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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
COMPANY INFORMATION
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MILI HEALTHCARE LIMITED
CONTENTS
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MILI HEALTHCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Strategic Report for the year ended 31 December 2024.
Mili Healthcare Limited demonstrated strong operational resilience and strategic positioning within Ukraine's pharmaceutical market in 2024.
Despite ongoing wartime challenges, the Company successfully maintained its market presence through diversified operations spanning retail pharmacy sales and government hospital procurement. The Company's retail pharmacy sales (sale out) reached $14.5 million in 2024, representing solid performance in a recovering market that grew 7.3% to $3.86 billion. Mili Healthcare strengthened its position in the critical oncology segment, ranking 2nd among pharmaceutical companies in government tender volume, surpassing major international competitors. The Company's strategic partnerships with key distributors BADM and Optima, covering 90% of the market, ensured uninterrupted supply chain operations throughout 2024. Mili Healthcare's portfolio of 20 registered cancer drugs proved particularly valuable during wartime, with successful participation in national tenders generating significant sales share and reinforcing the Company's commitment to providing vital medications to Ukrainian patients.
The directors have identified key risks stemming from the ongoing conflict in Ukraine that continue to impact operations, though the situation has achieved operational stability supporting continued business activities.
Primary risk factors Territorial limitations: Approximately 19% of Ukrainian territory remains under occupation, limiting sales operations and market reach in affected regions. Reduced consumer market: The consumer base remains contracted due to ongoing emigration and reduced purchasing power, despite some population return. Infrastructure vulnerabilities: Periodic attacks on energy infrastructure cause operational disruptions, though improved energy capacity and European imports have mitigated winter shortages. Logistics constraints: Closed airspace and damaged transportation networks affect supply chain efficiency and increase operational costs. The Company has adapted through European airports and road transport routes. Security risks: Ongoing threats of air attacks and military operations pose risks to property, personnel, and business continuity. Mitigating factors Economic stabilization: Ukraine's economy shows resilience with projected GDP growth of 2.5-3.5% for 2025, supported by improved infrastructure and rising income levels.
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MILI HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Operational adaptation:
The Company has successfully adapted to wartime conditions through alternative power sources for distributors, diversified logistics, and enhanced digital systems. Frontline stabilization: Military situation has stabilized with minimal territorial changes, enabling predictable business planning in controlled territories. Infrastructure recovery: Ongoing international investments in critical infrastructure continue improving operational conditions. While war-related risks remain significant, the combination of operational adaptation, economic stabilization trends, and demonstrated business continuity capabilities provides reasonable grounds for the going concern assumption. The Company's essential pharmaceutical products, strong oncology portfolio, and government procurement position provide additional market resilience. The directors maintain comprehensive risk monitoring and contingency planning to address potential escalations.
The key financial indicator for measuring annual results is the net sales turnover and its dynamics. The Company appraises the revenue by the “sale in” and “sale out” approach.
Actual sales to distributors stand for the “sale in” figure and amounted to $15.1 million in 2024 with a 2% decrease compared to previous period (2023 $15.4m). The scope of purchases from pharmacies made by the end consumers at retail prices is the “sale out” figure, which reached the point of $14.5 million in 2024 and a 3.1% increase compared to 2023 ( $14.1m). These figures in the first half of 2025 compared to respective period in 2024: sale in - $ 10.06 million (+37.4% increase on the respective period in 2024) and sale out - $ 7.96 million (+9.2% increase in the respective period in 2024).
In striving to expand its market presence and provide a wide product offering, the Company closely monitors both the breadth of its portfolio and the performance of its key brands. By the end of 2024, Mili Healthcare Limited had 36 products available on the Ukrainian pharmaceutical market, representing an increase of 10 products compared to 2023. The portfolio is expected to reach 45 items in 2025.
