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Registration number: 14627633

Pharmed UK Ltd

Annual Report and Financial Statements

for the Period from 31 January 2023 to 30 June 2024

 

Pharmed UK Ltd

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 20

 

Pharmed UK Ltd

Company Information

Directors

Mr Declan Devine

Mr John Gannon

Mr Dara Murphy

Company secretary

Mehmood Subhani

Registered office

8 Manor Park
Wildmere Industrial Estate
Banbury
Oxfordshire
OX16 3TB

Solicitors

Flynn O'Driscoll
Business Lawyers
No.1 Grant's Row
Lower Mount Street
Dublin 2
D02 HX96

Auditors

TB Millar & Co 6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Pharmed UK Ltd

Directors' Report for the Period from 31 January 2023 to 30 June 2024

The directors present their report and the financial statements for the period from 31 January 2023 to 30 June 2024.

Incorporation

The company was incorporated on 31 January 2023.

Directors of the company

The directors who held office during the period were as follows:

Mr Declan Devine (appointed 31 January 2023)

Mr John Gannon (appointed 1 February 2024)

Mr Dara Murphy (appointed 1 February 2024)

Principle activities

The principal activity of the company is the sales, marketing and distribution of consumer healthcare products to the Pharmacy, Grocery and Health Store sectors.

Development and performance

The company achieved a turnover of £7,245,483 for the 17 months ended 30 June 2024. The directors are pleased with trading in the period under review. An operating profit of £161,371 was achieved for the 17 month period ended 30 June 2024. The company continues to expand and diversify its product portfolio within the Pharmacy, Grocery and Health Store sectors.

Assets and liabilities and financial position

At the end of the financial year the company has gross assets of £3,270,985 and total net assets of £105,313. The directors are satisfied with the level of retained reserves at year end.

Principle risks and uncertainties

The principal risks and uncertainties affecting the company are:
-competition in the market place;
-changes in dynamics and structures within the healthcare sector;
-adverse movements in foreign exchange rates;
-disruption caused to IT and/or facilities that could disrupt the company's supply chain;
-loss of key personnel;
-changes in distribution arrangements with suppliers.

Likely future developments

The directors have no plans to change the activities and operations of the company in the near future.

Dividends

During the financial period the directors have not paid any dividends or recommended payment of a final dividend.

Events after the end of the reporting period

There were no post balance sheet events.

Research and development

The company did not engage in research and development activiitiesduring the financial year.

Directors and secretary and their interests

 

Pharmed UK Ltd

Directors' Report for the Period from 31 January 2023 to 30 June 2024

The directors and secretary, at the period end, had no direct interest in the shares of the company.

The directors and secretary at the period end and their interests in the shares of the ultimate holding company, Pharmed Group Limited, were as follows:

 

30/06/24

Directors:

Number of Shares of £1 each

Declan Devine

168

Dara Murphy

39

John Gannon

30

Company Secretary:

 

Mehmood Subhani

0

Accounting records

The measures taken by the directors to secure compliance with the requirements of the Companies Act 2006 with regard to keeping of accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The accounting records of the company are located at 8 Manor Park, Wildmere Industrial Estate, Banbury, Oxfordshire, United Kingdom.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 

.........................................
Mr Declan Devine
Director

.........................................
Mr John Gannon
Director

 

Pharmed UK Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Pharmed UK Ltd

Independent Auditor's Report to the Members of Pharmed UK Ltd

Opinion

We have audited the financial statements of Pharmed UK Ltd (the 'company') for the period from 31 January 2023 to 30 June 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 company's affairs as at 30 June 2024 and of its profit for the period 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Pharmed UK Ltd

Independent Auditor's Report to the Members of Pharmed UK Ltd

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 Statement of Directors' Responsibilities [set out on page 4], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

 

Pharmed UK Ltd

Independent Auditor's Report to the Members of Pharmed UK Ltd

We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in relation to revenue recognition and payment of amounts from the company. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations in Companies Act 2006 were considered in this context.

