Company registration number 07112415 (England and Wales)
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
COMPANY INFORMATION
Directors
V Patani
A D Patel
S T Dutta
Secretary
A D Patel
Company number
07112415
Registered office
41 Central Avenue
West Molesey
Surrey
KT8 2QZ
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Principal activities

The principal activity of the company continued to be that of holding company.

 

The principal activity of its subsidiary is the importation, manufacture, formulation and supply of special pharmaceutical products. The subsidiary also provides full management of the delivery of Investigational Medical Products (IMP) and comparators of clinical trials.

Principal risks and uncertainties

The company is a holding company and does not trade.

Key performance indicators

The only key performance indicator of the company is to monitor the investment in the subsidiary undertaking by reference to its financial performance each year.

On behalf of the board

V Patani
Director
30 June 2025
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

V Patani
A D Patel
S T Dutta
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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:

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
Going concern

The Company is subject to a cross guarantee in connection with shareholder and investor loans within the wider Group.

The directors have reviewed the Group's profit and loss and cash flow forecasts for the foreseeable future, being at least one year from the date of approval of these financial statements, the available financial resources, the recurring income stream from customers, other contracted income and whether there is headroom on covenants. Management has a high degree of confidence in delivering these numbers and the actuals to date are ahead of budget.

Subsequent to the year end, the Group's main loan note holders formally extended the repayment date of these loans from 30 June 2025 to 30 June 2028 and the financial covenants amended to create sufficient headroom against base case forecast.

The Company has strengths in importing products globally and hence has not been subject to disruption as a result of Brexit and customs declarations. The Company has implemented controls and procedures in place to ensure there is smooth supply of medicines and continues to work with the Department of Health and Social Care (DHSC) and The Medicines and Healthcare products Regulatory Agency (MHRA).

As a result of the above the directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements, and continue to adopt the going concern basis of accounting in preparing the financial statements.

On behalf of the board
V Patani
Director
30 June 2025
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
- 4 -
Opinion

We have audited the financial statements of Integrated Pharmaceutical Services (Ips) Limited (the 'company') for the year ended 28 February 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 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 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. 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 course of 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 our audit:

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED (CONTINUED)
- 5 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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.

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.

Irregularities, including fraud, are 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.

 

Our audit procedures were primarily directed towards testing the accounting systems in operation which we have based our assessment of the financial statements for the year ended 28 February 2025.

 

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED (CONTINUED)
- 6 -
Audit response to risks identified
Fraud due to management override

To address the risk of fraud through management bias and override of controls, we:

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

 

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED (CONTINUED)
- 7 -

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 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.

Hiten Patel FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP, Statutory Auditor
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
30 June 2025
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
-
-
Other income
5
-
248,288
Profit before taxation
-
0
248,288
Tax on profit
6
-
0
-
0
Profit for the financial year
-
0
248,288

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
2025
2024
£
£
(Loss)/profit for the year
-
0
248,288
Other comprehensive income
-
-
Total comprehensive income for the year
-
0
248,288
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
7
346,000
346,000
Current assets
Debtors
9
1
1
Creditors: amounts falling due within one year
10
(19,077,247)
(17,477,657)
Net current liabilities
(19,077,246)
(17,477,656)
Total assets less current liabilities
(18,731,246)
(17,131,656)
Creditors: amounts falling due after more than one year
11
-
(1,599,590)
Net liabilities
(18,731,246)
(18,731,246)
Capital and reserves
Called up share capital
13
1,081,667
1,081,667
Share premium account
14
156,506
156,506
Capital redemption reserve
15
347,606
347,606
Profit and loss reserves
(20,317,025)
(20,317,025)
Total equity
(18,731,246)
(18,731,246)
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
V Patani
Director
Company registration number 07112415 (England and Wales)
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 28 February 2024:
Balance at 1 March 2023
1,081,667
156,506
347,606
(20,565,313)
(18,979,534)
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
-
248,288
248,288
Balance at 28 February 2024
1,081,667
156,506
347,606
(20,317,025)
(18,731,246)
Year ended 28 February 2025:
Profit and total comprehensive income
-
-
-
-
0
-
0
Balance at 28 February 2025
1,081,667
156,506
347,606
(20,317,025)
(18,731,246)
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 12 -
1
Accounting policies
Company information

Integrated Pharmaceutical Services (Ips) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 41 Central Avenue, West Molesey, Surrey, KT8 2QZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of IPSCO Limited. These consolidated financial statements are available from its registered office, 41 Central Avenue, West Molesey, Surrey, KT8 2AZ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Integrated Pharmaceutical Services (Ips) Limited is a wholly owned subsidiary of IPSCO Limited and the results of Integrated Pharmaceutical Services (Ips) Limited are included in the consolidated financial statements of IPSCO Limited which are available from 41 Central Avenue, West Molesey, Surrey, KT8 2AZ.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The Company is subject to a cross guarantee in connection with shareholder and investor loans within the wider Group.

The directors have reviewed the Group's profit and loss and cash flow forecasts for the foreseeable future, being at least one year from the date of approval of these financial statements, the available financial resources, the recurring income stream from customers, other contracted income and whether there is headroom on covenants. Management has a high degree of confidence in delivering these numbers and the actuals to date are ahead of budget.

Subsequent to the year end, the Group's main loan note holders formally extended the repayment date of these loans from 30 June 2025 to 30 June 2028 and the financial covenants amended to create sufficient headroom against base case forecast.

The group has strengths in importing products globally and hence has not been subject to disruption as a result of Brexit and customs declarations. The group has implemented controls and procedures in place to ensure there is smooth supply of medicines and continues to work with the Department of Health and Social Care (DHSC) and The Medicines and Healthcare products Regulatory Agency (MHRA).

As a result of the above the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements, and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fair value of debt

In calculating the fair value of the debt instruments issued, estimates have been made about a market rate of interest that would be obtained if these loans were obtained on an arms length basis

Investment carrying value

An assessment has been made to the investment carrying value in the current and prior year based on assumptions regarding future recoverability.

3
Auditor's remuneration

Audit fees are bourne by its subsidiary.

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 16 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
5
Other income
2025
2024
£
£
Fair value gains on financial instruments
Amounts written off financial liabilities
-
0
248,288
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 17 -
6
Taxation

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
-
0
248,288
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 19.00%)
-
0
47,175
Tax effect of income not taxable in determining taxable profit
-
0
(47,175)
Taxation charge for the year
-
-
7
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
8
346,000
346,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 29 February 2024 & 28 February 2025
34,994,000
Impairment
At 29 February 2024 & 28 February 2025
34,648,000
Carrying amount
At 28 February 2025
346,000
At 28 February 2024
346,000
8
Subsidiaries

Details of the company's subsidiaries at 28 February 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Vertical Pharma Resources Limited
41 Central Avenue, West Molesey, Surrey, KT8 2QZ
Manufacture and supply of special pharmaceutical products
Ordinary
100.00
INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1
1
10
Creditors: amounts falling due within one year
2025
2024
as restated
Notes
£
£
Debenture loans
12
1,599,590
-
0
Amounts owed to group undertakings
17,477,657
17,477,657
19,077,247
17,477,657
11
Creditors: amounts falling due after more than one year
2025
2024
as restated
Notes
£
£
Debenture loans
12
-
0
1,599,590
12
Loans and overdrafts
2025
2024
£
£
Debenture loans
1,599,590
1,599,590
Payable within one year
1,599,590
-
0
Payable after one year
-
0
1,599,590

During the previous year, the maturity date of the loan facility was extended to 30 June 2025. Subsequent to the year end, the maturity date of the loan facilities has been extended to 30 June 2028.

13
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 10p each
5,260,000
5,260,000
526,000
526,000
B Ordinary shares of 10p each
4,740,000
4,740,000
474,000
474,000
C Ordinary shares of 10p each
816,666
816,666
81,667
81,667
10,816,666
10,816,666
1,081,667
1,081,667

All classes of ordinary shares have the same voting and dividend rights.    

INTEGRATED PHARMACEUTICAL SERVICES (IPS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
14
Share premium account

Includes any premiums received on the issue of share capital. Any transaction costs associated with the issueing of shares are deducted from share premium.

15
Capital redemption reserve

The reserve records the nominal value of shares repurchased by the company.

16
Financial commitments, guarantees and contingent liabilities

There is a fixed and floating charge over the assets of the company which relates to borrowings by a group company.

17
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies that are 100% owned by the group.

18
Ultimate controlling party

The company's ultimate and immediate parent undertaking is IPSCO Limited, a company registered in England and Wales. The smallest and largest group to consolidate these financial statements is IPSCO Limited, and copies of its financial statements are available at Companies House.

19
Prior period adjustment
Changes to the balance sheet
Adjustment
£
Creditors due within one year
Loans and overdrafts
1,599,590
Creditors due after one year
Loans and overdrafts
(1,599,590)
Net assets
-
Capital and reserves
Total equity
-
Changes to the profit and loss account
Adjustment
Period ended 28 February 2024
£
Profit for the financial period
-
Notes to adjustments

The prior year adjustment relate to the restatement of the debenture loan as long term in consideration of the expiry date.

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