The Company also tracks the positioning of its major brands within their respective therapeutic categories: Mili Nosik maintained its unique position in the decongestant category as the only oral product of its kind. In 2024, it ranked No. 5 in value terms with a 6.7% market share, achieving +5.7% growth versus 2023, while the category as a whole declined by –4.3%. Mili Nosik was recognised with the Panacea of the Year 2024 award for demonstrating the highest growth in its category. Vormil reinforced its long-standing leadership in the anthelmintic category. By the end of 2024, it held the No. 1 position with a 45.3% market share, delivering +5.3% growth, compared to the overall market growth of just +0.4%. Milistan achieved strong results in the cold remedies (tablet) segment, ranking No. 3 by market share (10.6%) and No. 5 in value terms (10.1%). Sales grew by +4.0% in volume and +4.4% in value, both ahead of the overall market growth of +3.0%.
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MILI HEALTHCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Ismigen and Respibron, representing the Company’s bacterial lysates portfolio, delivered a No. 2 ranking in the Ukrainian market with a 22.7% share in 2024.
Lactovit Forte, operating in the rapidly expanding probiotics category (with around 40 new entrants during 2023–2024), ranked No. 10 with a 3.7% share. Despite this, the brand recorded a –5.1% decline, against overall market growth of +1.5%. In addition to brand-level tracking, the Company monitors its overall market ranking through industry research. According to Pharmstandard data, Mili Healthcare Limited held the 61st position in 2024 to mid-2025 with a 0.41% market share, and has set a target to improve to the 58th position with a 0.42% share by the end of 2025.
This report was approved by the board and signed on its behalf.
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MILI HEALTHCARE LIMITED
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 directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
The Company manufactures its products on a contractual basis involving the globally renowned manufacturers (manufacturing sites): Venus Remedies, Mepro Pharmaceuticals, Windlas Healthcare, Lallemand Pharma International, etc. The Company maintains a centralised management of production and distribution of the healthcare system’s products, including medicinal products and dietary supplements, medical devices, medical equipment, medicines, etc. The functions of the last stage of the value-adding chain (direct distribution of products) are performed by the full-line distributors to which the Company supplies its pharmaceutical products. The contracts for the pharmaceutical products’ supply, including the delivery into the territory of Ukraine, are concluded directly by the Company.
The Representative Office is a separate structural division of Mili Healthcare Limited (the resident of the United Kingdom of Great Britain and Northern Ireland). The Representative Office is not a legal entity; it carries out the economic activities in the name and on behalf of the Company. The Representative Office was registered by the Ministry of Economy and European Integration of Ukraine on March 14, 2002, its registration number is PI-2906.
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MILI HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Representative Office carries out business activities in the name and on behalf of the Company. The Representative Office performs its functions in accordance with the legislation of Ukraine. The legal status, main tasks, functions and rights of the Representative Office are determined by the Representatives Capacity and the Power of Attorney issued annually by the Company to the Director of the Representative Office.
The main activity of the Representative Office is collection and provision of information on the medicinal products supplied by the Company to Ukraine and, in particular, the medical representation and pharmacovigilance activities. The activity of the Representative Office is financed by the Company by providing it with the special-purpose financing. The Representative Office is not directly involved in the development and distribution of the medicinal products and performs only the limited functions related to the medical representation, providing the information on the medicinal products, and pharmacovigilance.
The loss for the year, after taxation, amounted to $25,749 (2023: profit $728,162).
No dividends have been paid during the year (2023: $nil).
The directors who served during the year were:
Despite the ongoing war in Ukraine, the Company has successfully stabilised its operations and continues to demonstrate resilience. The main risks remain the occupation of approximately 19% of Ukraine’s territory, reduced consumer demand, logistical and infrastructure challenges, and ongoing security concerns. However, several stabilising factors support the Company’s ability to continue as a going concern. These include Ukraine’s projected GDP growth of 2.5–3.5% in 2025, a largely stabilised military situation, ongoing recovery of infrastructure, and the Company’s proven ability to adapt to difficult operating conditions.