In addition, we considered provisions of relevant laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management regarding actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and reviewing regulatory correspondence with Companies House;
• in addressing the risk of fraud through management override of controls we, tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; evaluated the business rationale of any significant transactions; and where possible obtained direct confirmation of balances independently from the relevant party.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

 

Pharmed UK Ltd

Independent Auditor's Report to the Members of Pharmed UK Ltd

......................................
T Barry Millar (Senior Statutory Auditor)
For and on behalf of TB Millar & Co, Statutory Auditor
 6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

23 April 2025

 

Pharmed UK Ltd

Profit and Loss Account for the Period from 31 January 2023 to 30 June 2024

Note

17 months ended 30/06/24
£

Turnover

3

7,245,483

Changes in stocks of finished goods and work in progress

 

395,063

Raw materials and consumables used

 

(6,641,982)

Employee benefits expense

 

(309,891)

Other expenses

 

(527,302)

Operating profit

161,371

Interest payable and similar expenses

4

(26,068)

Profit before tax

 

135,303

Tax on profit

7

(29,991)

Profit for the period

 

105,312

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Pharmed UK Ltd

Statement of Comprehensive Income for the Period from 31 January 2023 to 30 June 2024

17 months ended 30/06/24
£

Profit for the period

105,312

Total comprehensive income for the period

105,312

 

Pharmed UK Ltd

(Registration number: 14627633)
Balance Sheet as at 30 June 2024

Note

30/06/24
£

Current assets

 

Stocks

8

395,062

Debtors

9

2,369,956

Cash at bank and in hand

 

505,967

 

3,270,985

Creditors: Amounts falling due within one year

11

(3,165,672)

Total assets less current liabilities

 

105,313

Capital and reserves

 

Called up share capital

1

Profit and loss account

105,312

Shareholders' funds

 

105,313

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 

.........................................
Mr Declan Devine
Director

.........................................
Mr John Gannon
Director

 

Pharmed UK Ltd

Statement of Changes in Equity for the Period from 31 January 2023 to 30 June 2024

Share capital
£

Retained earnings
£

Total
£

Profit for the period

-

105,312

105,312

New share capital subscribed

1

-

1

At 30 June 2024

1

105,312

105,313

 

Pharmed UK Ltd

Statement of Cash Flows for the Period from 31 January 2023 to 30 June 2024

Note

17 months ended 30/06/24
£

Cash flows from operating activities

Profit for the period

 

105,312

Adjustments to cash flows

 

Finance costs

4

28,594

Corporation tax expense

7

29,991

 

163,897

Working capital adjustments

 

Increase in stocks

8

(395,062)

Increase in trade and other debtors

9

(2,369,956)

Increase in trade and other creditors

11

2,504,144

Net cash flow from operating activities

 

(96,977)

Cash flows from financing activities

 

Interest paid

4

(28,594)

Proceeds from issue of ordinary shares, net of issue costs

 

1

Loans with related parties

 

631,537

Net cash flows from financing activities

 

602,944

Net increase in cash and cash equivalents

 

505,967

Cash and cash equivalents at 31 January 2023

 

-

Cash and cash equivalents at 30 June 2024

 

505,967

 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8 Manor Park
Wildmere Industrial Estate
Banbury
Oxfordshire
OX16 3TB

These financial statements were authorised for issue by the Board on 23 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is stated net of trade discounts, volume rebates, VAT and similar taxes and derives from the provision of goods and services falling within the company's ordinary activities.

Turnover on sale of goods is recognised when the company has transferred the significant risks and rewards of ownership in the goods, which usually takes place when the goods have been dispatached to the buyer.

Foreign currency transactions and balances

Pharmed UK Ltd is a member of the Pharmed group of companies. The company is entitled to make use of certain group banking facilities which include forward exchange currency facilities and contracts entered by the parent or related undertakings.

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liablities denominated in foreign currencies are retranslated at the rate of exchange ruling at the financial year end date. Non monetary items that are measured at historical cost are translated at the foreign exchange rate ruling at the rate of exchange at the date of valuation. All foreign exchange differences are taken to the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the agreement.

