Company registration number 04082256 (England and Wales)
BROWN & BURK UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
BROWN & BURK UK LIMITED
COMPANY INFORMATION
Directors
P S Hiremat
A K Jain
B Ibrampur
J Subramani
Company number
04082256
Registered office
Micro House
5 Marryat Close
Hounslow
Middlesex
United Kingdom
TW4 5DQ
Auditor
Azets Audit Services
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
BROWN & BURK UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
BROWN & BURK UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025. The Company continues to develope and supply pharmacueticals in the UK and globally.

Fair review of the business

The principal activity of the company during the year continued to be that of sale and distribution of pharmaceutical and healthcare products.

Despite the difficult market and economic conditions, the Company continued to remain self-sufficient with no external debts. The Company saw a small decline in turnover and gross margin compared to the previous year which was mainly due to product availability and regulatory changes.

During the year we have continued to invest and remain customer focused delivering an efficient and excellent customer experience.

Our plan continues to be to increase our product range and maintain the high level of customer satisfaction contributing to further growth of the business.

Principal risks and uncertainties

Pharmaceutical trading has its inherent risks and uncertainties that can impact the performance of the Company and are beyond the control of the Company and its management. These include ability to respond to competitive forces, product availability & regulatory changes. The company has a system of internal control & takes necessary steps to mitigate the impact of these risks.

Currency risk
The Company is exposed to transaction foreign exchange risk. The Company minimises the risk by conducting transactions in GBP (£), USD ($) and EURO (€), whilst monitoring the level of transactions that occur in other currencies. As such we believe the Company's exposure is minimal, therefore we do not specifically seek to hedge that exposure.
Liquidity and financial risk
The Company's objective is to maintain cash levels in line with cash flow requirements. This is monitored by senior management on a regular basis. Company has maintained sufficient cash surplus for operations & planned expansions.
Obsolete and slow moving stock risk
The Company sells products with an expiry date, therefore stock levels and dates are carefully monitored internally and by a third party to ensure these risks are minimised.
Staffing
In common with many industries the availability of appropriately skilled people is fundamental to the management's commitment to growth and expansion. We aim to continue to retain and recruit the best people within our industry.
BROWN & BURK UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The key performance indicators are as follows:

| 202 5 | 202 4 | 202 3 | 202 2 | 20 21
| £'000 | £'000 | £'000 | £'000 | £'000
Sales | 3 4,978 | 3 6,038 | 32,845 | 20,910 | 2 0,881
Gross profit | 7,995 | 10,410 | 9,584 | 3,960 | 3,389
GP% | 2 2.9% | 2 8.9% | 29.2% | 1 8.9% | 16.2%
EBITDA | 4,946 | 7,333 | 7,110 | 703 | -583

On behalf of the board

P S Hiremat
Director
23 June 2025
BROWN & BURK UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the sale and distribution of pharmaceutical and healthcare products.

Results and dividends

The results for the year are set out on page 8.

No dividends will be distributed for the year ended 31 March 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P S Hiremat
A K Jain
B Ibrampur
J Subramani
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
P S Hiremat
Director
23 June 2025
BROWN & BURK UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

BROWN & BURK UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BROWN & BURK UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Brown & Burk UK Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 31 March 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

BROWN & BURK UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BROWN & BURK UK LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BROWN & BURK UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BROWN & BURK UK LIMITED
- 7 -

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Paul Creasey
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 June 2025
Chartered Accountants
Statutory Auditor
Gladstone House
77-79 High Street
Egham
Surrey
United Kingdom
TW20 9HY
BROWN & BURK UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
34,977,887
36,038,248
Cost of sales
(26,982,772)
(25,628,149)
Gross profit
7,995,115
10,410,099
Administrative expenses
(3,276,646)
(3,315,863)
Operating profit
4
4,718,469
7,094,236
Interest receivable and similar income
7
32,191
4,451
Interest payable and similar expenses
8
(1,918)
(194,319)
Profit before taxation
4,748,742
6,904,368
Tax on profit
9
(1,147,063)
(1,619,206)
Profit for the financial year
3,601,679
5,285,162

