
Watson House
54-60 Baker Street
London
United Kingdom
W1U 7BU
Group Auditor
King & King
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
Component Auditors
Brillpharma Private Limited
Natvarlal Vepari & Co
Chartered Accountants
First floor River Palace II
Navdi Bandar Rd, Navdi Bandar,
Nanpura, Surat, Gujarat 395001, India
Brill Pharma, S.L
Faura-Casas, Auditors Consultors, S.L.
Carrer Còrsega, 299, 6a. 08008 Barcelona
Paseo de la Castellana, 123, 9º C. 28046 Madrid,
Spain
Bristol Laboratories Limited
King & King
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
BRISTOL LABORATORIES GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 6
Director's responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11 - 12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 42
BRISTOL LABORATORIES GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents the strategic report for the year ended 31 March 2024.

Review of the business

The group has made a profit for the year amounting to £3.67m (2023 - £13.57) whilst revenue remains at the level of £95m.The net assets of the group is £40.44m (2023 - £37.19m).

 

The turnover from business included £66.78m (2023 : £70.02m) from the UK subsidiary and £28.52 (2023 : £24.93m) from the Spanish subsidiary. The Gross profit contributions of the UK subsidiary was 15.12% (2023 : 17.54%) and Spanish subsidiary was 39.79% (2023 : 37.62%).

 

The UK subsidiary, Bristol Laboratories Ltd has focussed on increasing the production from its UK facilities, and consequently reducing its level of imported finished goods. This has ensured greater reliability of supply of product to the UK market, at the same time generating opportunities for increased sales from new product launches. Export business has remained consistent throughout the year, and is an area of enhanced focus for the company, leveraging the UK manufactured and regulated quality proposition to identified overseas markets. The outlook for the forthcoming year is looking very bright.

 

The Spain subsidiary, Brill Pharma, S.L. operates in the pharmaceutical industry, specifically focusing on ophthalmology and eye care products. The company achieved a strong financial performance during the financial year, with revenue growth of14.8%, aligns with the expanding global ophthalmic pharmaceutical market, driven by aging populations and increasing eye health concerns. Despite rising operating costs, net profit grew 9.6% to £ 4.79m, and total assets expanded to £22.6m. The industry's demand for innovative eye treatments and specialty medications supports Brill Pharma’s growth.

Principal risks and uncertainties

The principal financial risks to which the company is exposed are those of liquidity, market conditions, interest rates, foreign currency exchange rates and credit availability. Each of these are managed in accordance with Board-approved policies. These policies are set out below.

 

Liquidity risk

 

The group manages liquidity by maintaining access to a number of sources of short-term and medium-term funding at a level which is considered sufficient to meet its anticipated funding requirements. Specifically, the group uses confidential sales ledger financing (CID) and medium-term bank finance to manage its liquidity needs. The directors continue to review the group’s ongoing liquidity risks regularly.

Economic, market and price risk

The group’s performance is directly impacted by the economic environment, as evidenced in this years’ financial results. The group operates in highly competitive markets – significant product innovations, technical and scientific advances or the intensification of price competition could all adversely affect the group’s results.

The group continues to invest in research and development in order to ensure the introduction of both new generic formulations and improved production processes to allow the group to be at the forefront of its chosen markets. Furthermore, the group continually analyses its operating costs to ensure it remains competitive.

Foreign currency risk

The group operates foreign currency accounts and use spot buy/sell mechanism to manage and protect against foreign currency risks. An element of natural hedge is enjoyed as income from export sales partially offset cost of imported raw materials.

Credit risk

 

The group is at risk of exposure to financial losses should a counterparty fail to meet its obligations as and when they fall due. The group derives a significant proportion of its revenue from sales to large companies and multinationals. The failure of any such company to honour its debts could materially impact the group’s results. The group has taken necessary insurances to minimise such risks as they arise and credit limits are set and managed appropriately, based upon credit checks reviewed and approved for each customer.

BRISTOL LABORATORIES GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Principal risks and uncertainties

Legal and compliance risk

 

The group operates in highly regulated healthcare sector. Additionally, government regulation imposes increasing demands on companies to demonstrate that they are doing the right thing. A failure to properly manage these requirements would expose the group to the risk of reputational damage, fines, penalties and cancellation of business license which is a severe disadvantage to the group's business. The group implemented a thoughtful approach supported by a comprehensive training, control, and monitoring framework to ensure full alignment with legal and regulatory standards.

Key performance indicators

 

The directors have identified the following Key Performance Indicators to help and understand and measure the performance of the group:

 

 

2024

2023

 

£'000

£'000

Revenue

95,309

95,129

Operating profit / (loss)

6,337

10,558

Gross operating margin (%)

23.73

23.55

    

The directors also use non financial performance indicators. These include customer satisfaction reports, staff feedback reports. The directors review these reports on a timely manner.

 

Revenue measures our ability to maximise value from our current product portfolio and focus to generate revenue from new products or make decision to stop non-viable products. Group revenue has remained at same level compared to the previous financial year.

