REGISTERED NUMBER: 04247118 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

IMS Euro Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr A Campbell

Miss J Moores

Mrs E Reeman

Mrs J O'Brien

Mr S Collard

REGISTERED OFFICE:

Europa Business Park

Bird Hall Lane

Cheadle Heath

Stockport

Cheshire

SK3 0XA

REGISTERED NUMBER:

04247118 (England and Wales)

AUDITORS:

Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

The Director presents his Strategic Report of the company for the 12 months ended 31 December 2024.

REVIEW OF BUSINESS

Turnover increased again year on year, up £6m to £33m. IMS continues to win market share, through providing a compelling combination of excellent customer service, and high quality, value for money products.

Profitability also increased with profit before tax increasing by £1.2m to £4.5m, enabling IMS to continue to reinvest in its people and infrastructure, ensuring it has a robust and efficient platform for continued growth.

As one would expect, working capital has increased to take account of this growth in sales. Debtors increased by £1.2m to just over £8m, whilst careful stock management has enabled stock levels to fall by £1.4m to £4.3m despite the higher level of sales. IMS continues to have the breadth and depth of stock to allow it to provide customers with a One Stop Shop for medical consumables products.

PRINCIPAL RISKS AND UNCERTAINTIES

Price volatility, product shortages and delay on imports are still a risk as a result of the Ukraine War and the conflict in the Middle East, however the business has a strong and diverse supply base to mitigate this risk.

The company uses daily, weekly and monthly Key Performance Indicators to monitor profitability and liquidity. Examples of these KPIs are Daily Sales, Product margin percentage, Stock days, Trade debtor days and Trade creditor days.

Key Performance Indicators

2024

2023

Gross profit %

31.5%

30.5%

Profit before tax %

13.7%

12.1%

Trade debtor days

37.3 days

55.6 days

Trade creditor days

46.3 days

39.9 days

Stock trading ratio %

18.8%

30.1%

Currency fluctuations are managed by maintaining reserves of the major trading currencies.

LEGISLATIVE RISKS

All suppliers and products purchased comply with existing legislation.

FINANCIAL RISKS

The company and its divisions continue to be financially strong, generating significant profit and cashflow, adding to an already strong balance sheet.

ECONOMIC RISKS

The company and its divisions are well placed to address future economic challenges through diversification into new markets, tight cost control and increasing liquidity.

ON BEHALF OF THE BOARD:

Mr S Collard - Director

11 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of pharmaceutical goods.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £252,977 (2023: £257,580).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr D W Shamot held office throughout the whole of the current period, resigning on 23rd April 2025. On this same date, Mr A Campbell, Miss J Moores, Mrs E Reeman, Mrs J O'Brien and Mr S Collard were appointed directors of the company.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414A of the Companies Act 2006, the company has prepared a strategic report which can be found on page 2 and which includes a fair review of the company’s business and a description of the principal risks and uncertainties facing the company.

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, Harts Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S Collard - Director

11 September 2025

Opinion

We have audited the financial statements of IMS Euro Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 December 2024 and of its profit for the year 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.

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.

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.

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.

The primary responsibility for the prevention and detection of non-compliance with laws and regulations, including fraud, rests with both those charged with governance of the entity and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and considered acts by the company that were contrary to these laws and regulations, including fraud.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of an override of controls) and determined that the principle risks were related to revenue recognition and management override of controls. We also determined that there is a risk of inappropriate journal entries being included.

Appropriate procedures performed by the engagement team included:

-

Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

-

Challenging the assumptions and judgements made by management in their significant accounting estimates;

-

Reviewing the minutes of meetings of management and/or the Board of Directors;

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, intentional misrepresentation or through collusion.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations that could materially impact the financial statements.

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.

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.

Melissa Bowers FCCA (Senior Statutory Auditor)

for and on behalf of Harts Limited

Chartered Accountants and Statutory Auditors

Westminster House

10 Westminster Road

Macclesfield

Cheshire

SK10 1BX

12 September 2025

TURNOVER

3

33,002,285

27,228,601

Cost of sales

(22,603,503

)

(18,929,248

)

GROSS PROFIT

10,398,782

8,299,353

Administrative expenses

(5,896,192

)

(5,026,531

)

4,502,590

3,272,822

Other operating income

-

7,328

OPERATING PROFIT

5

4,502,590

3,280,150

Interest receivable and similar income

33,486

13,434

PROFIT BEFORE TAXATION

4,536,076

3,293,584

Tax on profit

7

(1,130,716

)

(772,838

)

PROFIT FOR THE FINANCIAL YEAR

3,405,360

2,520,746

PROFIT FOR THE YEAR

3,405,360

2,520,746

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,405,360

2,520,746

FIXED ASSETS

Intangible assets

9

27,813

20,856

Tangible assets

10

80,476

60,481

108,289

81,337

CURRENT ASSETS

Stocks

11

4,250,965

5,694,475

Debtors

12

8,070,262

6,868,757

Cash at bank and in hand

5,002,463

1,277,986

17,323,690

13,841,218

CREDITORS

Amounts falling due within one year

13

(5,491,460

)

