IPSCO LIMITED
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Cash
£2.5M
+80.9% vs 2024
Net assets
-£11M
+24.8% vs 2024
Employees
89
+12.7% vs 2024
Profit before tax
£3.7M
+2,401.5% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
2-year trend · vs Health Care median
Accounts
2-year trend · Δ = latest vs prior filed period · latest reflected 2025-02-28
| Metric | Trend | 2024-02-28 | 2025-02-28 | Δ vs prior |
|---|---|---|---|---|
| Turnover | £23,582,620 | £39,212,383 | +66.3% | |
| Operating profit | £1,743,411 | £4,509,612 | +158.7% | |
| Profit before tax | -£162,382 | £3,737,202 | +2,401.5% | |
| Net profit | -£147,416 | £3,593,052 | +2,537.4% | |
| Cash | £1,377,597 | £2,491,939 | +80.9% | |
| Total assets less current liabilities | £4,198,429 | -£10,910,264 | -359.9% | |
| Net assets | -£14,503,316 | -£10,910,264 | +24.8% | |
| Equity | -£14,503,316 | -£10,910,264 | +24.8% | |
| Average employees | 79 | 89 | +12.7% | |
| Wages | £3,336,249 | £4,125,986 | +23.7% | |
| Directors' remuneration | — | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-02-28 | 2025-02-28 |
|---|---|---|---|
| Operating margin | 7.4% | 11.5% | |
| Net margin | -0.6% | 9.2% | |
| Return on capital employed | 41.5% | — | |
| Current ratio | 1.36x | 0.52x | |
| Interest cover | 0.95x | 2.38x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- Gerald Edelman LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“As a result of the above the directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements, and continue to adopt the going concern basis of accounting in preparing the financial statements.”
Group structure
- IPSCO LIMITED · parent
- Vertical Pharma Resources Limited 100%
- Intergrated Pharmaceutical Services (IPS) Limited 100%
Significant events
- “The Group's turnover includes £27.6M (Year ended 28 February 2024 - £12.2M) from the sales of medicinal cannabis, and correspondingly £21.2M (Year ended 28 February 2024 - £9.8M) to cost of sales.”
- “Subsequent to the year end, the Group's main loan note holders formally extended the repayment date of these loans from 30 June 2025 to 30 June 2028 and the financial covenants amended to create sufficient headroom against base case forecast.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 2 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| AGARWAL, Sandeep | Director | 2025-07-01 | Nov 1979 | British |
| COOK, Grahame David | Director | 2023-04-14 | Apr 1958 | British |
| DUTTA, Soimitra Tony | Director | 2018-09-27 | Apr 1963 | British |
| PARKER, James, Dr | Director | 2019-05-01 | Aug 1955 | British |
| PATANI, Vishal | Director | 2018-09-27 | Sep 1977 | British |
| PATEL, Ashokkumar Dahyabhai | Director | 2014-10-23 | Feb 1956 | British |
Show 2 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| JONES OWEN, David | Director | 2014-11-19 | 2015-07-31 |
| PENFOLD, Jonathan Mark | Director | 2016-06-23 | 2019-05-10 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Mr Ashokkumar Dahyabhai Patel | Individual | Shares 50–75% | 2016-12-04 | Active |
Filing timeline
Last 20 of 74 total filings
Material constitutional events — rename, articles re-file, resolution
- 2020-07-06 MA Memorandum articles
- 2020-07-06 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-01-23 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-29 | AA | accounts | Accounts with accounts type group | |
| 2025-07-10 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-27 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-27 | AA | accounts | Accounts with accounts type group | |
| 2024-01-08 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-01-03 | AA | accounts | Accounts with accounts type group | |
| 2023-07-14 | AA | accounts | Accounts with accounts type group | |
| 2023-06-19 | AP01 | officers | Appoint person director company with name date | |
| 2023-01-26 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-01-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-01-08 | AA | accounts | Accounts with accounts type group | |
| 2021-06-09 | AA | accounts | Accounts with accounts type small | |
| 2021-05-11 | DISS40 | gazette | Gazette filings brought up to date | |
| 2021-05-04 | GAZ1 | gazette | Gazette notice compulsory | |
| 2021-01-21 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2020-07-06 | MA | incorporation | Memorandum articles | |
| 2020-07-06 | RESOLUTIONS | resolution | Resolution | |
| 2020-07-06 | SH06 | capital | Capital cancellation shares | |
| 2020-07-06 | SH03 | capital | Capital return purchase own shares |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 0
- Officers appointed
- 1
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.