Stocks

Stocks are stated at the lower of historical cost and estimated selling costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost includes the purchase price, including taxes and duties and transport and other costs directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period, Stocks are assessed for impairment. If an item of inventory is impaired, the inventory concerned is reduced to its selling price less costs to complete and sell and the related impairment cost is recognised in the profit and loss account. Where a reversal of the impairment occurs, the impairment charge is reversed and rcognised in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Impairment

Where the objective evidence that recoverable amounts of an asset is less than its carrying value the carrying amount of the asset is reduced to its recoverable amount resulting in an impairment loss. Impairment losses are recognised immediately in the profit and loss account.

Where the circumstances causing an impairment of an asset no longer apply, then the impairment is reversed through the profit and loss account.

 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost as an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Employee benefits and defined contribution plans

Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements and paid holiday arrangements. These short term benefits are recognised as an expense in the period in which the service is received or where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.

Defined contribution plans
The company operates a defined contribution pension scheme. Retirement benefit contributions in respect of the scheme for employees are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets are held separately from those of the company in an independently administered fund. Differences between the amounts charged in the profit and loss account and payments made to the retirement benefit scheme are treated as assets or liabilities.

3

Turnover

The analysis of the company's turnover for the period from continuing operations is as follows:

17 months ended 30/06/24
£

Sale of goods and services

7,245,483

4

Interest payable and similar expenses

17 months ended 30/06/24
£

Interest on bank overdrafts and borrowings

27,213

Interest on obligations under finance leases and hire purchase contracts

1,381

Foreign exchange losses

(2,526)

26,068

 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

17 months ended 30/06/24
£

Wages and salaries

278,699

Social security costs

17,595

Other short-term employee benefits

1,066

Pension costs, defined contribution scheme

12,531

309,891

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

2024
No.

Other departments

6

6

6

Auditors' remuneration

17 months ended 30/06/24
£

Audit of the financial statements

6,000


 

7

Taxation

Tax charged/(credited) in the profit and loss account

17 months ended 30/06/24
£

Current taxation

UK corporation tax

29,991

8

Stocks

30/06/24
£

Goods for resale

395,062

 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

9

Debtors

Current

30/06/24
£

Trade debtors

2,369,955

Called up share capital not paid

1

 

2,369,956

10

Cash and cash equivalents

30/06/24
£

Cash at bank

505,967

 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

11

Creditors

Note

30/06/24
£

Due within one year

 

Trade creditors

 

1,953,729

Amounts due to related parties

631,537

Social security and other taxes

 

144,306

Outstanding defined contribution pension costs

 

1,500

Accruals

 

404,609

Corporation tax liability

7

29,991

 

3,165,672

The repayment of trade creditors vary between thirty and seventy five days. No interest is payable on trade creditors.

Social security creditors are subject to the terms of the relevant legislation.

The terms of the accruals are based on the underlying contracts.

Other amounts included within creditors not covered by specific note disclosures are unsecured, interest free and not repayable on demand.

Trade creditors include amounts owing to suppliers who purport to include reservation of title clauses in their conditions of sale. It is not practical to quantify either this amount or the amount included in year end stocks.

12

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £12,531.

Contributions totalling £1,500 were payable to the scheme at the end of the period and are included in creditors.

13

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary Share of £1 each

1

1

   
 

Pharmed UK Ltd

Notes to the Financial Statements for the Period from 31 January 2023 to 30 June 2024

14

Parent and ultimate parent undertaking

Pharmed Uk Ltd was transferred to Pharmed Group Ltd on 31 May 2024 as part of a share for share exchange. Thereafter the immediate parent company is Pharmed Group Ltd.

Transactions with other companies in the Pharmed Holdings Group and the Pharmed Group are disclosed as the company has taken advantage of the exemption available to wholly owned members of a group under FRS "Related Party Disclosures".

The company has available to it the financial resources of the Group.

The company's immediate parent is Pharmed Group Limited, incorporated in Ireland.

The ultimate controlling party is Declan Devine.

 

15 Consolidated Accounts

The company has availed of the S401 Companies Act 2006 exemption to file consolidated UK accounts. The company is a wholly owned subsidiary of Pharmed Group Limited, a company incorporated in Ireland. The registered office of the company is Unit 3 Clonmore Business Park, Mullingar, Co. Westmeath, N91 DK59. Consolidated financial statements are filed by the parent company, and may be pbtained from the Companies Registration Office in Ireland.