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REGISTERED NUMBER: 04194174 (England and Wales)








Audited Financial Statements

for the Year Ended 31 August 2024

for

MILTON PHARMACEUTICAL COMPANY UK LIMITED

MILTON PHARMACEUTICAL COMPANY UK LIMITED (REGISTERED NUMBER: 04194174)






Contents of the Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MILTON PHARMACEUTICAL COMPANY UK LIMITED

Company Information
for the year ended 31 August 2024







DIRECTOR: C Laine



REGISTERED OFFICE: The Garden Suite
23 Westfield Park
Redland
Bristol
BS6 6LT



REGISTERED NUMBER: 04194174 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Freeman BA FCA FCCA



AUDITORS: Lawes & Co UK Limited
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

MILTON PHARMACEUTICAL COMPANY UK LIMITED (REGISTERED NUMBER: 04194174)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 407,581 433,672
407,581 433,672

CURRENT ASSETS
Stocks 430,962 402,193
Debtors 6 2,043,606 2,347,850
Cash at bank 924,395 20,420
3,398,963 2,770,463
CREDITORS
Amounts falling due within one year 7 1,897,248 1,658,297
NET CURRENT ASSETS 1,501,715 1,112,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,909,296

1,545,838

PROVISIONS FOR LIABILITIES 8 101,895 108,418
NET ASSETS 1,807,401 1,437,420

CAPITAL AND RESERVES
Called up share capital 9 500,000 500,000
Retained earnings 1,307,401 937,420
SHAREHOLDERS' FUNDS 1,807,401 1,437,420

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 April 2025 and were signed by:





C Laine - Director


MILTON PHARMACEUTICAL COMPANY UK LIMITED (REGISTERED NUMBER: 04194174)

Notes to the Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Milton Pharmaceutical Company UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 5% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

MILTON PHARMACEUTICAL COMPANY UK LIMITED (REGISTERED NUMBER: 04194174)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 869,012 201,361 1,070,373
AMORTISATION
At 1 September 2023
and 31 August 2024 869,012 201,361 1,070,373
NET BOOK VALUE
At 31 August 2024 - - -
At 31 August 2023 - - -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 September 2023
and 31 August 2024 521,814
DEPRECIATION
At 1 September 2023 88,142
Charge for year 26,091
At 31 August 2024 114,233
NET BOOK VALUE
At 31 August 2024 407,581
At 31 August 2023 433,672

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,297,562 1,599,700
Prepayments 746,044 748,150
2,043,606 2,347,850

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 717,951 595,415
Amounts owed to group undertakings 519,340 638,200
Corporation tax payable 223,236 149,039
VAT 282,578 185,409
Accrued expenses 154,143 90,234
1,897,248 1,658,297

MILTON PHARMACEUTICAL COMPANY UK LIMITED (REGISTERED NUMBER: 04194174)

Notes to the Financial Statements - continued
for the year ended 31 August 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 101,895 108,418

Deferred
tax
£   
Balance at 1 September 2023 108,418
Credit to Income Statement during year (6,523 )
Balance at 31 August 2024 101,895

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,000 Ordinary £1 500,000 500,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We would draw specific attention to the post balance sheet event referred to in note 13, and the impact this will have on the ongoing trade of the Company.

Paul Freeman BA FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lawes & Co UK Limited

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption conferred by s33.1A of Financial Reporting Standard 102 from the requirements to make disclosures concerning transactions entered into with related parties.

12. POST BALANCE SHEET EVENTS

The French tax authorities initiated an investigation into the worldwide activities of the Group, and determined that the activities of the UK Company were effectively managed and controlled from France, and therefore liable to French corporation tax. As a result, the Group will be restructured moving forward, and the Company will no longer trade in its existing form - albeit the Company will still exist to hold various licenses.

As an outcome of the French audit and the resultant liability to corporate tax in France, the company is currently investigating the possibility of reclaiming the corporation tax also paid in the UK on the same profits which, if successful, would lead to a corporation tax refund receivable by the UK company.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Rosae SAS.

The ultimate controlling party is Christian Laine.

Consolidated financial statements are drawn up by Rosae SAS, of 9 rue Marcel, Sembat, Immeuble le Saint Louis 4410,0, Nantes, France.