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Registered number: NI067358
Pharmapac Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Consolidated Statement of Income and Retained Earnings 6
Consolidated Balance Sheet 7
Company Balance Sheet 8
Consolidated Statement of Cash Flows 9
Notes to the Consolidated Statement of Cash Flows 10
Notes to the Financial Statements 11—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2024.
Principal Activity
The group's principal activities during the year continued the same as the previous year.
Review of the Business
The key financial and other performance indicators during the year were as follows:
2024
2023
Turnover
£20,472,965
£16,464,080
GP %
25%
35%
NP %
4%
18%
PAT %
3%
15%
Current Ratio
2.13:1
2.22:1
Investment in new plant and machinery has significantly increased turnover with profit margins remaining stable. The Directors, while accepting of this performance are working hard to deliver efficiencies and improve productivity in the business.
The business has continued its investment in staff and facilities in order to meet new customer demand and the development of new production processes.
Looking forward to the 2024/25 trading year the Directors are confident that the business is well placed to take advantage of the new business opportunities that the market now offers.
Principal Risks and Uncertainties
Price risk
The company is exposed to price pressure through competition in the market, this risk could result in loss of revenue. The company actively manages the risk by providing leading products and services to its customers. The company operates lean manufacturing processes and flexible production techniques in order to exceed customer expectations for products and services, therefore maintaining strong relationships.
Liquidity risk
The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.
Financial instrument risk
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Environmental
The directors recognise the importance of the company's environmental responsibilities. The company monitors its impact on the environment, and designs and implements policies to mitigate any adverse impact that might be caused by its activities. These include the safe disposal of manufacturing waste, recycling and reduction of energy consumption.
Employees
Details of the number of employees and related costs can be found in notes within the financial statements.
On behalf of the board
Mr Geoffrey Elliott
Director
18/06/2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors
The directors who held office during the year were as follows:
Mr John Pugh
Mr Geoffrey Elliott
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, WHR Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Geoffrey Elliott
Director
18/06/2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Pharmapac Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 June 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2024 and of the group's profit/(loss) 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.
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'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 and parent company's ability to continue as a going concern for a period of at least 12 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.
Other Information
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. 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 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 the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and 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 or 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 set out on page 2, 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 group and 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 group or 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: 
Irregularities, including fraud, and instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
In addition to the above, 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, directors concerning 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 meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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 occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 4
Page 5
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 that 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.
James Robinson (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd , Statutory Auditor
18/06/2025
WHR Accountants Ltd
Chartered Certified Accountants
56 Upper English Street
Armagh
Co. Armagh
BT61 7LG
Page 5
Page 6
Consolidated Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 3 20,472,965 16,464,080
Cost of sales (15,301,492 ) (10,740,098 )
GROSS PROFIT 5,171,473 5,723,982
Administrative expenses (4,274,428 ) (2,853,408 )
Other operating income - 191,342
OPERATING PROFIT 897,045 3,061,916
Loss on disposal of fixed assets (647 ) (29,637 )
Interest payable and similar charges (4,926 ) (109,472 )
PROFIT BEFORE TAXATION 891,472 2,922,807
Tax on Profit (370,010 ) (382,560 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 521,462 2,540,247
Profit attributable to:
Owners of the parent 448,934 2,540,247
Non-controlling interest 72,528 -
521,462 2,540,247
RETAINED EARNINGS
As at 1 July 2023 5,910,511 6,370,264
Dividends paid - (3,000,000)
As at 30 June 2024 6,359,445 5,910,511
The notes on pages 10 to 19 form part of these financial statements.
Page 6
Page 7
Consolidated Balance Sheet
Registered number: NI067358
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 8 1,176,150 -
Tangible Assets 9 5,793,309 5,127,298
6,969,459 5,127,298
CURRENT ASSETS
Stocks 11 3,162,860 1,937,084
Debtors 12 5,239,769 3,668,865
Cash at bank and in hand 1,070,975 3,853,314
9,473,604 9,459,263
Creditors: Amounts Falling Due Within One Year 13 (3,646,964 ) (4,268,632 )
NET CURRENT ASSETS (LIABILITIES) 5,826,640 5,190,631
TOTAL ASSETS LESS CURRENT LIABILITIES 12,796,099 10,317,929
Creditors: Amounts Falling Due After More Than One Year 14 (3,689,548 ) (2,054,839 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (674,554 ) (352,579 )
NET ASSETS 8,431,997 7,910,511
CAPITAL AND RESERVES
Called up share capital 19 2,000,000 2,000,000
Profit and Loss Account 6,359,445 5,910,511
Equity attributable to owners of the parent 8,359,445 7,910,511
Non-controlling interest 72,552 -
TOTAL EQUITY 8,431,997 7,910,511
On behalf of the board
Mr Geoffrey Elliott
Director
18/06/2025
The notes on pages 10 to 19 form part of these financial statements.
