Company registration number 07513682 (England and Wales)
GLUCO RX LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
GLUCO RX LIMITED
COMPANY INFORMATION
Directors
N Nathwani
P Khiroya
P Nathwani
V Khiroya
Company number
07513682
Registered office
1C Henley Business Park
Pirbright Road
Guildford
Surrey
GU3 2DX
Auditor
Cheesmans
4 Aztec Row
Berners Road
London
N1 0PW
GLUCO RX LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 39
GLUCO RX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the Business

The group is a leading UK healthcare company specialising in Medical Devices and pharmaceuticals. Committed to launching innovative technologies, the group aims to support the NHS by providing cost-effective solutions that enhance patient care. The group has established itself as a key player in the market, offering quality products that align with the NHS's goals of reducing healthcare costs while maintaining high standards of patient care.

In the financial year under review, the group focused on expanding its portfolio of diabetes, other therapeutic conditions, pharmaceutical products and services. By leveraging its synergy with NHS practices, the company aims to reinvest savings into improving local healthcare delivery. The group has continued to expand its reach, engaging with more Clinical Commissioning Groups (CCGs) to promote its offerings.

The group continues to achieve stable financial performance, supported by strong relationships with key NHS partners. The group remains committed to cost management and maintaining its market position.

The group also includes a subsidiary operating several pharmacies, contributing approximately £4 million to the group's turnover. These pharmacy operations not only diversify the group's revenue streams but also strengthen its presence in the broader healthcare market. The subsidiary plays a strategic role in expanding the group's reach to patients, providing complementary products and services that support the group's overall vision.

Description of Principal Risks and Uncertainties

Operating in a highly competitive healthcare market, the group faces several risks and uncertainties that could impact its operations and market position. These include:

The group actively monitors these risks and develops strategies to mitigate their impact. For example, expanding its product range and exploring international markets to diversify revenue streams.

Analysis based on Key Performance Indicators

Key Performance Indicators (KPIs) used to monitor and measure performance include:

GLUCO RX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Additional Information and Explanations

The group’s vision is to become the leading provider of diabetic products and services to both patients and the NHS in the UK, with an ambition to expand its offerings globally. Strategic objectives include:

To secure its position in the diabetes management sector, the group plans to further develop its pipeline of products. Collaborations with fellow group undertakings aim to strengthen the portfolio and maintain competitiveness. The group is also assessing opportunities to expand into international markets to reduce dependency on the UK market.

Section 172 statement

The directors of the group are committed to their duty under Section 172 of the Companies Act 2006 to act in a way that they consider, in good faith, would most likely promote the success of the group for the benefit of its members as a whole. In performing this duty, the directors have had regard to the likely long-term consequences of their decisions, the interests of employees, the need to foster business relationships with customers, suppliers, and other stakeholders, the impact of the group's operations on the community and environment, the desire to maintain a reputation for high standards of business conduct, and the need to act fairly between members of the group.

Stakeholder Engagement

 

Employees: The group values its employees as crucial to its success and growth. Regular training and development initiatives are undertaken to enhance the skills and knowledge of the workforce. Employee feedback mechanisms are in place, ensuring that views are heard and considered in decision-making.

 

Customers and NHS Partners: As a key partner to the NHS, the group actively collaborates to provide cost-effective solutions that enhance patient care. Regular engagement with Clinical Commissioning Groups (CCGs) helps tailor offerings to meet the specific needs of healthcare providers and patients.

 

Suppliers: The group maintains strong relationships with suppliers to ensure the delivery of quality products. Collaborative partnerships are prioritised, with the aim of achieving mutual growth and maintaining the highest standards.

 

Community and Environment: The group's pharmacy operations play a role in supporting the health and well-being of local communities. The group is committed to exploring sustainable practices and minimising its environmental impact, aligning with broader healthcare and societal goals.

 

Decision-Making and Long-Term Impact

 

During the financial year, the group made significant efforts to expand its product portfolio and strengthen its partnership with the NHS. These decisions aim to secure the group's long-term position in the market while supporting the NHS's goal of cost efficiency. Expanding the subsidiary's pharmacy operations also enhances the group's ability to reach patients and provide comprehensive support.

 

Managing Risks

 

The directors are mindful of the risks associated with reliance on NHS purchasing strategies, market concentration, and competitive pricing pressures. Efforts to diversify revenue streams through international expansion and product innovation reflect the group's proactive approach to mitigating these risks.

