S&A Pharma Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

S&A Pharma Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04621634 . The registered office is 376 Barking Road, Plaistow, London, E13 8HL .

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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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.

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.6. 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:

Freehold	Straight line basis over 50 years
Leasehold	Over the lease term
Fixtures & Fittings	15% on reducing balance
Computer Equipment	15% on reducing balance

2.7. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

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S&A Pharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.8. Investments

2.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.10. 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 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.

2.11. 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.

2.12. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not

amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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S&A Pharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.13. 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.

2.14. Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.

2.15. Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2024: 14)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2025	1,827,555

As at 31 December 2025	1,827,555

Amortisation
As at 1 January 2025	1,737,650
Provided during the period	89,905

As at 31 December 2025	1,827,555

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	89,905

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S&A Pharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Land & Property
	Freehold	Leasehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	240,312	49,614	265,973	48,013	603,912
Additions	4,000	35,200	1,406	1,377	41,983

As at 31 December 2025	244,312	84,814	267,379	49,390	645,895

Depreciation
As at 1 January 2025	46,889	18,011	188,298	31,712	284,910
Provided during the period	4,886	5,654	11,739	2,485	24,764

As at 31 December 2025	51,775	23,665	200,037	34,197	309,674

Net Book Value
As at 31 December 2025	192,537	61,149	67,342	15,193	336,221

As at 1 January 2025	193,423	31,603	77,675	16,301	319,002

6. Investment Property

	2025
	£
Fair Value
As at 1 January 2025 and 31 December 2025	300,000

7. Investments

	Joint Ventures
	£
Cost or Valuation
As at 1 January 2025	250,000

As at 31 December 2025	250,000

Provision
As at 1 January 2025	-

As at 31 December 2025	-

Net Book Value
As at 31 December 2025	250,000

As at 1 January 2025	250,000

8. Stocks

	2025	2024
	£	£
Stock	194,759	182,484

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S&A Pharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	265,305	271,073
Other debtors	537,244	575,399

	802,549	846,472

Other debtors include three loans totalling £494,557 (2024 : £536,564) provided by the company to three separate entities. For the loans amounting to £169,557, the interest receivable on these loans varies between 10% - 12% per annum. However, no interest has been accrued for during the year as the ultimate borrowers have gone into administration. The remaining loan provided amounting to £325,000 (2024 : £325,000) is interest free with no fixed repayment terms agreed.

10. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	293,018	286,781
Bank loans and overdrafts	60,700	104,050
Other creditors	68,977	68,289
Taxation and social security	153,926	100,507

	576,621	559,627

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

	2025	2024
	£	£
Bank loans due more than one year	279,885	540,370

Bank Borrowings

The bank borrowings are denominated in Pound Sterling. The carrying amount of the borrowings at year end is £340,585 (2024: £644,420).

The bank borrowing is secured by the following:

I. A mortgage debenture created on 3 October 2012.

2. A first legal charge over the freehold and leasehold properties from which the company trades from.

3. A personal guarantee limited to £140,000 from Mrs S Patel. Mrs S Patel is a director and a shareholder in the company.

12. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	60,700	104,050

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	279,885	540,370

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S&A Pharma Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

14. Other Commitments

Amounts not provided for in the balance sheet.

The total amount of financial commitments not included in the balance sheet is £203,595 (2024 - £233,595). This relates to the outstanding commitments for future minimum lease payments under a non-cancellable operating lease for one of the properties which the company trades from.

	2025	2024
	£	£
Not later than one year	30,000	30,000
Later than one year and not later than five years	120,000	120,000
Later than five years	53,595	83,595

	203,595	233,595

15. Related Party Disclosures

Other transactions with directors

Mrs S Patel

(Director and Shareholder)

Mrs S Patel has provided a personal guarantee limited to £140,000 as security towards the company's bank borrowings.

During the year, £50,000 dividend was paid to Mrs S Patel (2024 - £23,540).

At the balance sheet date the amount due to Mrs S Patel was £64,824 (2024 - £64,309).

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		89,905
Tangible Assets	5		336,221		319,002
Investment Properties	6		300,000		300,000
Investments	7		250,000		250,000

			886,221		958,907
CURRENT ASSETS
Stocks	8	194,759		182,484
Debtors	9	802,549		846,472
Cash at bank and in hand		623,661		486,852

		1,620,969		1,515,808
Creditors: Amounts Falling Due Within One Year	10	(576,621 )		(559,627 )

NET CURRENT ASSETS (LIABILITIES)			1,044,348		956,181

TOTAL ASSETS LESS CURRENT LIABILITIES			1,930,569		1,915,088

Creditors: Amounts Falling Due After More Than One Year	11		(279,885 )		(540,370 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(59,876 )		(64,778 )

NET ASSETS			1,590,808		1,309,940

CAPITAL AND RESERVES
Called up share capital			110		110
Share premium account			99,990		99,990
Revaluation reserve			42,430		42,430
Fair value reserve			65,241		65,241
Profit and Loss Account			1,383,037		1,102,169

SHAREHOLDERS' FUNDS			1,590,808		1,309,940