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Registered number: 03201556
Pharmapac (U.K.) Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2025
Pharmapac (U.K.) Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2
Directors' Report | 3—4
Independent Auditor's Report | 5—7
Profit and Loss Account | 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12—20

Page 1
Pharmapac (U.K.) Limited
Company Information
For The Year Ended 30 June 2025
Company Information

Directors | Mr John Pugh
| Mr Geoffrey Elliott
Company Number | 03201556
Registered Office | Unit 22, Valley Road Business Park
| Bidston
| Wirral
| CH41 7EL
Auditors | WHR Accountants Ltd
| Chartered Certified Accountants
| 56 Upper English Street
| Armagh
| Co. Armagh
| BT61 7LG

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Pharmapac (U.K.) Limited
Strategic Report
For The Year Ended 30 June 2025
Strategic Report
The directors present their strategic report for the year ended 30 June 2025.
Principal Activity
The company's principal activities during the year were the core business of packaging of Pharmaceutical products.
Review of the Business
The key financial and other performance indicators during the year were as follows:

| 2025 | 2024
Turnover | £10,794,323 | £12,152,483
GP % | 30% | 31%
NP % | 0.15% | 4%
PAT % | 0.88% | 2%
Current Ratio | 2.07 : 1 | 2.50 : 1

Turnover has decreased compared to the previous year, gross profit margins have remained stable with net profit margins decreasing. The directors acknowledge this performance and are actively implementing measures to enhance efficiency and boost overall productivity across the business.
The business has continued its investment in staff and facilities in order to meet new customer demand and the development of new production processes.
Looking forward to the 2025/26 trading year the Directors are confident that the business is well placed to take advantage of the new business opporturnities that the market now offers.
Principal Risks and Uncertainties
Price risk
The company is exposed to price pressure through competition in the market, this risk could result in loss of revenue. The company actively manages the risk by providing leading products and services to its customers. The company operates lean manufacturing processes and flexible production techniques in order to exceed customer expectations for products and services, therefore maintaining strong relationships.
Liquidity risk
The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.
Financial instrument risk
The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performannce objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.
Environmental
The Directos recognise the importance of the company's environmental responsibilities. The company monitors its impact on the environment, and designs and implements policies to mitigate any adverse impact that might be caused by its activities. These include the safe disposal of manufacturing waste, recycling and reduction of energy consumption.
Employees
Details of the number of employees and related costs can be found in notes withing the financial statements.
On behalf of the board

Mr Geoffrey Elliott Director
16/06/2026

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Pharmapac (U.K.) Limited
Company No. 03201556
Directors' Report For The Year Ended 30 June 2025
Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2025.
Dividends
The value of dividends paid amounted to £NIL .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:

Mr John Pugh
Mr Geoffrey Elliott

Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Pharmapac (U.K.) Limited
Directors' Report (continued)
For The Year Ended 30 June 2025
Independent Auditors
The auditors, WHR Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr Geoffrey Elliott Director
16/06/2026

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Independent Auditor's Report
to the Members of
Pharmapac (U.K.) Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Pharmapac (U.K.) Limited for the year ended 30 June 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit/(loss) 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's 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 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 entity's ability to continue as a going concern for a period of at least 12 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 annual report, other than the financial statements and our auditor's 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. 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 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.
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 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.

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Independent Auditor's Report (continued)
to the Members of
Pharmapac (U.K.) Limited
Matters on Which We Are Required to Report by Exception
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.
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 or 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 set out on page 3—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'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, and 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:
The Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating 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 occuring 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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Independent Auditor's Report (continued)
to the Members of
Pharmapac (U.K.) Limited
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 that 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.

James Robinson FCCA (Senior Statutory Auditor) for and on behalf of WHR Accountants Ltd , Statutory Auditor
16/06/2026
WHR Accountants Ltd Chartered Certified Accountants 56 Upper English Street Armagh Co. Armagh BT61 7LG

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Pharmapac (U.K.) Limited
Profit and Loss Account
For The Year Ended 30 June 2025
Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 10,794,323 |  | 12,152,483
Cost of sales |  | (7,533,579 ) |  | (8,431,981 )
GROSS PROFIT |  | 3,260,744 |  | 3,720,502
Administrative expenses |  | (3,217,804 ) |  | (3,173,637 )
OPERATING PROFIT | 4 | 42,940 |  | 546,865
Loss on disposal of fixed assets |  | - |  | (647 )
Other interest receivable and similar income | 9 | 32,072 |  | -
Interest payable and similar charges |  | (58,688 ) |  | (4,926 )
PROFIT BEFORE TAXATION |  | 16,324 |  | 541,292
Tax on Profit | 10 | 78,355 |  | (321,975 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 94,679 |  | 219,317

The notes on pages 12 to 20 form part of these financial statements.
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Pharmapac (U.K.) Limited
Statement of Comprehensive Income
For The Year Ended 30 June 2025
Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 94,679 |  | 219,317
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 94,679 |  | 219,317

