VERISFIELD (UK) LIMITED

Registered number

04029624

Report and Consolidated Financial Statements

31 December 2024

VERISFIELD (UK) LIMITED
Report and accounts
Contents




Page

Company information	1
Directors' report	2 to 3
Strategic report	4
Independent auditor's report	5 to 7
Consolidated Income statement	8
Consolidated Statement of comprehensive income	9
Consolidated Statement of financial position	10
Company Statement of financial position	11
Consolidated Statement of changes in equity	12
Consolidated Statement of cash flows	13
Notes to the financial statements	14 to 20

VERISFIELD (UK) LIMITED

Company Information

Directors

Mr G Motsios

Mr C Koutsodimos

Auditors

Soteriou Christou Ltd

Chartered Accountants and Statutory Auditors

6A Dickensons Place

London

SE25 5HL

Registered office

6A Dickensons Place

London

SE25 5HL

Registered number

04029624

VERISFIELD (UK) LIMITED
Registered number:		04029624
Directors' Report

The directors present their report and financial statements for the year ended 31 December 2024.

Principal activities
The group's principal activity was that of research, development, registration and marketing of pharmaceutical specialities.
The group's trading activity was generated by the wholly owned subsidiary Verisfield SA registered in Greece. The company's activity during the year was that of holding shares in its subsidiary.

Review of business
The group made a profit in the year of €4,790,976 after tax. The directors believe that the group will continue to operate profitably in the following year as well. All trading was generated by the Greek subsidiary Verisfield SA.

The company had no trading activities during the year.
Future Developments
The group directors are confident that the company will maintain its turnover and profitability. Their aim is to continue to implement the management policies which have been introduced in recent years and which have assisted in successfully overcoming the difficulties and uncertainties in the market place.

The group's priorities is to continue the development of new pharmaceutical products which will ensure that the group operates profitably as well as to continue to increase sales volume to overseas customers where margins are higher than the domestic market.

Employee involvement
The group is committed to offering equal opportunities to both current and prospective employees. The group continues to review and develop best practices and procedures to ensure that all employees are treated fairly in all aspects of employment. It also strives for the diverse enviroment that is supportive of all employees. Individual differences which do not relate to job performance such as gender, marital status, race, colour,ethnic origin,nationality,religion,age or disability are respected.
Research and development
During the year the company spent €2,414,285 on research and development.

Policy and practice on payment of creditors
The group's policy is to settle the terms of payment with suppliers when agreeing the terms of each transaction,to ensure that all suppliers are made aware of the terms of payment and to abide by the terms of payment.

Dividends
During the year the company paid no dividends.

Events since the balance sheet date
No events have occurred after the balance sheet date that require disclosure in the accounts.

Directors
The following persons served as directors during the year:

	Mr G Motsios
	Mr C Koutsodimos


Directors' responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 group and of the profit or loss of the company and group 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 estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company and group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's transactions and disclose with reasonable accuracy at any time the financial position of the group 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the group's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information.



This report was approved by the board on 26 November 2025 and signed on its behalf.



Mr C Koutsodimos
Director

VERISFIELD (UK) LIMITED
Strategic Report



The directors presents their strategic report for the company and its subsidiary for the year to 31 December 2024.

Review and analysis of business during the current year

The group continued its principal activities of research, development, registration and marketing pharmaceutical specialities throughtout the current year.

The group's trading operations were undertaken by Verisfield SA which is registered in Greece. The group's turnover arose primarily from sales in the Greek market but also from sales to other European countries and rest of the world.

Development and financial performance during the year

As shown in the group's Profit and Loss account on page 8, the group's turnover in the year to 31 December 2024 was €21,506,874 compared to €21,812,640 in the previous year, a decreased of 1.4%. Gross profit margin in the year was 57.00% compared to the previous year's of 46.8% and both performance indicators were in line with the expectations of the group's directors reflecting the current market position. The group's after tax profit was €4,790,976 compared to €2,060,682 in the previous year. The group's profitability was mainly attributed to higher volume of export sales where margins are higher as well as higher volume of sales of profitable products to the domestic market.
The directors of the group monitor the performance of the business and consider as key performance indicator the turnover variation, gross profit margin, and net profit after tax which they have maintained at an acceptable level.

