Company registration number 01489084 (England and Wales)
NORDIC PHARMA LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NORDIC PHARMA LIMITED
COMPANY INFORMATION
Directors
C Phelps
G Clark
A Lofgren
Secretary
B Stephens
Company number
01489084
Registered office
Building 1410 Arlington Business Park
Reading
RG7 4SA
Theale
Auditor
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
NORDIC PHARMA LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
NORDIC PHARMA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The principal activity of the group continued to be that of the supply of pharmaceutical products and medical devices. The results for the year and the financial position at the year end were considered satisfactory by the directors.
Financial review
The group’s primary financial and non-financial key performance indicators are as follows:
2024 2023 Movements
Turnover 19,624,379 17,712,186 10.8%
Operating profit 1,704,810 242,772 602.2%
Profit after tax 7,733,464 49,306 15584.6%
Net assets 13,513,723 5,779,992 133.8%
The increase in turnover is due to growth in established brands, and returning to supplying the market after a period of being out of stock in 2023.
The increase in profit after tax is primarily due to the sale of Transdermal Limited outside of the Nordic Pharma UK Group. This has also driven the increase in net asset position.
Principal risks and uncertainties
Product liability risk
Product liability risk is the risk that an entity sells dangerous or defective products. The group minimises product liability risk through its Good Distribution Practice policies.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group minimises liquidity risk by managing cash generation through its operations and focussing on credit control.
Employees
Our employees play a key role in the achievement of our future business plans. We continue to monitor engagement and invest in growth and development opportunities.
Environment and sustainability
The Group is committed to achieving net zero emissions. During the year a carbon reduction plan was prepared. This can be found on our website: https://www.nordicpharma.co.uk/.
C Phelps
Director
17 April 2025
NORDIC PHARMA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of the sale and distribution of pharmaceutical products and medical devices.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Phelps
G Clark
A Lofgren
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
NORDIC PHARMA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
C Phelps
Director
17 April 2025
NORDIC PHARMA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORDIC PHARMA LIMITED
- 4 -
Opinion
We have audited the financial statements of Nordic Pharma Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, 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 the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NORDIC PHARMA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORDIC PHARMA LIMITED
- 5 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, and considered the risk of acts by the Group which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, FRS 102, and compliance with regulations on the holding and transportation of stock.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material 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, misrepresentation or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the Group financial statements. Our tests included, but were not limited to: the regulations of the Medicines & Healthcare products Regulatory Agency (MHRA). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, and enquiries with management.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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.
NORDIC PHARMA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORDIC PHARMA LIMITED
- 6 -
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.
Andrew Beet (Senior Statutory Auditor)
For and on behalf of Kirk Rice LLP
17 April 2025
Statutory Auditor
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
NORDIC PHARMA LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
19,624,379
17,712,186
Cost of sales
(10,922,077)
(9,969,982)
Gross profit
8,702,302
7,742,204
Distribution costs
(195,412)
(292,712)
Administrative expenses
(6,802,080)
(9,243,241)
Other operating income
-
2,036,521
Operating profit
4
1,704,810
242,772
Interest receivable and similar income
7
171,646
45,422
Interest payable and similar expenses
8
(63,512)
(200,488)
Gain/(loss) on investments
9
4,597,157
(46,060)
Profit before taxation
6,410,101
41,646
Tax on profit
10
1,323,363
7,660
Profit for the financial year
7,733,464
49,306
Profit for the financial year is all attributable to the owners of the parent company.
NORDIC PHARMA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
7,733,464
49,306
Other comprehensive income
Currency translation loss taken to retained earnings
(734)
(5,295)
Total comprehensive income for the year
7,732,730
44,011
Total comprehensive income for the year is all attributable to the owners of the parent company.