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Pharmapac (U.K.) Limited
Balance Sheet
As At 30 June 2025
Balance Sheet

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 11 |  | 4,995,597 |  | 5,793,311
|  |  | 4,995,597 |  | 5,793,311
CURRENT ASSETS
Stocks | 12 | 1,112,806 |  | 1,166,149 |
Debtors | 13 | 8,072,940 |  | 5,471,908 |
Cash at bank and in hand |  | 185,032 |  | 446,864 |
|  | 9,370,778 |  | 7,084,921 |
Creditors: Amounts Falling Due Within One Year | 14 | (4,532,921 ) |  | (2,829,995 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 4,837,857 |  | 4,254,926
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 9,833,454 |  | 10,048,237
Creditors: Amounts Falling Due After More Than One Year | 15 |  | (1,013,859 ) |  | (1,244,966 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 18 |  | (596,199 ) |  | (674,554 )
NET ASSETS |  |  | 8,223,396 |  | 8,128,717
CAPITAL AND RESERVES
Called up share capital | 20 |  | 114,865 |  | 114,865
Share premium account |  |  | 516,136 |  | 516,136
Profit and Loss Account |  |  | 7,592,395 |  | 7,497,716
SHAREHOLDERS' FUNDS |  |  | 8,223,396 |  | 8,128,717

On behalf of the board

Mr Geoffrey Elliott Director
16/06/2026

The notes on pages 12 to 20 form part of these financial statements.
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Pharmapac (U.K.) Limited
Statement of Changes in Equity
For The Year Ended 30 June 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Profit and Loss Account | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 July 2023 | 114,865 | 516,136 | 7,278,399 | 7,909,400
Profit for the year and total comprehensive income | - | - | 219,317 | 219,317
As at 30 June 2024 and 1 July 2024 | 114,865 | 516,136 | 7,497,716 | 8,128,717
Profit for the year and total comprehensive income | - | - | 94,679 | 94,679
As at 30 June 2025 | 114,865 | 516,136 | 7,592,395 | 8,223,396

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Pharmapac (U.K.) Limited
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Pharmapac (U.K.) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03201556 . The registered office is Unit 22, Valley Road Business Park, Bidston, Wirral, CH41 7EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 26 Share-based Payment paragraphs 26.18 (b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

The financial statements are consolidated into the financial statements of Pharmapac Holdings Limited which can be obtained from Companies House
2.3. Significant judgements and estimations
In preparing these financial statements, management is required to make judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses, as required by FRS 102. These judgements and estimates are based on historical experience and other factors considered reasonable in the circumstances, and the resulting accounting estimates may differ from actual outcomes.
Management has not identified any critical judgements, apart from those involving estimation, that have had a significant effect on the amounts recognised in the financial statements.
Areas involving a higher degree of estimation uncertainty are those where assumptions or measurement techniques may materially affect the carrying amounts of assets and liabilities within the next financial year. Where such judgements or estimates have been applied, the key factors considered and the basis of the underlying assumptions are set out in the relevant accounting policies and the corresponding notes to these financial statements.
2.4. 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 goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold | 10% on cost
Plant & Machinery | At varying rates on cost
Motor Vehicles | 20% on cost
Fixtures & Fittings | 20% on cost
Right of Use | At varying rates on cost

2.6. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit of loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Provisions and Contingencies
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
2.12. Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
2.13. Leased assets
For any new contracts entered into on or after 1 January 2019, the company considers whether a contract is, or contains a lease. A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period in exchange for consideration'. To apply this definition the company assesses whether the contract meets three key evaluations which are whether:
* the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the company
* the company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract
the company has the right to direct the use of the identified asset throughout the period of use. The company assess whether it has the right to direct 'how and for what purpose' the asset is used throughout the period of use.
Measurement and recognition of leases as a lessee
At lease commencement date, the company recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).
...CONTINUED
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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.13. Leased assets - continued
The company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The company also assesses the right-of-use asset for impairment when such indicators exist.
At the commencement date, the company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the company's incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments.
When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero.
The company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.
On the statement of financial position, right-of-use assets have been included in property, plant and equipment and lease liabilities have been included in trade and other payables.
3. Turnover
Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 9,889,121 |  | 11,177,007
Europe | 905,202 |  | 975,476
| 10,794,323 |  | 12,152,483

4. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Depreciation of tangible fixed assets | 915,182 |  | 975,518

5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 12,424 |  | 34,515

6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 4,581,044 |  | 4,655,225
Social security costs | 458,805 |  | 397,171
| 5,039,849 |  | 5,052,396

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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 23 |  | 10
Manufacturing | 119 |  | 140
| 142 |  | 150

8. Directors' remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 100,126 |  | 229,531

Information regarding the highest paid director was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 100,126 |  | 229,531

9. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 10,545 |  | -
Other interest receivable | 21,527 |  | -
| 32,072 |  | -

10. Tax on Profit
The tax (credit)/charge on the profit for the year was as follows:

| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | - |  | -
Deferred Tax
Deferred taxation | (78,355 ) |  | 321,975
Total tax charge for the period | (78,355 ) |  | 321,975

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | 16,324 |  | 541,292
Tax on profit at 25% (UK standard rate) | 4,081 |  | 135,323
Goodwill/depreciation not allowed for tax | 168,868 |  | 237,340
Expenses not deductible for tax purposes | 296 |  | 4,114
Tax losses utilised | (131,548 ) |  | -

...CONTINUED
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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025

Capital allowances | (46,137 ) |  | (520,017 )
Short term timing differences | (78,355 ) |  | 321,975
Research and Development tax credit | 4,440 |  | (66,217 )
Tax losses unutilised carried forward | - |  | 209,457
Total tax charge for the period | (78,355) |  | 321,975

11. Tangible Assets

| Land & Property
--- | ---
| Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings
| £ | £ | £ | £
Cost
As at 1 July 2024 | 1,222,092 | 6,782,360 | 11,995 | 755,421
Additions | 16,549 | 90,330 | - | 10,587
As at 30 June 2025 | 1,238,641 | 6,872,690 | 11,995 | 766,008
Depreciation
As at 1 July 2024 | 810,955 | 2,951,511 | 11,995 | 642,700
Provided during the period | 92,470 | 541,960 | - | 41,044
As at 30 June 2025 | 903,425 | 3,493,471 | 11,995 | 683,744
Net Book Value
As at 30 June 2025 | 335,216 | 3,379,219 | - | 82,264
As at 1 July 2024 | 411,137 | 3,830,849 | - | 112,721

| Right of Use | Total
--- | --- | ---
| £ | £
Cost
As at 1 July 2024 | 2,122,495 | 10,894,363
Additions | - | 117,466
As at 30 June 2025 | 2,122,495 | 11,011,829
Depreciation
As at 1 July 2024 | 683,891 | 5,101,052
Provided during the period | 239,706 | 915,180
As at 30 June 2025 | 923,597 | 6,016,232
Net Book Value
As at 30 June 2025 | 1,198,898 | 4,995,597
As at 1 July 2024 | 1,438,604 | 5,793,311

12. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock | 1,112,806 |  | 1,166,149

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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
13. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 1,945,654 |  | 3,467,481
Prepayments and accrued income | 384,090 |  | 384,354
Other debtors | 1,273,159 |  | 116,269
Amounts owed by group undertakings | 4,433,949 |  | 1,503,804
Amounts owed by associates | 36,088 |  | -
| 8,072,940 |  | 5,471,908

14. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 231,108 |  | 222,219
Trade creditors | 1,069,220 |  | 2,177,653
Bank loans and overdrafts | 2,499,999 |  | -
Corporation tax | - |  | (276,624 )
Other taxes and social security | 155,439 |  | 115,055
VAT | 237,141 |  | 291,964
Other creditors | 16,434 |  | 18,859
Accruals | 323,580 |  | 280,869
| 4,532,921 |  | 2,829,995

15. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 1,013,859 |  | 1,244,966

16. Loans
An analysis of the maturity of loans is given below:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Amounts falling due within one year or on demand:
Bank loans | 2,499,999 |  | -

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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
17. Obligations Under Finance Leases and Hire Purchase

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 231,108 |  | 222,219
Later than one year and not later than five years | 832,117 |  | 901,955
Later than five years | 181,742 |  | 343,011
| 1,244,967 |  | 1,467,185
| 1,244,967 |  | 1,467,185

18. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 596,199 |  | 674,554

19. Provisions for Liabilities

| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 July 2024 | 674,554 | 674,554
Reversals | (78,355 ) | (78,355)
Balance at 30 June 2025 | 596,199 | 596,199

20. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
1 Ordinary Shares of £ 114,865.00 each | 114,865 |  | 114,865

21. Related Party Disclosures
During the year the company entered into the following transactions with related parties:

| Transaction value |  | Balance owed by / (owed to) |
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Hilmark Ltd | (120,000) | (120,000) | (6,000) | (6,000)
Vector Consumer Ltd | 60,000 | - | 3,257,737 | 1,503,804
Vector Brands PTY Ltd | - | - | 534,561 | -
Vector Brands NZ Ltd | - | - | 641,651 | -
Vector Conumer LLC | - | - | 36,088 | -

These transactions with Hilmark Ltd consisted of management charges paid for services rendered during the year.
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Pharmapac (U.K.) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
22. Controlling Parties
At the balance sheet date Pharmapac Holdings Ltd was the ultimate company, holding 100% of the issued share captial. In the opinion of the directors there was no ultimate controlling party at the balance sheet date.
Pharmapac Holdings Ltd is incorporation in Northern Ireland.
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