GMP Healthcare Ltd iXBRL

Company Registration Number: 11215549

GMP Healthcare Ltd

Unaudited Financial Statements

for the financial year ended 31 October 2025

GMP Healthcare Ltd

DIRECTOR AND OTHER INFORMATION


Directors	Mr G George
	Mr B Derde (Resigned 2 December 2025)


Company Registration Number	11215549


Registered Office	Park Royal House
	Valletta Street
	Hull
	HU9 5NP
	England


Accountants	DAH Accountancy Services Limited
	Chartered Management Accountants
	Cedar Lodge
	York Road
	Shiptonthorpe
	York
	East Yorkshire
	YO43 3PH

GMP Healthcare Ltd

Company Registration Number: 11215549

BALANCE SHEET

as at 31 October 2025

		2025	2024
	Notes	£	£

Fixed Assets

Intangible assets

3,259

4,663

Tangible assets

90,185

34,810

─────────

Fixed Assets

93,444

39,473

─────────

Current Assets

Stocks

15,000

15,000

Debtors

1,332,160

3,784,333

Cash at bank and in hand

3,002

4,840

─────────

1,350,162

3,804,173

─────────

Creditors: amounts falling due within one year

(3,490,484)

(2,955,987)

─────────

Net Current (Liabilities)/Assets

(2,140,322)

848,186

─────────

Total Assets less Current Liabilities

(2,046,878)

887,659

Creditors:

amounts falling due after more than one year

(19,907)

(25,463)

─────────

Net (Liabilities)/Assets

(2,066,785)

862,196

═════════

Capital and Reserves

Called up share capital

102

102

Share premium account

208

208

Retained earnings

(2,067,095)

861,886

─────────

Shareholders' (Deficit)/Funds

(2,066,785)

862,196

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Director and authorised for issue on 31 October 2026




________________________________
Mr G George
Director

GMP Healthcare Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2025

General Information

GMP Healthcare Ltd is a company limited by shares incorporated and registered in England. The registered number of the company is 11215549. The registered office of the company is Park Royal House, Valletta Street, Hull, HU9 5NP, England. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 October 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

10% Straight line

Fixtures, fittings and equipment

33% Straight line

Leasing

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Employees

The average monthly number of employees, including director, during the financial year was 47, (2024 - 45).

Intangible assets

Goodwill

Cost

At 1 November 2024

14,000

─────────

At 31 October 2025

14,000

─────────

Amortisation

At 1 November 2024

9,337

Charge for financial year

1,404

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At 31 October 2025

10,741

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Net book value

At 31 October 2025

3,259

═════════

At 31 October 2024

4,663

═════════

Goodwill


5.	Tangible assets
		Plant and	Fixtures,	Total
		machinery	fittings and
			equipment
		£	£	£
	Cost
	At 1 November 2024	10,463	81,341	91,804
	Additions	46,876	32,142	79,018
		─────────	─────────	─────────
	At 31 October 2025	57,339	113,483	170,822
		─────────	─────────	─────────
	Depreciation
	At 1 November 2024	2,971	54,023	56,994
	Charge for the financial year	3,807	19,836	23,643
		─────────	─────────	─────────
	At 31 October 2025	6,778	73,859	80,637
		─────────	─────────	─────────
	Net book value
	At 31 October 2025	50,561	39,624	90,185
		═════════	═════════	═════════
	At 31 October 2024	7,492	27,318	34,810
		═════════	═════════	═════════


6.	Stocks	2025	2024
		£	£

	Work in progress	15,000	15,000
		═════════	═════════


7.	Debtors	2025	2024
		£	£

	Trade debtors	214,546	2,144,470
	Amounts owed by connected parties (Note 13)	908,907	1,503,025
	Amounts owed by related parties	52,671	-
	Other debtors	56,165	4,354
	Taxation (Note 10)	532	110,419
	Prepayments and accrued income	99,339	22,065
		─────────	─────────
		1,332,160	3,784,333
		═════════	═════════


8.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Bank overdrafts	-	5,552
	Bank loan	5,556	5,556
	Trade creditors	904,029	756,882
	Taxation (Note 10)	2,400,615	1,991,311
	Director's current account	-	218
	Other creditors	138,355	126,964
	Accruals:
	Pension accrual	6,803	6,461
	Other accruals	35,126	63,043
		─────────	─────────
		3,490,484	2,955,987
		═════════	═════════


9.	Creditors	2025	2024
	Amounts falling due after more than one year	£	£

	Bank loan	19,907	25,463
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 8)	5,556	11,108
	Repayable between one and two years	5,556	5,556
	Repayable between two and five years	14,351	19,907
		─────────	─────────
		25,463	36,571
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Debtors:
	Corporation tax	532	110,419
		═════════	═════════
	Creditors:
	VAT	1,691,102	1,423,048
	PAYE / NI	709,513	568,263
		─────────	─────────
		2,400,615	1,991,311
		═════════	═════════

11.

Reserves

Share Premium Reserve

The amount carried forward is the premium that arose from the issue of shares in 2025

12.

Contingent liabilities

Conditional recovery of expenditure

From FY 2020-21 to FY 2023-24, the Company incurred expenditure totalling ?2,785,602.81 on behalf of GMP Manufacturing Ltd, a company under the common control of GMP Group Ltd, the nominee which holds the Shares on behalf of the Beneficial Owner. The expenditure relates to product innovation, product development and the licensing of innovations. GMP Manufacturing Ltd has a right of first refusal to use the intellectual property and other assets arising from such expenditure, subject to the terms of the relevant agreement.

Under an agreement dated 03 November 2025, the Company is entitled to receive repayments equivalent to 20% of GMP Manufacturing Ltd's annual net profit for each financial year in which its net profit exceeds ?500,000. Such repayments are interest-free and shall continue in each qualifying financial year until the total amount of ?2,785,602.81 has been recovered in full.

At the balance sheet date, the directors consider that the conditions giving rise to repayment are not expected to be met in the foreseeable future. Accordingly, no receivable has been recognised in the financial statements.

The maximum amount potentially recoverable under the agreement is ?2,785,602.81.

13.

Related party transactions

Transactions with group companies include ...

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

GDP Compliance Ltd

816,269

(16,900)

833,169

833,169

GMP Manufacturing Ltd

92,638

(577,218)

669,856

669,856

─────────

═════════

908,907

(594,118)

1,503,025

═════════

2025

2024

Finance amounts (due from)/owed to related parties

(52,671)

═════════

14.

Parent company

The company regards GMP Group Ltd as its parent company.

The parent of the largest group in which the results are consolidated is GMP Group Ltd.

GMP Group Ltd is registered in England.

15.

Ultimate beneficial owner

The legal title to 97.94% of the company's issued ordinary share capital is held by GMP Group Ltd as nominee agent under a share nominee agreement.

By virtue of this agreement, the ultimate beneficial owner and ultimate controlling party of the company is Mr G George, who retains all economic interests, distribution rights, and ultimate voting control over these shares.