GLUCO RX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Conclusion

 

The directors believe that by considering the needs and expectations of all stakeholders, the group can continue to develop its reputation, strengthen its market position, and achieve long-term success. The board remains committed to acting responsibly and promoting the group's values while ensuring sustainable growth.

On behalf of the Board

N Nathwani
Director
21 March 2025
GLUCO RX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of the sale and development of medical devices and the sale of pharmaceuticals.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

N Nathwani
P Khiroya
P Nathwani
V Khiroya
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
473,050
-
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3.92
-
- Fuel consumed for owned transport
72.40
-
76.32
-
Scope 2 - indirect emissions
- Electricity purchased
29.21
-
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
105.53
-
Intensity ratio
Tonnes CO2e per full-time employee
1.99
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

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

GLUCO RX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Measures taken to improve energy efficiency

This is the first year for SECR disclosure for the company and therefore 2023/24 will form the tCO2e baseline for the organisation.

 

The group and company is committed to achieving Net Zero emissions by 2050 and have engaged a professional carbon accounting and decarbonisation specialist, Auditel, to help accurately report emission, based on activity data and achieve verification standard reporting and begin active reduction planning.

 

The following introductions were made to the business prior to baselining activities but demonstrate the company's commitment to achieving net zero:

 

 

The company is working towards implementing additional measures, such as:

 

Statement of directors' responsibilities

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

 

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

 

 

The directors are 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. They are 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.

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.

GLUCO RX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
On behalf of the Board
N Nathwani
Director
21 March 2025
GLUCO RX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLUCO RX LIMITED
- 7 -

Qualified opinion on the financial statements

We have audited the financial statements of Gluco RX 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 balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified 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.

 

We were not engaged as auditors of the Group for the year ended 31 March 2023. Accordingly, we were unable to obtain sufficient appropriate audit evidence about the opening balances as at 31 March 2023. Since opening balances affect the determination of financial performance and cash flows, we were unable to determine whether any adjustments might have been necessary in respect of the income and expenses reported in the statement of income, the net cash flows reported in the statement of cash flows, and the related elements making up the statement of changes in equity.

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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

GLUCO RX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLUCO RX LIMITED
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Employment Law, Health & Safety Law and UK tax legislation, 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. 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 journals to increase revenue or reduce expenditure and management bias.

Discussions with management in respect of known or suspected instances of non-compliance with laws and regulation and fraud, and review of board minutes and internal reports;

GLUCO RX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLUCO RX LIMITED
- 9 -

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also the risk of not detecting misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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.

Carol Cheesman (Senior Statutory Auditor)
For and on behalf of Cheesmans
21 March 2025
Chartered Accountants
Statutory Auditor
4 Aztec Row
Berners Road
London
N1 0PW
GLUCO RX LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
as restated
Notes
£
£
Turnover
39,934,095
37,437,636
Cost of sales
(16,929,001)
(14,825,153)
Gross profit
23,005,094
22,612,483
Administrative expenses
(9,216,553)
(8,732,607)
Other operating income
46,901
1,209,923
Operating profit
4
13,835,442
15,089,799
Interest receivable and similar income
8
1,697,701
260,002
Amounts written off investments
9
892,178
(287,991)
Profit before taxation
16,425,321
15,061,810
Tax on profit
10
(2,287,689)
(1,165,853)
Profit for the financial year
14,137,632
13,895,957
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GLUCO RX LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,919,395
1,455,923
Other intangible assets
12
1
-
0
Total intangible assets
2,919,396
1,455,923
Tangible assets
13
4,062,769
3,152,349
Investments
14
1,552,425
2,253,324
8,534,590
6,861,596
Current assets
Stocks
17
3,450,141
5,278,689
Debtors
18
7,544,428
7,003,679
Investments
19
72,166,101
32,488,453
Cash at bank and in hand
4,098,537
26,350,120
87,259,207
71,120,941
Creditors: amounts falling due within one year
20
(5,233,933)
(2,524,810)
Net current assets
82,025,274
68,596,131
Total assets less current liabilities
90,559,864
75,457,727
Provisions for liabilities
Deferred tax liability
22
51,274
684
(51,274)
(684)
Net assets
90,508,590
75,457,043
Capital and reserves
Called up share capital
24
41,400
20,700
Share premium account
9,300
9,300
Profit and loss reserves
90,457,890
75,427,043
Total equity
90,508,590
75,457,043
The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
P Khiroya
Director
Company registration number 07513682 (England and Wales)
GLUCO RX LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,040,652
3,126,574
Investments
14
2,388,413
4,117,325
6,429,065
7,243,899
Current assets
Stocks
17
3,240,316
5,046,191
Debtors
18
7,075,475
6,449,880
Investments
19
72,166,101
32,488,453
Cash at bank and in hand
3,829,817
25,713,591
86,311,709
69,698,115
Creditors: amounts falling due within one year
20
(5,189,109)
(1,858,620)
Net current assets
81,122,600
67,839,495
Total assets less current liabilities
87,551,665
75,083,394
Provisions for liabilities
Deferred tax liability
22
50,670
-
0
(50,670)
-
Net assets
87,500,995
75,083,394
Capital and reserves
Called up share capital
24
41,400
20,700
Share premium account
9,300
9,300
Profit and loss reserves
87,450,295
75,053,394
Total equity
87,500,995
75,083,394

