ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 08511438

A1 PHARMACEUTICALS HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

A1 PHARMACEUTICALS HOLDINGS LIMITED

COMPANY INFORMATION

Directors	Mrs C Lewis
	G S Lewis BSc (Hons) MRParmS
	T Lewis
	H Lewis


Registered number	08511438


Registered office	Unit 20 & 21 Easter Industrial Park
	Ferry Lane South
	Rainham
	Essex
	RM13 9BP


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

A1 PHARMACEUTICALS HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10
Company balance sheet	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14 - 15
Notes to the financial statements	16 - 30

A1 PHARMACEUTICALS HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Introduction

The directors present their strategic report in conjunction with the financial statements for the year ended 30 April 2025.

Business review

The financial results, as detailed on page 9, reflect another commendable year of trading performance despite the ongoing challenges from Brexit and wider interruptions across global markets. Turnover increased from £56.0 million to £60.1 million, marking the first time the group has exceeded £60 million in revenue. Gross margins also improved compared to the previous year.
The directors are pleased that the team successfully navigated these challenges and maintained robust margins, ensuring that the group remained well-positioned to deliver strong results. The group’s financial position continues to strengthen annually, with ongoing reinvestment in personnel, operational processes, and advanced technology.
During the year, the group placed particular focus on developing new product groups and targeting new customer segments in order to win market share and enhance profitability. This strategic direction has been a key driver behind the group’s strong performance.

Principal risks and uncertainties

The group’s principal risks include ongoing uncertainties in global markets and the continuing adjustments following Brexit. In addition, volatility in foreign exchange rates and elevated inflation have created challenges, with potential impacts on profitability and procurement costs.
The directors remain focused on driving operational efficiencies to mitigate rising overheads and safeguard operating margins.

Financial key performance indicators

The directors consider key performance indicators to be those that reflect the group’s financial performance and resilience, including turnover, gross profit, and operating profit. They also monitor inventory turnover to ensure stock levels remain efficient while minimising obsolescence, as well as order fulfilment and service levels to maintain high standards of customer satisfaction. In addition, customer growth and regulatory compliance are tracked as important measures of performance.

Page 1

A1 PHARMACEUTICALS HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Directors' statement of compliance with duty to promote the success of the group

The directors are required under section 172 of the Companies Act 2006 to act in good faith to promote the success of the group for the benefit of its members, taking into account: long-term consequences, employee interests, relationships with suppliers and customers, community and environmental impact, high standards of business conduct, and fairness between members.
Directors are aware of these obligations and may seek independent advice as needed. Day-to-day operational decisions are delegated to employees, while the board focuses on strategic decisions aligned with both short- and long-term objectives, particularly regarding supply chain management and stakeholder relationships.
The board regularly reviews key stakeholders:
• Customers - engaged through regular communication to meet their needs, providing excellent service and
acting as an extension of their procurement teams.
• Employees - supported with training and development, guided by a strong management team, and offered
competitive remuneration.
• Suppliers - collaboration to identify opportunities, add value, and strengthen long-term partnerships.
The group maintains a zero-tolerance policy on modern slavery and human trafficking, and is committed to ethical and responsible conduct throughout its operations and supply chains.

This report was approved by the board and signed on its behalf.

Mrs C Lewis

Director

Date: 31 October 2025

Page 2

A1 PHARMACEUTICALS HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,654,887 (2024 - £1,592,889).

Dividends of £161,807 (2024: £120,140) were voted in the year.

Directors

The directors who served during the year were:

Mrs C Lewis

G S Lewis BSc (Hons) MRParmS

T Lewis

H Lewis

Engagement with suppliers, customers and others

A1 Pharmaceuticals recognises that its commercial activities have the potential to impact on its customers, suppliers and the environment and this is taken very seriously. The group is committed to acting ethically and with integrity in all of our business relations. We work closely with our business partners, suppliers and supply chains to ensure there is no place for modern slavery and human trafficking.