Financial position at the reporting date

The consolidated Financial Position on page 10 shows a net assets position of €11,181,152 compared to a net assets position of €6,390,176 in the previous year. The increase in the net assets position was due to the high after tax profitability achieved in the year.
Principal risks and uncertainties facing the business

The group regularly reviews the risks faced. Market risk has been identified as a major potential risk to the successful performance of the business. The group directors are aware of these risks and monitor their potential impact on an ongoing basis.

In the normal course of business, the group is subject to a number of risks that are inseparably linked to the operations of its business. The group trades primarily in Greece where risk levels are relatively high due to the economic downturn in recent years and the Greek goverment has pursued a price reduction policy in respect of pharmaceutical products as well as charging a levy which is based on turnover. Even though the group is facing the uncertainty as to whether the Greek goverment will continue its price reduction policy which has an impact on the level of domestic sales and profitability the group will continue its efforts towards development and launch of new profitable products, increase export volumes further where there is no limit on the sales prices that can be charged, continue the sales of licenses for pharmaceutical products for fees or royalties and focus on sales of most profitable products to the Greek market.


The report was approved by the board on 26 November 2025 and signed on its behalf:



Mr C Koutsodimos
Director

VERISFIELD (UK) LIMITED
Independent auditor's report
to the members of VERISFIELD (UK) LIMITED

Opinion

We have audited the company and group financial statements of VERISFIELD (UK) LIMITED for the year ended 31 December 2024 which comprise the consolidated Income Statement, the consolidated Statement of Comprehensive Income, the company and consolidated Statement of Financial Position, the consolidated Statement of Changes in Equity, the consolidated Statement of Cash Flows and notes to the financial statements, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 and group's affairs as at 31 December 2024 and of its profit for the year then ended;

●

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

●	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 and group 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 report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and group and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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’ responsibilities statement, 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 and group'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 group 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.
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:
As part of our planing process:
●	We considered the audit of the subsidiary and communicated with the component auditors to ensure that we would have appropriate evidence available to us.
●	We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
●	We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.
●	We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
●	Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
●	Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
●	Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
●	Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.
●	Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
●	Testing key revenue lines, for evidence of management bias.
●	Performing a physical verification of key assets, including stock.
●	Obtaining third-party confirmation of material balances.
●	Documenting and verifying all significant related party balances and transactions.
●	Reviewing documentation such as the company board minutes, correspondance with solicitors, for discussions of irregularities including fraud.
●	Reviewing the audit of the component auditors to ensure suitable evidence has been obtained.
●	Testing all material consolidated adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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


Use of our report
This report is made solely to the company's and group'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 and group's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and group and the company's and group's members as a body, for our audit work, for this report, or for the opinions we have formed.



Panicos Soteriou
(Senior Statutory Auditor)		6A Dickensons Place
for and on behalf of		London
Soteriou Christou Ltd		SE25 5HL
Accountants and Statutory Auditors

29 November 2025

VERISFIELD (UK) LIMITED
Consolidated Income Statement
for the year ended 31 December 2024


Notes		2024		2023

€			€

Turnover	2	21,506,874		21,812,640

Cost of sales		(9,248,470)		(11,610,091)

Gross profit		12,258,404		10,202,549

Distribution costs		(80,571)		(44,616)
Administrative expenses		(6,407,846)		(7,441,231)
Other operating income		261,215		270,128

Operating profit	3	6,031,202		2,986,830

Interest receivable		52		734

Profit on ordinary activities before taxation		6,031,254		2,987,564

Tax on profit on ordinary activities	6	(1,240,278)		(926,882)

Profit for the financial year		4,790,976		2,060,682

VERISFIELD (UK) LIMITED
Consolidated Statement of comprehensive income
for the year ended 31 December 2024


