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Registration number: 04941522

Beta Pharmaceuticals Limited
Financial Statements
for the Year Ended 30 September 2025

Beta Pharmaceuticals Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 6
Profit and Loss Account | 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 to 18

Beta Pharmaceuticals Limited

Company Information

Directors | Mr N Valji Mr M Kanji

Registered office | Unit 7 & 8 Swanbridge Industrial Park Witham Essex United Kingdom CM8 3YN

Auditors | Brooks Green Registered AuditorsAbbey House 342 Regents Park Road London N3 2LJ

Beta Pharmaceuticals Limited

Strategic Report for the Year Ended 30 September 2025

The directors present their strategic report for the year ended 30 September 2025.

Principal activity

The principal activity of the company is that of wholesale of pharmaceutical goods.

Fair review of the business

The result for the year and financial position of the company are as shown in the annexed financial statements.
The directors are confident that the company will continue to trade well for the foreseeable future.

Principal risks and uncertainties

In respect of bank balances, the risk is managed by maintaining the continuity of available funding and by managing the working capital.

Beta Pharmaceuticals Limited

Directors' Report for the Year Ended 30 September 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr N Valji

Mr M Kanji

Financial instruments

Objectives and policies

The company's principal financial instruments comprise of bank balances, debtors and creditors. The main purpose of these instruments is to finance the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature and management of the financial instruments, there is no exposure to price risk.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Brooks Green are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 3 June 2026 and signed on its behalf by:

Mr M Kanji
Director

Beta Pharmaceuticals Limited

Statement of Directors' Responsibilities

Statement of Directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

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 apply them consistently;

Beta Pharmaceuticals Limited

Independent Auditor's Report to the Members of Beta Pharmaceuticals Limited

Opinion

We have audited the financial statements of Beta Pharmaceuticals Limited (the 'company') for the year ended 30 September 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 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 30 September 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Beta Pharmaceuticals Limited

Independent Auditor's Report to the Members of Beta Pharmaceuticals Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 4], 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities 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 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
David Harris (Senior Statutory Auditor)
For and on behalf of Brooks Green, Statutory Auditor
Abbey House
342 Regents Park Road
London
N3 2LJ

8 June 2026

Beta Pharmaceuticals Limited

Profit and Loss Account for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 34,344,089 | 29,583,088
Changes in stocks of finished goods and work in progress |  | (861,164) | (1,721,053)
Other operating income | 4 | 412,500 | 480,000
Raw materials and consumables used |  | (31,337,915) | (25,810,809)
Employee benefits expense |  | (1,371,992) | (1,452,797)
Depreciation and amortisation expense |  | (43,634) | (52,075)
Other expenses |  | (953,325) | (882,775)
Other losses |  | - | (27,210)
Operating profit | 5 | 188,559 | 116,369
Interest payable and similar expenses | 6 | (16,274) | (4,297)
Profit before tax |  | 172,285 | 112,072
Tax on profit | 10 | (52,108) | (37,081)
Profit for the year |  | 120,177 | 74,991

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Beta Pharmaceuticals Limited

Statement of Comprehensive Income for the Year Ended 30 September 2025

| 2025 £ | 2024 £
Profit for the year | 120,177 | 74,991
Total comprehensive income for the year | 120,177 | 74,991

Beta Pharmaceuticals Limited

(Registration number: 04941522)
Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 141,841 | 176,508
Current assets |  |  |
Stocks | 12 | 1,437,497 | 2,298,662
Debtors | 13 | 9,340,041 | 8,723,146
Cash at bank and in hand |  | 604 | 1,283
|  | 10,778,142 | 11,023,091
Creditors: Amounts falling due within one year | 15 | (1,659,096) | (2,058,889)
Net current assets |  | 9,119,046 | 8,964,202
Net assets |  | 9,260,887 | 9,140,710
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 9,260,787 | 9,140,610
Shareholders' funds |  | 9,260,887 | 9,140,710

Approved and authorised by the Board on 3 June 2026 and signed on its behalf by:

Mr N Valji
Director

Beta Pharmaceuticals Limited

Statement of Changes in Equity for the Year Ended 30 September 2025

| Share capital £ | Retained earnings £ | Total £
At 1 October 2024 | 100 | 9,140,610 | 9,140,710
Profit for the year | - | 120,177 | 120,177
At 30 September 2025 | 100 | 9,260,787 | 9,260,887

| Share capital £ | Retained earnings £ | Total £
At 1 October 2023 | 100 | 9,065,619 | 9,065,719
Profit for the year | - | 74,991 | 74,991
At 30 September 2024 | 100 | 9,140,610 | 9,140,710

