Caseware UK (AP4) 2023.0.135 2023.0.135 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 judgment in applying the Company's accounting policies (see note 3). The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; the requirements of Section 33 Related Party Disclosures paragraph 33.7.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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, . 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.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 the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.true false true true 2024-01-01 true true 473 false 935 true 08258301 2024-01-01 2024-12-31 08258301 2023-01-01 2023-12-31 08258301 2024-12-31 08258301 2023-12-31 08258301 2023-01-01 08258301 1 2024-01-01 2024-12-31 08258301 d:CompanySecretary1 2024-01-01 2024-12-31 08258301 d:Director1 2024-01-01 2024-12-31 08258301 d:Director2 2024-01-01 2024-12-31 08258301 d:Director3 2024-01-01 2024-12-31 08258301 d:Director4 2024-01-01 2024-12-31 08258301 d:RegisteredOffice 2024-01-01 2024-12-31 08258301 d:Agent1 2024-01-01 2024-12-31 08258301 d:Agent2 2024-01-01 2024-12-31 08258301 d:Agent3 2024-01-01 2024-12-31 08258301 c:FurnitureFittings 2024-01-01 2024-12-31 08258301 c:FurnitureFittings 2024-12-31 08258301 c:FurnitureFittings 2023-12-31 08258301 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08258301 c:OfficeEquipment 2024-01-01 2024-12-31 08258301 c:OfficeEquipment 2024-12-31 08258301 c:OfficeEquipment 2023-12-31 08258301 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08258301 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08258301 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 08258301 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 08258301 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08258301 c:CurrentFinancialInstruments 2024-12-31 08258301 c:CurrentFinancialInstruments 2023-12-31 08258301 c:UKTax 2024-01-01 2024-12-31 08258301 c:UKTax 2023-01-01 2023-12-31 08258301 c:ShareCapital 2024-12-31 08258301 c:ShareCapital 2023-12-31 08258301 c:ShareCapital 2023-01-01 08258301 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2024-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2023-12-31 08258301 c:RetainedEarningsAccumulatedLosses 2023-01-01 08258301 d:OrdinaryShareClass1 2024-01-01 2024-12-31 08258301 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08258301 d:OrdinaryShareClass1 2024-12-31 08258301 d:OrdinaryShareClass1 2023-12-31 08258301 d:FRS102 2024-01-01 2024-12-31 08258301 d:Audited 2024-01-01 2024-12-31 08258301 d:FullAccounts 2024-01-01 2024-12-31 08258301 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08258301 c:WithinOneYear 2024-12-31 08258301 c:WithinOneYear 2023-12-31 08258301 c:BetweenOneFiveYears 2024-12-31 08258301 c:BetweenOneFiveYears 2023-12-31 08258301 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2024-01-01 2024-12-31 08258301 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements PharmEng Ltd For the year ended 31 December 2024 Registered number: 08258301
PharmEng Ltd
Company Information
Directors | John Lacy
| John Hannon
| Keith McDonagh
| David Van Der Vegt
Company secretary | John Lacy
Registered number | 08258301
Registered office | St Magnus House
| 3 Lower Thames Street
| London
| EC3R 6HE
| United Kingdom
Independent auditor | Grant Thornton
| Chartered Accountants & Statutory Auditors
| 13-18 City Quay
| Dublin 2
Bankers | Ulster Bank Northern Ireland Limited
| 11-16 Donegall Square East
| Belfast
| Northern Ireland
| Allied Irish Bank
| 66 South Mall
| Cork
| Ireland
| Bank of Ireland Finance
| Baggot Plaza
| 27-33 Baggot Street
| Dublin 4
Solicitors | JW O'Donovan
| 53 South Mall
| Cork
| Ireland
PharmEng Ltd
Contents
| Page
Directors' report | 1
Directors' responsibilities statement | 2
Independent auditor's report | 3 - 6
Statement of comprehensive income | 7
Statement of financial position | 8
Statement of changes in equity | 9
Notes to the financial statements | 10 - 21
PharmEng 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.
Principal activity
The principal activity of the Company in the year under review is the provision of specialist staff to all industries.
Results and dividends
The profit for the year, after taxation, amounted to £11,730 (2023: £308,057). The directors have proposed a dividend of £Nil (2023: £Nil).