Notes	2024		2023
€		€

Profit for the financial year	4,790,976		2,060,682

Other comprehensive income

Total comprehensive income for the year	4,790,976		2,060,682

VERISFIELD (UK) LIMITED
Consolidated Statement of Financial Position
as at 31 December 2024

Notes			2024			2023

€				€
Fixed assets
Intangible assets	7		6,039,908			5,166,273
Tangible assets	8		1,949,373			1,531,126
			7,989,281			6,697,399

Current assets
Stocks	10	5,471,603			4,889,911
Debtors	11	9,319,335			7,250,714
Cash at bank and in hand		2,445,187			2,028,075
		17,236,125			14,168,700

Creditors: amounts falling due within one year	12	(13,922,662)			(14,334,942)

Net current assets			3,313,463			(166,242)

Total assets less current liabilities			11,302,744			6,531,157

Creditors: amounts falling due after one year			(121,592)			(140,981)
	13
Net assets			11,181,152			6,390,176

Capital and reserves
Called up share capital	14		41,984			41,984
Profit and loss account	15		11,139,168			6,348,192

Total equity			11,181,152			6,390,176






Mr C Koutsodimos		Mr G Motsios
Director		Director

Approved by the board on 26 November 2025

VERISFIELD (UK) LIMITED
Company Statement of Financial Position
as at 31 December 2024

Notes			2024			2023
€				€
Fixed assets

Investments	9		300,000			300,000
			300,000			300,000

Current assets

Cash at bank and in hand		1,234,525			112,115
		1,234,525			112,115

Creditors: amounts falling due within one year	12	(15,923)			(12,450)

Net current assets			1,218,602			99,665

Net assets			1,518,602			399,665

Capital and reserves
Called up share capital	14		41,984			41,984
Profit and loss account	15		1,476,618			357,681

Total equity			1,518,602			399,665


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 of the company for the year was €1,118,937 (2023 - €3,606,326).






Mr C Koutsodimos			Mr G Motsios
Director			Director

Approved by the board on 26 November 2025

VERISFIELD (UK) LIMITED
Consolidated Statement of Changes in Equity
for the year ended 31 December 2024

Share		Profit		Total
capital		and loss
account
€		€		€

At 1 January 2023	62,976		7,766,518		7,829,494

Profit for the financial year			2,060,682		2,060,682

Dividends			(3,500,000)		(3,500,000)
Shares issued	-				-
Shares redeemed	(20,992)		20,992		-

At 31 December 2023	41,984		6,348,192		6,390,176



At 1 January 2024	41,984		6,348,192		6,390,176

Profit for the financial year			4,790,976		4,790,976


At 31 December 2024	41,984		11,139,168		11,181,152

VERISFIELD (UK) LIMITED
Consolidated Statement of Cash Flows
for the year ended 31 December 2024

Notes	2024		2023

€		€
Operating activities
Profit for the financial year	4,790,976		2,060,682

Adjustments for:
Interest receivable	(52)		(734)
Tax on profit on ordinary activities	1,240,278		926,882
Depreciation	230,843		243,765
Amortisation of intangibles	617,433		510,005
(Increase)/ decrease in stocks	(581,692)		2,022
(Increase) in debtors	(2,068,621)		(1,815,958)
Increase/ (decrease) in creditors	(877,565)		1,760,216
	3,351,600		3,686,880

Interest received	52		734
Taxes paid	(794,382)		(687,189)

Cash generated by operating activities	2,557,270		3,000,425

Investing activities
Payments to acquire intangible fixed assets	(1,491,067)		(2,421,817)
Payments to acquire tangible fixed assets	(649,089)		(1,164,532)
Proceeds from sale of tangible fixed assets	-		21,774

Cash used in investing activities	(2,140,156)		(3,564,575)

Financing activities
Equity dividends paid	-		(3,500,000)
On cancellation of shares	-		20,992
On cancellation of shares	-		(20,992)

Cash used in financing activities	-		(3,500,000)

Net cash generated/ (used)
Cash generated by operating activities	2,557,270		3,000,425
Cash used in investing activities	(2,140,156)		(3,564,575)
Cash used in financing activities	-		(3,500,000)

Net cash generated/ (used)	417,114		(4,064,150)

Cash and cash equivalents at 1 January	2,028,075		6,092,225
Cash and cash equivalents at 31 December	2,445,187		2,028,075

Cash and cash equivalents comprise:
Cash at bank	2,445,187		2,028,075

	-

VERISFIELD (UK) LIMITED
Notes to the Accounts
for the year ended 31 December 2024

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	The company and its subsidary company Verisfield S.A. form a medium size group which would require consolidation under Companies Act 2006.


