ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
|
Registered number:
FOR THE YEAR ENDED 31 MAY 2020
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
COMPANY INFORMATION
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
CONTENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2020
The principal activities of the company continue to be pharmaceutical research, development, manufacture, marketing and distribution.
2019/2020 has been notable for the advent and impact of Covid-19, affecting us significantly, as it has businesses across the globe. In February 2020 we also had to contend with the collapse of our main contract manufacturer for nearly forty years.
Measures taken to combat the pandemic have seriously disrupted international supply chains for raw materials and product components, threatening the short-term provision of supplies. In common with other companies, we have taken many precautionary measures to mitigate the risk of infection within our offices, laboratories and factory. A huge debt of gratitude is due to all our staff who adapted to sudden and dramatic changes in working practices, whether “at work” or at home, with creativity, energy and resilience. In the prescription markets, the virus and associated “lockdown” measures have taken their toll. In early 2020, patient visits to GPs and other healthcare professionals virtually ceased. The collapse of our main contract manufacturer presented us with many difficulties. On the supply side, we initiated many complex processes to transfer the manufacture of regulated products, like medicines and medical devices, either to our own factory or to third party manufacturers. In the face of so much adversity, or perhaps because of it, the collective response of everyone working for the Group has been remarkably positive. Problems abound, but they are resolutely tackled and solved. Despite the physical separation, necessitated by social distancing and facilitated by Zoom, a spirit of camaraderie has prevailed. Overall, as a result of the above, turnover for the year has decreased but due to control over costs, profit before tax has risen.
Clearly, the principal risk and uncertainty facing our business is the same as for the entire world – the severity and duration of the covid-19 pandemic. How long it will last and how effective any future vaccines might be to counter variants are open questions. That said, thanks to the tremendous efforts of all staff, we have weathered the initial trauma reasonably well.
Other risks and uncertainties primarily relate to repercussions from the collapse of our main contract manufacturer and the continuing questions about import/export and regulatory changes arising from Brexit.
Overall performance has inevitably been impacted by the dual effects of covid-19 and the collapse of our main contract manufacturer. In the circumstances, although sales have taken a significant hit during the early months of 2020, leading to a reduction in turnover of 6.3%. However reduced expenditure in other areas, notably advertising (because potential demand was severely impaired), has meant that profits have not suffered commensurately and we have been able to maintain our reserves to provide a healthy financial buffer against uncertainty.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
Staff numbers increased by 4.5%.
The board of directors of Dermal Laboratories Limited, both individually and together, consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:
- the likely consequences of any decision in the long term; - the interest of the company's employees; - the need to foster the company's business relationships with customer, suppliers, and others; - the impact of the company's operations on the community and environment; and - the desirability of the company maintaining the reputation for high standards of business conduct. The long-term stability of the Company is a key consideration in any strategic decision making, as exemplified by the decision taken, several years ago, to increase the control and security of product supply through vertical integration, reflected in the substantial investment and expansion of in-house manufacturing facilities. The added capacity and flexibility have helped enormously in substituting for the surprise collapse of external contract supply. High priority has been attached to the interest of group employees, especially when adjusting ways of working in response to the pandemic, such as through the provision of personal protection equipment where needed, protective office screens, strict protocols to limit and govern attendance at work sites, and systems and equipment support to enable a very substantial transfer of office-based activities to staff homes. The success of the Company’s relationships with staff, customers and suppliers is well evidenced by the longevity of a high proportion of such relationships, very commonly measured in decades rather than years. The Company’s commitment to the local communities and environments in which it operates is reflected in the reputation it enjoys as a considerate, careful business fully committed to providing a positive impact, benefiting the surrounding economic and social life. And the reputation of the business is second to none amongst key opinion leaders, such as health care professional, in relation to the quality and usefulness of its products as well as the high ethical standards it maintains in all its dealings.
This report was approved by the board on 17 May 2021 and signed on its behalf.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2020
The director presents his report and the financial statements for the year ended 31 May 2020.
The profit for the year, after taxation, amounted to £3,231,844 (2019 - £2,085,193).
The director does not recommend the payment of a dividend (2019 : £nil)
The director who served during the year was:
The company continues an extensive programme of New Product Development to extend the Company's portfolio and renew the momentum for growth in both domestic and overseas markets.
Treasury operations and financial instruments
The company's principal financial instruments include bank accounts, the main purpose of which is to raise finance for the company's operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations Liquidity risk The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Foreign currency risk The company's principal foreign currency exposure arise from trading with overseas companies. The company does not hedge against this risk as the director considers that the volume of transactions does not warrant this. Credit risk Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
The Company continues to invest heavily in research and development to provide our next generation of brand leading medicines and medical devices.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
The Board acknowledges that the long term success of the company is dependent on the way it works with several important stakeholders. Key stakeholders are considered in their decision making and in doing so ensure that the directors' duty is discharged under section 172 of the Companies Act.
