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REGISTERED NUMBER: 02904497 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2023 TO 29 SEPTEMBER 2024

FOR

MANX HEALTHCARE LIMITED

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)






CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 April 2023 to 29 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


MANX HEALTHCARE LIMITED

COMPANY INFORMATION
for the period 1 April 2023 to 29 September 2024







DIRECTORS: Mrs S E Taylor
L D Taylor





REGISTERED OFFICE: Unit 2
Bosworth Avenue
Tournament Fields
Warwick
Warwickshire
CV34 6UQ





REGISTERED NUMBER: 02904497 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

STRATEGIC REPORT
for the period 1 April 2023 to 29 September 2024

The directors present their strategic report for the period 1 April 2023 to 29 September 2024.

REVIEW OF BUSINESS
The year under review was one of considerable change and reorientation for the company. The period began with encouraging sales performance, although margins remained under pressure due to product mix and cost factors. In response, the company undertook a strategic shift towards a more focused and margin-led product approach, aligning commercial efforts with higher-value areas of the portfolio. As the year progressed, trading conditions became more challenging, impacted by ongoing global disruptions, including supply chain volatility, raw material shortages, and transport delays. In the final quarter of the financial year, the company initiated a programme of operational realignment, including the transfer of selected assets, aimed at streamlining the business and positioning it for future growth. Since that time, the focus has been on ensuring a smooth transition of key operational elements and maintaining continuity across supply and customer channels.

Key performance indicators:

Increase in sales 17.46%
Gross profit margin 2024: 19.15% 2023: 25.73%

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a highly regulated and competitive industry, and as such is exposed to a number of sector-wide risks and uncertainties. These include regulatory risks, where changes in legislation or compliance requirements-either in the UK or overseas-may impact the company's ability to manufacture, supply, or sell pharmaceutical products. The company works with third- party manufacturers and supply chain partners, who are themselves subject to similar regulatory and operational risks. Exchange rate fluctuations remain a concern, particularly where input costs are incurred in foreign currencies and margins are sensitive to pricing movements. Competitive pressures also present challenges, particularly in the generic and commodity product sectors, where supply and demand can shift rapidly and shelf life limitations can lead to excess or unsellable stock.

FUTURE DEVELOPMENTS
The company expects that its current transition activities will continue into the next financial year, as it completes the implementation of its recent strategic realignment. Looking ahead, management will assess new opportunities for growth within the healthcare sector. While the environment remains highly dynamic, the director is confident in the company's ability to adapt and respond to changing market conditions.

ON BEHALF OF THE BOARD:





L D Taylor - Director


25 June 2025

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

REPORT OF THE DIRECTORS
for the period 1 April 2023 to 29 September 2024

The directors present their report with the financial statements of the company for the period 1 April 2023 to 29 September 2024.

DIVIDENDS
No dividends will be distributed for the period ended 29 September 2024.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mrs S E Taylor
L D Taylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L D Taylor - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANX HEALTHCARE LIMITED

Opinion
We have audited the financial statements of Manx Healthcare Limited (the 'company') for the period ended 29 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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, 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 September 2024 and of its loss for the period 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 Auditors' 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 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 company's ability to continue as a going concern for a period of at least twelve 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANX HEALTHCARE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANX HEALTHCARE LIMITED


Auditors' 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 a Report of the Auditors 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:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- reference to past history and experience of the Entity,
- enquiry of management, including obtaining and reviewing supporting documentation concerning
the Entity's procedures relating to:

-identifying and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

-detection and response to risk of fraud and whether they were aware of any actual or suspected
instances of fraud.
- assessment of the controls and processes that the Entity has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:

- Management override of control; and
- Revenue recognition - specifically the recognition according to date of despatch of drugs
as applicable, and manipulation of revenue through management override of journals.
- Stock provision - specifically the provision for obsolescence from out of date and short dated
stock

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:


- We critically assessed the appropriateness and tested the application of the revenue and cost
recognition policies.
- We tested the appropriateness of accounting journals and other adjustments made in the
preparation of the financial statements.
- We reviewed the Entity's accounting policies for non-compliance with relevant standards.
- We made enquiries of management and reviewed correspondence with the relevant authorities to
identify any irregularities or instances of non-compliance with laws and regulations.

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANX HEALTHCARE LIMITED


Comparative figures
Comparative figures were not audited.

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 we are required to state to them in a Report of the Auditors 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.