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 £12,396,901 (2023 - £12,613,732 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
P Khiroya
Director
Company registration number 07513682 (England and Wales)
GLUCO RX LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
20,700
9,300
61,531,086
61,561,086
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
13,895,957
13,895,957
Balance at 31 March 2023
20,700
9,300
75,427,043
75,457,043
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
14,137,632
14,137,632
Issue of share capital
24
20,700
-
0
-
20,700
Transfers
-
-
893,215
893,215
Balance at 31 March 2024
41,400
9,300
90,457,890
90,508,590
GLUCO RX LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
20,700
9,300
62,439,662
62,469,662
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
12,613,732
12,613,732
Balance at 31 March 2023
20,700
9,300
75,053,394
75,083,394
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
12,396,901
12,396,901
Issue of share capital
24
20,700
-
0
-
20,700
Balance at 31 March 2024
41,400
9,300
87,450,295
87,500,995
GLUCO RX LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
16,067,036
13,524,478
Income taxes paid
(56,528)
(2,216,040)
Net cash inflow from operating activities
16,010,508
11,308,438
Investing activities
Purchase of tangible fixed assets
(1,043,113)
(3,089,515)
Purchase of subsidiaries, net of cash acquired
(422,890)
215,804
Purchase of investments
(38,487,296)
(20,941,348)
Interest received
1,697,701
260,002
Net cash used in investing activities
(38,255,598)
(23,555,057)
Net decrease in cash and cash equivalents
(22,245,090)
(12,246,619)
Cash and cash equivalents at beginning of year
26,342,933
38,589,552
Cash and cash equivalents at end of year
4,097,843
26,342,933
Relating to:
Cash at bank and in hand
4,098,537
26,350,120
Bank overdrafts included in creditors payable within one year
(694)
(7,187)
GLUCO RX LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
17,127,116
14,928,478
Income taxes paid
(947,879)
(2,250,000)
Net cash inflow from operating activities
16,179,237
12,678,478
Investing activities
Purchase of tangible fixed assets
(1,035,069)
(3,061,763)
Purchase of subsidiaries
(352,424)
(1,744,001)
Proceeds from disposal of associates
120,600
-
Purchase of investments
(38,487,296)
(20,941,348)
Interest received
1,697,671
260,002
Net cash used in investing activities
(38,056,518)
(25,487,110)
Net decrease in cash and cash equivalents
(21,877,281)
(12,808,632)
Cash and cash equivalents at beginning of year
25,706,404
38,515,036
Cash and cash equivalents at end of year
3,829,123
25,706,404
Relating to:
Cash at bank and in hand
3,829,817
25,713,591
Bank overdrafts included in creditors payable within one year
(694)
(7,187)
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
1
Accounting policies
Company information

Gluco RX Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Gluco RX 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. The principal accounting policies adopted are set out below.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gluco RX 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

Investments in joint ventures and associates are carried in the group balance sheet 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.8
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.

1.9
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.

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 land and buildings
No depreciation
Leasehold land and buildings
Over the length of the lease
Plant and equipment
20%/50% straight line
Fixtures and fittings
50% straight line
Computers
33%/50% straight line
Motor vehicles
33% reducing balance

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 profit and loss account.

