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Registered number:
For the Year Ended
TWP ACCOUNTING LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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PHARMACARE (EUROPE) LIMITED
Company Information
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PHARMACARE (EUROPE) LIMITED
Contents
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PHARMACARE (EUROPE) LIMITED
Strategic Report
For the Year Ended 30 June 2026
The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
PharmaCare (Europe) Limited, whose ultimate parent is PharmaCare Laboratories Pty Ltd, an Australian registered company, operates in the UK, Europe and Middle East, marketing and distributing a range of natural health and beauty products to pharmacy, retail and online customers.
The strategic objective of PharmaCare (Europe) is the sale, marketing and distribution of exceptional products in key market segments like health, wellness and skin care, providing customers and consumers with innovative and trusted products.
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at year end. Our review is consistent with the size and complexity of our business and is written in the context of the principal risks and uncertainties faced by the Company.
The financial year ended 30th June 2026 remained challenging. Although inflationary pressures lessened during parts of the year, consumers continued to face pressure on disposable income, whilst the retail environment remained highly competitive. Geopolitical instability continued to affect global trade and supply chains, while wage, freight and other operating costs remained above historic levels. Against this background, the Company generated Net Revenue of £33.1m, compared with £35.3m in the previous year, a reduction of approximately 6.2%. Gross profit was £14.9m, compared with £17.6m in 2025, with gross margin reducing to approximately 45.0% and impacting on profit before taxation which declined to £1.61m. The reduction in profitability reflected the combination of lower sales, pressure on gross margin and an increased operating cost base due to the investment outlined below. The Directors nevertheless consider the Company to have remained profitable and financially resilient during a difficult trading year and continue to focus on improving revenue, margin and operating efficiency. The vitamins, minerals and supplements ("VMS") category remains strategically important to the Company. Consumer interest in health and wellbeing continues to underpin the category, although the market is increasingly competitive. Mintel's 2025 research identifies strong VMS usage amongst younger consumers and continued opportunities from changing wellness trends and innovative formats, while also highlighting increasing competition from challenger brands. PharmaCare Europe's portfolio includes established health and wellness brands such as Haliborange, Bioglan and Sambucol. Its association with the wider PharmaCare Group provides access to product development expertise, international experience and a broad pipeline of innovation. The Directors believe that continued investment in existing brands, new product development and selective expansion into attractive health segments remains important to the Company's longer-term growth. During the year the Company made a significant investment in its operational infrastructure. Purchases of tangible fixed assets amounted to approximately £3.99m, compared with £0.08m in the previous year. This investment principally reflects the Company's investment in its new office and warehouse facilities and provides increased capacity and an improved operational platform from which to support future growth.
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PHARMACARE (EUROPE) LIMITED
Strategic Report (continued)
For the Year Ended 30 June 2026
The Directors consider that the most important key performance indicators are those that communicate the financial performance and strength of the Company’s trading results, these being Revenue, Gross Profit and Operating Profit.
The Company reports on the twelve months trading to 30th June 2026, which generated Net Revenue of £33,083,089 (2025: £35,266,633), a Gross Profit of 45.0% (2025: 49.9%) and an Operating Profit of £1,577,363 (2025: £4,896,281). The Directors and senior management team monitor the Company’s performance against a range of key performance indicators on a continual basis to ensure that revenue, profitability, cash flow and balance sheet strength remain aligned with the targets established at the beginning of the financial year. Despite the reduction in reported profitability, the underlying business remained cash generative, producing £3.06m of net cash from operating activities during the year. The reduction in year-end cash principally reflected the significant capital investment undertaken during the period together with financing activities, rather than an equivalent operating cash outflow. Management continues to review product costs, promotional investment and the overhead structure to identify opportunities to restore margin and improve operating efficiency. Continuous improvement, disciplined cost management and effective working-capital management remain key priorities.
The Company, in common with other suppliers in the retail environment, is impacted on the geopolitical instability of the countries within which it operates. This risk is managed by supporting its brands in each marketplace and by maintaining strong, long-term relationships with both customers and suppliers.
Economic and consumer risk. The Company's future trading performance is influenced by consumer confidence and disposable income. Although inflation moderated towards the end of the financial year, household budgets continued to experience pressure and the retail environment remained highly competitive. The Company seeks to mitigate this risk through a diversified brand and product portfolio, disciplined promotional activity and continued product innovation. The management team continually assess all sales channels and distribution opportunities as UK and European consumer shopping habits change. It is vitally important that Pharmacare adapts to consumer needs making its extensive portfolio of products available across a wide variety of digital consumer platforms, which include but are not limited to TikTok and Amazon. Digital sales platforms are the future for younger consumers and as such are the fastest growing sales channel in both the UK and Europe. It is therefore a key requirement that the Company continues to adapt its business model to maximise these growth opportunities. Sales and margin risk. The reduction in revenue was largely driven by variability in the cold and flu segment, within which the company’s third largest brand operates. This category is seasonal and fluctuates depending on the spread and severity of each season’s incident rate. Gross margin compression during 2025/26 demonstrates the potential impact of changing consumer demand on promotional activity, product mix, and therefore on profitability. Management regularly reviews pricing, promotional effectiveness, product profitability and overhead expenditure and takes appropriate action where required.
Supply chain and geopolitical risk.