 

Operating profit measures group's ability to grow revenue and maintain quality while delivering efficiencies and ensuring cost control.    

Section 172 (1) statement
Quality values

 

The emphasis on quality is the foundation for everything we do at Bristol Group. We always keep in mind the patients who use our medicines and maintain a focus on living up to our ‘Quality Values’ every day. This focus helps us to maintain the highest standards and assures our healthcare partners that each of our products produced is of the utmost quality. Regulatory compliance is the starting point for all of our quality processes. These processes meet the latest international requirements at each stage of production, from sourcing raw materials, manufacturing, through to finished products and distribution.

Employees training and development

 

To achieve our ambitious goals, we need people who are committed and prepared to embrace our corporate philosophy. We offer plenty of opportunities for career advancement and skill improvement. Training at Bristol Group is a continuous process. While basic job training is given, people with a commitment and an aptitude for challenges are selected for training for growth and higher responsibilities.

Slavery and human trafficking statement

 

We have a zero tolerance to slavery in all its forms and are committed to implementing business practices that do not allow any form of slavery to take place, whether internally or as part of our supply chain. Our supply chain includes procurements of raw materials, packing materials, chemicals for testing finished pharmaceutical products, and machinery to produce the finished pharmaceutical goods. We carry out an annual review of our Anti-Slavery Policy to determine whether it may be improved for better understanding and applicability.

BRISTOL LABORATORIES GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Product development

 

The in-house development of products is a key focus area for us, and we invest considerable resources in the development of new products. Research and development is an integral part of the group’s business. In view of exploring new products, the group has invested, and is committed to continuing to invest in the research and development activities. Our Research and Development laboratory is manned by a group of highly skilled scientists and dedicated analytical experts, constantly engaged in formulating sustained release products, effervescent products, semi-solids, liquids and other new drug delivery systems. The group continues to work towards achieving a large and promising development pipeline. The group continues to develop niche products with unique drug delivery systems, such as modified and slow release, in its expanded testing laboratory, and it is anticipated that this will have material impact on the growth of the group. To ensure that quality and consistency are maintained in the product development process, our scientists and technicians have the latest technical, monitoring and analytical tools at their disposal. The team is constantly engaged in investigating new ideas to improve efficiencies in existing processes to control costs, developing new capabilities and adding to our portfolio of generic products.

Supplier relationships

 

Our suppliers play a pivotal role to our business, in which we use the highest quality raw materials in our productions, and which are delivered to us promptly. Our suppliers keep us informed of any supply chain challenges, and notwithstanding the consequences of the global pandemic we have maintained strong relationships with our key suppliers. We are regularly in contact with our suppliers thereby ensuring our purchasing department retain an open relationship, and our suppliers are always aware of our ongoing requirements.

Customer relationships

 

Our customers are kept up to date with business achievements, future strategy and ongoing business activities and product developments, with a view to nurturing long term partnerships. Our objective is to provide the best level of customer service, fulfilling our customer’s sales order lists and ensuring that the products are of the high-quality standards, and are delivered in accordance to the customers requirements. Our staff and management continuously work hard to ensure we can offer competitive prices for our products to our customers.

This report was approved by the Board of Director, and signed on behalf of the board by:

On behalf of the board

Mr T Ramachandran
Director
13 March 2025
BRISTOL LABORATORIES GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The director presents his annual report and audited financial statements of the group and company for the year ended 31 March 2024.

Principal activities

The principal activity of the group continued to be that of pharmaceutical group engaged in the development, manufacture, marketing and distribution of generic medicines and eye health products in the UK, Europe and rest of the world.

 

We work towards offering a wide range of high-quality medicines to the healthcare sector in the UK, that optimises cost efficiencies whilst ensuring reliable supply.

 

Our strong and extensive customer base, developed through consistency of quality in products and services, has ensured sustained growth that continues to drive our ambitions to become a significant global supplier.

Results and dividends

The results for the year are set out on pages 11 to 12.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr T Ramachandran
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Political donations

The group made the following political donations in the current year:

 

Bristol Laboratories Ltd made a political donation of £10,000 to the Conservative Party.

 

Research and development

Research and development activities continue to be a high priority with the development of new products and maintaining the technological excellence of existing products.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

BRISTOL LABORATORIES GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

Auditor

The auditor, King & King, Chartered Accountants & Statutory Auditors is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Bristol Laboratories Limited’s environmental performance information is presented in accordance with the Streamlined Energy and Carbon Reporting (“SECR”) Policy. The table below represents Bristol Laboratories Limited’s energy use and greenhouse gas (GHG) emissions from electricity and fuel for the annual reporting period 01/04/2023 to 31/03/2024. The scope of the reporting includes all UK operations.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
5,087,064
6,270,905
- Electricity purchased
7,794,432
8,043,539
- Fuel consumed for transport
250,072
957,687
13,131,568
15,272,131
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
931.00
1,145.00
- Fuel consumed for owned transport
59.00
232.00
990.00
1,377.00
Scope 2 - indirect emissions
- Electricity purchased
1,614.00
1,555.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
2,604.00
2,932.00
Intensity ratio
Tonnes CO2e per employee
4.65
5.21
Quantification and reporting methodology

 

We have followed the HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors for Company Reporting.