	Going Concern
	The accounts have been prepared on a going concern basis as the directors expect the group to continue its operating existence in the foreseeable future. As explained in more detail in the strategic report, the group's priority is to continues to pursue a policy of increasing the export sales volume where high profit margins can be charged, focus on sales to the domestic market of profitable products, sales of licenses of pharmaceutical products for fixed fees or royalties, and development and launch of new profitable products. The directors believe that by focusing on these policies the group has been profitable over the last few years and expect to continue to trade profitably for the foreseeable future , and therefore they continue to adopt the going concern basis for accounting in preparing the financial statements.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of pharmaceutical products and licenses and provision of research and development services. Turnover from the sale of the pharmaceutical products and licenses is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of research and development services is recognised by reference to the stage of completion of the service. The stage of completion of a service is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is provided in equal instalments over its estimated economic life of 10 years.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Buildings - improvements costs			over 25 years
	Plant and machinery			10% - 20% straight line


	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost of raw materials is calculated using the weighted average method. The cost of finished and semi-finished products is calculated using the weighted average costs of raw materials and actual for other costs of production. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Operating lease commitments
	Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Research and development

	Research and development costs are written off to the profit and loss account in the year the expenditure is incurred.


2	Analysis of turnover					2024		2023
€							€

	Sale of goods					19,712,914		18,708,293
	Services rendered					1,793,960		3,104,347
						21,506,874		21,812,640

	By geographical market:

	Europe					19,246,304		19,496,459
	Rest of world					2,260,570		2,316,181
						21,506,874		21,812,640


3	Operating profit					2024		2023
€							€
	This is stated after charging:

	Depreciation of owned fixed assets					230,843		242,657
	Amortisation of intangibles					617,433		510,005
	Operating lease rentals - land and buildings					102,432		102,432
	Research and development expenditure					2,414,285		3,799,564
	Auditors' remuneration for audit services					10,615		8,300
	Auditors' remuneration for other services					8,820		21,821
	Carrying amount of stock sold					2,753,275		3,392,715


4	Directors' emoluments					2024		2023
€							€

	Emoluments					169,236		169,236


5	Staff costs					2024		2023
€							€

	Wages and salaries					2,409,943		1,954,434


	Average number of employees during the year					Number	Number

	Administration					21		16
	Development					38		32
	Distribution					2		2
	Sales and Marketing					5		3
						66		53


6	Taxation					2024		2023
€							€
	Analysis of charge in period
	Current tax:
	Greek tax on profits of the period					1,180,278		734,382
	Greek witholding tax on dividends paid					60,000		192,500
						1,240,278		926,882


	Tax on profit on ordinary activities					1,240,278		926,882


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2024		2023
€							€
	Profit on ordinary activities before tax					6,031,254		2,987,564

	Standard rate of Greek tax					22%		22%

€							€
	Profit on ordinary activities multiplied by the standard rate of corporation tax					1,326,876		657,264

	Effects of:
	Amounts deductible or adjustible for tax purposes					(86,598)		77,118
	Greek witholding tax on dividends					60,000		192,500

	Current tax charge for period					1,240,278		926,882


	Factors that may affect future tax charges
	There are no such factors.


