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Company registration number: 07537963
Mediva Pharma Limited
Unaudited filleted financial statements
31 December 2024
Mediva Pharma Limited
Contents
Directors and other information
Directors report
Accountant's report
Statement of financial position
Notes to the financial statements
Mediva Pharma Limited
Directors and other information
Directors Alexander Fenech
Robert Spiteri
Nayan Shah
Company number 07537963
Registered office 66 Tanners Drive
Blakelands
Milton Keynes
Buckinghamshire
MK14 5BP
Accountant Jenner Accountants Limited
1st Floor, 2 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
Mediva Pharma Limited
Directors report
Year ended 31 December 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2024.
Directors
The directors who served the company during the year were as follows:
Alexander Fenech
Robert Spiteri
Nayan Shah
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 April 2025 and signed on behalf of the board by:
Alexander Fenech
Director
Mediva Pharma Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Mediva Pharma Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Mediva Pharma Limited for the year ended 31 December 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Mediva Pharma Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Mediva Pharma Limited and state those matters that we have agreed to state to the board of directors of Mediva Pharma Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Mediva Pharma Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Mediva Pharma 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 profit of Mediva Pharma Limited. You consider that Mediva Pharma Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Mediva Pharma Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Jenner Accountants Limited
Chartered Accountants
1st Floor, 2 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
17 April 2025
Mediva Pharma Limited
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 108,657 98,020
Tangible assets 6 138,016 109,189
_______ _______
246,673 207,209
Current assets
Stocks 426,686 147,439
Debtors 7 1,951,810 215,687
Cash at bank and in hand 326,178 35,965
_______ _______
2,704,674 399,091
Creditors: amounts falling due
within one year 8 ( 3,239,255) ( 931,970)
_______ _______
Net current liabilities ( 534,581) ( 532,879)
_______ _______
Total assets less current liabilities ( 287,908) ( 325,670)
Provisions for liabilities ( 33,314) ( 27,749)
_______ _______
Net liabilities ( 321,222) ( 353,419)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 321,322) ( 353,519)
_______ _______
Shareholders deficit ( 321,222) ( 353,419)
_______ _______
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 April 2025 , and are signed on behalf of the board by:
Alexander Fenech
Director
Company registration number: 07537963
Mediva Pharma Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 66 Tanners Drive, Blakelands, Milton Keynes, Buckinghamshire, MK14 5BP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and 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 despatch 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 a revalued amount, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold improvements - Over the life of the lease
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 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.
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.
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. 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.
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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 10 (2023: 8 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 261,307 216,032
Social security costs 24,119 15,720
Other pension costs 13,224 15,228
_______ _______
298,650 246,980
_______ _______
5. Intangible assets
Other intangible assets
£
Cost
At 1 January 2024 127,709
Additions 40,581
_______
At 31 December 2024 168,290
_______
Amortisation
At 1 January 2024 29,689
Charge for the year 29,944
_______
At 31 December 2024 59,633
_______
Carrying amount
At 31 December 2024 108,657
_______
At 31 December 2023 98,020
_______
6. Tangible assets
Freehold and leasehold properties Plant and machinery Fixtures, fittings and equipment Computer equipment Total
£ £ £ £ £
Cost
At 1 January 2024 99,410 1,984 12,651 14,247 128,292
Additions 22,675 32,659 - 3,430 58,764
_______ _______ _______ _______ _______
At 31 December 2024 122,085 34,643 12,651 17,677 187,056
_______ _______ _______ _______ _______
Depreciation
At 1 January 2024 7,303 1,355 3,602 6,843 19,103
Charge for the year 24,785 499 2,262 2,391 29,937
_______ _______ _______ _______ _______
At 31 December 2024 32,088 1,854 5,864 9,234 49,040
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2024 89,997 32,789 6,787 8,443 138,016
_______ _______ _______ _______ _______
At 31 December 2023 92,107 629 9,049 7,404 109,189
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 951,645 136,828
Other debtors 1,000,165 78,859
_______ _______
1,951,810 215,687
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,324,742 212,178
Social security and other taxes 6,945 7,821
Other creditors 907,568 711,971
_______ _______
3,239,255 931,970
_______ _______
9. Other financial commitments
The total obligations under operating leases, commitments and guarantees amounted to £54,674 (2023: £72,844).
10. Controlling party
The immediate parent company of Mediva Pharma Limited is Browns Pharma Holdings plc, a company incorporated in Malta.