NORDIC PHARMA LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
381,083
Other intangible assets
12
1,774,246
2,281,172
Total intangible assets
1,774,246
2,662,255
Current assets
Stocks
16
4,799,260
3,843,871
Debtors
17
6,056,462
5,644,605
Cash at bank and in hand
5,170,553
1,444,787
16,026,275
10,933,263
Creditors: amounts falling due within one year
18
(2,977,830)
(6,408,751)
Net current assets
13,048,445
4,524,512
Total assets less current liabilities
14,822,691
7,186,767
Creditors: amounts falling due after more than one year
19
(1,095,968)
(1,270,507)
Provisions for liabilities
Provisions
213,000
136,268
(213,000)
(136,268)
Net assets
13,513,723
5,779,992
Capital and reserves
Called up share capital
22
200,000
200,000
Other reserves
2,603,290
1,925,258
Profit and loss reserves
10,710,433
3,654,734
Total equity
13,513,723
5,779,992
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
17 April 2025
C Phelps
Director
Company registration number 01489084 (England and Wales)
NORDIC PHARMA LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
1,774,246
Investments
13
1,947,249
3,721,495
Current assets
Stocks
16
3,035,143
2,103,290
Debtors
17
2,747,109
2,509,169
Cash at bank and in hand
4,843,858
142
10,626,110
4,612,601
Creditors: amounts falling due within one year
18
(11,025,924)
(4,444,326)
Net current (liabilities)/assets
(399,814)
168,275
Total assets less current liabilities
3,321,681
168,275
Creditors: amounts falling due after more than one year
19
(1,095,968)
-
Provisions for liabilities
Provisions
136,268
-
(136,268)
Net assets
2,225,713
32,007
Capital and reserves
Called up share capital
22
200,000
200,000
Other reserves
2,603,290
Profit and loss reserves
(577,577)
(167,993)
Total equity
2,225,713
32,007
As permitted by s408 Companies Act 2006, the truecompany has not presented its own profit and loss account and related notes. The company’s loss for the year was £409,583 (2023 - £305,138 loss).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NORDIC PHARMA LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
17 April 2025
C Phelps
Director
Company registration number 01489084 (England and Wales)
NORDIC PHARMA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
200,000
1,925,258
3,610,723
5,735,981
Year ended 31 December 2023:
Profit for the year
-
-
49,306
49,306
Other comprehensive income:
Currency translation differences
-
-
(5,295)
(5,295)
Total comprehensive income
-
-
44,011
44,011
Balance at 31 December 2023
200,000
1,925,258
3,654,734
5,779,992
Year ended 31 December 2024:
Profit for the year
-
-
7,733,464
7,733,464
Other comprehensive income:
Currency translation differences
-
-
(734)
(734)
Total comprehensive income
-
-
7,732,730
7,732,730
Distributions
-
-
(2,602,290)
(2,602,290)
Capitalisation in the year
-
2,603,290
-
2,603,290
Other movements
-
(1,925,258)
1,925,258
-
Balance at 31 December 2024
200,000
2,603,290
10,710,433
13,513,723
NORDIC PHARMA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
200,000
-
137,145
337,145
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(305,138)
(305,138)
Balance at 31 December 2023
200,000
-
(167,993)
32,007
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(409,584)
(409,584)
Capitalisation in the year
-
2,603,290
-
2,603,290
Balance at 31 December 2024
200,000
2,603,290
(577,577)
2,225,713
NORDIC PHARMA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(877,785)
(1,042,076)
Interest paid
(84,272)
(246,548)
Income taxes refunded
2,413
Net cash outflow from operating activities
(962,057)
(1,286,211)
Investing activities
Purchase of intangible assets
-
(97,909)
Proceeds from disposal of investments
5,783,376
-
Interest received
171,646
45,422
Net cash generated from/(used in) investing activities
5,955,022
(52,487)
Net increase/(decrease) in cash and cash equivalents
4,992,965
(1,338,698)
Cash and cash equivalents at beginning of year
178,322
1,522,315
Effect of foreign exchange rates
(734)
(5,295)
Cash and cash equivalents at end of year
5,170,553
178,322
Relating to:
Cash at bank and in hand
5,170,553
1,444,787
Bank overdrafts included in creditors payable within one year
(1,266,465)
NORDIC PHARMA LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
6,013,607
(160,911)
Interest paid
(40,020)
(60,392)
Net cash inflow/(outflow) from operating activities
5,973,587
(221,303)
Investing activities
Interest received
136,594
Net cash generated from/(used in) investing activities
136,594
-
Net increase/(decrease) in cash and cash equivalents
6,110,181
(221,303)
Cash and cash equivalents at beginning of year
(1,266,323)
(1,045,020)
Cash and cash equivalents at end of year
4,843,858
(1,266,323)
Relating to:
Cash at bank and in hand
4,843,858
142
Bank overdrafts included in creditors payable within one year
(1,266,465)
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Nordic Pharma Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Building 1410 Arlington Business Park, Reading, RG7 4SA, Theale.
The group consists of Nordic Pharma 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 Nordic Pharma 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 December 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.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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 truegroup 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.
Turnover represents royalties and consideration received or receivable for other literary services provided in the normal course of business, and is recognised in line with the performance of these services.
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 on consolidation 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.
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.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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:
Product licence
4 years straight line
1.9
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.
1.10
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.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.12
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.
1.13
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
Basic financial assets
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
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 assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
1.14
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.
1.15
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.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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 profit and loss account, 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.
1.16
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
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.
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.