Mark Spafford FCA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

25 June 2025

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

INCOME STATEMENT
for the period 1 April 2023 to 29 September 2024

Period
1.4.23
to Year Ended
29.9.24 31.3.23
Notes £    £   

TURNOVER 18,629,799 10,573,126

Cost of sales 15,060,971 7,852,141
GROSS PROFIT 3,568,828 2,720,985

Administrative expenses 5,111,817 3,133,560
(1,542,989 ) (412,575 )

Other operating income 611,495 486,919
OPERATING (LOSS)/PROFIT 4 (931,494 ) 74,344


Interest payable and similar expenses 5 930,534 299,544
LOSS BEFORE TAXATION (1,862,028 ) (225,200 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL PERIOD (1,862,028 ) (225,200 )

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

BALANCE SHEET
29 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 7 2,654,924 2,712,844
Tangible assets 8 82,205 100,942
Investments 9 500 500
2,737,629 2,814,286

CURRENT ASSETS
Stocks 10 5,171,532 4,029,868
Debtors 11 4,017,106 4,015,960
Cash at bank and in hand 631,504 73,684
9,820,142 8,119,512
CREDITORS
Amounts falling due within one year 12 9,696,687 6,210,686
NET CURRENT ASSETS 123,455 1,908,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,861,084

4,723,112

CREDITORS
Amounts falling due after more than one
year

13

4,500,000

4,500,000
NET (LIABILITIES)/ASSETS (1,638,916 ) 223,112

CAPITAL AND RESERVES
Called up share capital 17 250,000 250,000
Other reserves 18 37,048 37,048
Retained earnings 18 (1,925,964 ) (63,936 )
SHAREHOLDERS' FUNDS (1,638,916 ) 223,112

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





L D Taylor - Director


MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

STATEMENT OF CHANGES IN EQUITY
for the period 1 April 2023 to 29 September 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 April 2022 250,000 161,264 37,048 448,312

Changes in equity
Total comprehensive income - (225,200 ) - (225,200 )
Balance at 31 March 2023 250,000 (63,936 ) 37,048 223,112

Changes in equity
Total comprehensive income - (1,862,028 ) - (1,862,028 )
Balance at 29 September 2024 250,000 (1,925,964 ) 37,048 (1,638,916 )

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

CASH FLOW STATEMENT
for the period 1 April 2023 to 29 September 2024

Period
1.4.23
to Year Ended
29.9.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 283,450 (738,085 )
Interest paid (145,980 ) (40,804 )
Finance costs paid (784,554 ) (258,740 )
Taxation refund - 76,379
Net cash from operating activities (647,084 ) (961,250 )

Cash flows from investing activities
Purchase of intangible fixed assets (520,426 ) (545,735 )
Purchase of tangible fixed assets (17,602 ) (92,855 )
Sale of intangible fixed assets 111,775 -
Sale of tangible fixed assets 417 -
Net cash from investing activities (425,836 ) (638,590 )

Cash flows from financing activities
Received from Joint Venture 49,438 123,603
Paid to connected companies (130,134 ) (286,146 )
Received from connected companies 2,060,129 -
Net cash from financing activities 1,979,433 (162,543 )

Increase/(decrease) in cash and cash equivalents 906,513 (1,762,383 )
Cash and cash equivalents at
beginning of period

2

(1,475,989

)

286,394

Cash and cash equivalents at end of
period

2

(569,476

)

(1,475,989

)

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE CASH FLOW STATEMENT
for the period 1 April 2023 to 29 September 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.4.23
to Year Ended
29.9.24 31.3.23
£    £   
Loss before taxation (1,862,028 ) (225,200 )
Depreciation charges 314,993 138,916
Loss on disposal of fixed assets 187,504 83,855
Finance costs 930,534 299,544
(428,997 ) 297,115
Increase in stocks (1,141,664 ) (574,509 )
Decrease/(increase) in trade and other debtors 79,546 (969,780 )
Increase in trade and other creditors 1,774,565 509,089
Cash generated from operations 283,450 (738,085 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 September 2024
29.9.24 1.4.23
£    £   
Cash and cash equivalents 631,504 73,684
Bank overdrafts (1,200,980 ) (1,549,673 )
(569,476 ) (1,475,989 )
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 73,684 286,394
Bank overdrafts (1,549,673 ) -
(1,475,989 ) 286,394


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 29.9.24
£    £    £   
Net cash
Cash at bank and in hand 73,684 557,820 631,504
Bank overdrafts (1,549,673 ) 348,693 (1,200,980 )
(1,475,989 ) 906,513 (569,476 )
Total (1,475,989 ) 906,513 (569,476 )

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 April 2023 to 29 September 2024

1. STATUTORY INFORMATION

Manx Healthcare Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net liabilities at the end of the period. The group remains dependent on support of connected companies. These companies have confirmed that they will continue to provide that support for the foreseeable future.The subsequent sale of stock and licenses on 3rd April 2025 has enabled the company to meet all liabilities as they fall due and to repay banking facilities. As such, the directors are confident in the company's ability to continue as a going concern.

Comparatives
The period covered by the financial statements is 18 months. The comparatives covered a period of 12 months and are therefore, not entirely comparable.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from outlicensing is recognised upon satisfaction of contractual milestones by the customer.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation 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:

Product licences 10 Years

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long-term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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

Taxation
Taxation for the period 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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS
Period
1.4.23
to Year Ended
29.9.24 31.3.23
£    £   
Wages and salaries 2,332,259 1,405,038
Social security costs 250,221 153,431
Other pension costs 58,270 42,956
2,640,750 1,601,425

The average number of employees during the period was as follows:
Period
1.4.23
to Year Ended
29.9.24 31.3.23

Directors 2 2
Finance, Administrative and warehousing 31 31
33 33

Period
1.4.23
to Year Ended
29.9.24 31.3.23
£    £   
Directors' remuneration 116,295 67,418