Page 3

A1 PHARMACEUTICALS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Greenhouse gas emissions, energy consumption and energy efficiency action

During the year, the group emitted 105 tonnes (2024: 97 tonnes) of CO2 from activities involving the purpose of transport, 25 tonnes (2024: 26 tonnes) of CO2 from the consumption of electricity for its own use and 8 tonnes (2024: 12 tonnes) of CO2 from the consumption of gas for its own use. Total aggregate energy consumption expressed in kWH was 524,648 (2024: 573,312).

Greenhouse gas emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting 2025. Energy usage data was gathered from a variety of sources including fuel cards and fuel receipts for transport and utility bills for gas and electricity.

The group consider the most relevant factor in calculating the intensity ratio to be turnover which derives an intensity ratio of 2.29 tonnes (2024: 2.41 tonnes) of CO2 per total £1m of turnover.

Disclosure of information to auditors

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 and the group's auditors are 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 and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

After the year end, Barnes Roffe LLP resigned as auditors due to the transfer of its audit business, and its successor, Barnes Roffe Audit Limited was appointed by the directors under s489 of the Companies Act 2006. Barnes Roffe Audit Limited will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.

This report was approved by the board and signed on its behalf by

Mrs C Lewis

Director

Date: 31 October 2025

Page 4

A1 PHARMACEUTICALS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED

Opinion

We have audited the financial statements of A1 Pharmaceuticals Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2025 and of the group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

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 group's or the parent 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.

Page 5

A1 PHARMACEUTICALS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED (CONTINUED)

Other information

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.

Opinion 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 Group 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 Group strategic report and the Directors' report have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company 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.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are responsible for assessing the group's and the parent 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 the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 6

A1 PHARMACEUTICALS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and
   other management, and from our commercial knowledge and experience of the software and technology
   sector in which the company operates;
• The specific laws and regulations which we considered may have a direct material effect on the financial
   statements or the operations of the company, are as follows;
   o Companies Act 2006
   o FRS102
   o Health and Safety legislation
   o Employment legislation
   o Tax legislation
   o Medicines and Healthcare Products Regulatory Authority (MHRA) licence
   o Various other licences to deal with the provision of pharmaceutical products and potential
   hazardous waste disposal.
• We assessed the extent of compliance with the laws and regulations identified above through making
   enquiries of management, reviewing board minutes and inspecting relevant legal and other
correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the
   audit as any further laws and regulation were identified. The audit team remained alert to instances of non
   compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their
   knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
   regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;-
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
   including certain year end accruals, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
   company’s usual course of business.

Page 7

A1 PHARMACEUTICALS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED (CONTINUED)

The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mario Cientanni (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

31 October 2025

Page 8

A1 PHARMACEUTICALS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

	2025	2024
Note	£	£


Turnover	4	60,102,403	55,982,183
Cost of sales		(52,934,421)	(49,624,679)
Gross profit		7,167,982	6,357,504
Administrative expenses		(3,970,005)	(4,347,820)
Operating profit	5	3,197,977	2,009,684
Interest receivable and similar income	8	234,271	244,215
Interest payable and similar expenses	9	(1,893)	(1,423)
Profit before taxation		3,430,355	2,252,476
Tax on profit	10	(775,468)	(659,587)
Profit for the financial year		2,654,887	1,592,889

Profit for the year attributable to:
Owners of the parent company	2,654,887	1,592,889
	2,654,887	1,592,889