BRISTOL LABORATORIES GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Intensity measurement

 

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

 

Bristol Laboratories Limited’s strategy is to reduce its GHG emissions through improving energy efficiency to reduce consumption and by purchasing electricity from renewable sources. In 2021, Bristol Laboratories Limited made a conscious decision to purchase its UK electricity using REGO-backed renewable energy contracts. This purchasing covers all UK businesses and will reduce the total CO2e impacts. To improve energy efficiency, Bristol Laboratories Limited have made operational improvements across three asset areas (1) Buildings (2) Industrial Processes (3) Transport. These improvements include; upgrading HVAC and AHU systems, reducing manually operated controls and improving lighting. During the year enhancements have been made to our internal expenses system so that we can accurately capture, report and review emissions from differing vehicle types used by employees for business purposes.

Disclosure of information in the strategic report

In accordance with section 414A of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013, the directors have prepared the strategic report for the company and group.true

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

The group made a profit before tax of £5,374,902 during the period and the balance sheet showed net assets of £40,443,509 at the period end. At the time of approving the financial statements, the director is of the opinion that the group has adequate resources to continue in operational existence for the foreseeable future on the understanding that the group has the on-going support of its bankers who are providing facilities to the group and sales financing to manage liquidity. Thus, the director has adopted the going concern basis of accounting in preparing the financial statements.

On behalf of the board
Mr T Ramachandran
Director
13 March 2025
BRISTOL LABORATORIES GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

BRISTOL LABORATORIES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRISTOL LABORATORIES GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Bristol Laboratories Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director 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 director is 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BRISTOL LABORATORIES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRISTOL LABORATORIES GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud, is detailed below.

 

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 misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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

We assessed the susceptibility of group's financial statements to material misstatement, including how fraud might occur, by making enquires of management, those charged with governance. We utilised internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the group. We considered the risk of fraud to be significant within the areas of the recognition of revenue. Audit procedures performed by the engagement team included:

BRISTOL LABORATORIES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRISTOL LABORATORIES GROUP LIMITED
- 10 -

In assessing the potential risks of material misstatement, we obtained an understanding of:

We enquired of management and those charged with governance whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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.

Milankumar Patel (Senior Statutory Auditor)
For and on behalf of King & King, Statutory Auditor
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
13 March 2025
BRISTOL LABORATORIES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
95,309,892
-
95,309,892
94,917,322
212,391
95,129,713
Cost of sales
(72,692,536)
-
(72,692,536)
(72,437,094)
(292,731)
(72,729,825)
Gross profit
22,617,356
-
22,617,356
22,480,228
(80,340)
22,399,888
Administrative expenses
(19,024,443)
-
(19,024,443)
(12,983,372)
(491,254)
(13,474,626)
Other operating income
2,744,152
-
2,744,152
1,632,849
-
1,632,849
Operating profit
4
6,337,065
-
6,337,065
11,129,705
(571,594)
10,558,111
Share of results of associates and joint ventures
(44,354)
-
(44,354)
30,556
-
30,556
Interest receivable and similar income
8
147,212
-
147,212
86,326
-
86,326
Interest payable and similar expenses
9
(1,065,021)
-
(1,065,021)
(805,222)
-
(805,222)
Gains on disposal of subsidiary / (amounts written off investments)
10
-
-
-
54,996
4,597,877
4,652,873
Profit before taxation
5,374,902
-
5,374,902
10,496,361
4,026,283
14,522,644
Tax on profit
11
(1,694,980)
-
(1,694,980)
(952,320)
-
(952,320)
Profit for the financial year
28
3,679,922
-
3,679,922
9,544,041
4,026,283
13,570,324
Other comprehensive income
Revaluation of tangible fixed assets
513,075
7,165,854
Currency translation differences
(197,398)
459,515
Total comprehensive income for the year
3,995,599
21,195,693
BRISTOL LABORATORIES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Continuing
Discontinued
31 March
Continuing
Discontinued
31 March
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
- 12 -
Profit for the financial year is attributable to:
- Owners of the parent company
2,242,549
12,125,468
- Non-controlling interests
1,437,373
1,444,856
3,679,922
13,570,324
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,558,226
19,750,837
- Non-controlling interests
1,437,373
1,444,856
3,995,599
21,195,693
BRISTOL LABORATORIES GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
3,877,971
801,302
Tangible assets
14
25,882,729
26,091,358
Investment property
15
328,909
328,909
Investments
16
54,258
98,612
30,143,867
27,320,181
Current assets
Stocks
19
29,018,646
29,680,403
Debtors
20
29,011,097
30,785,231
Cash at bank and in hand
1,384,266
1,346,313
59,414,009
61,811,947
Creditors: amounts falling due within one year
21
(45,987,187)
(48,360,851)
Net current assets
13,426,822
13,451,096
Total assets less current liabilities
43,570,689
40,771,277
Creditors: amounts falling due after more than one year
22
(3,127,180)
(2,608,629)
Provisions for liabilities
Deferred tax liability
25
-
0
967,195
-
(967,195)
Net assets
40,443,509
37,195,453
Capital and reserves
Called up share capital
27
100,000
100,000
Share premium account
28
19,615,295
19,615,295
Revaluation reserve
28
7,678,929
7,165,854
Profit and loss reserves
28
9,484,265
7,439,114
Equity attributable to owners of the parent company
36,878,489
34,320,263
Non-controlling interests
3,565,020
2,875,190
Total equity
40,443,509
37,195,453
The financial statements were approved and signed by the director and authorised for issue on 13 March 2025
Mr  T  Ramachandran
Director
Company registration number 08954173 (England and Wales)
BRISTOL LABORATORIES GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
16
19,715,295
19,715,295
Capital and reserves
Called up share capital
27
100,000
100,000
Share premium account
28
19,615,295
19,615,295
Total equity
19,715,295
19,715,295