Operational measures have been central to ensuring continuity. The Company has expanded its coverage across all government-controlled regions and maintained strong reliance on its two key distributors, BADM and Optima, which accounted for 87.3% of sales in 2025. Logistics have been adapted through the use of European airport hubs with road transport into Ukraine, while infrastructure resilience has been ensured by investing in generators, fuel reserves, and solar power systems. Employees have been supported with relocation assistance, autonomous energy supplies, and reliable internet access. In addition, the Company has strengthened its digital marketing strategy, increasing its ability to reach and retain customers. Based on these initiatives and on current cashflow forecasts, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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MILI HEALTHCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Ukrainian pharmacy sector has shown remarkable resilience, with approximately 17,000 pharmacies continuing to operate in 2025 despite the disruptions of war. The wider pharmaceutical market continued to grow, reaching $3.86 billion in 2024, an increase of 7.3% compared to 2023, and achieving $2.09 billion in the first half of 2025, representing 12% growth against the same period of the previous year.
The Company’s own performance has followed this positive trend. Sale out figure reached the point of $14.5 million in 2024 with a 3.1% increase compared to 2023 ($14.1m). In the first half of 2025 - $ 7.96 million (+9.2% increase in the respective period in 2024). While the Company’s market share currently stands at around 0.41% and 61st place among over 350 competitors, key brands continue to drive growth. Vormil generated $2.55 million in sales in the first half of 2025 (+14%), Mili Nosik achieved $1.53 million (+8%), and Milistan reached $1.31 million (+28%). Oncology has become a strategic priority. The Company has expanded its portfolio, covering major therapies such as Azacitidine, Bleomycin, Bortezomib, Vincristine, Gemcitabine, Dacarbazine, Docetaxel, Imatinib, Irinotecan, Ifosfamide, Capecitabine, Carboplatin, Oxaliplatin, Paclitaxel, Pemetrexed, Cisplatin, Cytarabine, Etoposide, Sunitinib, and Nilotinib. This portfolio has supported outstanding performance in government healthcare tenders. In the first half of 2025, Mili Healthcare ranked second among all participating companies, surpassing global players. The Company secured oncology contracts worth $4.1 million for 2025 and $6.47 million for 2026, while hospital sales in the first half of 2025 amounted to $4.1 million, representing 81% growth compared to the prior year. Looking ahead, the Ukrainian pharmaceutical retail market is forecast to grow by 3.7% in 2025, with a stronger recovery of 12% projected in 2026. Against this backdrop, the Company has set ambitious but achievable objectives. For 2025, it aims to achieve pharmacy sales of $15.72 million (+8.2%), deliver 2.7 million packages (+4.3%), and improve its market position to 58th with a 0.42% share. Preliminary goals for 2026 include pharmacy sales of $17.92 million (+14%) and 2.83 million packages (+7%). The directors believe that, by continuing to build on its resilience, expanding its oncology presence, and maintaining strong performance in tenders, the Company is well positioned to deliver positive results and further strengthen its financial standing in the years ahead.
On 18 November 2024, the Company’s auditors changed their name from Haysmacintyre LLP to HaysMac LLP.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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MILI HEALTHCARE LIMITED
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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MILI HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILI HEALTHCARE LIMITED
We have audited the financial statements of Mili Healthcare Limited (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.
Emphasis of matter - going concern
We draw attention to note 2.2 in the financial statements which discloses the measures taken by the Company to adapt to the war in Ukraine, which is where the Company's activities are carried out, and the subsequent asessment by the directors that as a result the Company continues to be a going concern. Our opinion is not modified in respect of this matter.
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MILI HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILI HEALTHCARE LIMITED (CONTINUED)
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.