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.

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

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.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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

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 balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
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.

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 profit and loss account 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.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
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.

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

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
1,697,701
260,002
Grants received
-
1,204,126
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
311,560
220,561
Research and development costs
231,239
112,842
Government grants
-
(1,204,126)
Depreciation of owned tangible fixed assets
132,693
75,619
Amortisation of intangible assets
276,057
-
Operating lease charges
354,315
216,120
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
17,500
8,800
Audit of the financial statements of the company's subsidiaries
17,500
1,361
35,000
10,161
For other services
Taxation compliance services
5,000
-
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
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
Directors
2
2
2
2
Sales
25
27
25
27
Administration
21
17
21
17
Healthcare
1
2
1
2
Research and development
27
21
-
-
Pharmacy services
23
21
-
-
Total
99
90
49
48

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,692,439
2,802,073
2,023,553
1,883,626
Social security costs
393,310
271,738
224,646
180,305
Pension costs
245,671
110,562
199,039
78,994
4,331,420
3,184,373
2,447,238
2,142,925
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
21,000
19,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,693,015
260,002
Other interest income
4,686
-
Total income
1,697,701
260,002
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Interest receivable and similar income
(Continued)
- 26 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,693,015
260,002
9
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
1,190,352
(1,839,718)
Other gains/(losses)
Amounts written back to current loans
634,549
-
Other gains and losses
(932,723)
1,551,727
892,178
(287,991)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,237,100
1,165,853
Deferred tax
Origination and reversal of timing differences
50,589
-
0
Total tax charge
2,287,689
1,165,853
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 27 -

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
16,425,321
15,061,810
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
4,106,330
2,861,744
Tax effect of expenses that are not deductible in determining taxable profit
411,644
170,418
Permanent capital allowances in excess of depreciation
(37,222)
4,596
Research and development tax credit
(533,872)
(551,001)
Patent box relief
(1,745,513)
(1,271,045)
Rounding
35,732
-
0
Deferred Tax
50,590
-
0
Transition adjustments
-
(48,859)
Taxation charge
2,287,689
1,165,853
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Investments in subsidiaries
14
-
(1,551,727)
Investments in associates
14
932,723
-
Recognised in:
Amounts written off investments
932,723
(1,551,727)