Directors
The directors who served during the year were:
John Lacy
John Hannon
Keith McDonagh
David Van Der Vegt
Research and development activities
The Company did not engage in research or development activities during the year.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Keith McDonagh Director | John Hannon Director
Date: 29 September 2025 |
Page 1
PharmEng Ltd
Directors' responsibilities statement For the year ended 31 December 2024 The directors are responsible for preparing 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 judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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. For and on behalf of the board:
Keith Mc Donagh | John Hannon
Director | Director
Date: 29 September 2025 Page 2
Independent auditor's report to the members of PharmEng Ltd
Opinion
We have audited the financial statements of PharmEng Ltd, which comprise the Statement of comprehensive income, the Statement of financial position, and the Statement of changes in equity for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, PharmEng Ltd's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the year then ended; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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. Page 3
Independent auditor's report to the members of PharmEng Ltd (continued)
Other information
Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report. The directors are responsible for the oher information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report . We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 4
Independent auditor's report to the members of PharmEng Ltd (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). 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 compliance with data protection and Employment laws, Health and Safety Regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. 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 posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. Page 5
Independent auditor's report to the members of PharmEng Ltd (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances on non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company's legal correspondence and review of minutes of board meetings during the year to corroborate inquires made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of out testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating allowance for impairment of debtors; and ∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management.
The purpose of our audit work and to whom we owe our responsibilities
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. Tracey Sullivan (Senior statutory auditor) for and on behalf of Grant Thornton Chartered Accountants & Statutory Auditors 13-18 City Quay Dublin 2 Date: 29 September 2025 Page 6
PharmEng Ltd
Statement of comprehensive income For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 9,972,717 | 13,365,665
Cost of sales |  | (8,763,304) | (11,281,629)
Gross profit |  | 1,209,413 | 2,084,036
Administrative expenses |  | (1,177,383) | (1,682,014)
Operating profit | 5 | 32,030 | 402,022
Tax on profit | 7 | (20,300) | (93,965)
Profit for the year |  | 11,730 | 308,057
All amounts relate to continuing operations. There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 10 to 21 form part of these financial statements.
Page 7
PharmEng Ltd Registered number:08258301
Statement of financial position As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets |  |  | 24,738 |  | -
Tangible assets | 9 |  | 23,117 |  | 33,489
Investments | 10 |  | 2,341,422 |  | -
|  |  | 2,389,277 |  | 33,489
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 1,685,607 |  | 2,484,490 |
Cash at bank and in hand | 12 | 122,392 |  | 188,093 |
|  | 1,807,999 |  | 2,672,583 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 13 | (3,136,582) |  | (1,657,108) |
Net current (liabilities)/assets |  |  | (1,328,583) |  | 1,015,475
Net assets |  |  | 1,060,694 |  | 1,048,964
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1 |  | 1
Profit and loss account | 15 |  | 1,060,693 |  | 1,048,963
|  |  | 1,060,694 |  | 1,048,964
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Keith McDonagh | John Hannon
Director | Director
Date: 29 September 2025 |
The notes on pages 10 to 21 form part of these financial statements. Page 8
PharmEng Ltd
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 1,048,963 | 1,048,964
Comprehensive income for the year |  |  |
Profit for the year | - | 11,730 | 11,730
At 31 December 2024 | 1 | 1,060,693 | 1,060,694
Statement of changes in equity For the year ended 31 December 2023
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 1 | 740,906 | 740,907
Comprehensive income for the year |  |  |
Profit for the year | - | 308,057 | 308,057
At 31 December 2023 | 1 | 1,048,963 | 1,048,964
| The notes on pages 10 to 21 form part of these financial statements.
Page 9
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
1. | General information
The Company is a private company limited by shares and is incorporated and resident in the United Kingdom. The principal activity of the Company is the provision of specialist staff to all industries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and Irish statute comprising of the Companies Act 2014. 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 judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of BPVA (Ireland) Limited as at 31 December 2024 and these financial statements may be obtained from 42 Westland Row, Dublin 2. Page 10
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 11
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 12
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
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, . Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 3 years
|  |  |  | Office equipment | - | 3 years
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.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 13
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.15 | 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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 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 the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing the financial statements, the directors have had to make the following significant judgement: Allowances for impairment of trade debtors The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.
