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Registered number:
For the Year Ended
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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PHARMACARE (EUROPE) LIMITED
Company Information
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PHARMACARE (EUROPE) LIMITED
Contents
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PHARMACARE (EUROPE) LIMITED
Strategic Report
For the Year Ended 30 June 2025
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
PharmaCare (Europe) Limited, whose ultimate parent is PharmaCare Laboratories Pty Ltd, an Australian registered company, operates in the UK, Europe and Middle East, marketing and distributing a range of natural health and beauty products to pharmacy, retail and online customers.
The strategic objective of PharmaCare (Europe) is the sale, marketing and distribution of exceptional products in key market segments like health, wellness and skin care which will provide our customers with the highest quality products.
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. Our review is consistent with the size and complexity of our business and is written in the context of the risks and uncertainty we face.
The financial year ended 30th June 2025 was characterised by a challenging and uncertain macroeconomic environment. Geopolitical instability persisted, with the ongoing conflict in Ukraine and wider regional tensions continuing to affect global energy markets and trade flows. Although headline inflation moderated from the peaks of recent years, core inflation remained elevated, particularly in services and wage-driven costs, which sustained pressure on operating expenses across the sector. While the residual impact of the Covid-19 pandemic on supply chains has eased, structural inefficiencies and elevated freight costs remain evident. As a result, input cost pressures continued to be a defining feature of the operating environment during the year. Against this backdrop, the UK business delivered sales growth of 1%, reflecting a resilient but more cautious consumer environment. Demand within the vitamins, minerals and supplements (VMS) category remained underpinned by the ongoing focus on health and wellbeing, although lacking the growth rate of prior years. Pharmacare’s export markets proved more difficult, with revenues declining by 13% compared to the prior year. This was primarily attributable to lower than forecast consumer demand in two specific markets, compounded by currency fluctuation and the impact of inflation on discretionary spending. Notwithstanding the decline in revenue, the Company achieved a gross profit margin improvement of 2.1%, reflecting a combination of targeted retail strategies, portfolio optimisation, and disciplined cost management. This improvement partially mitigated the impact of the lower revenue, and demonstrates the resilience of the Company’s operating model. The Company remains committed to revenue growth, enhanced profitability and an improved cash flow, building on the momentum achieved in recent years. New product development continues to be central to PharmaCare Europe’s growth strategy, with particular emphasis on the expanding vitamins, minerals and supplements (VMS) category. The UK VMS market remains a core strategic focus for the business and according to Mintel’s 2024 data, value sales in the UK vitamins, minerals, and supplements sector continue to increase, driven by strong consumer interest across immune health and preventive wellness categories. On the global front, the nutraceuticals market is now estimated to be worth approximately US$ 591.1 billion (2024 figures, Grand View Research) and is forecast to grow to around US$ 919.1 billion by 2030, corresponding to a CAGR of 7.6% over that period. PharmaCare Europe’s association with the wider PharmaCare Group provides access to significant expertise, innovation capability and a diverse product portfolio. This relationship continues to offer opportunities for growth, both through the development of new product lines within existing brands and through potential strategic acquisitions to complement and expand the Company’s presence in core markets.
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PHARMACARE (EUROPE) LIMITED
Strategic Report (continued)
For the Year Ended 30 June 2025
The Directors consider that the most important key performance indicators are those that communicate the financial performance and strength of the Company’s trading results, these being Revenue, Gross Profit and Operating Profit.
The Company reports on the twelve months trading to 30th June 2025, which generated Net Revenue of £35,266,633 (2024: £36,547,801), a Gross Profit of 49.9% (2023: 47.8%) and an Operating Profit of £4,896,281 (2024: £5,149,104). The Directors and senior management team monitor the Company’s performance against a range of key performance indicators on a continual basis to ensure that revenue, profitability, cash flow and balance sheet strength remain aligned with the targets established at the beginning of the financial year. Following the improvement in gross profit margin of 2.1% in 2025, despite continued external cost pressures from third-party suppliers, the Board and senior management remain confident in the financial fundamentals underpinning the business. The principal product cost drivers and overhead structure are subject to regular review, with active measures taken to mitigate inflationary impacts and to support sustained margin enhancement. The culture of continuous improvement and operational efficiency continues to be embedded throughout the Company, ensuring that the business is well positioned to protect and, where possible, improve profitability while maintaining flexibility to adapt to a challenging external environment.
The Company, in common with other suppliers in the retail environment, remains dependent on the geopolitical stability of the countries within which it operates. This risk is managed by supporting its brands in each marketplace and by maintaining strong, long-term relationships with both customers and suppliers.
The Company’s future trading success continues to be influenced by the broader economic environment. At the date of signing this report, global economic conditions remain uncertain, with growth expected to stabilise during 2025, albeit at levels below pre-pandemic trends. In the UK, while headline inflation has eased from its 2022 peak, core inflation remains persistent, wage costs are elevated, and interest rates—though beginning to moderate—remain above historical averages. Geopolitical tensions, including the protracted conflict in Ukraine and instability in the Middle East, continue to weigh on consumer and business confidence. PharmaCare (Europe) Ltd remains exposed to the potential impact of these risks on supply, distribution and wider operations. However, the Directors are confident that the Company, with the support of its parent company where required, has sufficient resources to continue trading for the foreseeable future, even in the event of unforeseen disruption.