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £1 loss).

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

The financial statements were approved and signed by the director and authorised for issue on 13 March 2025
Mr  T  Ramachandran
Director
Company registration number 08954173 (England and Wales)
BRISTOL LABORATORIES GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2022
100,000
19,615,295
-
0
(5,634,103)
14,081,192
1,846,966
15,928,158
Year ended 31 March 2023:
Profit for the year
-
-
-
12,125,468
12,125,468
1,444,856
13,570,324
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
7,165,854
-
7,165,854
-
7,165,854
Currency translation differences
-
-
-
459,515
459,515
-
459,515
Total comprehensive income
-
-
7,165,854
12,584,983
19,750,837
1,444,856
21,195,693
Dividends
-
-
-
-
-
(416,632)
(416,632)
Transfers
-
-
-
488,234
488,234
-
488,234
Balance at 31 March 2023
100,000
19,615,295
7,165,854
7,439,114
34,320,263
2,875,190
37,195,453
Year ended 31 March 2024:
Profit for the year
-
-
-
2,242,549
2,242,549
1,437,373
3,679,922
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
513,075
-
513,075
-
513,075
Currency translation differences
-
-
-
(197,398)
(197,398)
-
(197,398)
Total comprehensive income
-
-
513,075
2,045,151
2,558,226
1,437,373
3,995,599
Dividends
-
-
-
-
-
(747,543)
(747,543)
Balance at 31 March 2024
100,000
19,615,295
7,678,929
9,484,265
36,878,489
3,565,020
40,443,509
BRISTOL LABORATORIES GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
100,000
19,615,295
1
19,715,296
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(1)
(1)
Balance at 31 March 2023
100,000
19,615,295
-
0
19,715,295
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
-
0
Balance at 31 March 2024
100,000
19,615,295
-
0
19,715,295
BRISTOL LABORATORIES GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
36
9,808,392
(5,970,540)
Interest paid
(1,065,021)
(805,222)
Income taxes paid
(1,286,569)
(1,260,191)
Net cash inflow/(outflow) from operating activities
7,456,802
(8,035,953)
Investing activities
Purchase of intangible assets
(3,416,030)
(396,207)
Proceeds from disposal of intangibles
-
257,535
Purchase of tangible fixed assets
(925,923)
(416,550)
Proceeds from disposal of tangible fixed assets
151,909
5,193,155
Proceeds from disposal of subsidiaries, net of cash disposed
-
1,969,384
Proceeds from disposal of associates
-
(1)
Interest received
147,212
86,326
Net cash (used in)/generated from investing activities
(4,042,832)
6,693,642
Financing activities
Repayment of borrowings
998,123
(54,978)
Repayment of bank loans
808,569
(4,624,535)
Payment of finance leases obligations
(400,000)
1,666,667
Dividends paid to non-controlling interests
(747,543)
(416,632)
Net cash generated from/(used in) financing activities
659,149
(3,429,478)
Net increase/(decrease) in cash and cash equivalents
4,073,119
(4,771,789)
Cash and cash equivalents at beginning of year
(9,920,616)
(5,589,951)
Effect of foreign exchange rates
(254,995)
441,124
Cash and cash equivalents at end of year
(6,102,492)
(9,920,616)
Relating to:
Cash at bank and in hand
1,384,266
1,346,313
Bank overdrafts included in creditors payable within one year
(7,486,758)
(11,266,929)
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information

Bristol Laboratories Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fifth Floor, Watson House, 54-60 Baker Street, London, W1U 7BU.

 

The group consists of Bristol Laboratories Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bristol Laboratories Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition 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.

