REGISTERED NUMBER: 02278389 (England and Wales)

Audited Financial Statements

for the Year Ended 31 December 2024

for

Pharma Nord (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J Dam

Mr M C Havemann

Mr M M Svarrer

Mr E Wallin

REGISTERED OFFICE:

Telford Court

Morpeth

Northumberland

NE61 2DB

REGISTERED NUMBER:

02278389 (England and Wales)

AUDITORS:

S&W Partners Audit Limited

Statutory Auditor

Chartered Accountants

17 Queens Lane

Newcastle

NE1 1RN

FIXED ASSETS

Intangible assets

5

4,896

9,793

Tangible assets

6

745,724

784,100

750,620

793,893

CURRENT ASSETS

Stocks

533,688

734,086

Debtors

7

1,049,006

1,126,891

Cash at bank and in hand

265,966

185,705

1,848,660

2,046,682

CREDITORS

Amounts falling due within one year

8

(1,101,844

)

(1,621,886

)

NET CURRENT ASSETS

746,816

424,796

TOTAL ASSETS LESS CURRENT LIABILITIES

1,497,436

1,218,689

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Revaluation reserve

438,992

447,308

Profit and loss account

998,444

711,381

1,497,436

1,218,689

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 Profit and Loss Account has not been delivered.

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

Mr M M Svarrer - Director

1.	STATUTORY INFORMATION

Pharma Nord (UK) 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.

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 £.

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. The financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of freehold properties and to include investment properties and certain financial instruments measured at fair value through profit and loss.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all the years presented, unless otherwise stated.

The financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of freehold properties and to include investment properties and certain financial instruments measured at fair value through profit and loss.

Preparation of consolidated financial statements

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.

Pharma Nord (UK) Limited is a wholly owned subsidiary of Pharma Nord ApS Limited and the results of Pharma Nord (UK) Limited are included in the consolidated financial statements of Pharma Nord ApS Limited which are available from Sadelmagervej 30-32, DK-7100 Vejle, Denmark.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

Turnover

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

Sales of Goods

The company sells vitamins, minerals, supplements and unlicensed medical products for national retailers, the NHS and consumers. Sales of goods are 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 economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Other operating income

Income in respect of the marketing transfer pricing adjustment receivable from group companies is recognised in accordance with the turnover accounting policy stated above.

Interest receivable

Interest income is recognised using the effective interest method.

Intangible assets other than goodwill

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 two years.

Tangible fixed assets

Tangible fixed assets are stated at cost or deemed and subsequently measured at cost or valuation less accumulated depreciation and accumulated impairment losses. Asset revaluation are undertaken sufficiently regularly to ensure that the carrying value of the asset reflects its fair value.

Depreciation is recognised sp as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings

50 years

Plant and machinery

4 years

Fixtures, fittings & equipment

3 to 5 years

Motor vehicles

4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairments of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, being the higher of fair value less costs to sell and value in use, is estimated in order to determine the extent of the impairment.

If the recoverable amount of an asset is estimated to be less than its carrying amount, an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is calculated using the first-in, first­ out formula. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made for damaged, obsolete and slow­ moving stock where appropriate.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax arises from timing differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Foreign currencies

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 31 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

9,793

AMORTISATION

Charge for year

4,897

At 31 December 2024

4,897

NET BOOK VALUE

At 31 December 2024

4,896

At 31 December 2023

9,793

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

1,001,890

309,658

1,311,548

DEPRECIATION

At 1 January 2024

280,123

247,325

527,448

Charge for year

20,038

18,338

38,376

At 31 December 2024

300,161

265,663

565,824

NET BOOK VALUE

At 31 December 2024

701,729

43,995

745,724

At 31 December 2023

721,767

62,333

784,100

The leasehold land and buildings were valued on an open market basis by a firm of independent Chartered Surveyors on 15 March 2010.

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2010

586,103

-

586,103

Cost

415,787

309,658

725,445

1,001,890

309,658

1,311,548

If land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

586,103

586,103

Aggregate depreciation

171,980

163,664

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

640,409

1,075,627

Amounts owed by group undertakings

322,453

-

Other debtors

86,144

51,264

1,049,006

1,126,891

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

776,009

-

Trade creditors

66,649

86,999

Amounts owed to group undertakings

-

1,158,860

Taxation and social security

244,687

369,027

Other creditors

14,499

7,000

1,101,844

1,621,886

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

The Report of the Auditors was unqualified.

Stephen Easton FCA Senior Statutory Auditor

for and on behalf of S&W Partners Audit Limited

10.	PARENT COMPANY

The parent company of Pharma Nord (UK) Limited is Pharma Nord Aps Limited.