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
12
Intangible fixed assets
Group
Goodwill
Other Intangibles
Total
£
£
£
Cost
At 1 April 2023
1,455,923
-
0
1,455,923
Additions - internally developed
-
0
1
1
Additions - separately acquired
1,739,529
-
0
1,739,529
At 31 March 2024
3,195,452
1
3,195,453
Amortisation and impairment
At 1 April 2023
-
0
-
0
-
0
Amortisation charged for the year
276,057
-
0
276,057
At 31 March 2024
276,057
-
0
276,057
Carrying amount
At 31 March 2024
2,919,395
1
2,919,396
At 31 March 2023
1,455,923
-
0
1,455,923
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
3,051,124
-
0
336,563
297,238
13,302
4,999
3,703,226
Additions
339,900
425,044
8,044
242,918
2,112
25,095
1,043,113
Disposals
-
0
-
0
(35,163)
-
0
-
0
-
0
(35,163)
At 31 March 2024
3,391,024
425,044
309,444
540,156
15,414
30,094
4,711,176
Depreciation and impairment
At 1 April 2023
-
0
-
0
304,188
236,167
9,523
999
550,877
Depreciation charged in the year
-
0
-
0
18,302
107,766
1,861
4,764
132,693
Eliminated in respect of disposals
-
0
-
0
(35,163)
-
0
-
0
-
0
(35,163)
At 31 March 2024
-
0
-
0
287,327
343,933
11,384
5,763
648,407
Carrying amount
At 31 March 2024
3,391,024
425,044
22,117
196,223
4,030
24,331
4,062,769
At 31 March 2023
3,051,124
-
0
32,375
61,071
3,779
4,000
3,152,349
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
3,051,124
-
0
33,000
297,238
13,302
5,000
3,399,664
Additions
339,900
425,044
-
0
242,918
2,112
25,095
1,035,069
Disposals
-
0
-
0
(33,000)
-
0
-
0
-
0
(33,000)
At 31 March 2024
3,391,024
425,044
-
0
540,156
15,414
30,095
4,401,733
Depreciation and impairment
At 1 April 2023
-
0
-
0
26,400
236,167
9,523
1,000
273,090
Depreciation charged in the year
-
0
-
0
6,600
107,766
1,861
4,764
120,991
Eliminated in respect of disposals
-
0
-
0
(33,000)
-
0
-
0
-
0
(33,000)
At 31 March 2024
-
0
-
0
-
0
343,933
11,384
5,764
361,081
Carrying amount
At 31 March 2024
3,391,024
425,044
-
0
196,223
4,030
24,331
4,040,652
At 31 March 2023
3,051,124
-
0
6,600
61,071
3,779
4,000
3,126,574
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
352,424
-
0
1,188,412
1,864,001
Investments in associates
16
1
932,724
1
932,724
Loans to associates
16
1,200,000
1,320,600
1,200,000
1,320,600
1,552,425
2,253,324
2,388,413
4,117,325
Movements in fixed asset investments
Group
Shares in subsidiaries and associates
Loans to associates
Total
£
£
£
Cost or valuation
At 1 April 2023
932,724
1,320,600
2,253,324
Additions
352,123
-
352,123
-
812,123
812,123
At 31 March 2024
1,284,847
2,132,723
3,417,570
Impairment
At 1 April 2023
-
-
-
Impairment losses
932,422
932,723
1,865,145
At 31 March 2024
932,422
932,723
1,865,145
Carrying amount
At 31 March 2024
352,425
1,200,000
1,552,425
At 31 March 2023
932,724
1,320,600
2,253,324
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Loans to associates
Total
£
£
£
Cost or valuation
At 1 April 2023
2,796,725
1,320,600
4,117,325
Additions
252,523
-
252,523
(812,123)
812,123
-
At 31 March 2024
2,237,125
2,132,723
4,369,848
Impairment
At 1 April 2023
-
-
-
Impairment losses
1,048,712
932,723
1,981,435
At 31 March 2024
1,048,712
932,723
1,981,435
Carrying amount
At 31 March 2024
1,188,413
1,200,000
2,388,413
At 31 March 2023
2,796,725
1,320,600
4,117,325
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
GlucoRX Technologies Limited
Dingwall Business Centre, Dingwall, Scotland, IV15 9QF
Ordinary
100.00
-
Borg Pharma Limited
1C Henley Business Park, Pirbright Road, Guildford, Surrey, GU3 2DX
Ordinary
100.00
-
Pharmacy Link Limited
1C Henley Business Park, Pirbright Road, Guildford, Surrey, GU3 2DX
Ordinary
-
100.00
Microvisk Technologies Limited
1C Henley Business Park, Pirbright Road, Guildford, Surrey, GU3 2DX
Ordinary
100.00
-
Microvisk Limited
1C Henley Business Park, Pirbright Road, Guildford, Surrey, GU3 2DX
Ordinary
-
100.00
Microvisk Technologies International Limited
1C Henley Business Park, Pirbright Road, Guildford, Surrey, GU3 2DX
Ordinary
-
100.00
Conker PJ Limited
1C Henley Business Park, Pirbright Road, Guildford, Surrey, GU3 2DX
Ordinary
65.00
-
Gluco RX Healthcare Private Limited
2 B 4 Ramjharukha Chs Ltd S V Road Andheri West, Andheri Railway Station, Mumbai, Mumbai, Maharash
Ordinary
100.00
-
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
16
Associates

Details of associates at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Evolve Smart Care Ltd
Norfolk Clinical Park , Buxton Road, Buxton, Norwich, Norfolk, NR10 5RH
Ordinary
50
Cambridge Smartwear Limited
Cambridge Innovation Centre Unit 320, Cambridge Science Park, Milton Road, Cambridge, CB4 0
Ordinary
50
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,450,141
5,278,689
3,240,316
5,046,191
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,874,982
6,596,710
6,709,707
6,298,839
Corporation tax recoverable
139
-
0
-
0
-
0
Other debtors
541,817
359,391
305,998
139,762
Prepayments and accrued income
127,490
47,578
59,770
11,279
7,544,428
7,003,679
7,075,475
6,449,880
19
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed investments
72,166,101
32,488,453
72,166,101
32,488,453
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
694
7,187
694
7,187
Trade creditors
1,299,971
1,023,167
804,023
528,146
Amounts owed to group undertakings
-
0
-
0
574,319
-
0
Corporation tax payable
2,362,794
182,084
2,325,694
125,694
Other taxation and social security
939,215
1,094,033
890,382
1,043,264
Other creditors
283,202
25,801
276,668
17,255
Accruals and deferred income
348,057
192,538
317,329
137,074
5,233,933
2,524,810
5,189,109
1,858,620
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
694
7,187
694
7,187
Payable within one year
694
7,187
694
7,187
22
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
51,274
684
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
50,670
-
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Deferred taxation
(Continued)
- 35 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
684
-
Charge to profit or loss
50,590
50,670
Liability at 31 March 2024
51,274
50,670
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
245,671
110,562

