Strathclyde Pharmaceuticals Limited - Limited company accounts 25.1

REGISTERED NUMBER: SC273779 (Scotland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

STRATHCLYDE PHARMACEUTICALS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

P M Wadding

Mrs S C Wadding

J R P Ogle

REGISTERED OFFICE:

3 Young Place

Kelvin Industrial Estate

East Kilbride

Glasgow

G75 0TD

REGISTERED NUMBER:

SC273779 (Scotland)

SENIOR STATUTORY AUDITOR:

Douglas Paton BSc CA

AUDITORS:

Bannerman Johnstone Maclay Limited

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

BANKERS:

AIB

10 Molesworth Street

Dublin

D02 W260

The directors present their strategic report for the year ended 31 December 2025.

The principal activity of the company is the wholesaling of pharmaceutical supplies and chemist sundries.

During the year, the directors reviewed the future operations of the company and, following this review, decided that the company would cease its trading activities. Trading subsequently ceased on 31 March 2026.

The wider Group continues to operate within this market, with the cessation of the Company's activities forming part of a broader review of the Group's operating arrangements.

The directors are overseeing the remaining affairs of the company, including the realisation of its assets and settlement of its liabilities.

As a consequence of the decision to cease trading, the financial statements for the year ended 31 December 2025 have been prepared on a basis other than that of a going concern, as explained further in Note 2 to the financial statements.

REVIEW OF BUSINESS

Turnover increased during the year compared with the previous period. However, the increased level of activity did not result in a corresponding improvement in profitability and the company continued to incur operating losses.

Following a review of the Company's operations and the wider Group's operating arrangements, the directors concluded that the Company should cease trading. The Group continues to have activities within the Company's former market. The Company's activities following the year end have therefore been focused on the orderly conclusion of its remaining affairs.

PRINCIPAL RISKS AND UNCERTAINTIES

During the forthcoming wind down the board considers the principal risks and uncertainties affecting the company to be:

- Regulatory compliance and licence management.

- Realisation and disposal of specialised inventory.

- Product liability post wind-down.

- Retention of key personnel for the wind-down.

- Collection of debtor balances.

Having considered the risks of the business, the board are of the opinion that the company has taken positive action and responded to mitigate the impact of these risks and uncertainties.

KEY PERFORMANCE INDICATORS

The directors and senior management of the company regularly monitor the performance of the business with reference to key trading and financial data. Given the straightforward nature of the business, the directors are of the opinion that presenting a detailed analysis using key performance indicators is not necessary for an understanding of the development, performance, or position of the business.

ON BEHALF OF THE BOARD:

P M Wadding - Director

25 August 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2025 will be £nil (31 December 2024: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

P M Wadding

Mrs S C Wadding

J R P Ogle

Other changes in directors holding office are as follows:

Mrs S Gorrell ceased to be a director after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- Prepare the financial statements on a basis other than a going concern, as the Directors have determined that the company will cease to continue in business and will undergo an orderly wind-up.

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bannerman Johnstone Maclay Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Wadding - Director

25 August 2026

Opinion

We have audited the financial statements of Strathclyde Pharmaceuticals Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 31 December 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Strathclyde Pharmaceuticals Limited’s use of a basis other than going concern in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of going concern included consideration of the directors’ intentions to cease trading in the following year. Details of the directors’ assessment are provided in Note 2 of the financial statements. 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 management’s assessment. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to Note 2 in the financial statements, which explains that the company ceased trading on 31 March 2026 and that the directors do not consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, the financial statements have been prepared on a break-up basis, as described in Note 2, under which assets are stated at their estimated recoverable amounts and liabilities include the estimated costs of cessation. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

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 three, 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 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.

Auditors' 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 a Report of the Auditors 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:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector
in which it operates. We determined that the following laws and regulations were the most significant: the
Companies Act 2006 and UK corporate taxation laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making enquires to the management.

-

We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the engagement team included:

-

identifying and assessing the design and effectiveness of controls management has in place to prevent and
detect fraud;

-

understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual accounting
combinations; and

-

assessing the extent of compliance with relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Douglas Paton BSc CA (Senior Statutory Auditor)

for and on behalf of Bannerman Johnstone Maclay Limited

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

25 August 2026

TURNOVER

37,669,689

24,330,016

Cost of sales

35,128,296

22,189,939

GROSS PROFIT

2,541,393

2,140,077

Distribution costs

234,515

200,994

Administrative expenses

3,134,535

2,013,441

3,369,050

2,214,435

(827,657

)

(74,358

)

Other operating income

-

110

OPERATING LOSS

4

(827,657

)

(74,248

)

Interest payable and similar expenses

5

112,406

47,372

LOSS BEFORE TAXATION

(940,063

)

(121,620

)

Tax on loss

6

-

LOSS FOR THE FINANCIAL YEAR

(940,063

)

(121,620

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(940,063

)

(121,620

)

FIXED ASSETS

Intangible assets

7

101,933

188,967

Tangible assets

8

-

25,930

101,933

214,897

CURRENT ASSETS

Stocks

9

1,521,858

1,770,396

Debtors

10

6,527,355

5,557,931

Cash at bank and in hand

358,673

426,090

8,407,886

7,754,417

CREDITORS

Amounts falling due within one year

11

5,392,886

3,912,318

NET CURRENT ASSETS

3,015,000

3,842,099

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,116,933

4,056,996

CAPITAL AND RESERVES

Called up share capital

13

5,010

Retained earnings

14

3,111,923

4,051,986

SHAREHOLDERS' FUNDS

3,116,933

4,056,996

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2026 and were signed on its behalf by:

P M Wadding - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2024

5,010

4,173,606

4,178,616

Changes in equity

Total comprehensive income

-

(121,620

)

(121,620

)

Balance at 31 December 2024

5,010

4,051,986

4,056,996

Changes in equity

Total comprehensive income

-

(940,063

)

(940,063

)

Balance at 31 December 2025

5,010

3,111,923

3,116,933

1.	STATUTORY INFORMATION

Strathclyde Pharmaceuticals Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.The financial

statements have been prepared under the historical cost convention.