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BROWN & BURK UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
7,373,712
7,566,336
Investment property
13
600,000
600,000
Investments
12
321,526
321,526
8,295,238
8,487,862
Current assets
Stocks
15
16,698,400
11,197,988
Debtors
16
10,158,326
6,802,338
Cash at bank and in hand
4,550,729
3,489,237
31,407,455
21,489,563
Creditors: amounts falling due within one year
17
(18,962,193)
(12,813,730)
Net current assets
12,445,262
8,675,833
Total assets less current liabilities
20,740,500
17,163,695
Provisions for liabilities
Deferred tax liability
19
188,122
212,996
(188,122)
(212,996)
Net assets
20,552,378
16,950,699
Capital and reserves
Called up share capital
21
20,002
20,002
Revaluation reserve
331,823
331,823
Profit and loss reserves
20,200,553
16,598,874
Total equity
20,552,378
16,950,699
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
P S Hiremat
Director
Company Registration No. 04082256
BROWN & BURK UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2023
20,002
331,823
11,313,712
11,665,537
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
5,285,162
5,285,162
Balance at 31 March 2024
20,002
331,823
16,598,874
16,950,699
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
3,601,679
3,601,679
Balance at 31 March 2025
20,002
331,823
20,200,553
20,552,378
BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Brown & Burk UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Micro House, 5 Marryat Close, Hounslow, Middlesex, United Kingdom, TW4 5DQ. The company's principal place of business is Micro House, Bury Street, Ruislip, HA4 7TL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 40 1 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Brown & Burk UK Limited is a wholly owned subsidiary of Micro Labs Limited, a company incorporated in India and the results of Brown & Burk UK Limited are included in the consolidated financial statements of Micro Labs Limited which are available from 26 Race Course Road, Madhava Nagar, Gandhi Nagar, Bengaluru 560001, India.

1.2
Going concern

The directors have prepared detailed financial forecasts to 2026 based on assumptions that the directors consider to be achievable.true

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measure d at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives and is charged to administrative expenses on the following bases:

Patents & licences
25% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold property
1% on cost
Plant and equipment
15% on cost
Fixtures and fittings
20% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost
Freehold land is not depreciated.

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

1.6
Investment properties

Investment property, which is held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss and transferred to the revaluation reserve.

1.7
Fixed asset investments

Interests in subsidiaries are measured at cost less provision for impairment.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.9
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. The cost of stock is determined using the first in first out (FIFO) method.

1.10
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Trade and other receivables are measured at transaction price less any impairment unless the

arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.12
Taxation

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

Current tax

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.

Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.16
Foreign exchange

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

BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investments

The carrying value of investments in subsidiaries is reviewed for indicators of impairment by reference to the performance and balance sheet of the underlying subsidiary.

Valuation of stock

Stock is measured at the lower of cost and net realisable value. Stock provisions are made where products are nearing their expiry date and management determine the stock may become obsolete.

Bad debt provision

Trade debtors are reviewed periodically and provisions are made for old balances that may not be recoverable.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
33,975,393
35,138,418
Europe
446,210
622,852
Rest of world
556,284
276,978
34,977,887
36,038,248
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
3,188
(4,254)
Fees payable to the company's auditor for the audit of the company's financial statements
27,000
25,750
Depreciation of owned tangible fixed assets
227,532
213,176
Depreciation of tangible fixed assets held under finance leases
-
14,770
Loss on disposal of tangible fixed assets
1,031
-
BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales and administration
16
16
Directors
4
4
Total
20
20

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,391,582
1,393,916
Social security costs
158,000
158,028
Pension costs
45,293
40,143
1,594,875
1,592,087
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
366,656
408,577
Company pension contributions to defined contribution schemes
10,584
11,934
377,240
420,511

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
217,350
268,022
Company pension contributions to defined contribution schemes
6,521
7,826

The directors consider the key management personnel of the company to be that of the board of directors and the remuneration is disclosed above.

BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
26,929
3,729
Other interest income
5,262
722
Total income
32,191
4,451
8
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
-
0
191,832
Interest on finance leases and hire purchase contracts
1,718
2,487
Other interest
200
-
0
1,918
194,319
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,235,024
1,765,880
Adjustments in respect of prior periods
(63,087)
(125,230)
Total current tax
1,171,937
1,640,650
Deferred tax
Origination and reversal of timing differences
(24,874)
(21,444)
Total tax charge
1,147,063
1,619,206
BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
4,748,742
6,904,368
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,187,186
1,726,092
Tax effect of expenses that are not deductible in determining taxable profit
48
241
Permanent capital allowances in excess of depreciation
22,916
18,103
Research and development tax credit
-
0
(97,987)
Under/(over) provided in prior years
(63,087)
(27,243)
Taxation charge for the year
1,147,063
1,619,206
10
Tangible fixed assets
Freehold property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
7,211,680
345,384
51,302
116,692
414,527
8,139,585
Additions
23,519
476
-
0
11,944
-
0
35,939
Disposals
-
0
-
0
(3,496)
(59,676)
-
0
(63,172)
At 31 March 2025
7,235,199
345,860
47,806
68,960
414,527
8,112,352
Depreciation and impairment
At 1 April 2024
190,326
91,167
25,533
76,396
189,827
573,249
Depreciation charged in the year
72,155
51,879
9,561
15,631
78,306
227,532
Eliminated in respect of disposals
-
0
-
0
(3,496)
(58,645)
-
0
(62,141)
At 31 March 2025
262,481
143,046
31,598
33,382
268,133
738,640
Carrying amount
At 31 March 2025
6,972,718
202,814
16,208
35,578
146,394
7,373,712
At 31 March 2024
7,021,354
254,217
25,769
40,296
224,700
7,566,336
BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Tangible fixed assets
(Continued)
- 19 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Motor vehicles
-
0
39,387
11
Intangible fixed assets
Patents & licences
£
Cost
At 1 April 2024 and 31 March 2025
3,800,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
3,800,000
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0

The intangible assets relate to product licenses purchased.

12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
321,526
321,526
13
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
600,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Subsidiaries
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Brown & Burk AB
Carlsgatan 12A, 211 20 Malmö,Sweden
Pharmaceutical distributor
Ordinary
100
0
Brown & Burk IR Limited
22 Northumberland Road, Ballsbridge, Dublin 4, Ireland
Pharmaceutical distributor
Ordinary
100
0
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
16,698,400
11,197,988
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
8,350,718
5,820,986
Amounts owed by group undertakings
743,782
501,007
Other debtors
3,435
3,435
Prepayments and accrued income
1,060,391
476,910
10,158,326
6,802,338
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
18
-
0
39,833
Trade creditors
1,179,662
2,279,567
Amounts owed to group undertakings
14,003,242
6,176,378
Corporation tax
531,039
898,244
Other taxation and social security
981,452
915,099
Other creditors
2,775
1,670
Accruals and deferred income
2,264,023
2,502,939
18,962,193
12,813,730
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
39,833
BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Finance lease obligations
(Continued)
- 21 -

Finance lease contracts are secured on the underlying assets.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
93,922
118,852
Investment property
96,554
96,554
Provisions
(2,354)
(2,410)
188,122
212,996
2025
Movements in the year:
£
Liability at 1 April 2024
212,996
Credit to profit or loss
(24,874)
Liability at 31 March 2025
188,122
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,293
40,143

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end the outstanding pension contributions included in creditors was £11,459 (2024 - £8,863).

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of £1 each
20,002
20,002
20,002
20,002
BROWN & BURK UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Invoices for the provision of services are received from a party related by virtue of being controlled by a director. The services provided are that of support services. Purchases totalled £113,487 (20 24 - £84,849) in the year and £14,874 (2024 - £Nil) is due at the year end.

Invoices are received for the provision of PR, marketing and consultancy services from a party related by virtue of being controlled by a director and close family member. Purchases totalled £143,492 (20 24 - £121,800) in the year and £Nil (2024 - £nil) is due at the year end.

Other information

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

23
Directors' transactions

At the year-end, the directors owed £3,435 (2024 - £3,435) to the company.

24
Ultimate controlling party

The ultimate parent company and the largest company for which consolidated financial statements are prepared is Micro Labs Limited, a company registered in India.

Copies of the group financial statements can be requested from 26 Race Course Road, Madhava Nagar, Gandhi Nagar, Bengaluru, Karnataka 560001, India.

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