Seacross Pharmaceuticals Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 07650983 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Seacross Pharmaceuticals Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Z Ding

Mrs P He

Miss Y Ding

SECRETARY:

Mrs P He

REGISTERED OFFICE:

Bedford Business Centre

61-63 St Peters Street

Bedford

Bedfordshire

MK40 2PR

REGISTERED NUMBER:

07650983 (England and Wales)

AUDITORS:

Collett Hulance Accountants Limited

Chartered Certified Accountants

and Registered Auditor

40 Kimbolton Road

Bedford

Bedfordshire

MK40 2NR

ACCOUNTANTS:

Thompsons Accountants & Advisors Limited

Grove House

1 Grove Place

Bedford

Bedfordshire

MK40 3JJ

FIXED ASSETS

Intangible assets

6

434,455

611,624

Tangible assets

7

1,519

2,682

Investments

8

932,463

1,194,861

1,368,437

1,809,167

CURRENT ASSETS

Stocks

2,009,092

1,008,227

Debtors

9

2,013,245

2,201,836

Cash at bank

3,875,846

3,231,883

7,898,183

6,441,946

CREDITORS

Amounts falling due within one year

10

7,137,754

4,351,009

NET CURRENT ASSETS

760,429

2,090,937

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,128,866

3,900,104

CAPITAL AND RESERVES

Called up share capital

11

6,000,000

Retained earnings

(3,871,134

)

(2,099,896

)

SHAREHOLDERS' FUNDS

2,128,866

3,900,104

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mrs P He - Director

1.	STATUTORY INFORMATION

Seacross Pharmaceuticals Ltd 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.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis as the parent company has confirmed its willingness to support the company for at least 12 months from the date of the approval of these financial statements. The directors are satisfied that these sources of finance are adequate to ensure that the company will continue as a going concern for the foreseeable future.

Preparation of consolidated financial statements

The financial statements contain information about Seacross Pharmaceuticals Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Intangible fixed assets

Intangible fixed assets are patents and licences which have a finite useful life. Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation begins when the intangible asset is available for use.

Amortisation rates are between 5 and 15 years. Intangible fixed assets are subject to regular impairment reviews.

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

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiaries and associates are measured at cost less impairment.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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 year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5.	AUDITORS' REMUNERATION

Fees payable to the company's auditors for the audit of the company's financial statements amounted to £7,700 (2023- £7,700)

6.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2024

and 31 December 2024

1,735,472

AMORTISATION

At 1 January 2024

1,123,848

Amortisation for year

177,169

At 31 December 2024

1,301,017

NET BOOK VALUE

At 31 December 2024

434,455

At 31 December 2023

611,624

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 1 January 2024

2,679

670

13,207

16,556

Additions

-

786

At 31 December 2024

2,679

670

13,993

17,342

DEPRECIATION

At 1 January 2024

2,679

670

10,525

13,874

Charge for year

-

1,949

At 31 December 2024

2,679

670

12,474

15,823

NET BOOK VALUE

At 31 December 2024

-

1,519

At 31 December 2023

-

2,682

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

1,884,799

Additions

82,032

At 31 December 2024

1,966,831

PROVISIONS

At 1 January 2024

689,938

Provision for year

344,430

At 31 December 2024

1,034,368

NET BOOK VALUE

At 31 December 2024

932,463

At 31 December 2023

1,194,861

The company owns 77.58% ( 2023 - 76.78%) of the issued share capital of Seacross Pharmaceuticals (Sichuan) Limited, a company incorporated in the People's Republic of China.

In 2019 the company purchased 100% of the issued share capital of Seacross Pharma (Europe) Limited, a company incorporated in the Republic of Ireland.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

1,978,437

1,694,761

Amounts owed by group undertakings

-

435,502

Other debtors

12,212

4,412

Tax

22,596

67,161

2,013,245

2,201,836

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

2,421,944

189,597

Amounts owed to group undertakings

3,664,747

3,162,600

Tax

-

23,001

Social security and other taxes

6,123

6,393

VAT

157,009

187,888

Other creditors

3,762

1,869

Accrued expenses

884,169

779,661

7,137,754

4,351,009

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

4,530,000

Ordinary Class A

£1

4,530,000

1,470,000

Ordinary Class B

£1

1,470,000

6,000,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Robert Upton FCCA (Senior Statutory Auditor)

for and on behalf of Collett Hulance Accountants Limited

13.	ULTIMATE CONTROLLING PARTY

Sichuan Huiyu Pharmaceutical Limited (incorporated in the People's Republic of China) is regarded by the directors as the company's ultimate parent company.

The ultimate parent company's registered office is situated at Shuangsu Road, Shizhong Qu, Neijiang Shi, Sichuan Sheng, People's Republic of China.