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.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
19,037,717
17,244,324
Royalty income
586,662
467,862
19,624,379
17,712,186
2024
2023
£
£
Turnover analysed by geographical market
UK & Ireland
17,761,023
15,196,071
Europe
1,409,245
1,879,112
Rest of the World
454,111
637,003
19,624,379
17,712,186
2024
2023
£
£
Other revenue
Interest income
171,646
45,422
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
44,527
96,645
Research and development costs
813,390
759,258
Fees payable to the group's auditor for the audit of the group's financial statements
12,750
12,300
Amortisation of intangible assets
506,926
682,899
Impairment of intangible assets
166,745
Operating lease charges
173,658
166,699
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
5
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
Commercial
13
14
13
14
Finance
2
2
2
2
Functional Management
4
4
4
4
Medical
1
1
1
1
Other Support Functions
3
3
3
3
Quality and Regulatory
3
3
3
3
Supply
2
2
2
2
Total
28
29
28
29
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,920,293
2,269,006
1,920,293
2,285,064
Social security costs
242,732
225,427
242,732
225,427
Pension costs
271,507
273,506
271,507
273,506
2,434,532
2,767,939
2,434,532
2,783,997
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
604,468
690,120
Company pension contributions to defined contribution schemes
60,695
58,000
665,163
748,120
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
343,665
424,970
Company pension contributions to defined contribution schemes
39,375
37,500
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
171,646
45,422
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
171,646
45,422
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,181
60,392
Interest payable to group undertakings
91,860
23,181
152,252
Other finance costs:
Finance costs for financial instruments measured at fair value through profit or loss
40,331
48,236
Total finance costs
63,512
200,488
9
Gain/(loss) on investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Amounts written off fair value through profit or loss
(20,760)
(46,060)
Other gains
Gain on disposal of fixed asset investments
4,617,917
-
4,597,157
(46,060)
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
21,115
5,914
Deferred tax
Origination and reversal of timing differences
(1,344,478)
(13,574)
Total tax credit
(1,323,363)
(7,660)
The actual credit 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
6,410,101
41,646
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
1,602,525
9,787
Tax effect of expenses that are not deductible in determining taxable profit
34,586
45,885
Tax effect of income not taxable in determining taxable profit
(1,155,109)
Tax effect of utilisation of tax losses not previously recognised
(468,127)
(178,507)
Unutilised tax losses carried forward
23,151
132,051
Group relief
(18,049)
Permanent capital allowances in excess of depreciation
(3,542)
Overseas branch losses/(profits) not taxable in UK
2,138
(5,674)
Foreign tax
5,914
Movement in deferred tax
(1,344,478)
(13,574)
Taxation credit
(1,323,363)
(7,660)
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:
Intangible assets
12
-
166,745
Recognised in:
Administrative expenses
-
166,745
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Impairments
(Continued)
- 25 -
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
The reversals of previous impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
12
Intangible fixed assets
Group
Goodwill
Product licence
Total
£
£
£
Cost
At 1 January 2024
994,130
3,798,600
4,792,730
Disposals
(994,130)
(994,130)
At 31 December 2024
3,798,600
3,798,600
Amortisation and impairment
At 1 January 2024
613,047
1,517,428
2,130,475
Amortisation charged for the year
506,926
506,926
Disposals
(613,047)
(613,047)
At 31 December 2024
2,024,354
2,024,354
Carrying amount
At 31 December 2024
1,774,246
1,774,246
At 31 December 2023
381,083
2,281,172
2,662,255
Company
Product licence
£
Cost
At 1 January 2024
Additions
2,027,709
At 31 December 2024
2,027,709
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
253,463
At 31 December 2024
253,463
Carrying amount
At 31 December 2024
1,774,246
At 31 December 2023
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Intangible fixed assets
(Continued)
- 26 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,947,249
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
Additions
1,947,249
At 31 December 2024
1,947,249
Carrying amount
At 31 December 2024
1,947,249
At 31 December 2023
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Draupnir Holdings Ltd
St Stephens House, Arthur Road, Windsor, Berkshire, SL4 1RU
Ordinary
100.00
ParaPharm Development Ltd
St Stephens House, Arthur Road, Windsor, Berkshire, SL4 1RU
Ordinary
100.00
Altacor Ltd
St Stephens House, Arthur Road, Windsor, Berkshire, SL4 1RU
Ordinary
100.00
Altacor GmbH
Fabrikstr. 7, 24103 Kiel, Germany
Ordinary
100.00
During the year, Nordic Pharma Limited ceased control over Parapharm Development, SL (registered in Spain) due to Parapharm Development, SL being liquidated.
