REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 August 2024 |
for |
MILTON PHARMACEUTICAL COMPANY UK LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
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 |
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 |
AMORTISATION |
At 1 September 2023 |
and 31 August 2024 |
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 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
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 |
Amounts owed to group undertakings |
Corporation tax payable |
VAT | 282,578 | 185,409 |
Accrued expenses |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 31 August 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |
for and on behalf of |
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 |
Consolidated financial statements are drawn up by Rosae SAS, of 9 rue Marcel, Sembat, Immeuble le Saint Louis 4410,0, Nantes, France. |