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COMPANY REGISTRATION NUMBER:
06455382
|
Macleods Pharma UK Limited |
|
|
Filleted Audited Financial Statements |
|
|
Macleods Pharma UK Limited |
|
31 March 2025
Fixed assets
Current assets
|
Stocks |
8 |
3,830,946 |
2,201,813 |
|
Debtors |
9 |
1,800,459 |
1,337,556 |
|
Cash at bank and in hand |
123,773 |
494,921 |
|
------------ |
------------ |
|
5,755,178 |
4,034,290 |
|
|
|
|
|
Creditors: amounts falling due within one year |
10 |
(
4,607,940) |
(
3,099,026) |
|
------------ |
------------ |
|
Net current assets |
1,147,238 |
935,264 |
|
------------ |
--------- |
|
Total assets less current liabilities |
1,147,239 |
935,265 |
|
------------ |
--------- |
|
Net assets |
1,147,239 |
935,265 |
|
------------ |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
11 |
100 |
100 |
|
Profit and loss account |
1,147,139 |
935,165 |
|
------------ |
--------- |
|
Shareholder funds |
1,147,239 |
935,265 |
|
------------ |
--------- |
|
|
|
|
These Audited financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of Audited financial statements.
These Audited financial statements were approved by the
board of directors
and authorised for issue on
9 May 2025
, and are signed on behalf of the board by:
Company registration number:
06455382
|
Macleods Pharma UK Limited |
|
|
Notes to the Audited Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wynyard Park House, Wynyard Avenue, Wynyard, TS22 5TB.
2.
Statement of compliance
These Audited financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The Audited financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Audited financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented as there are none that are non-basic. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on delivery of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Development costs |
- |
Have been previously amortised to nil. |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
Useful life of 3-4 years on straight line basis |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2024:
4
).
5.
Tax on profit
Major components of tax expense
Current tax:
|
UK current tax expense |
70,658 |
243,774 |
|
-------- |
--------- |
|
Tax on profit |
70,658 |
243,774 |
|
-------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2024: lower than) the
standard rate of corporation tax in the UK
of
25
% (2024:
25
%).
|
2025 |
2024 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
282,632 |
1,470,413 |
|
--------- |
------------ |
|
Profit on ordinary activities by rate of tax |
70,658 |
367,603 |
|
Effect of expenses not deductible for tax purposes |
– |
2,827 |
|
Effect of capital allowances and depreciation |
– |
82 |
|
Utilisation of tax losses |
– |
(
6,387) |
|
Effect of intercompany interest allowable |
– |
(
120,351) |
|
--------- |
------------ |
|
Tax on profit |
70,658 |
243,774 |
|
--------- |
------------ |
|
|
|
6.
Intangible assets
|
Development costs |
|
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
1,602,609 |
|
------------ |
|
Amortisation |
|
|
At 1 April 2024 and 31 March 2025 |
1,602,609 |
|
------------ |
|
Carrying amount |
|
|
At 31 March 2025 |
– |
|
------------ |
|
At 31 March 2024 |
– |
|
------------ |
|
|
The development costs above are representative of licences obtained for the purpose of the sale of pharmaceutical goods within the United Kingdom. They have been fully amortised to nil, but remain in use by the company.
7.
Tangible assets
|
Fixtures and fittings |
|
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
3,621 |
|
------- |
|
Depreciation |
|
|
At 1 April 2024 and 31 March 2025 |
3,620 |
|
------- |
|
Carrying amount |
|
|
At 31 March 2025 |
1 |
|
------- |
|
At 31 March 2024 |
1 |
|
------- |
|
|
8.
Stocks
|
2025 |
2024 |
|
£ |
£ |
|
Finished goods and goods for resale |
3,830,946 |
2,201,813 |
|
------------ |
------------ |
|
|
|
During the year obsolete stock was written off totalling £539,345 (2024: £391,691).
9.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
1,778,891 |
1,335,762 |
|
Prepayments |
5,229 |
1,794 |
|
Other debtors |
16,339 |
– |
|
------------ |
------------ |
|
1,800,459 |
1,337,556 |
|
------------ |
------------ |
|
|
|
10.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Trade creditors |
3,278,519 |
1,397,371 |
|
Amounts owed to group undertakings |
493,765 |
515,221 |
|
Corporation tax |
8,658 |
243,774 |
|
Social security and other taxes |
357,188 |
311,031 |
|
Pension payable |
657 |
494 |
|
Other creditors |
469,153 |
631,135 |
|
------------ |
------------ |
|
4,607,940 |
3,099,026 |
|
------------ |
------------ |
|
|
|
The corporation tax charge for the year was £70,658 per the profit and loss account. The company paid corporation tax in advance of £62,000 during the year. At the year end there was £8,658 (2024: £243,774) corporation tax payable as disclosed above.
11.
Called up share capital
Issued, called up and fully paid
|
2025 |
2024 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
12.
Summary audit opinion
The auditor's report dated
9 May 2025
was
unqualified
.
The senior statutory auditor was
Christopher Gorman FCA FCCA
, for and on behalf of
Chipchase Manners
.
13.
Director's advances, credits and guarantees
There were no directors advances, credits or guarantees in the current or previous year.
14.
Related party transactions
Macleods Pharmaceutical Limited is the parent company of
Macleods Pharma UK Limited
. The parent is incorporated in India. During the year, the company had expenditure reimbursed from its parent company totalling £341,219 (2024: Nil). During the year, the company had purchases totalling £1,911,317 (2024: £1,237,949) for the purchase of pharmaceutical products and freight charges. At the year end the balance due from the parent company was £341,219 (2024: Nil),and the amount due to the parent company was £834,984 (2024: £533,955). All transactions between the parent company and Macleods Pharma UK Limited
are at arms length under normal trading practice.