7	Intangible fixed assets - Group							€
	Trade marks, licenses and other intellectual rights fees

	Cost
	At 1 January 2024							9,124,833
	Additions							1,491,067
	At 31 December 2024							10,615,900

	Amortisation
	At 1 January 2024							3,958,560
	Provided during the year							617,432
	At 31 December 2024							4,575,992

	Carrying amount
	At 31 December 2024							6,039,908
	At 31 December 2023							5,166,273


8	Tangible fixed assets - Group
				Land and buildings		Plant and machinery		Total
				At cost		At cost
€					€		€
	Cost or valuation
	At 1 January 2024			943,043		2,456,242		3,399,285
	Additions			269,796		379,293		649,089
	Disposals			-		(10,418)		(10,418)
	At 31 December 2024			1,212,839		2,825,117		4,037,956

	Depreciation
	At 1 January 2024			167,402		1,700,757		1,868,159
	Charge for the year			45,755		185,087		230,842
	On disposals			-		(10,418)		(10,418)
	At 31 December 2024			213,157		1,875,426		2,088,583

	Carrying amount
	At 31 December 2024			999,682		949,691		1,949,373
	At 31 December 2023			775,641		755,485		1,531,126



9	Investments - Company
Investments in
subsidiary
undertakings
€
	Cost
	At 1 January 2024							300,000

	At 31 December 2024							300,000

	The company holds 20% or more of the share capital of the following companies:


	Company	Shares held
		Class		%

	Verisfield S.A.	Ordinary		100


	Verisfield S.A. activity is theat of research, development, registration and marketing of pharmaceutical specialities. The company is registered in Greece.


10	Stocks - Group					2024		2023
€							€

	Raw materials and consumables					3,338,523		3,348,035
	Work in progress					17,135		7,041
	Finished goods and goods for resale					2,115,945		1,534,835
						5,471,603		4,889,911


11	Debtors - Group					2024		2023
€							€

	Trade debtors					2,994,944		3,550,353
	Other debtors					6,324,391		3,700,361
						9,319,335		7,250,714


12	Creditors: amounts falling due within one year -Group					2024		2023

€							€

	Trade creditors					1,474,225		8,076,087
	Corporation tax					1,180,278		734,382
	Other taxes and social security costs					284,568		303,529
	Other creditors					10,404,182		4,784,723
	Accruals and deferred income					579,409		436,221
						13,922,662		14,334,942

	Creditors: amounts falling due within one year -Company					2024		2023
€							€

	Other creditors					-		-
	Accruals and deferred income					15,923		12,450
						15,923		12,450


13	Creditors: amounts falling due after one year -Group					2024		2023
€							€

	Other creditors					121,592		140,981



14	Share capital	Nominal		2024		2024		2023
value			Number		€		€
	Allotted, called up and fully paid:
	Ordinary shares	£13,500 each		2		41,984		41,984

	The company's authorised and issued shared capital is in Pound Sterling.The called up share capital is stated in the balance sheet in Euros following translation using the rate of exchange prevailing on the date of issue.



15	Profit and loss account					Group	Company
						2024		2024
€							€

	At 1 January					6,348,192		357,681
	Profit for the financial year					4,790,976		1,118,937
	Cancellation of shares					-		-

	At 31 December					11,139,168		1,476,618

16	Contingent liability
	A Lawsuit was filed against the subsidiary Verisfield SA by a third party, claiming damages on the termination of contract amounting to €157,326. The directors have not made any provision in the accounts in respect of the claim as they are defending the claim and are unable to determine the potential liability. The outcome of the claims and the amount payable, if any, will not be known until the cases are heard in the Greek courts.

17	Other Contingent events
	During the year the subsidiary Verisfield SA has made an application for a refund based on research and development expenditure incurred in the year. The amount the company is entitled to is uncertain as it will depend on the Greek government allocation and as such no provision for any amounts receivable has been made in the accounts.


18	Related party transactions
	At the year end €3,629.111 (2023: €3,465,045) was owed to entities under common control of two of the directors of the group in respect of transactions and loans. The balance is repayable on demand.

16	Controlling party

	At the year end there was no single controlling party.

17	Functional currency

	The functional currency of the entity is the euro.


18	Legal form of entity and country of incorporation

	VERISFIELD (UK) LIMITED is a private company limited by shares and incorporated in England.


19	Principal place of business

	The address of the company's registered office is:

	6A Dickensons Place
	London
	SE25 5HL