Company registration number 01576128 (England and Wales)
DROPSA UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DROPSA UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DROPSA UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
349,940
325,567
Current assets
Stocks
483,670
389,660
Debtors
6
291,673
464,251
Cash at bank and in hand
358,209
258,008
1,133,552
1,111,919
Creditors: amounts falling due within one year
7
(581,900)
(896,433)
Net current assets
551,652
215,486
Total assets less current liabilities
901,592
541,053
Provisions for liabilities
(24,185)
(13,142)
Net assets
877,407
527,911
Capital and reserves
Called up share capital
8
5,103
5,103
Profit and loss reserves
872,304
522,808
Total equity
877,407
527,911

The director of the company has elected not to include a copy of the profit and loss account 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.

The financial statements were approved and signed by the director and authorised for issue on 16 May 2025
S J W Divisi
Director
Company Registration No. 01576128
DROPSA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Dropsa UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Egham Business Village, Egham, Surrey, United Kingdom, TW20 8RB.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

1.2
Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point when the goods are shipped to the buyer.

1.3
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs
Straight line over 5 years

The development costs have been capitalised as they are qualifying research and development projects. As such they are projects which extend knowledge for the market by overcoming scientific or technological uncertainties.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Leasehold property
Straight line over 50 years
Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

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

DROPSA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

1.7
Equity instruments

Equity comprises the following:


-"Share capital" represents the nominal value of equity shares.

-"Retained earnings" represents retained profits.

1.8
Taxation

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

1.9
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.11

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.12

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

DROPSA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

 

Valuation of stock

It is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as well as applying assumptions around anticipated saleability of finished goods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
77,821
Amortisation and impairment
At 1 January 2024 and 31 December 2024
77,821
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
DROPSA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
374,897
136,669
93,479
126,390
731,435
Additions
-
0
-
0
-
0
58,000
58,000
Disposals
(1,710)
-
0
-
0
(26,186)
(27,896)
At 31 December 2024
373,187
136,669
93,479
158,204
761,539
Depreciation and impairment
At 1 January 2024
114,073
85,041
90,622
116,132
405,868
Transfers
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the year
7,464
12,907
714
10,866
31,951
Eliminated in respect of disposals
(34)
-
0
-
0
(26,186)
(26,220)
At 31 December 2024
121,503
97,948
91,336
100,812
411,599
Carrying amount
At 31 December 2024
251,684
38,721
2,143
57,392
349,940
At 31 December 2023
260,824
51,628
2,857
10,258
325,567
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
257,292
407,043
Amounts owed by group undertakings
-
0
747
Prepayments and accrued income
34,381
56,461
291,673
464,251
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
42,159
212,371
Amounts owed to group undertakings
104,941
169,878
Corporation tax
166,397
123,458
Other taxation and social security
72,973
26,263
Other creditors
177,000
344,363
Accruals and deferred income
18,430
20,100
581,900
896,433
DROPSA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
5,100
5,100
5,100
5,100
Ordinary "A" Shares of £1 each
1
1
1
1
Ordinary "B" Shares of £1 each
1
1
1
1
Ordinary "C" Shares of £1 each
1
1
1
1
5,103
5,103
5,103
5,103
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified Opinion

We have audited the financial statements of Dropsa UK Limited (the 'company') for the year ended 31 December 2024 which comprise , the balance sheet 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, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

The 31 December 2022 financial statements were unaudited and we were not appointed as auditor of the company until after 31 December 2023. Thus, we did not observe the counting of physical inventories at the end of 2023. As such, we were unable to satisfy ourselves by alternative procedures/means concerning the existence of stock and the quantities held on 31 December 2023, which were included in the balance sheet at £389,660. As a result, we qualified the audit report for the year ended 31 December 2023, as we were unable to determine whether any adjustment to this amount was necessary to show a true and fair view. Accordingly, there is a limitation in scope surrounding the value of the opening balance of stock and the profit and loss value of cost of sales for the year ended 31 December 2024.

 

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 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 qualified opinion.

DROPSA UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Paul Creasey
Statutory Auditor:
Azets
10
Related party transactions
Transactions with related parties

During the year the company entered into the transactions with related parties under normal market conditions.

The following amounts outstanding at the reporting end date were as follows:

2024
2023
Amounts due to related parties
£
£
Dropsa USA Inc
-
395
Dropsa S.P.A Italy
104,941
157,162
Dropsa BM Germany GmBH
-
12,321
2024
2023
Amounts due from related parties
£
£
Dropsa USA Inc
-
747
Other information

The company additionally owed the parent company GD Group Investments SA £102,000 (2023: £102,000) at the year end, in respect of unpaid dividends relating to prior years.

11
Directors' transactions

Dividends totalling £174,000 (2023: £nil) were declared in the year in respect of shares held by the company's director.

 

As at the balance sheet date, the company owed £75,000 to the director by way of a loan (2023: £243,683). The loan is not interest bearing.

12
Parent company

The ultimate parent undertaking and controlling party is GD Group Investments SA. The registered office address is GD Group Investments SA, 18 Rue de L'eau, 1449 Luxembourg.

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