Going concern and break-up basis

During the financial year, the directors approved a plan for an orderly wind-up of the company's business operations. As a result, the directors do not consider the company to be a going concern, and these financial statements have been prepared on a basis other than going concern (a break-up basis). Accordingly, assets have been written down to their net realisable value (recoverable amount), long-term assets and liabilities have been reclassified as current assets and current liabilities, and provision has been made for any contractual obligations directly triggered by the closure. No material provisions for future operating losses have been recognised.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Impairment of trade and other debtors

The Company regularly reviews the recoverability of trade and other debtors. A provision for impairment is made where the Company believes that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain.

Stock provisioning

It is necessary to consider the recoverability of the cost of stock and the associated provisioning required given the items have expiry dates and are subject to strict licensing regulations. When calculating the stock provision, management considers the remaining time to expiry date of the stock as well as applying assumptions around anticipated saleability under current and future pharmaceutical regulations.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Licenses

Intangible fixed assets are held at cost and amortised over their estimated useful lives. All licenses are amortised over 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 certain debtors and cash and bank balances, are initially measured at transaction price including transactions 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 certain creditors and loans from related undertakings, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

The company is part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current tax losses arising in other companies within the same tax group. Payment for group relief is made equal to the tax benefit and amounts are included within the current tax disclosures.

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.

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

2025

2024

£

Wages and salaries

1,666,231

1,085,218

Social security costs

155,393

97,928

Other pension costs

24,603

19,621

1,846,227

1,202,767

The average number of employees during the year was as follows:

2025

2024

Administration

48

40

Directors

4

52

44

Within the wages and salaries costs disclosed above is £322,361 in relation to redundancy costs.

2025

2024

£

Directors' remuneration

85,318

83,137

Directors' pension contributions to money purchase schemes

1,321

Compensation to director for loss of office

18,335

-

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

4.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

2025

2024

£

Depreciation - owned assets

18,064

9,353

Licences amortisation

73,255

66,463

Auditors' remuneration

8,500

Foreign exchange differences

125,763

(27,566

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Invoice discounting interest

112,406

47,372

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

Loss before tax

(940,063

)

(121,620

)

Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

(235,016

)

(30,405

)

Effects of:

Capital allowances in excess of depreciation

(5,080

)

(2,723

)

Tax losses available to be carried forward

229,014

-

Impairment of fixed assets

11,082

-

Tax losses surrendered to group

-

33,128

Total tax charge

-

7.	INTANGIBLE FIXED ASSETS

Licences

£

COST

At 1 January 2025

1,296,016

Additions

105,490

Impairments

(1,286,160

)

At 31 December 2025

115,346

AMORTISATION

At 1 January 2025

1,107,049

Amortisation for year

73,255

Impairments

(1,166,891

)

At 31 December 2025

13,413

NET BOOK VALUE

At 31 December 2025

101,933

At 31 December 2024

188,967

An impairment loss of £119,269 has been recognised in the Statement of Comprehensive Income in the line item ‘Administrative expenses'. The Directors concluded that certain licenses no longer have any future economic benefit following the decision to wind up the business, and those assets have been written off.

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 January 2025

512,654

466,456

979,110

Additions

31,765

4,698

36,463

Impairments

(544,419

)

(471,154

)

(1,015,573

)

At 31 December 2025

-

DEPRECIATION

At 1 January 2025

505,011

448,169

953,180

Charge for year

9,453

8,611

18,064

Impairments

(514,464

)

(456,780

)

(971,244

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

7,643

18,287

25,930

An impairment loss of £44,329 has been recognised in the Statement of Comprehensive Income in the line item ‘Administrative expenses'. The Directors concluded that fixtures & fitting and computer equipment no longer have any future economic benefit following the decision to wind up the business, and those assets have been written off.

9.

STOCKS

2025

2024

£

Finished goods

1,521,858

1,770,396

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

5,367,435

4,443,197

Amounts owed by group undertakings

1,066,523

1,001,000

Prepayments and accrued income

93,397

113,734

6,527,355

5,557,931

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

105,304

153,503

Amounts owed to group undertakings

2,410,856

1,246,130

Social security and other taxes

34,919

25,996

VAT

1,090,234

929,368

Other creditors

1,386,907

1,541,291

Accruals and deferred income

364,666

16,030

5,392,886

3,912,318

Included within other creditors is an invoice discounting account of £1,386,907 (31 December 2024: £1,541,291) which is secured on the company's trade debtors.

Allied Irish Banks PLC and AIB Commercial Finance Limited both hold floating charges over the undertaking of the company.

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

90,000

Between one and five years

16,521

-

106,521

90,000

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

5,010

Ordinary

£1

5,010

14.

RESERVES

Retained

earnings

£

At 1 January 2025

4,051,986

Deficit for the year

(940,063

)

At 31 December 2025

3,111,923

15.	ULTIMATE PARENT COMPANY

P.C.O Holdings Limited (incorporated in Republic of Ireland ) is regarded by the directors as being the company's ultimate parent company.

P.C.O. Holdings Limited is the smallest and largest group of undertakings for which group financial statements are drawn up and of which Strathclyde Pharmaceuticals Limited is a member. The group financial statements are available at the registered office at Unit 10 Ashbourne Business Park, Rath, Ashbourne, Co Meath.