4. | Turnover
Turnover is derived from the provision of specialist staff to all industries. The directors have availed of the exemption under the Companies Act 2006, SI 2008/410, section 68 which exempts the disclosure of disaggregated information as the directors have deemed that this would be seriously prejudicial to the interests of the Company and have not disclosed such information. Page 14
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 15,642 | (80)
| Other operating lease rentals | 160,436 | 110,918
| Share based payment | - | 18,550
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 2,508,801 | 3,128,998
| Social security costs | 278,171 | 302,816
| Cost of defined contribution scheme | 40,012 | 50,913
|  | 2,826,984 | 3,482,727
| The directors received no remuneration during the year.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Temporary contractors | 450 | 883
|  | Recruitment | 17 | 38
|  | Administration | 6 | 14
|  |  | 473 | 935
7. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 20,300 | 93,965
| Taxation on profit on ordinary activities | 20,300 | 93,965
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PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024 7.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023: 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 32,030 | 402,022
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%) | 8,008 | 94,475
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 371 | 230
| Capital allowances for year in excess of depreciation | 11,921 | (822)
| Timing differences | - | 82
| Total tax charge for the year | 20,300 | 93,965
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 16
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
8. | Intangible assets
|  | Development expenditure
|  | £
| Cost |
| Additions | 30,850
| At 31 December 2024 | 30,850
| Amortisation |
| Charge for the year on owned assets | 6,112
| At 31 December 2024 | 6,112
| Net book value |
| At 31 December 2024 | 24,738
| At 31 December 2023 | -
Page 17
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
9. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 7,580 | 57,603 | 65,183
| Additions | 4,643 | 7,338 | 11,981
| At 31 December 2024 | 12,223 | 64,941 | 77,164
| Depreciation |  |  |
| At 1 January 2024 | 3,967 | 27,727 | 31,694
| Charge for the year on owned assets | 4,387 | 17,966 | 22,353
| At 31 December 2024 | 8,354 | 45,693 | 54,047
| Net book value |  |  |
| At 31 December 2024 | 3,869 | 19,248 | 23,117
| At 31 December 2023 | 3,613 | 29,876 | 33,489
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Additions | 2,341,422
| At 31 December 2024 | 2,341,422
Page 18
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
11. | Debtors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,428,547 | 2,215,948
| Prepayments and accrued income | 257,060 | 268,542
|  | 1,685,607 | 2,484,490
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
12. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 122,392 | 188,093
| Less: bank overdrafts | (29,522) | (400,754)
|  | 92,870 | (212,661)
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | 29,522 | 400,754
| Trade creditors | 122,708 | 175,562
| Amounts owed to group undertakings | 2,570,010 | 679,542
| Corporation tax | 114,265 | 93,965
| Other taxation and social security | 114,919 | 228,491
| Other creditors | 111,000 | -
| Accruals and deferred income | 74,158 | 78,794
|  | 3,136,582 | 1,657,108
| Amounts due to group undertakings are unsecured, interest free and repayable on demand.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other taxation and social security |  |
| PAYE/NI payable | 70,489 | 82,941
| VAT payable | 44,430 | 145,550
|  | 114,919 | 228,491
Page 19
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
14. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023: 1) Ordinary share of £1.00 | 1 | 1
15. | Reserves
Profit and loss account Includes all current and prior period retained profits and losses.
16. | Pension commitments
The Company contributed £40,012 (2023: £50,913) to pension schemes for employees during the year, which included £10,854 (2023: £16,273) for staff and £29,158 (2023: £34,640) for contractors.
17. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 302,021 | 30,300
| Between 1 to 5 years | 561,000 | -
|  | 863,021 | 30,300
18. | Related party transactions
| The Company has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
19. | Post balance sheet events
No significant events have affected the Company since the year end. Page 20
PharmEng Ltd
Notes to the financial statements For the year ended 31 December 2024
20. | Controlling party
The immediate parent company is PharmEng Limited, a company incorporated in the Republic of Ireland. The ultimate controlling undertaking of the Company is BPVA (Ireland) Limited, a company registered and incorporated in the Republic of Ireland, with a registered office at 42 Westland Row, Dublin 2. The smallest financial statements presented are that of Pharmeng Limited. These are publicly available from 8 Eastgate Avenue, Little Island, Co. Cork. The largest consolidated financial statements presented are that of BPVA (Ireland) Limited. They are publicly available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.
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