(5,146,960

)

NET CURRENT ASSETS

11,832,230

8,694,258

TOTAL ASSETS LESS CURRENT LIABILITIES

11,940,519

8,775,595

PROVISIONS FOR LIABILITIES

16

(21,607

)

(9,066

)

NET ASSETS

11,918,912

8,766,529

CAPITAL AND RESERVES

Called up share capital

17

1

1

Retained earnings

18

11,918,911

8,766,528

SHAREHOLDERS' FUNDS

11,918,912

8,766,529

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

Mr S Collard - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

6,503,362

6,503,363

Changes in equity

Dividends

-

(257,580

)

(257,580

)

Total comprehensive income

-

2,520,746

2,520,746

Balance at 31 December 2023

1

8,766,528

8,766,529

Changes in equity

Dividends

-

(252,977

)

(252,977

)

Total comprehensive income

-

3,405,360

3,405,360

Balance at 31 December 2024

1

11,918,911

11,918,912

1.	STATUTORY INFORMATION

IMS Euro 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.

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 presentational and functional currency of these financial statements is GBP. Values are round to the nearest pound.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the future economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover is normally recognised on despatch of goods or the agreed transfer of ownership if inventory management is requested by the customer on premises at IMS Euro Limited.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

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 - 25% , 33% RB and 50% SL

Fixtures and fittings - 20%, 33% RB and 50% SL

Motor vehicles - 25% RB

Stocks

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

Stocks are measured using the weighted average policy.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic 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.

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.

Key judgements and 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Stocks

A provision in the amount of £303,408 (2023: £319,336) for old and obsolete stock has been estimated by the directors to ensure that the stock is correctly stated at the lower of cost and new realisable value.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Sales of goods

33,002,285

27,228,601

33,002,285

27,228,601

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

31,456,397

26,678,214

Europe

1,530,364

532,463

Rest of world

15,524

17,924

33,002,285

27,228,601

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,263,685

3,005,603

Social security costs

320,186

247,830

Other pension costs

280,898

258,045

3,864,769

3,511,478

The average number of employees during the year was as follows:

31.12.24

31.12.23

Direct

60

45

Indirect

35

36

95

81

31.12.24

31.12.23

£

£

Director's remuneration

4,012

10,061

Director's pension contributions to money purchase schemes

338

805

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Hire of plant and machinery

35,921

37,843

Other operating leases

606,827

385,611

Depreciation - owned assets

26,985

16,079

Profit on disposal of fixed assets

(7,593

)

-

Computer software amortisation

14,328

17,979

6.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

15,000

15,000

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

1,124,495

779,158

(Over) Under provision in prior year

-

(4,135

)

Total current tax

1,124,495

775,023

Deferred tax

6,221

(2,185

)

Tax on profit

1,130,716

772,838

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

4,536,076

3,293,584

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

1,134,019

773,992

Effects of:

Expenses not deductible for tax purposes

3,016

3,244

Capital allowances in excess of depreciation

(1,967

)

(5,857

)

Adjustments to tax charge in respect of previous periods

-

(4,135

)

Pension Provision increase

(4,352

)

5,594

Total tax charge

1,130,716

772,838

8.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary A shares of 0.01 each

Interim

252,977

257,580

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

94,044

Additions

21,285

At 31 December 2024

115,329

AMORTISATION

At 1 January 2024

73,188

Amortisation for year

14,328

At 31 December 2024

87,516

NET BOOK VALUE

At 31 December 2024

27,813

At 31 December 2023

20,856

10.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

63,168

90,236

15,200

168,604

Additions

4,000

21,067

23,177

48,244

Disposals

-

-

(15,200

)

(15,200

)

At 31 December 2024

67,168

111,303

23,177

201,648

DEPRECIATION

At 1 January 2024

31,228

62,959

13,936

108,123

Charge for year

10,154

14,714

2,117

26,985

Eliminated on disposal

-

-

(13,936

)

(13,936

)

At 31 December 2024

41,382

77,673

2,117

121,172

NET BOOK VALUE

At 31 December 2024

25,786

33,630

21,060

80,476

At 31 December 2023

31,940

27,277

1,264

60,481

11.

STOCKS

31.12.24

31.12.23

£

£

Finished goods

4,250,965

5,694,475

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

3,362,095

4,150,748

Amounts owed by group undertakings

1,854,547

-

Other debtors

2,259,866

2,215,915

Prepayments

593,754

502,094

8,070,262

6,868,757

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 14)

-

39,084

Trade creditors

2,672,477

2,262,587

Corporation tax

548,889

345,287

Pension creditor

21,863

39,269

VAT

485,671

326,111

Other creditors

202,539

610,779

Accrued expenses

1,560,021

1,523,843

5,491,460

5,146,960

14.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

39,084

15.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

460,450

527,393

Between one and five years

7,693

41,563

In more than five years

-

90

468,143

569,046

Lease payments recognised as an expense during the year were £622,970 (2023: £423,454)

16.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

21,607

9,066