The Company operates across a number of territories, principally within the UK and Europe, but also further afield, where regulatory, economic and political developments can directly influence retail markets. Ongoing volatility in raw material pricing and continued import/export and supply challenges remain potential threats. To mitigate these risks, the Company continues to evaluate alternative supply chain channels and leverages its presence across a diverse set of markets in order to reduce exposure to downturns in any single territory.
A significant proportion of export sales are denominated in foreign currencies and as such there is exposure to movement in the Sterling exchange rate. This risk is ameliorated to some extent by the natural hedging provided through foreign currency denominated purchases and normal trading activities within the PharmaCare Group companies.
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PHARMACARE (EUROPE) LIMITED
Strategic Report (continued)
For the Year Ended 30 June 2025
The company’s principal financial assets are bank balances (including cash) and trade debtors, the latter carrying with it an element of credit risk. The amounts presented in the balance sheet are net of allowances for doubtful debts and the Company has no significant concentration of credit risk, as it holds credit insurance covering many of the larger customers, and any remaining exposure is spread across a large number of customers.
In order to maintain liquidity and ensure that sufficient funds are retained to enable the Company to meet its day-to-day obligations as they become due, the Company uses cash resources, an invoice discounting facility, and has access to both bank finance and working capital made available by its parent company if required. Future developments The business strategy for growth is achieved through both organic growth and new product development, plus brand acquisition, with the company continuing to invest in new opportunities and innovation within niche markets that will deliver long term market differentiation from our competitors.
This report was approved by the board on 23 September 2025 and signed on its behalf by:.
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PHARMACARE (EUROPE) LIMITED
Directors' Report
For the Year Ended 30 June 2025
The directors present their report and the financial statements for the year ended 30 June 2025.
The profit for the year, after taxation, amounted to £3,680,678 (2024 - £3,838,465).
A dividend amounting to £4,692,500 (2024 - £5,100,000) has been declared and paid in the current year.
The directors do not recommend any further dividend for the year ended 30 June 2025.
The directors who served during the year were:
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 judgments 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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PHARMACARE (EUROPE) LIMITED
Directors' Report (continued)
For the Year Ended 30 June 2025
Since the balance sheet date, the company has entered into two formal leases for its premises, resulting in an annual rental commitment of £798,912 until 15 July 2033.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited
We have audited the financial statements of PharmaCare (Europe) Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 Auditor's 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 Strategic Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Strategic 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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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (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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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) 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 Auditor's 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:
∙Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure have been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditor's Report.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) 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 Auditor's 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
The Old Rectory
Church Street
Surrey
KT13 8DE
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PHARMACARE (EUROPE) LIMITED
Statement of Comprehensive Income
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Registered number: 06408300
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board of directors and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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PHARMACARE (EUROPE) LIMITED
Statement of Changes in Equity
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Statement of Cash Flows
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
PharmaCare (Europe) Limited is a private company limited by shares, registered in England and Wales. The principal activity of the company in the year under review was the marketing and distribution of natural healthcare and skin care products.
The company's registered office address can be found on the Company Information page. The company's principal place of business is: Unit 3, Dialog Fleming Way Crawley West Sussex RH10 9NQ
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.
Monetary amounts in these financial statements are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight line method. The intangible assets are amortised over the following useful economic lives. Goodwill - 10 years
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted respectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Net realisable value is determined by deducting any future costs from the selling price of each product.
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Functional and presentation currency
Transactions and balances
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. In making its judgement, management considered the detailed criteria for the recognition of revenue from the sale of goods set out in FRS 102 Section 23 Revenue and, in particular, whether the Company had transferred to the buyer the significant risks and rewards of ownership of the goods. Following the detailed review of sales and subsequent rebates and the agreed limitation on the customer's ability to require replacement of the goods, the directors are satisfied that the significant risks and rewards have been transferred and that recognition of the revenue in the current year is appropriate, in conjunction with recognition of an appropriate provision for the rectification costs.
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
Analysis of turnover by country of destination:
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
9.Taxation (continued)
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
During the year the Company issued 50 A1 Ordinary Shares of £10 per share and 200 B1 Ordinary shares of £10.21 per share.
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
Share premium account
Profit and loss account
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 £242,715 (2024 - £225,435). There are contributions payable to the fund at the balance sheet date in the current amounting to £38,366 (2024 - £34,574).
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2025
The ultimate parent undertaking is Pharmacare Laboratories Proprietary Limited, a company incorporated in Australia. The registered office address for Pharmacare Laboratories Proprietary Limited is Level 4, 73 Walker Street, North Sydney, NSW 2059, Australia. Copies of Pharmacare Laboratories Proprietary Limited's financial statements can be obtained from the Australian company public registrar, ASIC. The ultimate controlling party is T R Browne.
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