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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
COMPANY INFORMATION
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PHARMACEUTICALS DIRECT LIMITED
CONTENTS
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PHARMACEUTICALS DIRECT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The results for the year ended 31 March 2025 and financial position of the company at this date are as shown in
the annexed financial statements.
The Medicines and Healthcare Products Regulatory Agency (MHRA) continues to place strict regulations on the industry due to counterfeit and fraud cases. Tight restrictions remain in place on the import and export of goods.
Over the year the directors have continued to focus on achieving higher gross profit margins and management have implemented focused sales strategies. These strategies have resulted in a increase in turnover and gross profit margin remaining relatively consistent with a small decrease to 19.6% The company has decreased its sales abroad, however the percentage of sales outside the UK in comparison to domestic is still low. The directors are pleased with the results for the year and activity continues to improve.
The principal risk identified by management is not being in touch with the changes in the business, the regulatory pharmaceuticals environment, foreign currency fluctuations and with the company's supply chain and customers.
Management understand the risk of falling behind product ranges and changes in the industry and aims to mitigate these risks. Performance is regularly reviewed at an overview level with the suppliers and principal clients. The company continues to enhance the value of long-established clients’ by offering a quality service and aiming to meet their demands in a timely fashion. The directors are aware of the Medicines and Healthcare products Regulatory Agency (MHRA) regulatory requirements that are paramount to the company's continued activities. Tight restrictions remain in place on the import and export of goods and over counterfeit pharmaceuticals. Management are proactive in this area and consider the impact of regulatory changes and devised procedures to mitigate such risks and uncertainties.
The directors consider the key performance indicators for this company to be those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin, and operating profit. Other non financial key performance indicators mainly focus on the turnaround time from a sales order to delivery.
This report was approved by the board on 19 December 2025 and signed on its behalf.
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PHARMACEUTICALS DIRECT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation, amounted to £1,325,687 (2024 - £942,252).
The directors recommended the payment of a dividend of £Nil (2024: £Nil).
The directors who served during the year were:
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PHARMACEUTICALS DIRECT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PHARMACEUTICALS DIRECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARMACEUTICALS DIRECT LIMITED
We have audited the financial statements of Pharmaceuticals Direct 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 the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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PHARMACEUTICALS DIRECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARMACEUTICALS DIRECT LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PHARMACEUTICALS DIRECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARMACEUTICALS DIRECT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that: • had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation etc; and • do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included Medicines & Healthcare Products Regulatory Agency (MHRA). We obtained an understanding of how the company are complying with those legal and regulatory frameworks by inquiring with the director and management. These inquiries were corroborated by a review of licences issued by the MHRA and documentation summarising any inspections that took place. This was used to assess the extent of compliance with the relevant laws and regulations. We also reviewed the controls in place for management to detect any non-compliance with regulations within the pharmaceutical industry. We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below: The principal risks related to inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. Procedures performed to address these were as follows: • Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud, including known of suspected instances or non-compliance with laws and regulations and fraud, • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process, • Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud,
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PHARMACEUTICALS DIRECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARMACEUTICALS DIRECT LIMITED (CONTINUED)
• Assessing the appropriateness of significant accounting estimates such as stock provisions and challenging any significant assumptions or judgements made by management that were indicative of potential bias.
• Enquiring of management as to actual and potential litigation or claims and instances of non-compliance with laws and regulations, • Reviewing revenue recognition policies and general policies in relation to cut-off. We assessed the accuracy and completeness of the management’s estimates through developing a detailed understanding of the agreements in place and performing detailed substantive testing which included reviewing a sample delivery notes and sales invoices. • We cannot perform testing of all manual journal entries posted throughout the year, as the system does not allow generating a comprehensive report of journals for the period. Instead, this testing was incorporated on all material balance sheet and profit and loss items, focusing on entries with unusual account combinations and specific defined descriptions. • Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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PHARMACEUTICALS DIRECT LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PHARMACEUTICALS DIRECT LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
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PHARMACEUTICALS DIRECT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
REGISTERED NUMBER: 03884028
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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PHARMACEUTICALS DIRECT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Pharmaceuticals Direct Limited is a private company, limited by shares, domiciled in England and Wales,
registration number 03884028. The registered office is Old Station Road, Loughton, Essex, IG10 4PL. The principal activity of the company continued to be that of wholesale of pharmaceutical goods.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Pharmadent Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.
transferred to the buyer.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Stock Valuation & Provision - The group reviews its stock levels frequently. When assessing stock provisions, management considers the remaining life of product lines and stock obsolescence with slow moving stock.
Analysis of turnover by country of destination:
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There are no factors that may affect future tax charges.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company has gross factored debts of £3,721,005 (2024: £4,791,941).
The company has made no contribution to the Company's Employee Benefit Trust (EBT). At the year end the EBT had outstanding loans of £1,500,000 (2024: £1,500,000) which are included in other debtors.
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20.Share capital (continued)
The non-cumulative 'A' redeemable preference shares may be redeemed at the company's request at par at any time, in whole or in part, upon giving the shareholders not less than 1 months written notice.
The non-cumulative 'A' redeemable preference shares carry a right to a non-cumulative dividend of 3% of their nominal value per annum, payable on 2 February next after their issue, but at the complete discretion of the company and to be only paid if the financial position of the company, in the view of the directors and in law, permits it. The dividend will accrue daily pro rata for the annual period from the date of issue until the payment date, or inclusive of the redemption date, but shall not be payable unless the company, at its absolute discretion deems it to be so on 2 February each year. In order to ensure that the non-cumulative 'A' ordinary shares would be entitled to at least 10% of the profits available for distribution, on the assumption that all the available profits were distributed, then whenever a dividend is to be paid, due account is to be taken in either deciding to pay a dividend on the redeemable preference shares or in scaling back the dividend as appropriate. The preference shares carry no voting rights. On liquidation, the issued non-cumulative 'A' redeemable preference shares shall be redeemed in preference to any distribution made on the Ordinary shares, save that if there are any Ordinary A shares in issue, the Ordinary A shares shall first receive an additional distribution, which shall equate to the Ordinary A shares receiving at least 10% of the total assets available for distribution to all the shareholders including the redeemable preference shares. The rights attaching to each other class of share, being Ordinary shares of 1p, Ordinary A shares of 1p, Ordinary B shares of 1p, Ordinary C shares of 1p, Ordinary D shares of 1p, Ordinary E shares of 0.1p, Ordinary F shares of 0.1p will rank pari passu in all respects, irrespective of their nominal value, apart from the rights of pre-emption on transfer that will apply to the Ordinary A or C shares as set out in the Articles.
Share based payment reserve
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £11,261 (2024: £12,611). At 31 March 2025, the balance owing to the pension scheme was £2,436 (2024: £2,259).
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PHARMACEUTICALS DIRECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
At the year-end, the ultimate parent company is Pharmadent Holdings Limited, a company registered in England and Wales.
The ultimate controlling party is B Patel, by virtue of his significant shareholding and directorship of the parent company.
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