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Registered number:
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
COMPANY INFORMATION
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A1 PHARMACEUTICALS HOLDINGS LIMITED
CONTENTS
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A1 PHARMACEUTICALS HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2026
The directors present their strategic report in conjunction with the financial statements for the year ended 30 April 2026.
The financial results, as detailed on page 9, reflect a resilient trading performance in what proved to be a challenging year, with the enduring consequences of Brexit, ongoing disruption across global markets and sustained volatility in foreign exchange rates all weighing on trading conditions. Turnover decreased from £60.1 million to £50.1 million, reflecting softer demand across key customer segments and the impact of adverse currency movements on procurement and competitiveness. Gross margins were also modestly lower than the previous year, though remained robust given the pressures faced.
The directors are pleased that the team responded decisively to these conditions, maintaining tight control over costs and protecting profitability, ensuring the company continued to trade profitably and generate cash. The group’s financial position remains strong, with net assets maintained at £32.1 million and cash balances remaining strong, supported by ongoing reinvestment in personnel, operational processes, and advanced technology. During the year, the group placed particular focus on developing new product groups and targeting new customer segments in order to rebuild market share and enhance profitability. This strategic direction positions the company well for a return to growth as market conditions stabilise.
The group’s principal risks include ongoing uncertainties in global markets and the continuing adjustments and trading frictions arising from Brexit, which remain a structural challenge for the business. In addition, volatility in foreign exchange rates and elevated inflation have created challenges during the year, with impacts on procurement costs, pricing competitiveness and profitability. The directors remain focused on driving operational efficiencies to mitigate rising overheads and safeguard operating margins.
The directors consider key performance indicators to be those that reflect the group’s financial performance and resilience, including turnover, gross profit, and operating profit. They also monitor inventory turnover to ensure stock levels remain efficient while minimising obsolescence, as well as order fulfilment and service levels to maintain high standards of customer satisfaction. In addition, customer growth and regulatory compliance are tracked as important measures of performance.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
The directors are required under section 172 of the Companies Act 2006 to act in good faith to promote the success of the group for the benefit of its members, taking into account: long-term consequences, employee interests, relationships with suppliers and customers, community and environmental impact, high standards of business conduct, and fairness between members.
Directors are aware of these obligations and may seek independent advice as needed. Day-to-day operational decisions are delegated to employees, while the board focuses on strategic decisions aligned with both short- and long-term objectives, particularly regarding supply chain management and stakeholder relationships. The board regularly reviews key stakeholders:
∙Customers - engaged through regular communication to meet their needs, providing excellent service and acting as an extension of their procurement teams.
∙Employees - supported with training and development, guided by a strong management team, and offered competitive remuneration.
∙Suppliers - collaboration to identify opportunities, add value, and strengthen long-term partnerships.
The group maintains a zero-tolerance policy on modern slavery and human trafficking, and is committed to ethical and responsible conduct throughout its operations and supply chains.
This report was approved by the board and signed on its behalf.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2026
The directors present their report and the financial statements for the year ended 30 April 2026.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards 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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £876,912 (2025 - £2,654,887).
Dividends of £174,850 (2025: £161,807) were voted in the year.
The directors who served during the year were:
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A1 PHARMACEUTICALS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2026
During the year, the group emitted 119 tonnes (2025: 105 tonnes) of CO2 from activities involving transport, 19 tonnes (2025: 25 tonnes) of CO2 from the consumption of electricity for its own use and 7 tonnes (2025: 8 tonnes) of CO2 from the consumption of gas for its own use. Total aggregate energy consumption expressed in kWH was 569,395 (2025: 524,648).
Greenhouse gas emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting 2025. Energy usage data was gathered from a variety of sources including fuel cards and fuel receipts for transport and utility bills for gas and electricity.
The group consider the most relevant factor in calculating the intensity ratio to be turnover which derives an intensity ratio of 2.90 tonnes (2025: 2.29 tonnes) of CO2 per total £1m of turnover.
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED
We have audited the financial statements of A1 Pharmaceuticals Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 group's or the parent 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.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS 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 Auditors' 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 Group 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:
∙Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the Pharmaceuticals sector in which the group operates;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the parent company and group, are as follows;
°Companies Act 2006
°FRS102
°Health and Safety legislation
°Employment legislation
°Tax legislation
°Medicines and Healthcare Products Regulatory Authority (MHRA) licence
°Various other licences to deal with the provision of pharmaceutical products and potential hazardous waste disposal.
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting relevant legal and other correspondence; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS LIMITED (CONTINUED)
We assessed the susceptibility of the parent company’s and group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgement and assumptions made in determining significant accounting estimates, including certain year end accruals, were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the parent company’s and group's usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
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 occurring 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 at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A1 PHARMACEUTICALS HOLDINGS 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 Auditors' 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 Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
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A1 PHARMACEUTICALS HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
REGISTERED NUMBER: 08511438
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
The notes on pages 16 to 30 form part of these financial statements.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
REGISTERED NUMBER: 08511438
COMPANY BALANCE SHEET
AS AT 30 APRIL 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
The group is incorporated in England and Wales, and has its registered office at Unit 20 & 21 Easter Industrial Park, Ferry Lane South, Rainham, Essex, RM13 9BP.
The principal activity of the group continued to be that of the wholesale marketing and distribution of pharmaceutical products and medical devices.
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 30 April 2020.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
No significant judgments have been made by management in the preparation of the financial statements. b) Key accounting estimates and assumptions The group has made key assuptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of the accounting policies. The group holds a significant amount of product stock which is subject to changing consumer demands and industry trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the saleability of stock at the year end and the company has fully provided for £254,333 (2025: £42,819) of stock.
Analysis of turnover by country of destination:
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
10.Taxation (continued)
There were no factors that may affect future tax charges.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
13.Tangible fixed assets (continued)
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Page 27
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Hire purchase liabilities of £28,403 (2025: £41,704) are secured over the assets to which they relate.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
21.Deferred taxation (continued)
The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to these funds and amounted to £532,095 (2025: £40,903). Contributions totalling £13,733 (2025: £17,204) were payable to these funds at the balance sheet date and are included in other creditors.
At the year end the following amounts were due by directors and are disclosed in debtors due within one year £4,348,472 (2025: £2,668,911). These amounts are repayable upon demand.
During the prior year, the group provided a guarantee in respect of a loan facility obtained by the directors, which amounted to £2,850,000. The guarantee is secured over the assets of the group and as at the 30 April 2026 no amounts have been called under the guarantee.
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A1 PHARMACEUTICALS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2026
Page 30
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