Continuing geopolitical uncertainty creates the potential for disruption to international supply chains, shipping routes, commodity markets and energy prices. The Company seeks to mitigate these risks through close management of supplier relationships, appropriate inventory levels and the evaluation of alternative supply arrangements where appropriate.
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PHARMACARE (EUROPE) LIMITED
Strategic Report (continued)
For the Year Ended 30 June 2026
Foreign exchange risk.
The Company operates across a number of international territories and a proportion of sales and purchases are denominated in foreign currencies. The Company is therefore exposed to movements in Sterling exchange rates. This risk is mitigated to some extent by the natural hedging provided through foreign currency denominated purchases and normal trading activities with other PharmaCare Group companies. Credit risk. The Company's principal financial assets include cash and trade debtors. Credit exposure is managed through appropriate credit controls and the use of credit insurance for many larger customers, with the remaining exposure spread across a broad customer base. Liquidity risk. The Company manages liquidity through operating cash generation, cash resources and its invoice discounting arrangements, together with access to banking facilities and support from its parent company where required. The Directors regularly review cash-flow forecasts and available headroom to ensure that sufficient resources are available to meet liabilities as they fall due. Given the significant capital expenditure incurred during 2025/26 and the resulting reduction in cash balances, liquidity and working-capital management will remain an important area of management focus during 2026/27.
The Company's strategy continues to focus on sustainable revenue and profit growth through a combination of organic growth, new product development, new market development and the continued building of existing brands.
New product development remains central to the strategy. The Company will continue to focus on areas where consumer health and wellness trends provide opportunities for differentiated products, supported by the expertise and product development capabilities available within the wider PharmaCare Group. The investment made during 2025/26 in the Company's new premises and operational infrastructure provides additional capacity and a platform to support future growth, which coupled with continued investment in innovation and in the identification of niche market opportunities will enable the business to strengthen its portfolio and deliver sustainable, long-term differentiation from competitors.
This report was approved by the board on 30 September 2026 and signed on its behalf by:.
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PHARMACARE (EUROPE) LIMITED
Directors' Report
For the Year Ended 30 June 2026
The directors present their report and the financial statements for the year ended 30 June 2026.
The profit for the year, after taxation, amounted to £1,176,698 (2025 - £3,680,678).
A dividend amounting to £1,320,000 (2025 - £4,692,500) has been declared and paid in the current year.
The directors do not recommend any further dividend for the year ended 30 June 2026.
The results for the company's branch in France, have been included within the company's financial statements.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
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PHARMACARE (EUROPE) LIMITED
Directors' Report (continued)
For the Year Ended 30 June 2026
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited
We have audited the financial statements of PharmaCare (Europe) Limited (the 'Company') for the year ended 30 June 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company's ability to continue as a going concern for a period of at least twelve 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.
The other information comprises the information included in the Strategic Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Strategic 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. 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 course of 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.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (continued)
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, are 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:
∙Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure have been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditor's Report.
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PHARMACARE (EUROPE) LIMITED
Independent Auditor's Report to the Members of PharmaCare (Europe) Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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PHARMACARE (EUROPE) LIMITED
Statement of Comprehensive Income
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Registered number: 06408300
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board of directors and were signed on its behalf on
The notes on pages 14 to 26 form part of these financial statements.
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PHARMACARE (EUROPE) LIMITED
Statement of Changes in Equity
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Statement of Cash Flows
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
PharmaCare (Europe) Limited is a private company limited by shares, registered in England and Wales. The principal activity of the company in the year under review was the marketing and distribution of natural healthcare and skin care products.
The company's registered office address can be found on the Company Information page. The company's principal place of business is: Unit 5, Urban Crompton Way Crawley West Sussex RH10 9QR
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Monetary amounts in these financial statements are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The results for the company's French Branch have been included within the company's financial statements.
The following principal accounting policies have been applied:
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight line method. The intangible assets are amortised over the following useful economic lives. Goodwill - 10 years
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
2.Accounting policies (continued)
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted respectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Net realisable value is determined by deducting any future costs from the selling price of each product.
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Functional and presentation currency
Transactions and balances
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
2.Accounting policies (continued)
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. In making its judgement, management considered the detailed criteria for the recognition of revenue from the sale of goods set out in FRS 102 Section 23 Revenue and, in particular, whether the Company had transferred to the buyer the significant risks and rewards of ownership of the goods. Following the detailed review of sales and subsequent rebates and the agreed limitation on the customer's ability to require replacement of the goods, the directors are satisfied that the significant risks and rewards have been transferred and that recognition of the revenue in the current year is appropriate, in conjunction with recognition of an appropriate provision for the rectification costs.
Analysis of turnover by country of destination:
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £266,995 (2025 - £242,715). There are contributions payable to the fund at the balance sheet date in the current amounting to £40,481 (2025 - £38,366).
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PHARMACARE (EUROPE) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2026
The immediate parent undertaking is Natural Bio Proprietary Limited, a company incorporated in Australia.
The ultimate parent undertaking is Pharmacare Laboratories Proprietary Limited, a company incorporated in Australia. The registered office address for Pharmacare Laboratories Proprietary Limited is Level 4, 73 Walker Street, North Sydney, NSW 2059, Australia. Copies of Pharmacare Laboratories Proprietary Limited's financial statements can be obtained from the Australian company public registrar, ASIC. The ultimate controlling party is T R Browne.
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