REGISTERED NUMBER: 12585612 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

Eumedica Pharma Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Merckx

M J Arnold

SECRETARY:

MYUKOFFICE LTD

REGISTERED OFFICE:

Unit 33

Waterside Schooner Court

44-48 Wharf Road

London

N1 7UX

REGISTERED NUMBER:

12585612 (England and Wales)

AUDITORS:

Try Lunn & Co

Chartered Accountants

and Statutory Auditors

Roland House

Princes Dock Street

HULL HU1 2LD

CURRENT ASSETS

Stocks

1,670,235

4,055,552

Debtors

4

1,528,986

1,168,717

Cash at bank

373,745

239,207

3,572,966

5,463,476

CREDITORS

Amounts falling due within one year

5

3,249,095

5,407,922

NET CURRENT ASSETS

323,871

55,554

TOTAL ASSETS LESS CURRENT LIABILITIES

323,871

55,554

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

323,771

55,454

SHAREHOLDERS' FUNDS

323,871

55,554

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2026 and were signed on its behalf by:

J A Merckx - Director

1.	STATUTORY INFORMATION

Eumedica Pharma Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is reliant on the operational and financial support of Eumedica SA. The directors of Eumedica SA have agreed to provide continued operational and financial support to ensure the company will be able to trade as a going concern for the foreseeable future.

Turnover

Sales are measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, in respect of goods supplied during the year.

Sales are recognised on despatch of the goods in accordance with the company's terms of sale.

Stocks

Stocks are valued at cost, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 7 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,216,518

1,031,239

Other debtors

312,468

137,478

1,528,986

1,168,717

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

32,451

124,828

Amounts owed to group undertakings

1,892,454

4,083,929

Taxation and social security

671,247

451,350

Other creditors

652,943

747,815

3,249,095

5,407,922

6.	SECURED DEBTS

The company uses KBC Commercial Finance NV invoice factoring. There is a fixed charge over book debts and proceeds of book debts.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 January 2025

55,454

Profit for the year

268,317

At 31 December 2025

323,771

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to the 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 qualified opinion.

During the course of our work on the closing stock value of the company for the year ended 31 December 2024, evidence

was found to show that valuation of the closing stock contained a material impairment of £175,657. Our audit opinion on the

financial statements for the year ended 31 December 2024 was qualified accordingly. Our opinion on the current year

financial statements is also qualified because of the effect of this matter on the current year's figures and the comparative

figures.

As the accounts have not been adjusted for the above the audit report is qualified on this basis.

Simon Moss FCCA (Senior Statutory Auditor)

for and on behalf of Try Lunn & Co

10.	RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Eumedica SA, a company incorporated in Belgium.

During the year the company purchased goods to the value of £7,807,731 (2024: £9,396,385) from Eumedica SA, recharged sales commissions of £1,198,875 (2024: £1,012,588) and a distribution margin of £301,578 (2024: £253,894) to Eumedica SA, and incurred management fees totalling £180,000 (2024: £180,000) from Eumedica SA.

As at 31 December 2025 the company was owed £1,892,454 from Eumedica SA (2024: £4,083,929 owed to Eumedica SA).

During the year the company purchased goods to the value of £30,625 (2024: £228,967) from Eumedica Pharmaceuticals AG, a company which is controlled by J Merckx. As at 31 December 2025 the company owed £30,625 (2024: Nil) to Eumedica Pharmaceuticals AG. As at 31 December 2025 Eumedica Pharmaceuticals AG owed the company £7 (2024: £7).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Jacques Merckx.