Beta Pharmaceuticals Limited

Statement of Cash Flows for the Year Ended 30 September 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 120,177 | 74,991
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 43,634 | 52,075
Loss on disposal of tangible assets |  | - | 27,210
Finance costs | 6 | 16,274 | 4,297
Income tax expense | 10 | 52,108 | 37,081
|  | 232,193 | 195,654
Working capital adjustments |  |  |
Decrease in stocks | 12 | 861,165 | 1,721,054
Increase in trade debtors | 13 | (616,895) | (1,125,548)
Increase/(decrease) in trade creditors | 15 | 96,509 | (1,670,456)
Cash generated from operations |  | 572,972 | (879,296)
Income taxes paid | 10 | (37,081) | (26,775)
Net cash flow from operating activities |  | 535,891 | (906,071)
Cash flows from investing activities |  |  |
Acquisitions of tangible assets |  | (8,967) | (55,572)
Proceeds from sale of tangible assets |  | - | 16,500
Net cash flows from investing activities |  | (8,967) | (39,072)
Cash flows from financing activities |  |  |
Interest paid | 6 | (14,950) | (3,471)
Net increase/(decrease) in cash and cash equivalents |  | 511,974 | (948,614)
Cash and cash equivalents at 1 October |  | (821,093) | 91,024
Cash and cash equivalents at 30 September |  | (309,119) | (857,590)

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

1 | General information

The company is a public company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Unit 7/8
Swanbridge Industrial Park
Blackcroft Road
Witham
Essex
CM8 3YN

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Currency is UK £ and rounding is to nearest £.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

Tangible assets

tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, fittings and equipment | 20% on reducing balance
Motor vehicles | 25% on reducing balance

Trade debtors

trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Revenue

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 34,344,089 | 29,583,088

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Miscellaneous other operating income | 412,500 | 480,000

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 43,634 | 52,075
Loss on disposal of property, plant and equipment | - | 27,210

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 14,950 | 3,471

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

| 2025 £ | 2024 £
Wages and salaries | 1,371,992 | 1,452,797

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 40 | 41
Sales, marketing and distribution | 21 | 20
| 61 | 61

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 60,000 | 60,000

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 30,000 | 30,000

9 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 9,600 | 9,600

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 52,108 | 37,081

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 24% (2024 - 24%).
The differences are reconciled below:

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

| 2025 £ | 2024 £
Profit before tax | 172,285 | 112,072
Corporation tax at standard rate | 52,108 | 37,081
Total tax charge | 52,108 | 37,081

11 | Tangible assets

| Fixtures and fittings £ | Motor vehicles £ | Total £
Cost or valuation
At 1 October 2024 | 494,836 | 191,515 | 686,351
Additions | 8,967 | - | 8,967
At 30 September 2025 | 503,803 | 191,515 | 695,318
Depreciation
At 1 October 2024 | 394,949 | 114,894 | 509,843
Charge for the year | 22,177 | 21,457 | 43,634
At 30 September 2025 | 417,126 | 136,351 | 553,477
Carrying amount
At 30 September 2025 | 86,677 | 55,164 | 141,841
At 30 September 2024 | 99,887 | 76,621 | 176,508

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

12 | Stocks

| 2025 £ | 2024 £
Other inventories | 1,437,497 | 2,298,662

13 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 8,288,984 | 8,084,630
Other debtors | 958,694 | 527,308
Prepayments | 92,363 | 111,208
| 9,340,041 | 8,723,146

14 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 604 | 1,283
Bank overdrafts | (324,691) | (822,376)
Cash and cash equivalents in statement of cash flows | (324,087) | (821,093)

15 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 18 | 348,370 | 859,699
trade creditors |  | 434,044 | 324,846
Social security and other taxes |  | 41,162 | 28,410
Other payables |  | 523,945 | 760,427
Accruals and deferred income |  | 259,467 | 48,426
Corporation tax | 10 | 52,108 | 37,081
|  | 1,659,096 | 2,058,889

16 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

Beta Pharmaceuticals Limited

Notes to the Financial Statements for the Year Ended 30 September 2025

17 | Related party transactions

Summary of transactions with other related parties

N Valji trading as Beta Pharmaceuticals

Income and receivables from related parties

2025 | Other related parties £
Sale of goods | 5,075,515

2024 | Other related parties £
Sale of goods | 6,485,107

Expenditure with and payables to related parties

2025 | Other related parties £
Purchase of goods | 28,728,349

2024 | Other related parties £
Purchase of goods | 23,041,461

18 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank overdrafts | 324,691 | 822,376
Hire purchase contracts | 23,679 | 37,323
| 348,370 | 859,699