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

Period
1.4.23
to Year Ended
29.9.24 31.3.23
£    £   
Other operating leases 371,427 150,858
Depreciation - owned assets 36,338 5,399
Loss on disposal of fixed assets 187,504 83,855
Patents and licences amortisation 278,651 133,518
Foreign exchange differences (22,253 ) 42,924

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.23
to Year Ended
29.9.24 31.3.23
£    £   
Invoice discounting 139,233 40,804
Late payment interest 6,747 -
Interest payable to group and
participating interests 784,554 258,740
930,534 299,544

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 29 September 2024 nor for the year ended 31 March 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.23
to Year Ended
29.9.24 31.3.23
£    £   
Loss before tax (1,862,028 ) (225,200 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

(465,507

)

(56,300

)

Effects of:
Utilisation of tax losses 465,507 56,300
Total tax charge - -

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

7. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 April 2023 3,758,601
Additions 520,426
Disposals (299,695 )
At 29 September 2024 3,979,332
AMORTISATION
At 1 April 2023 1,045,757
Amortisation for period 278,651
At 29 September 2024 1,324,408
NET BOOK VALUE
At 29 September 2024 2,654,924
At 31 March 2023 2,712,844

8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023 133,517
Additions 17,602
Disposals (6,960 )
At 29 September 2024 144,159
DEPRECIATION
At 1 April 2023 32,575
Charge for period 36,338
Eliminated on disposal (6,959 )
At 29 September 2024 61,954
NET BOOK VALUE
At 29 September 2024 82,205
At 31 March 2023 100,942

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 29 September 2024 500
NET BOOK VALUE
At 29 September 2024 500
At 31 March 2023 500

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Manx Generics Limited
Registered office: Unit 2 Bosworth Avenue, Tournament Fields, Warwick CV34 6UQ
Nature of business: Wholesale Of Pharmaceutical Goods
%
Class of shares: holding
Ordinary 50.00

10. STOCKS
2024 2023
£    £   
Stocks 5,171,532 4,029,868

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,737,977 2,983,983
Amounts owed by participating interests - 121,853
Amounts owed by joint ventures 823,496 872,934
Other debtors 315,258 2,000
Prepayments and accrued income 140,375 35,190
4,017,106 4,015,960

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 1,200,980 1,549,673
Trade creditors 3,616,233 2,365,128
Amounts owed to group undertakings 102,771 1,822,667
Social security and other taxes 74,373 39,340
VAT 851,824 337,138
Other creditors 3,788,886 2,968
Accrued expenses 61,620 93,772
9,696,687 6,210,686

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings - 4,500,000
Other creditors 4,500,000 -
4,500,000 4,500,000

On 27 November 2017 Richard's Pharma Limited assigned the above loan as amounts due more than one year. Interest of 2% over the Bank of England base rate has been charged since 1 April 2018.

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,200,980 1,549,673

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 4,656 -
Between one and five years 1,164 -
5,820 -

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,200,980 1,549,673

The secured debt represents an invoice discounting facility secured over trade debtors.

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares £1 10,000 10,000
240,000 Preference shares £1 240,000 240,000
250,000 250,000

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

17. CALLED UP SHARE CAPITAL - continued

The preference shareholders are only entitled to vote on matters concerning the rights attached to the
preference shares. On a winding up, they are entitled to repayment of capital paid up, together with any
arrears of the fixed dividend, in priority to any payment to ordinary shareholders. The preference shares do not entitle the holders to any further or other participation in the profits or assets of the company.

18. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 April 2023 (63,936 ) 37,048 (26,888 )
Deficit for the period (1,862,028 ) (1,862,028 )
At 29 September 2024 (1,925,964 ) 37,048 (1,888,916 )

19. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company is party to a composite guarantee given by European Veterinary Supplies Limited, Manx Healthcare Limited, Richard's Pharma Limited, Manx (Holdings) Limited and Richard's Pharma (Holdings) Limited in favour of HSBC Bank plc, whose interest is secured by way of a fixed and floating charge.

The company is party to a fixed charge over all present freehold and leasehold property. The first fixed charge over book and other debts, chattels, goodwill and uncalled capital. The first floating charge over all assets and undertaking both present and future.

20. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Management charges received 281,250 225,000
Amount due from related party 823,496 872,934
Amount due to related party 102,771 -

Other related parties
2024 2023
£    £   
Sales 196,514 380,670
Purchases 37,960 20,861
Rent and rates 281,293 36,000
Light and heat 27,277 16,400
Interest charged 784,412 257,210
Amount due from related party 251,983 121,853
Amount due to related party 8,280,025 6,322,667

21. POST BALANCE SHEET EVENTS

An agreement was signed on 3rd April 2025 to sell stock and licences. Stock, with a cost price of £4,681,280, was agreed to be sold at cost. Licences, being a mixture of working and pending licences, were agreed to be sold for £15,000,000.

MANX HEALTHCARE LIMITED (REGISTERED NUMBER: 02904497)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 29 September 2024

22. PARENT COMPANY

Manx Healthcare Limited is a wholly owned subsidiary of Manx (Holdings) Limited, a company registered in England and Wales.