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
2,070,000
2,070,000
20,700
20,700
A Ordinary shares of 1p each
2,070,000
-
20,700
-
4,140,000
2,070,000
41,400
20,700

On 7 July 2023 the company acquired the entire share capital of Microvisk Technologies limited by way of a share for share transfer. The shareholders of Microvisk Technologies Limited exchanged their shares for 2,070,000 A Ordinary shares of £0.01 each in the company.

GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
25
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
294,901
113,065
229,768
37,265
Between two and five years
148,012
536,123
75,979
419,957
In over five years
10,000
17,500
-
-
452,913
666,688
305,747
457,222
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
10,226
2,125
785,106
487,421
Company
Other related parties
-
-
784,261
487,421

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
558,088
145,311
Company
Other related parties
557,916
145,246
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
26
Related party transactions
(Continued)
- 37 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2024
2024
2023
Balance
Provision
Net
Balance
£
£
£
£
Group
Other related parties
503,351
500,000
3,351
500,979
Company
Other related parties
503,308
500,000
3,308
500,752
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
14,137,632
13,895,957
Adjustments for:
Taxation charged
2,287,689
1,165,853
Investment income
(1,697,701)
(260,002)
Amortisation and impairment of intangible assets
276,057
-
Depreciation and impairment of tangible fixed assets
132,693
75,619
Other gains and losses
(892,178)
287,991
Movements in working capital:
Decrease/(increase) in stocks
1,828,548
(1,463,325)
(Increase)/decrease in debtors
(540,610)
32,968
Increase/(decrease) in creditors
534,906
(210,583)
Cash generated from operations
16,067,036
13,524,478
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
28
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
12,396,901
12,613,732
Adjustments for:
Taxation charged
3,198,549
1,142,739
Investment income
(1,697,671)
(260,002)
Depreciation and impairment of tangible fixed assets
120,991
68,332
Other gains and losses
791,084
1,839,718
Movements in working capital:
Decrease/(increase) in stocks
1,805,875
(1,258,757)
(Increase)/decrease in debtors
(625,595)
524,245
Increase in creditors
1,136,982
258,471
Cash generated from operations
17,127,116
14,928,478
29
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
26,350,120
(22,251,583)
4,098,537
Bank overdrafts
(7,187)
6,493
(694)
26,342,933
(22,245,090)
4,097,843
30
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
25,713,591
(21,883,774)
3,829,817
Bank overdrafts
(7,187)
6,493
(694)
25,706,404
(21,877,281)
3,829,123
GLUCO RX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 39 -
31
Prior period adjustment
Reconciliation of changes in equity - group
1 April
31 March
2022
2023
Notes
£
£
Adjustments to prior year
Consolidated goodwill
1
-
257,152
Equity as previously reported
61,561,086
75,199,891
Equity as adjusted
61,561,086
75,457,043
Analysis of the effect upon equity
Profit and loss reserves
-
257,152
Reconciliation of changes in profit for the previous financial period
2023
Notes
£
Adjustments to prior year
Consolidated goodwill
1
257,152
Profit as previously reported
13,638,805
Profit as adjusted
13,895,957
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
12,613,732
Profit as adjusted
12,613,732
Notes to reconciliation
Consolidated goodwill

The prior year adjustment represents the correction of the pre acquisition income and expenditure of a subsidiary company acquired in the prior year. Whilst the company was acquired part way through the year, the full year of trading results were consolidated into the financial statements resulting in an incorrect goodwill arising on the business combination. This adjustment corrects the position.

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