REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Eumedica Pharma Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Eumedica Pharma Ltd |
Eumedica Pharma Ltd (Registered number: 12585612) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Eumedica Pharma Ltd |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Eumedica Pharma Ltd (Registered number: 12585612) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Eumedica Pharma Ltd (Registered number: 12585612) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Eumedica Pharma Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is reliant on the financial support of Eumedica SA. The directors of Eumedica SA have agreed to provide continued financial support to ensure the company will be able to trade as a going concern for the foreseeable future. |
Turnover |
Sales are measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in respect of goods supplied during the year. |
Sales are recognised on despatch of the goods in accordance with the company's terms of sale. |
Stocks |
Stocks are valued at cost, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
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. |
Eumedica Pharma Ltd (Registered number: 12585612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | SECURED DEBTS |
The company uses KBC Commercial Finance NV invoice factoring. There is a fixed charge over book debts and proceeds of book debts. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 | ( |
) |
Profit for the year |
At 31 December 2024 |
Eumedica Pharma Ltd (Registered number: 12585612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified 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 the our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
During the course of our audit we have found evidence that shows that the valuation of closing stock contains an |
impairment of £175,657 in relation to items of stock that are not valued correctly. In our opinion the Company should |
make a provision for impairment of £175,657, decreasing the profit for the year and reducing the net assets at 31 |
December 2024 by that amount. |
In addition, during our audit work on the opening balances, we have found evidence that shows that the opening |
valuation of stock contains a potential impairment of £158,432 in relation to items of stock that are not valued |
correctly. In our opinion the Company should have made a provision for impairment of £158,432 in the 31 December |
2023 accounts, increasing the loss for the previous year and reducing the net assets as 31 December 2023 by that |
amount. As a result of this, the profit in the 31 December 2024 accounts would be increased by this amount. |
As the accounts have not been adjusted for the above the audit report is qualified on this basis. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company is a wholly owned subsidiary of Eumedica SA, a company incorporated in Belgium. |
During the year the company purchased goods to the value of £9,396,385 (2023: £6,787,753) from Eumedica SA, recharged sales commissions of £1,012,588 (2023: £881,777) and a distribution margin of £253,894 (2023: £222,590) to Eumedica SA, and incurred management fees totalling £180,000 (2023: £180,000) from Eumedica SA. |
As at 31 December 2024 the company owed £4,083,929 (2023: £3,560,515) to Eumedica SA. |
During the year the company purchased goods to the value of £228,967 (2023: £NIL) from Eumedica Pharmaceuticals AG, a company which is controlled by J Merckx. As at 31 December 2024 Eumedica Pharmaceuticals AG owed the company £7 (2023: £7). |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |