Cadila Pharmaceuticals (UK) Limited 31/03/2025 iXBRL

Company registration number: 04113581

Cadila Pharmaceuticals (UK) Limited

Filleted financial statements

31 March 2025

Cadila Pharmaceuticals (UK) Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Cadila Pharmaceuticals (UK) Limited

Directors and other information


Directors	Dr. R. I. Modi
	Mr Amitabha Banerjee
	Mr Rajiv R Modi	(Appointed 30 August 2024)


Company number	04113581


Registered office	Amba House
	4th Floor, Kings Suite
	15 College Road
	Harrow, Middlesex
	HA1 1BA


Auditor	Nagle James Associates Limited
	Amba House,
	4th Floor, Kings Suite
	15 College Road
	Harrow, Middlesex
	HA1 1BA




	Bankers	Bank of Baroda

Cadila Pharmaceuticals (UK) Limited

Directors responsibilities statement

Year ended 31 March 2025

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the 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 judgments and accounting estimates that are reasonable and prudent; and

- 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.

Cadila Pharmaceuticals (UK) Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		5,703
Tangible assets	6	2,490,372		4,267,144
		_______		_______
			2,490,372		4,272,847

Current assets
Debtors	7	488,636		1,158,215
Cash at bank and in hand		137,954		190,717
		_______		_______
		626,590		1,348,932
Creditors: amounts falling due
within one year	8	( 526,210)		( 2,704,804)
		_______		_______
Net current assets/(liabilities)			100,380		( 1,355,872)
			_______		_______
Total assets less current liabilities			2,590,752		2,916,975

Creditors: amounts falling due
after more than one year	9		( 1,200,000)		( 969,763)

Provisions for liabilities	10		( 70,854)		( 141,413)

			_______		_______
Net assets			1,319,898		1,805,799
			_______		_______

Capital and reserves
Called up share capital	12		3,360,986		3,360,986
Profit and loss account			( 2,041,088)		( 1,555,187)
			_______		_______
Shareholders funds			1,319,898		1,805,799
			_______		_______

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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:

Dr. R. I. Modi

Director

Company registration number: 04113581

Cadila Pharmaceuticals (UK) Limited

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2023	3,360,986	( 1,832,183)	1,528,803

(Loss)/profit for the year		276,996	276,996
	_______	_______	_______
Total comprehensive income for the year	-	276,996	276,996

	_______	_______	_______
At 31 March 2024 and 1 April 2024	3,360,986	( 1,555,187)	1,805,799

(Loss)/profit for the year		( 485,901)	( 485,901)
	_______	_______	_______
Total comprehensive income for the year	-	( 485,901)	( 485,901)

	_______	_______	_______
At 31 March 2025	3,360,986	( 2,041,088)	1,319,898
	_______	_______	_______

Cadila Pharmaceuticals (UK) Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Amba House, 4th Floor, Kings Suite, 15 College Road, Harrow, Middlesex, HA1 1BA.

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.

The amounts are rounded to the nearest whole number and no other rounding is used.

Going concern

The company's ultimate parent Cadila Pharmaceuticals Limited will continue to support the company for the foreseeable future. Accordingly, the board of directors considers that it is appropriate that the Company's financial statements are prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 for use of company's assets by others is recognised on the basis of contracts; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Research and development Expenses on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are recognised in the statement of profit and loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures is capitalised only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, the assets are controlled by the Company and the Company intends to and has sufficient resources to complete development and to use or sell the asset. The expenditure capitalised includes the cost of materials and other costs directly attributable to preparing the asset for its intended use. Other development expenditure is recognised in the statement of profit and loss as incurred. Intangible assets relating to products under development, other intangible assets not available for use and intangible assets having indefinite useful life are subject to impairment testing at each reporting date. All other intangible assets are tested for impairment when there are indications that the carrying value may not be recoverable. Any impairment losses are recognised immediately in the statement of profit and loss.

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:


Patent, Copyright and Licenses	-	Useful life of asset - 5-10 years

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.

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:


Land and buildings	-	Straight line over 50 years
Office equipment	-	Straight line over 3 - 5 years
Fixtures and fittings	-	Straight line over 10 years
Motor vehicles	-	Straight line over 8 years

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

Debt instruments are subsequently measured at amortised cost.

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, including the directors, amounted to:

	2025	2024
Distribution staff	3	3
Administrative staff	2	2
	_______	_______
	5	5
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	1,507,440	2,903,712
Social security costs	202,168	129,761
Other pension costs	2,462	2,155
	_______	_______
	1,712,070	3,035,628
	_______	_______

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	193,927	193,927
	_______	_______
Amortisation
At 1 April 2024	188,224	188,224
Charge for the year	5,703	5,703
	_______	_______
At 31 March 2025	193,927	193,927
	_______	_______
Carrying amount
At 31 March 2025	-	-
	_______	_______
At 31 March 2024	5,703	5,703
	_______	_______

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 April 2024	3,730,612	233,002	562,226	785,059	98,235	5,409,134
Disposals	( 1,476,019)	( 233,002)	-	-	-	( 1,709,021)
	_______	_______	_______	_______	_______	_______
At 31 March 2025	2,254,593	-	562,226	785,059	98,235	3,700,113
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 April 2024	411,262	47,630	523,292	108,615	51,191	1,141,990
Charge for the year	62,389	12,258	23,942	95,721	17,802	212,112
Disposals	( 84,472)	( 59,889)	-	-	-	( 144,361)
	_______	_______	_______	_______	_______	_______
At 31 March 2025	389,179	( 1)	547,234	204,336	68,993	1,209,741
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2025	1,865,414	1	14,992	580,723	29,242	2,490,372
	_______	_______	_______	_______	_______	_______
At 31 March 2024	3,319,350	185,372	38,934	676,444	47,044	4,267,144
	_______	_______	_______	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	418,586	931,223
Prepayments and accrued income	24,128	47,754
Other debtors	45,922	179,238
	_______	_______
	488,636	1,158,215
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	-	75,492
Amounts owed to group undertakings and undertakings in which the company has a participating interest	494,303	2,472,525
Accruals and deferred income	13,000	13,000
Social security and other taxes	10,628	138,876
Other creditors	8,279	4,911
	_______	_______
	526,210	2,704,804
	_______	_______

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	-	969,763
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,200,000	-
	_______	_______
	1,200,000	969,763
	_______	_______

Loan from the group undertaking is interest free, unsecured and with no fixed repayment terms.

10. Provisions

	Deferred tax (note 11)	Total
	£	£
At 1 April 2024	141,414	141,414
Charges against provisions	( 70,560)	( 70,560)
	_______	_______
At 31 March 2025	70,854	70,854
	_______	_______

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 10)	70,854	141,413
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	70,854	141,413
	_______	_______

12. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares of £ 1.00 each	3,360,986	3,360,986	3,360,986	3,360,986
	_______	_______	_______	_______

13. Summary audit opinion

The auditor's report dated 21 May 2025 was unqualified.

The senior statutory auditor was Kaushik Nathwani for and on behalf of Nagle James Associates Limited

14. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Dr. R. I. Modi	138,053	( 138,053)	-
		_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Dr. R. I. Modi	131,702	6,351	138,053
		_______	_______	_______

15. Related party transactions

The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with the parent company.The company's ultimate parent at the balance sheet date was Cadila Pharmaceuticals Limited, incorporated in India and the immediate parent at the balance sheet date was Satellite Overseas Holdings Ltd (SOHL), incorporated in Isle of Man.

16. Ultimate Controlling party

The smallest group in which the results of the company are consolidated is that headed by Satellite Overseas Holdings Ltd (SOHL). The largest group in which the results of the company are consolidated is that headed by Cadila Pharmaceuticals Limited (India).The Consolidated group financial statements of Cadila Pharmaceuticals Limited for the year ended 31 March 2025 are publicly available from the company's corporate address at Cadila Corporate Campus, Sarkhej-Dholka road, Village-Bhat, Ahmedabad 382210, India.