Non-controlling interests

 

Minority interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

 

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

1.4
Going concern

The group made a profit before tax of £5,374,902 during the period and the balance sheet showed net assets of £40,443,509 at the period end. At the time of approving the financial statements, the director is of the opinion that the group has adequate resources to continue in operational existence for the foreseeable future on the understanding that the group has the on-going support of its bankers who are providing facilities to the group and sales financing to manage liquidity. Thus, the director has adopted the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the group and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

The group manufactures, market and distribute generic medicines and eye health products. Revenue from sale of these products is recognised on point of delivery to the customers.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Rights & Licenses
Straight Line over 3-10 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Cost includes original purchase price, costs directly attributable bringing assets to its working condition for its intended use, dismantling and restoration costs.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Straight line over 30 - 50 years
Leasehold improvements
Straight line over 3 years
Plant and equipment
15%-25% reducing balance method
Fixtures and fittings
10%-25% reducing balance method
Computers
Straight line over 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

 

The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -

Leased assets

 

At inception the group assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on substance of the arrangement.

 

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

 

Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased assets or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined, the group's incremental borrowing rate is used.

 

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

 

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using effective interest rate method, to produce constant rate of change on the balance of the capital repayments outstanding.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Investment in a subsidiary company is held at cost less accumulated impairment losses.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.11
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 group 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.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.

 

Cost is determined on first-in, first out (FIFO) method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.14
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 statement of financial position 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
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 or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in other comprehensive income.

The trading results of group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’ and allocated to non-controlling interest as appropriate.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Inventories impairments and provisions

Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete inventories. Calculation of these estimates require judgements to be made, which include forecasting consumer demand, competitive and economic environment and inventory loss trends. This is regularly reviewed by the management on a regular basis.

Useful lives of property, plant and equipment

Management reviews the useful lives of property, plant and equipment on a regular basis. Any changes in estimates may affect the carrying amounts of the respective property, plant and equipment with a corresponding effect on the related depreciation charge.

Dilapidations provision

An estimate for costs associated with rented building dilapidation costs has been made that reflects potential costs and likelihood of incurring such costs.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad Debt Provisioning

An allowance for bad debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified. The trade receivables balance is assessed at the end of each reporting period whether there is objective evidence of impairment and recognises a bad debt allowance if such evidence arises.

Impairment Reviews

In performing their impairment tests the directors have determined that the business unit represents the smallest identifiable group of assets that generate independent cash flows. In determining the value in use for comparison with the carrying amount of these assets management have estimated the future cash flows over the remaining useful life of these assets. In determining these cash flows the directors have used an implicit average growth rate which represents their best estimate of the expected future performance of the business. Expected future cash flows have been discounted using the company's estimated incremental borrowing rate. The result of these impairment tests have shown no impairment is required. As part of their ongoing review of the carrying amounts and useful lives of these assets management will continue to monitor these assets and the value in use to determine whether further impairment charges will be required in the future.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of generic medicines
66,782,846
70,197,450
Sale of eye health products
28,527,046
24,932,263
95,309,892
95,129,713
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
59,591,217
60,957,730
Overseas
35,718,675
34,171,983
95,309,892
95,129,713
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,437)
2,205
Research and development costs
79,708
120,736
Depreciation of owned tangible fixed assets
1,167,648
1,333,948
Depreciation of tangible fixed assets held under finance leases
304,522
306,617
Amortisation of intangible assets
420,503
63,722
Stocks impairment losses recognised or reversed
129,716
-
0
Operating lease charges
1,427,785
1,492,668
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
35,000
35,000
Audit of the financial statements of the company's subsidiaries
45,000
45,000
80,000
80,000
For other services
Taxation compliance services
10,000
10,000
All other non-audit services
30,000
10,000
40,000
20,000
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
463
611
-
-
Administrative staff
239
104
-
-
Management staff
32
26
1
1
Total
734
741
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
23,241,675
21,509,925
-
0
-
0
Social security costs
3,013,711
2,793,425
-
-
Pension costs
299,001
244,574
-
0
-
0
26,554,387
24,547,924
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
571,129
663,104
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
360,000
360,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
147,212
86,326
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,024,872
681,258
Other interest
40,149
123,964
Total finance costs
1,065,021
805,222
10
Amounts written off investments
2024
2023
£
£
Gain/(loss) on disposal of fixed asset investments
-
(1)
Other gains and losses
-
4,652,874
-
4,652,873
11
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
1,655,317
1,432,906
Deferred tax
Origination and reversal of timing differences
39,663
(480,586)
Total tax charge
1,694,980
952,320
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Taxation
(Continued)
- 30 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
5,374,902
14,522,644
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,343,726
2,759,302
Tax effect of expenses that are not deductible in determining taxable profit
9,521
60,578
Gains not taxable
-
0
(631,470)
Unutilised tax losses carried forward
224,681
(415,135)
Permanent capital allowances in excess of depreciation
(2,354)
120,280
Dividend income
(454,229)
(175,078)
Foreign exchange differences
-
0
87,308
Excess local corporation tax
2,191,959
(492,594)
Overseas losses
(1,655,317)
(360,871)
Deferred tax
36,993
-
Taxation charge
1,694,980
952,320

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25%. This new law was substantively enacted on 24 May 2021.