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 9

A1 PHARMACEUTICALS HOLDINGS LIMITED

REGISTERED NUMBER: 08511438

CONSOLIDATED BALANCE SHEET

AS AT 30 APRIL 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Intangible assets			-		-
Tangible assets	13		475,973		469,406
			475,973		469,406
Current assets
Stocks	15	5,420,380		4,262,110
Debtors: amounts falling due within one year	16	23,084,662		25,026,542
Cash at bank and in hand	17	7,799,024		3,828,006
		36,304,066		33,116,658
Creditors: amounts falling due within one year	18	(5,221,930)		(4,527,114)
Net current assets			31,082,136		28,589,544
Total assets less current liabilities			31,558,109		29,058,950
Creditors: amounts falling due after more than one year	19		(28,709)		(24,566)
Provisions for liabilities
Deferred taxation	21		(114,378)		(112,442)
Net assets			31,415,022		28,921,942

Capital and reserves
Called up share capital	22	1,000	1,000
Capital redemption reserve		49,000	49,000
Profit and loss account		31,365,022	28,871,942
		31,415,022	28,921,942

The financial statements were approved and authorised for issue by the board and were signed on its behalf by

Mrs C Lewis

Director

Date: 31 October 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 10

A1 PHARMACEUTICALS HOLDINGS LIMITED

REGISTERED NUMBER: 08511438

COMPANY BALANCE SHEET

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Investments	14		49,000		49,000
			49,000		49,000
Current assets
Debtors: amounts falling due within one year	16	15,053,000		14,114,210
		15,053,000		14,114,210
Creditors: amounts falling due within one year	18	-		(1,561,210)
Net current assets			15,053,000		12,553,000
Total assets less current liabilities			15,102,000		12,602,000


Net assets			15,102,000		12,602,000

Capital and reserves
Called up share capital	22	1,000	1,000
Capital redemption reserve		49,000	49,000
Profit and loss account		15,052,000	12,552,000
		15,102,000	12,602,000

The financial statements were approved and authorised for issue by the board and were signed on its behalf by

Mrs C Lewis

Director

Date: 31 October 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 11

A1 PHARMACEUTICALS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£
At 1 May 2024	1,000	49,000	28,871,942	28,921,942	28,921,942

Profit for the year	-	-	2,654,887	2,654,887	2,654,887
Dividends: Equity capital	-	-	(161,807)	(161,807)	(161,807)
At 30 April 2025	1,000	49,000	31,365,022	31,415,022	31,415,022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£
At 1 May 2023	1,000	49,000	27,399,193	27,449,193	27,449,193

Profit for the year	-	-	1,592,889	1,592,889	1,592,889
Dividends: Equity capital	-	-	(120,140)	(120,140)	(120,140)
At 30 April 2024	1,000	49,000	28,871,942	28,921,942	28,921,942

The notes on pages 16 to 30 form part of these financial statements.

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A1 PHARMACEUTICALS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2024	1,000	49,000	12,552,000	12,602,000

Profit for the year	-	-	2,661,807	2,661,807
Dividends: Equity capital	-	-	(161,807)	(161,807)
At 30 April 2025	1,000	49,000	15,052,000	15,102,000

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 May 2023	1,000	49,000	11,052,000	11,102,000

Profit for the year	-	-	1,620,140	1,620,140
Dividends: Equity capital	-	-	(120,140)	(120,140)
At 30 April 2024	1,000	49,000	12,552,000	12,602,000

The notes on pages 16 to 30 form part of these financial statements.

Page 13

A1 PHARMACEUTICALS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	2,654,887	1,592,889
Adjustments for:
Depreciation of tangible assets	114,142	95,209
Loss on disposal of tangible assets	-	42,480
Interest paid	1,893	1,423
Interest received	(234,271)	(244,215)
Taxation charge	775,468	659,587
(Increase)/decrease in stocks	(1,158,270)	250,564
Decrease/(increase) in debtors	1,941,880	(3,983,138)
Increase/(decrease) in creditors	961,190	(1,887,846)
Corporation tax paid	(1,046,230)	(358,607)
Net cash generated from operating activities	4,010,689	(3,831,654)

Cash flows from investing activities
Purchase of tangible fixed assets	(78,631)	(158,231)
Sale of tangible fixed assets	-	25,000
Interest received	234,271	244,215
Net cash from investing activities	155,640	110,984

