FOR THE YEAR ENDED 31 DECEMBER 2024
HAMELN PHARMA LTD
COMPANY INFORMATION
HAMELN PHARMA LTD
CONTENTS
HAMELN PHARMA LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
hameln pharma ltd (hameln), controlled by a single shareholder, is a supplier of generic injectable medicines to the UK secondary care, export and wholesale sectors. Most products sold by hameln in the UK are either under its own Marketing Authorisations (MAs) or those held by hameln pharma gmbh in Germany. hameln also supplies a small quantity of medicines manufactured within NHS hospital manufacturing units. hameln has been trading in the UK since 1971 and in 2024 had a turnover of £27.4m with 29 staff and 2 directors.
2024 was a good year and saw an increase in turnover (12%), after supply chain issues caused a decline in the prior year.
Risks and uncertainties fall into four main categories:
1. Market/policy changes
Changes in purchasing policy alongside increasing budgetary constraints within the NHS will continue to exert downwards pressure on some already low product prices resulting in possible market exit for certain stock keeping units (SKUs).
2. Supply risks
hameln's dependence for some of its products on a single manufacturer or single source of one or more ingredients is a diminishing risk. For the last 12 years hameln has been working to establish multiple sources for its key products and will continue to do so but shortages of starting materials and contract manufacturing capacity as well as other supply chain vulnerabilities continue.
3. Investment in new products
hameln continue to invest in a number of products with a number of new product launches planned for 2025.
4. Supplier issues
hameln is dependent upon third party contract manufacturers for its supply of products likely leading to increases in the supply prices and lead times. These have been seen in 2024 and can be expected in 2025 and beyond.
Sales figures
In 2024 hameln saw a 12% increase compared to 2023.
Aged debtors
In 2024 trade debtors falling within 1 year at year-end were £3,431,405 (46 days sales) compared to 2023 figures of £2,858,534 (43 days sales).
Days stock on hand
In 2024 the value of stock on hand at year-end was £7,953,472 (187 days) compared to 2023 figures of £5,821,187 (151 days).
In 2024 trade debtors falling within 1 year at year-end were £3,431,405 (46 days sales) compared to 2023 figures of £2,858,534 (43 days sales).
Days stock on hand
In 2024 the value of stock on hand at year-end was £7,953,472 (187 days) compared to 2023 figures of £5,821,187 (151 days).
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HAMELN PHARMA LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
KPIs and complaints
KPIs are classified according to a structure corresponding at a high level to the NHS KPIs and at a more detailed level according to cause and impact.
hameln monitors Product Defect (PD) reports and Adverse Drug Reaction (ADR) reports and has been certified as ISO 9001 and ISO 14001 compliant.
KPIs are classified according to a structure corresponding at a high level to the NHS KPIs and at a more detailed level according to cause and impact.
hameln monitors Product Defect (PD) reports and Adverse Drug Reaction (ADR) reports and has been certified as ISO 9001 and ISO 14001 compliant.
This report was approved by the board on 15 September 2025 and signed on its behalf.
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HAMELN PHARMA LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £2,924,724 (2023: £2,730,086).
The directors who served during the year were:
Despite the Principal Risks and Uncertainties, hameln expects to consolidate its position in 2025 and to grow in the medium-term future and is constantly looking to source new products from existing and new suppliers.
The company has included mandatory directors' report disclosures within the strategic report as they are considered by the directors to be of strategic importance; as permitted by the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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HAMELN PHARMA LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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HAMELN PHARMA LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
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HAMELN PHARMA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMELN PHARMA LTD
We have audited the financial statements of Hameln Pharma Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity, and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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HAMELN PHARMA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMELN PHARMA LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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.
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HAMELN PHARMA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMELN PHARMA LTD (CONTINUED)
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 Auditors' 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:
Identifying and assessing potential risks related to irregularities
∙We have considered the nature of the industry and sector, control environment and business performance including the design of the Company's bonuses.
∙We have considered the results of our enquiries of management and those charged with governance about their own identification and assessment of the risk of irregularities.
∙For any matters identified we have obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations whether they are aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team including internal tax specialists regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified recognition of revenue, particularly regarding year end cut off, as the greatest potential for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102, and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation, Medicines & Healthcare products Regulatory Agency (MHRA) regulations, quality management systems ISO 9001 and environmental management systems ISO 14001.
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HAMELN PHARMA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMELN PHARMA LTD (CONTINUED)
Audit response to risks identified
We identified the recognition of revenue as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
∙Enquiring of management concerning actual and potential litigation claims.
∙Performing various substantive tests of detail related to the recognition of revenue.
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud.
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws or regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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HAMELN PHARMA LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMELN PHARMA LTD
REGISTERED NUMBER:01034697
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 24 form part of these financial statements.
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HAMELN PHARMA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMELN PHARMA LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Hameln Pharma Ltd is a limited liability company incorporated in the UK and registered in England and Wales. The registered office is: Nexus, Gloucester Business Park, Brockworth, Gloucester, Gloucestershire, GL3 4AG.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company made a profit of £2,924,724, has net assets of £10,943,072 and net current assets of £10,885,508, including cash on hand of £2,724,779. The Directors have prepared forecasts that show the company is able to realise its assets and discharge its liabilities in the normal course of business for a period of at least 12 months from the date of approval of the financial statements. Therefore the financial statements have been prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Operating lease commitments
The company has entered into commercial property leases and as a lessee it obtains use of property, plant and equipment. The classification of such leases as operating or finance lease requires the company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
The whole of the turnover is attributable to the sale and distribution of pharmaceutical products
Analysis of turnover by country of destination:
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There are no factors expected to materially affect future tax charges.
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
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HAMELN PHARMA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £154,931 (2023: £142,758).
The immediate and ultimate parent company is Hameln Group GmbH , a company incorporated in Germany.
The ultimate controlling party isMr C Kerstein .
The ultimate controlling party is
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