12
Discontinued operations

The group disposed its wholly owned direct subsidiary Axcount Generika GmbH in German to a pharmaceutical company in German for a cash consideration of £5.08m resulting in 100% loss of control. The sale was completed on 07 October 2022.

 

A gain of £4,652,873 arose on the disposal, being the proceeds of the sale, less the carrying amount of the business assets and attributable goodwill, if any.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
13
Intangible fixed assets
Group
Rights & Licenses
£
Cost
At 1 April 2023
1,201,057
Additions - internally developed
380,143
Additions - separately acquired
3,035,887
Exchange adjustments
136,965
At 31 March 2024
4,754,052
Amortisation and impairment
At 1 April 2023
399,755
Amortisation charged for the year
420,503
Exchange adjustments
55,823
At 31 March 2024
876,081
Carrying amount
At 31 March 2024
3,877,971
At 31 March 2023
801,302
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.

More information on impairment movements in the year is given in note .

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
14
Tangible fixed assets
Group
Freehold buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2023
16,340,000
3,396,872
28,476,535
1,346,083
452,331
50,011,821
Additions
19,712
-
0
556,012
96,482
253,716
925,922
Disposals
-
0
-
0
(329,328)
-
0
(37,138)
(366,466)
Revaluation
170,288
-
0
-
0
-
0
-
0
170,288
Exchange adjustments
-
0
(21,564)
(103,592)
-
0
-
0
(125,156)
At 31 March 2024
16,530,000
3,375,308
28,599,627
1,442,565
668,909
50,616,409
Depreciation and impairment
At 1 April 2023
-
0
221,733
22,096,635
1,247,505
354,590
23,920,463
Depreciation charged in the year
327,194
34,039
1,018,716
33,172
59,049
1,472,170
Eliminated in respect of disposals
-
0
-
0
(210,078)
-
0
(4,479)
(214,557)
Revaluation
(327,194)
(15,593)
-
0
-
0
-
0
(342,787)
Exchange adjustments
-
0
(8,075)
(93,534)
-
0
-
0
(101,609)
At 31 March 2024
-
0
232,104
22,811,739
1,280,677
409,160
24,733,680
Carrying amount
At 31 March 2024
16,530,000
3,143,204
5,787,888
161,888
259,749
25,882,729
At 31 March 2023
16,340,000
3,175,139
6,379,900
98,578
97,741
26,091,358
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,686,692
1,737,498
-
0
-
0

Freehold land and buildings with a carrying amount of £16,530,000 (2023 - £16,340,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The company adopted the revaluation model to measure the freehold and leasehold land and buildings with effect from 31 March 2023. Freehold land and buildings with a carrying amount of £10,674,612 and leasehold land and buildings with a carrying amount of £995,032 were revalued at 31 March 2024 by Brown & Lee Commercial Surveyors LLP, independent valuers not connected with the company on the basis of market value. The valuation are in line with the 31 March 2024.

 

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Tangible fixed assets
(Continued)
- 33 -

Freehold land and buildings and leasehold land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been as follows:

2024
2023
2024
2023
£
£
£
£
Group
Cost
14,595,107
14,575,396
1,135,243
1,135,243
Accumulated depreciation
(3,920,495)
(3,628,987)
(140,211)
(117,506)
Carrying value
10,674,612
10,946,409
995,032
1,017,737
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
328,909
-

Investment property comprises leasehold flats. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in associates
17
54,258
98,612
-
0
-
0
Unlisted investments
-
0
-
0
19,715,295
19,715,295
54,258
98,612
19,715,295
19,715,295
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Fixed asset investments
(Continued)
- 34 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 April 2023
98,612
Share of associate profit
(44,354)
At 31 March 2024
54,258
Carrying amount
At 31 March 2024
54,258
At 31 March 2023
98,612
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 April 2023 and 31 March 2024
19,715,295
Carrying amount
At 31 March 2024
19,715,295
At 31 March 2023
19,715,295
17
Associates

Details of associates at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Brill Engines S.L.
Spain
Wholesale of pharmaceutical goods
Ordinary
40
Brill International S.L.
Spain
Wholesale of pharmaceutical goods
Ordinary
40

All the above associates are included in the consolidation.

 

The investments in associates are accounted on equity method.

18
Subsidiaries

Details of the investments in which the group and the parent company have an interest of 20% or more as at 31 March 2024 is as follows:

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18
Subsidiaries
(Continued)
- 35 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Bristol Laboratories Limited
U.K
Wholesale of pharmaceutical goods
Ordinary
100.00
Brillpharma S.L.
Spain
Wholesale of pharmaceutical goods
Ordinary
70.00
Brillpharma Private Limited
India
Provision of back office services
Ordinary
100.00

 

The company's investment in Bristol Laboratories Limited, UK is through direct ownership and all others are indirect ownership.