Page 14

A1 PHARMACEUTICALS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of and new finance leases	(31,611)	(6,667)
Dividends paid	(161,807)	(120,140)
Interest paid	(1,893)	(1,423)
Net cash used in financing activities	(195,311)	(128,230)
Net increase/(decrease) in cash and cash equivalents	3,971,018	(3,848,900)
Cash and cash equivalents at beginning of year	3,828,006	7,676,906
Cash and cash equivalents at the end of year	7,799,024	3,828,006

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	7,799,024	3,828,006
	7,799,024	3,828,006

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A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

The group is incorporated in England and Wales, and has its registered office at Unit 20 & 21 Easter Industrial Park, Ferry Lane South, Rainham, Essex, RM13 9BP.
The principal activity of the group continued to be that of the wholesale marketing and distribution of pharmaceutical products and medical devices.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 April 2020.

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A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

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.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the group has transferred the significant risks and rewards of ownership to the buyer;

∙the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 18

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

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, on the following bases.

Short-term leasehold property	-	15 years straight line
Plant and machinery	-	10%-33% straight line
Motor vehicles	-	20% straight line

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.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

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.

2.14

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

Page 19

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.15

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.

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 20

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgments have been made by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions
The group has made key assuptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of the accounting policies.
The group holds a significant amount of product stock which is subject to changing consumer demands and industry trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the saleability of stock at the year end and the company has fully provided for £42,819 (2024: £42,196) of stock.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	59,133,672	54,406,541
Rest of Europe	968,731	1,575,642
	60,102,403	55,982,183

Other operating lease rentals

363,645

364,912

Page 21

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements	18,700	17,800
Fees payable to the company's auditors and their associates in respect of:
All other non-audit related services	3,975	4,623

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	2,002,638	1,816,217
Social security costs	260,089	237,288
Cost of defined contribution scheme	40,903	726,659
	2,303,630	2,780,164

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Office Management	16	16	4	4
Production and sales	38	36	-	-

	54	52	4	4

Page 22

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

8.	Interest receivable
		2025	2024
		£	£

Interest receivable from group companies	234,271	238,338
Other interest receivable	-	5,877
	234,271	244,215

9.	Interest payable and similar expenses
		2025	2024
		£	£

	Bank interest payable	1,893	1,423
		1,893	1,423

Corporation tax
Current tax on profits for the year	773,532	649,546
Adjustments in respect of previous periods	-	5,877

Total current tax	773,532	655,423

	Deferred tax
	Origination and reversal of timing differences	1,936	4,164


		775,468	659,587

Page 23

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

10.Taxation (continued)

Profit on ordinary activities before tax

3,430,355

2,252,476

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	857,589	563,119
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,023	1,482
Capital allowances for year in excess of depreciation	(1,936)	(9,819)
Profit on sale of fixed assets	-	10,620
Adjustments to tax charge in respect of prior periods	-	5,877
Movement in deferred tax	1,936	4,164
Pension contributions deductible on paid basis	(84,144)	84,144
Total tax charge for the year	775,468	659,587

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

11.	Dividends
		2025	2024
		£	£

	Dividends paid	161,807	120,140
		161,807	120,140

12.	Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £2,661,807 (2024 - £1,620,140).

Page 24

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.	Tangible fixed assets
	Group

	Short-term leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	440,567	834,161	537,873	1,812,601
Additions	57,831	15,790	47,088	120,709
At 30 April 2025	498,398	849,951	584,961	1,933,310
Depreciation
At 1 May 2024	363,570	640,075	339,550	1,343,195
Charge for the year on owned assets	8,565	41,974	48,705	99,244
Charge for the year on financed assets	-	8,890	6,008	14,898
At 30 April 2025	372,135	690,939	394,263	1,457,337
Net book value
At 30 April 2025	126,263	159,012	190,698	475,973
At 30 April 2024	76,997	194,086	198,323	469,406