Page 7
Page 8
Company Balance Sheet
Registered number: NI067358
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 10 7,537,576 7,537,500
7,537,576 7,537,500
CURRENT ASSETS
Cash at bank and in hand 1,058 1,111
1,058 1,111
Creditors: Amounts Falling Due Within One Year 13 (76 ) -
NET CURRENT ASSETS (LIABILITIES) 982 1,111
TOTAL ASSETS LESS CURRENT LIABILITIES 7,538,558 7,538,611
NET ASSETS 7,538,558 7,538,611
CAPITAL AND RESERVES
Called up share capital 19 2,000,000 2,000,000
Profit and Loss Account 5,538,558 5,538,611
SHAREHOLDERS' FUNDS 7,538,558 7,538,611
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's (loss)/profit for the year was £(53 ) (2023: £ 2,999,981 profit).
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Geoffrey Elliott
Director
18/06/2025
The notes on pages 10 to 19 form part of these financial statements.
Page 8
Page 9
Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (1,148,741 ) 2,382,320
Tax (paid)/refunded (284,000 ) 51,194
Lease rental payments paid (4,926) (109,472)
Net cash (used in)/generated from operating activities (1,437,667 ) 2,324,042
Cash flows from investing activities
Purchase of intangible assets (1,176,150 ) -
Purchase of tangible assets (2,701,802 ) (1,047,223 )
Proceeds from disposal of tangible assets 25,503 28,594
Right to use asset written off 990,648 -
Net cash used in investing activities (2,861,801 ) (1,018,629 )
Cash flows from financing activities
Equity dividends paid - (3,000,000 )
Proceeds from new other loans 2,444,581 -
Repayment of finance leases (927,452 ) 2,394,638
Government grant income - 1,342
Net cash generated from/(used in) financing activities 1,517,129 (604,020 )
(Decrease)/increase in cash and cash equivalents (2,782,339 ) 701,393
Cash and cash equivalents at beginning of year 2 3,853,314 3,151,921
Cash and cash equivalents at end of year 2 1,070,975 3,853,314
Page 9
Page 10
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations
2024 2023
£ £
Profit for the financial year 521,462 2,540,247
Adjustments for:
Tax on profit 370,010 382,560
Depreciation of tangible assets 1,019,017 840,618
Loss on disposal of tangible assets 647 29,637
Grant income - (1,342)
Movements in working capital:
Increase in stocks (1,225,776 ) (426,737 )
(Increase)/decrease in trade and other debtors (1,570,904 ) 7,555,677
Decrease in trade and other creditors (268,123 ) (8,647,812 )
Finance costs 4,926 109,472
Net cash (used in)/generated from operations (1,148,741 ) 2,382,320
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,070,975 3,853,314
3. Analysis of changes in net funds/(debt)
As at 1 July 2023 Cash flows As at 30 June 2024
£ £ £
Cash at bank and in hand 3,853,314 (2,782,339) 1,070,975
Finance leases (2,394,638) 927,452 (1,467,186)
Debts falling due after more than one year - (2,444,581) (2,444,581)
1,458,676 (4,299,468) (2,840,792)
Page 10
Page 11
Notes to the Financial Statements
1. General Information
Pharmapac Holdings Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI067358 . The registered office is 19 Church Road, Portadown, Craigavon, Co. Armagh, BT63 5HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
  • Disclosures in respect of each class of share captial have not been presented.
  • No cash flow statement has been presented for the company.
  • Disclosures in respect of financial instruments have not been presented.
  • No disclosure has been given for the aggregate remuneration of key managment personnel.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 June 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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 that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery at varying rates on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 20% on cost
Right to use at varying rates on cost
2.7. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.9. Financial Instruments
A financial asset or a financial liability is recognised only when the company 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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit of loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Provisions and Contingencies
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 statement of financial position 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 of 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.
2.12. Leased Assets
For any new contracts entered into on or after 1 January 2019, the company considers whether a contract is, or contains a lease. A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period in exchange for consideration'. To apply this definition the company assesses whether the contract meets three key evaluations which are whether:
*  the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the company
* the company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract
the company has the right to direct the use of the identified asset throughout the period of use. The company assess whether it has the right to direct 'how and for what purpose' the asset is used throughout the period of use.