 

The direct subsidiary, Axcount Generika GmbH, Germany was sold on 07 October 2022 with a 100% loss of control.

19
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
9,137,480
12,165,809
-
-
Work in progress
2,023,235
2,971,519
-
-
Finished goods and goods for resale
17,857,931
14,543,075
-
0
-
0
29,018,646
29,680,403
-
-

The group has made an impairment allowance for expired goods amounting to £2,143,757 (2023 - £4,070,517 ).

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
20
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,709,904
23,071,379
-
0
-
0
Other debtors
1,538,614
1,643,359
-
0
-
0
Prepayments and accrued income
728,189
573,681
-
0
-
0
20,976,707
25,288,419
-
-
Deferred tax asset (note 25)
505,749
1,483,980
-
0
-
0
21,482,456
26,772,399
-
-
Amounts falling due after more than one year:
Amount owed by related parties
7,502,627
3,933,210
-
0
-
0
Other debtors
26,014
79,622
-
0
-
0
7,528,641
4,012,832
-
-
Total debtors
29,011,097
30,785,231
-
-

The amount owned by related parties balance includes three loans amounting to £7,502,627 (2023 - £3,933,210 ) granted to companies related to the shareholders of Brill Pharma S.L. Spain. These loans bear an interest rate of 3% p.a. with an expiration date of 31 December 2030.

21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
7,611,296
11,513,929
-
0
-
0
Obligations under finance leases
24
400,000
400,000
-
0
-
0
Other borrowings
23
4,690,444
3,679,841
-
0
-
0
Trade creditors
22,994,259
24,410,358
-
0
-
0
Corporation tax payable
951,281
553,908
-
0
-
0
Other taxation and social security
1,559,291
2,208,601
-
-
Other creditors
6,763,572
4,531,944
-
0
-
0
Accruals and deferred income
1,017,044
1,062,270
-
0
-
0
45,987,187
48,360,851
-
0
-
0
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Creditors: amounts falling due within one year
(Continued)
- 37 -

The bank loans and overdrafts include bank overdrafts obtained from Praetura Commercial Finance Limited are secured by way of fixed charge over all credit balances held. Included in bank overdrafts are amounts advanced in respect of sales discounting which is secured by way of fixed charge on book debts.

 

The bank loans and overdrafts include commercial property loan obtained from Investec (Channel Islands) Limited are secured by way of fixed charge over the property or the undertaking of the company. The loans are repayable over 60 months with an interest of 3.90% per annum.

 

Obligations under finance lease includes the three sale and lease back facilities obtained from The Praetura Asset Finance Limited over 60 months with equal monthly capital repayments. This finance lease was obtained on 19 May 2022.

 

Other borrowings include £815,890 (2023 - £815,890) loan from the Company's Pension Scheme for 5 years bearing interest at an annual rate of 4% and £613,887 (2023: Nil) loan from BRL Holdings Ltd.

 

Other creditors include £5,909,148 (2023 - £3,909,148) loan from the director Mr T Ramachandran and which is unsecured, repayable on demand and is non-interest bearing.

 

Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

22
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
23
2,080,039
1,149,008
-
0
-
0
Obligations under finance leases
24
866,667
1,266,667
-
0
-
0
Other borrowings
23
180,474
192,954
-
0
-
0
3,127,180
2,608,629
-
-
23
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,204,577
1,396,008
-
0
-
0
Bank overdrafts
7,486,758
11,266,929
-
0
-
0
Other loans
4,870,918
3,872,795
-
0
-
0
14,562,253
16,535,732
-
-
Payable within one year
12,301,740
15,193,770
-
0
-
0
Payable after one year
2,260,513
1,341,962
-
0
-
0

 

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Loans and overdrafts
(Continued)
- 38 -

The bank loans and overdrafts include commercial property loan obtained from Investec (Channel Islands) Limited are secured by way of fixed charge over the property or the undertaking of the company. The loans are repayable over 60 months with an interest of 3.90% per annum.

 

The bank overdrafts obtained from Praetura Commercial Finance Limited are secured by way of fixed charge over all credit balances held. Included in bank overdrafts are amounts advanced in respect of sales discounting which is secured by way of fixed charge on book debts. These loans are over 36 months with equal monthly capital repayments with interest. The interest charged at 2.95% over the Bank of England base rate. This loan was obtained on 19 May 2022.

Other loans include £815,890 (2023 - £815,890) loan from the Company's Pension Scheme for 5 years bearing interest at an annual rate of 4%.

 

Other borrowings include a loan of £613,887 (2023 - £ Nil) from BRL Holding Ltd.

 

The banks loans amounting to £236,903 (2023 - £244,006 ) and £ 1,479,372 (2023: Nil) obtained by Brill Pharma S.L. Spain from Santander Bank and Sabadell Bank respectively.