Page 25

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:
	2025	2024
	£	£


Plant and machinery	17,780	26,670
Motor vehicles	42,078	-
	59,858	26,670

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2024	49,000
	At 30 April 2025	49,000

Subsidiary undertaking
The following was a subsidiary undertaking of the company:
Name	Registered office	Class of shares	Holding

A1 Pharmaceuticals plc

(a)

Ordinary

100%

Page 26

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Subsidiary undertaking (continued)

	(a) Unit 20 & 21 Easter Industrial Park, Ferry Lane South, Rainham, Essex, RM13 9BP The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

A1 Pharmaceuticals plc

16,859,159

2,651,944

15.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Finished goods and goods for resale	5,420,380	4,262,110	-	-
	5,420,380	4,262,110	-	-

The difference between purchase price or production cost of stocks and their replacement cost is not material.

16.

Debtors

Group	Group As restated	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	10,344,867	10,281,940	-	-
Amounts owed by group undertakings	-	-	3,169,131	-
Other debtors	12,702,295	14,707,102	11,883,869	14,114,210
Called up share capital not paid	37,500	37,500	-	-
	23,084,662	25,026,542	15,053,000	14,114,210

Page 27

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	7,799,024	3,828,006	-	-
	7,799,024	3,828,006	-	-

18.	Creditors: Amounts falling due within one year
		Group	Group As restated	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	3,400,431	2,438,010	-	-
Amounts owed to group undertakings	-	-	-	1,561,210
Corporation tax	167,946	440,645	-	-
Other taxation and social security	526,170	515,088	-	-
Obligations under finance lease and hire purchase contracts	12,992	6,668	-	-
Other creditors	1,114,391	1,126,703	-	-
	5,221,930	4,527,114	-	1,561,210

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Net obligations under finance leases and hire purchase contracts	28,709	24,566	-	-
	28,709	24,566	-	-

Hire purchase liabilities of £41,701 (2024: £31,234) are secured over the assets to which they relate.

Page 28

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

20.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Within one year	12,992	6,668	12,992	6,668
Between 1-5 years	28,709	24,566	28,709	24,566
	41,701	31,234	41,701	31,234

21.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(112,442)	(108,278)
Charged to profit or loss	(1,936)	(4,164)
At end of year	(114,378)	(112,442)

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

	Accelerated capital allowances	(114,378)	(112,442)
		(114,378)	(112,442)

Page 29

A1 PHARMACEUTICALS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

22.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

900 (2024 - 900) Ordinary shares of £1.00 each	900	900
50 (2024 - 50) A Ordinary shares of £1.00 each	50	50
50 (2024 - 50) B Ordinary shares of £1.00 each	50	50

	1,000	1,000

23.	Pension commitments

The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to these funds and amounted to £46,903 (2024: £726,659). Contributions totalling £17,204 (2024: £8,464) were payable to these funds at the balance sheet date and are included in other creditors.

24.

Related party transactions

Included within other creditors due within one year are amounts due to the A1 Pharmaceuticals PLC Employee Benefit Trust of £18,317 (2024: £18,317).
During the year the group paid rent of £358,645 (2024: £359,438) to G S and Mrs C Lewis in respect of commercial leasehold property, which was rented to the group.
At the year end amounts were owed to the group by a company under common control amounting to £9,214,958 (2024: £9,155,248) and is included within other debtors due within one year.
At the year end, amounts were owed to a connected company amounting to £744,902 (2024: £805,692) and is included within other creditors due within one year.
At the year end the following amounts were due by directors and are disclosed in debtors due within one year £2,668,911 (2024: £4,958,962). These amounts are repayable upon demand.
During the year the group provided a guarantee in respect of a loan facility obtained by the directors, which amounted to £2,850,000. The guarantee is secured over the assets of the group and as at the 30 April 2025 no amounts have been called under the guarantee.

Page 30