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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MILI HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILI HEALTHCARE LIMITED (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:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for pharmaceutical businesses, including local customs regulations in Ukraine governing the distribution of pharmaceutical products, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to incorrect cut-off of revenue and management bias in accounting estimates such as stock provisions. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations, and fraud;
∙evaluating management's controls designed to prevent and detect irregularities;
∙identifying and testing journals;
∙reviewing the cut-off of revenue either side of the year-end to ensure correct recognition within the appropriate financial year; and
∙challenging assumptions and judgements made by management in their critical accounting estimates, particularly in respect of their estimate of the provision for obsolete stock.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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MILI HEALTHCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MILI HEALTHCARE LIMITED (CONTINUED)
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
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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MILI HEALTHCARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
REGISTERED NUMBER: 04303458
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 17 to 29 form part of these financial statements.
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MILI HEALTHCARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Mili Healthcare Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The Company's registered number is 04303458 and registered office address is Second Floor Office, Suite 4, Chartfield House, Castle Street, Taunton, Somerset, England, TA1 4AS.
The principal activity of the Company is the centralised management and distribution of the healthcare system's products, including medicinal products and dietary supplements, medical devices, medical equipment and medicines. The Company has its Representative Office at 33 Tarasa Shevchenka Boulevard, Kiev, Ukraine, which is a separate structural division of Mili Healthcare Limited. The Representative Office is not a legal entity; it carries out the economic activities in the name of and on behalf of the Company. The Representative Office was registered by the Ministry of Economy and European Integration of Ukraine on March 14, 2002, its registration number is PI- 2906. The main activity of the Representative Office is collection and provision of information on the medicinal products supplied by the Company to Ukraine and, in particular, the medical representation and pharmacovigilance activities. The activity of the Representative Office is financed by the Company by providing it with the special-purpose financing.
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:
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Despite the ongoing war in Ukraine, the Company has successfully stabilised its operations and continues to demonstrate resilience. The main risks remain the occupation of approximately 19% of Ukraine’s territory, reduced consumer demand, logistical and infrastructure challenges, and ongoing security concerns. However, several stabilising factors support the Company’s ability to continue as a going concern. These include Ukraine’s projected GDP growth of 2.5–3.5% in 2025, a largely stabilised military situation, ongoing recovery of infrastructure, and the Company’s proven ability to adapt to difficult operating conditions.
Operational measures have been central to ensuring continuity. The Company has expanded its coverage across all government-controlled regions and maintained strong reliance on its two key distributors, BADM and Optima, which accounted for 87.3% of sales in 2025. Logistics have been adapted through the use of European airport hubs with road transport into Ukraine, while infrastructure resilience has been ensured by investing in generators, fuel reserves, and solar power systems. Employees have been supported with relocation assistance, autonomous energy supplies, and reliable internet access. In addition, the Company has strengthened its digital marketing strategy, increasing its ability to reach and retain customers. As a result of the above the Company's cashflow forecasts show it will be able to pay its liabilities as they fall due for a period of at least 12 months from the date of signing of these financial statements and therefore it is considered appropriate to prepare the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
The estimated useful lives range as follows:
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Impairment of stock The Company holds a significant level of stock as at year end totalling $2,251,897 (2023: $2,982,234). At each financial year end, the Company recognises an impairment provision against stock. The provision recognised is set at a fixed percentage based on the time left until stock reaches it's use-by date, which is based on management's best estimate of the level of such products that will not be sold before their use-by-date. This is a judgemental matter and there is a degree of estimation uncertainty as the actual level of unsold stock by its use-by-date may differ to that estimated by management when recognising provisions against stock. The total impairment provision recognised against stock as at 31 December 2024 is $45,222 (2023: $357,841). Revenue recognition and allowance for doubtful receivables The Company recognises revenue generally at the time of delivery and when collection of the resulting receivable is reasonably assured. When the Company considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income. At each reporting date, the Company evaluates the recoverability of trade receivables and records allowances for doubtful receivables based on experience. These allowances are based on, amongst other things, a consideration of actual collection history. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively.
The whole of the turnover is attributable to the supply of pharmaceutical products to customers in Ukraine.
Analysis of turnover by country of destination:
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
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MILI HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling party is O Lytovska.
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