 

The bank loans are secured by way of fixed and floating charges which covers all the property or undertaking of the company.

 

Other loans includes a loan granted to Brill Pharma S.L. Spain by a public organisation destined to finance a research project. The interest rate of this loan is subsidised and is at zero rate. The loan has a 3 years grace period before the repayment commences and will be repaid over 7 years through equal instalments commencing from 2022 to 2029. The loan outstanding at the reporting period is £139,974 (2023 - £172,365 ).

24
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
508,278
508,250
-
0
-
0
In two to five years
1,101,268
1,609,460
-
0
-
0
1,609,546
2,117,710
-
-
Less: future finance charges
(342,879)
(451,043)
-
0
-
0
1,266,667
1,666,667
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 39 -
25
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
967,195
(611,438)
24,192
Tax losses
-
-
1,117,187
1,459,788
-
967,195
505,749
1,483,980
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(516,785)
-
Charge to profit or loss
11,036
-
Asset at 31 March 2024
(505,749)
-

The deferred tax asset set out above is expected to reverse within 24 months and relates to the utilisation of accelerated capital allowances against future expected profits of the same period.

 

26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
299,001
244,574

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date the total amount payable to the pension fund amounted to £87,631 (2023 - £67,315), which is included in current liabilities under other creditors.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
100,000
100,000
100,000
100,000
BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
27
Share capital
(Continued)
- 40 -

There is single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

28
Reserves
Equity reserve

Share premium reserve - This reserve records the amount above the nominal value received for shares sold or issued , less transaction costs.

 

Profit and loss reserves

This reserve relates to the cumulative profit and loss less amounts distributed to shareholders.

29
Financial commitments, guarantees and contingent liabilities

Except for the following, the group did not have any other financial commitments, guarantees or contingent liabilities at year end other than those disclosed.

 

The component Bristol Laboratories Limited, UK has bank guarantees, bonds and indemnities of £40,000 (2023 - £40,000).

30
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
680,846
811,140
-
-
Between two and five years
1,637,793
1,926,559
-
-
In over five years
3,232,133
3,614,604
-
-
5,550,772
6,352,303
-
-

During the year the group recognised lease rentals amounting to £878,989 (2023 - £923,829) as expense.

31
Capital commitments

The group did not have any other capital commitments, guarantees or contingent liabilities at year end other than those disclosed under contingencies.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 41 -
32
Events after the reporting date

There were no events or transactions occurred after the reporting date except the below that require adjustment or disclosure in the financial statements.

 

On 10 June 2024, Bristol Laboratories Ltd partially divested its investment in Brillpharma S.L. by disposing of a 29% equity stake for £6.7m, reducing its controlling interest from 70% to 49%, which would result in a reclassification from a subsidiary to an associate.

33
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
5,943,341
4,058,296

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
7,520,547
3,859,515
Other related parties
-
73,695

 

34
Directors' transactions

Brillpharma Private Limited has paid rent of £48,405 (2023: £47,280 ) to Mr T Ramachandran a director of the company.

 

Bristol Laboratories Limited owes £5,909,148 (2023: £3,909,148) to the director Mr T Ramachandran which is repayable on demand and is non-interest bearing. This is included in other current payables.

35
Controlling party

The company is a 76% subsidiary of BRL Investments Limited a company incorporated in the British Virgin Islands. The Ultimate controlling party are the trustees of the T Ramachandran Trust.

BRISTOL LABORATORIES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 42 -
36
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
3,679,924
13,570,324
Adjustments for:
Share of results of associates and joint ventures
44,354
(30,556)
Taxation charged
1,694,980
952,320
Finance costs
1,065,021
805,222
Investment income
(147,212)
(86,326)
Amortisation and impairment of intangible assets
420,503
63,722
Depreciation and impairment of tangible fixed assets
1,472,170
1,640,565
(Gain)/loss on sale of investments
-
1
Other gains and losses
-
(4,652,874)
Movements in working capital:
Decrease/(increase) in stocks
661,757
(1,845,465)
Decrease/(increase) in debtors
795,902
(9,657,246)
Increase/(decrease) in creditors
120,993
(6,730,227)
Cash generated from/(absorbed by) operations
9,808,392
(5,970,540)
37
Analysis of changes in net debt - group
1 April 2023
Cash flows
Exchange rate movements
31 March 2024
£
£
£
£
Cash at bank and in hand
1,346,313
292,948
(254,995)
1,384,266
Bank overdrafts
(11,266,929)
3,780,171
-
(7,486,758)
(9,920,616)
4,073,119
(254,995)
(6,102,492)
Borrowings excluding overdrafts
(5,268,803)
(1,806,692)
-
(7,075,495)
Obligations under finance leases
(1,666,667)
400,000
-
(1,266,667)
(16,856,086)
2,666,427
(254,995)
(14,444,654)
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