Also in the year, 100% of the shares held in Transdermal were sold. At the point of sale, the financial position of Transdermal was cash and cash equivalents of £70,362 and net assets of £713,014.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,945,492
4,892,732
2,554,692
2,354,790
Carrying amount of financial liabilities
Measured at amortised cost
2,429,710
5,786,151
10,262,510
4,015,944
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
4,799,260
3,843,871
3,035,143
2,103,290
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,556,829
3,382,661
2,305,154
1,868,163
Amounts owed by group undertakings
-
-
-
357,087
Other debtors
198,309
886,020
59,184
7,241
Prepayments and accrued income
197,486
182,867
192,417
154,379
3,952,624
4,451,548
2,556,755
2,386,870
Deferred tax asset (note 20)
171,905
3,952,624
4,623,453
2,556,755
2,386,870
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
501,752
-
-
Other debtors
190,354
122,299
190,354
122,299
190,354
624,051
190,354
122,299
Deferred tax asset (note 20)
1,913,484
397,101
2,103,838
1,021,152
190,354
122,299
Total debtors
6,056,462
5,644,605
2,747,109
2,509,169
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
1,266,465
1,266,465
Trade creditors
1,203,117
1,221,209
413,714
261,281
Amounts owed to group undertakings
2,167,486
8,665,424
1,685,591
Other taxation and social security
548,120
622,600
763,414
428,382
Other creditors
407,831
17,856
403,830
1,108
Accruals and deferred income
818,762
1,113,135
779,542
801,499
2,977,830
6,408,751
11,025,924
4,444,326
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
1,095,968
1,270,507
1,095,968
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
1,913,484
569,006
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(569,006)
-
Credit to profit or loss
(1,344,478)
-
Asset at 31 December 2024
(1,913,484)
-
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
271,507
273,506
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.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
200,000
200,000
200,000
23
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
188,367
164,450
188,367
164,450
Between two and five years
504,046
428,921
504,046
428,921
692,413
593,371
692,413
593,371
24
Related party transactions
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group. true
Transactions between group entities which have been eliminated on consolidation are not disclosed in the financial statements.
During the year, a total of key management personnel compensation of £Nil (2023; £Nil) was paid.
Key management personnel include the directors of group companies.
25
Controlling party
Nordic Group B.V. (incorporated in Netherlands) is the parent undertaking of the smallest group to consolidate these financial statements. Copies of the Nordic Group B.V. group financial statements can be obtained from Nordic Group B.V., Siriusdreef, NL—2132 WT, The Netherlands.
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
26
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
7,733,464
49,306
Adjustments for:
Taxation credited
(1,323,363)
(7,660)
Finance costs
63,512
200,488
Investment income
(171,646)
(45,422)
Amortisation and impairment of intangible assets
506,926
849,644
Gain on sale of investments
(4,617,917)
-
Other gains and losses
20,760
46,060
Increase/(decrease) in provisions
76,732
(47,351)
Movements in working capital:
Increase in stocks
(955,389)
(785,727)
(Increase)/decrease in debtors
(53,796)
252,091
Decrease in creditors
(2,157,068)
(1,553,505)
Cash absorbed by operations
(877,785)
(1,042,076)
27
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Loss for the year after tax
(409,584)
(305,138)
Adjustments for:
Finance costs
42,269
60,392
Investment income
(136,594)
Amortisation and impairment of intangible assets
253,463
-
Other gains and losses
(2,249)
-
Decrease in provisions
(136,268)
(47,351)
Movements in working capital:
Increase in stocks
(931,853)
(1,094,135)
Increase in debtors
(128,748)
(1,037,691)
Increase in creditors
7,463,171
2,263,012
Cash generated from/(absorbed by) operations
6,013,607
(160,911)
NORDIC PHARMA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
28
Analysis of changes in net funds/(debt) - group
1 January 2024
Cash flows
Market value movements
Exchange rate movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
1,444,787
3,726,500
-
(734)
5,170,553
Bank overdrafts
(1,266,465)
1,266,465
-
-
178,322
4,992,965
-
(734)
5,170,553
Borrowings excluding overdrafts
(1,270,507)
214,870
(40,331)
-
(1,095,968)
(1,092,185)
5,207,835
(40,331)
(734)
4,074,585
29
Analysis of changes in net funds/(debt) - company
1 January 2024
Cash flows
Market value movements
31 December 2024
£
£
£
£
Cash at bank and in hand
142
4,843,716
-
4,843,858
Bank overdrafts
(1,266,465)
1,266,465
-
(1,266,323)
6,110,181
-
4,843,858
Borrowings excluding overdrafts
-
(1,076,880)
(19,088)
(1,095,968)
(1,266,323)
5,033,301
(19,088)
3,747,890
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