| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st May 2024 |
| for |
| FAMPHARM LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st May 2024 |
| for |
| FAMPHARM LIMITED |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Contents of the Financial Statements |
| for the year ended 31st May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 11 |
| FAMPHARM LIMITED |
| Company Information |
| for the year ended 31st May 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2 Burton House |
| Repton Place |
| White Lion Road |
| Amersham |
| Buckinghamshire |
| HP7 9LP |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Balance Sheet |
| 31st May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Balance Sheet - continued |
| 31st May 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements |
| for the year ended 31st May 2024 |
| 1. | STATUTORY INFORMATION |
| Fampharm Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Fampharm Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, , . |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
| Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed fifteen years. |
| Intangible assets |
| 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. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements - continued |
| for the year ended 31st May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Impairment |
| 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. |
| 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 are 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements - continued |
| for the year ended 31st May 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1st June 2023 |
| and 31st May 2024 |
| AMORTISATION |
| At 1st June 2023 |
| Charge for year |
| At 31st May 2024 |
| NET BOOK VALUE |
| At 31st May 2024 |
| At 31st May 2023 |
| The Company has hived-up its subsidiary. The policy is to transfer the trade and net assets of the acquired subsidiaries in question to the Company at book value. The initial cost of the Company's investment in the subsidiary undertaking reflects the underlying fair value of its net assets and goodwill at the time of its acquisition. |
| As a result of the transfer, the value of the Company's investment in the subsidiary undertaking falls below the amount at which it is stated in the Company's accounting records. Section 396 of the Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the Company's income statement. However, the directors consider that, as there has been no overall loss to the Company, it would fail to give a true and fair view to charge the diminution to the Company's income statement and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise, in the Company's individual statement of financial position, the effective cost to the Company of those net assets and goodwill. The effect on the Company's statement of financial position of this departure is to recognise goodwill at cost of £973,822 (2023: £973,822), less accumulated amortisation of £200,175 (2023: £102,792). |
| Given that the business concerned operates in a generally stable market, the directors have concluded that the estimated economic life of the resulting intangible asset is ten years at the date that the transfer took place. |
| The asset is reviewed annually for impairment and the last review indicated that no impairment had |
| arisen. |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements - continued |
| for the year ended 31st May 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1st June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st May 2024 |
| DEPRECIATION |
| At 1st June 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st May 2024 |
| NET BOOK VALUE |
| At 31st May 2024 |
| At 31st May 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1st June 2023 |
| and 31st May 2024 |
| NET BOOK VALUE |
| At 31st May 2024 |
| At 31st May 2023 |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements - continued |
| for the year ended 31st May 2024 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| The Company has hived-up its subsidiary. The policy is to transfer the trade and net assets of the acquired subsidiaries in question to the Company at book value. The initial cost of the Company's investment in the subsidiary undertaking reflects the underlying fair value of its net assets and goodwill at the time of its acquisition. |
| As a result of the transfer, the value of the Company's investment in the subsidiary undertaking falls below the amount at which it is stated in the Company's accounting records. Section 396 of the Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the Company's income statement. However, the directors consider that, as there has been no overall loss to the Company, it would fail to give a true and fair view to charge the diminution to the Company's income statement and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise, in the Company's individual statement of financial position, the effective cost to the Company of those net assets and goodwill. The effect on the Company's statement of financial position of this departure is to recognise goodwill at cost of £973,822 (2023: £973,822), less accumulated amortisation of £200,175 (2023: £102,792). |
| Given that the business concerned operates in a generally stable market, the directors have concluded that the estimated economic life of the resulting intangible asset is ten years at the date that the transfer took place. |
| The asset is reviewed annually for impairment and the last review indicated that no impairment had |
| arisen. |
| 7. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| VAT |
| Prepayments |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements - continued |
| for the year ended 31st May 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to participating interests | 959,129 | 997,816 |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 14,320 | 14,320 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 687,021 | 826,573 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The company's bank loans are secured by a fixed and floating charge over the company's and group's assets. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1.00 | 150 | 150 |
| A Ordinary | 1.00 | 100 | 100 |
| B Ordinary | 1.00 | 50 | 50 |
| 300 | 300 |
| FAMPHARM LIMITED (REGISTERED NUMBER: 11653779) |
| Notes to the Financial Statements - continued |
| for the year ended 31st May 2024 |
| 12. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent company is Lotus Pharms Limited, a company incorporated in England & Wales, which holds 66.67% of the issued share capital of the company. There is no single ultimate controlling party. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Fampharm Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fampharm Limited for the year ended 31st May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Fampharm Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fampharm Limited and state those matters that we have agreed to state to the Board of Directors of Fampharm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fampharm Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Fampharm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Fampharm Limited. You consider that Fampharm Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Fampharm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 2 Burton House |
| Repton Place |
| White Lion Road |
| Amersham |
| Buckinghamshire |
| HP7 9LP |