Engagement with employees The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting their current and future interests. Pertinent information is provided via the business’s intranet facility, with regular updates on news such as staff appointments, new product launches, marketing activities, additions or improvements to offices, laboratories, factory or warehouses. In the absence of routine face-to-face meetings, during the Covid-19 pandemic, new forms of engagement have involved the widespread adoption of virtual meetings through Zoom, Teams etc. Corporate social functions, including customary Christmas meals, have had to be put on hold until personal, social contact becomes permissible again. Engagement with suppliers, customers and others The Board acknowledges that the long-term success of the group is dependent on the way it works with several important stakeholders. Key stakeholders are considered in their decision making and in doing so ensure that the directors' duty is discharged under section 172 of the Companies Act. ‘Customers’ comprise different groups of stakeholders. Patients using our products may be considered customers, whether they obtain them on prescription or purchase them in store or online. Healthcare professionals (doctors, nurses and pharmacists) may also be regarded as customers, as we promote the benefits of our products to these groups, whether for prescription or recommendation. And retail trade customers, such as supermarkets, pharmacies, or online retailers, all figure as customers. Irrespective of category, the business maintains the highest standards of engagement, whether through continuously updated websites on each product, tailored to the needs of the anticipated viewer, close personal liaison (online during the pandemic) with trade buyers and prescribers, the creation and provision of educational material in relation to a wide variety of diseases etc. Additionally, a professionally managed team provide prompt interaction and information to follow up any enquiries or complaints arising from any member of any of these groups who is seeking information or a response from the business. Continuous engagement is maintained, as a matter of course, with the appropriate regulatory authorities who supervise the provision of medicines and medical devices, to ensure that we are in full compliance, at all times, with whatever the latest regulations require. Suppliers’ broadly comprise those businesses which supply ours with componentry (raw materials and packaging) which go into the manufacture of our products, and with services, such as professional advice (accountants, lawyers, advertising agents, patent attorneys, systems support engineers etc). The vast majority of such relationships are of very long standing, reflecting a high degree of trust, understanding and mutual satisfaction. Interaction with all suppliers is handled by suitably qualified staff. The Board is fully committed to ensuring that the operation of the business is mindful of, and responsive to, environmental considerations. These concerns translate to the formulation (or where deemed appropriate) re-formulation of products, choice of packaging materials, avoidance of wastage, avoiding local pollution, adoption of improved working practices, maintaining and nurturing flora and fauna on its properties, preserving natural habitats etc.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
Other than the ongoing changes arising from the the collapse of the company's main contract manufacturer and the impact of Brexit as mentioned in the Strategic Report, there have been no significant events affecting the Company since the year end.
The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 17 May 2021 and signed on its behalf.
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2020
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 Company will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERMAL LABORATORIES LIMITED
We have audited the financial statements of Dermal Laboratories Limited (the 'Company') for the year ended 31 May 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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).
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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERMAL LABORATORIES LIMITED (CONTINUED)
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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's 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 Director's Report.
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERMAL LABORATORIES 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 financial statements.
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.
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Old Station Road
Essex
IG10 4PL
17 May 2021
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2020
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
REGISTERED NUMBER: 01594795
BALANCE SHEET
AS AT 31 MAY 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 May 2021.
The notes on pages 13 to 25 form part of these financial statements.
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2020
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2019
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Dermal Laboratories Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 01594795. The address of the registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL and the principal place of business is Tatmore Place, Gosmore, Hitchin, Hertfordshire, SG4 7QR. The nature of the company's operations and principal activities are the distribution of pharmaceutical products.
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Diomed Developments Limited as at 31 May 2020 and these financial statements may be obtained from Companies House.
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.Accounting policies (continued)
Where it is not possible to distinguish between the research phase and the development phase of an internal project. The expenditure is treated as if it were all incurred in the research phase only.
Page 15
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Page 17
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
2.Accounting policies (continued)
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. The director does not believe that there have been judgements (apart from those involving estimates) made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements.
Page 18
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Analysis of turnover by country of destination:
Page 19
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Page 20
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
There were no factors that may affect future tax charges.
Page 21
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Page 22
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Page 23
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
Profit and loss account
Page 24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DERMAL LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
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 £1,020,167 (2019 - 1,116,107). Contributions totalling £nil (2019 - £nil) were payable to the fund at the balance sheet date.
The ultimate parent undertaking is Diomed Developments Limited, a company incorporated in England and Wales.
Diomed Developments Limited prepares consolidated group financial statements and copies can be obtained from its registered office. The ultimate controlling party is M J Yarrow, by virtue of his majority shareholding in the parent company.
Page 25
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||