Measurement and recognition of leases as a lessee
At lease commencement date, the company recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).
The company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The company also assesses the right-of-use asset for impairment when such indicators exist.
At the commencement date, the company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the company's incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.
...CONTINUED
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2.12. Leased Assets - continued
When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.
The company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in trade and other payables.
2.13. 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 in finance costs in profit or loss in the period in which it arises.
3. Turnover
4. Other Operating Income
2024 2023
£ £
Grant income - 1,342
Other operating income - 190,000
- 191,342
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 36,555 36,297
6. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 20 29
Production 140 104
160 133
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
7. Directors' remuneration
2024 2023
£ £
Emoluments 378,597 151,341
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8. Intangible Assets
Group
Goodwill
£
Cost
As at 1 July 2023 -
Additions 1,176,150
As at 30 June 2024 1,176,150
Net Book Value
As at 30 June 2024 1,176,150
As at 1 July 2023 -
Company
The company had no intangible fixed assets as at 30 June 2024 or 30 June 2023.
9. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 1,143,373 4,892,728 11,995 729,147
Additions 78,719 1,947,025 - 35,394
Disposals - (57,392 ) - (9,120 )
As at 30 June 2024 1,222,092 6,782,361 11,995 755,421
Depreciation
As at 1 July 2023 724,335 2,503,395 11,995 598,680
Provided during the period 86,621 479,383 - 53,140
Disposals - (31,266 ) - (9,120 )
As at 30 June 2024 810,956 2,951,512 11,995 642,700
Net Book Value
As at 30 June 2024 411,136 3,830,849 - 112,721
As at 1 July 2023 419,038 2,389,333 - 130,467
Right to use Total
£ £
Cost
As at 1 July 2023 3,368,778 10,146,021
Additions 640,664 2,701,802
Disposals (1,886,948 ) (1,953,460 )
As at 30 June 2024 2,122,494 10,894,363
...CONTINUED
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Depreciation
As at 1 July 2023 1,180,318 5,018,723
Provided during the period 399,873 1,019,017
Disposals (896,300 ) (936,686 )
As at 30 June 2024 683,891 5,101,054
Net Book Value
As at 30 June 2024 1,438,603 5,793,309
As at 1 July 2023 2,188,460 5,127,298
Company
The company had no tangible fixed assets as at 30 June 2024 or 30 June 2023.
10. Investments
Company
Subsidiaries
£
Cost
As at 1 July 2023 7,537,500
Additions 76
As at 30 June 2024 7,537,576
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 7,537,576
As at 1 July 2023 7,537,500
Subsidiaries
Details of the company's subsidiaries as at 30 June 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Pharmapac (U.K.) Limited England Ordinary 100.00% -
Bapell Group Limited England Ordinary 76.00% 24.00%
Vector Consumer Limited England Ordinary 76.00% 24.00%
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
11. Stocks
2024 2023
£ £
Stock 3,162,860 1,937,084
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12. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 3,680,267 2,980,851 - -
Prepayments and accrued income 568,199 539,085 - -
Other debtors 991,303 148,929 - -
5,239,769 3,668,865 - -
13. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 222,219 339,799 - -
Trade creditors 2,458,641 2,690,952 - -
Corporation tax (228,589 ) 7,376 - -
Other taxes and social security 142,254 97,525 - -
VAT 723,666 400,418 - -
Other creditors 23,177 15,100 76 -
Accruals and deferred income 305,596 717,462 - -
3,646,964 4,268,632 76 -
14. Creditors: Amounts Falling Due After More Than One Year
Group
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,244,967 2,054,839
Other loans 2,444,581 -
3,689,548 2,054,839
15. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due between one and five years:
Other loans 2,444,581 -
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16. Obligations Under Finance Leases and Hire Purchase
Group
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 222,219 339,799
Later than one year and not later than five years 1,063,225 1,494,468
Later than five years 181,742 560,371
1,467,186 2,394,638
1,467,186 2,394,638
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 674,554 352,579
18. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 July 2023 352,579 352,579
Additions 321,975 321,975
Balance at 30 June 2024 674,554 674,554
19. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000,000 2,000,000
20. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid - 3,000,000
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21. Related Party Disclosures
Group
During the year the company entered into the following transactions with related parties:
Transaction Value
Balance owed by / (owed to)
2024
2023
2024
2023
£
£
£
£
Hilmark Ltd
(120,000)
(120,000)
(6,000)
(6,000)
These transactions consisted of management charges paid to the related parties for services rendered during the year.
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