Company No: 13901504 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	167,376		188,264
Tangible assets	4	373,665		148,840
		541,041		337,104
Current assets
Stocks	5	103,139		77,829
Debtors	6	122,258		36,165
Cash at bank and in hand		70,430		47,567
		295,827		161,561
Creditors: amounts falling due within one year	7	( 189,876)		( 81,142)
Net current assets		105,951		80,419
Total assets less current liabilities		646,992		417,523
Creditors: amounts falling due after more than one year	8	( 447,464)		( 287,243)
Provision for liabilities		( 32,765)		( 26,900)
Net assets		166,763		103,380
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		166,663		103,280
Total shareholders' funds		166,763		103,380

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of PharmaDerma Limited (registered number: 13901504) were approved and authorised for issue by the Board of Directors on 01 December 2025. They were signed on its behalf by:

W R Pike Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PharmaDerma Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom. The principal place of business is 31/32 Fore Street, Okehampton, , Devon, EX20 1HB.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Website costs	5 years straight line
Other intangible assets	5 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	5 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line
Office equipment	5 years straight line
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		11

3. Intangible assets

	Goodwill		Website costs		Other intangible assets		Total
	£		£		£		£
Cost
At 01 June 2024	204,996		2,365		2		207,363
Additions	0		90		0		90
At 31 May 2025	204,996		2,455		2		207,453
Accumulated amortisation
At 01 June 2024	18,791		308		0		19,099
Charge for the financial year	20,500		478		0		20,978
At 31 May 2025	39,291		786		0		40,077
Net book value
At 31 May 2025	165,705		1,669		2		167,376
At 31 May 2024	186,205		2,057		2		188,264

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 June 2024	36,846		0		12,295		108,130		1,593		24,118		182,982
Additions	3,440		15,508		247,730		308		756		158		267,900
At 31 May 2025	40,286		15,508		260,025		108,438		2,349		24,276		450,882
Accumulated depreciation
At 01 June 2024	3,623		0		3,279		21,336		210		5,694		34,142
Charge for the financial year	3,771		1,658		10,717		21,676		409		4,844		43,075
At 31 May 2025	7,394		1,658		13,996		43,012		619		10,538		77,217
Net book value
At 31 May 2025	32,892		13,850		246,029		65,426		1,730		13,738		373,665
At 31 May 2024	33,223		0		9,016		86,794		1,383		18,424		148,840

5. Stocks

	2025		2024
	£		£
Stocks	103,139		77,829

6. Debtors

	2025		2024
	£		£
Other debtors	122,258		36,165

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	21,321		20,670
Trade creditors	240		0
Taxation and social security	50,142		22,903
Obligations under finance leases and hire purchase contracts	24,647		5,642
Other creditors	93,526		31,927
	189,876		81,142

Bank loans and hire purchase agreements are secured against assets to which they relate

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	232,815		254,745
Obligations under finance leases and hire purchase contracts	214,649		18,353
Other creditors	0		14,145
	447,464		287,243

Bank loans and hire purchase agreements are secured against assets to which they relate.

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

10. Financial commitments

Other financial commitments

	2025		2024
	£		£
Less than 1 year	28,000		28,000
Within 2 to 5 years	84,000		84,000
More than 5 years	112,000		140,000
	224,000		252,000

At 31 May 2024 the company had total commitments under non-cancellable operating leases as set out above.