{"engagement":"Pinewood Street Pharma","financialYear":2025,"complete":false,"documents":[{"id":"ps-loan","name":"Loan agreement, Greek distributor","source":"Signed copy, uploaded by the client","sha256":"a07f7fc3bd7755ac69b0a021307cbae15425bc43cc69792f5705720982e97c94","intact":true},{"id":"ps-dagr","name":"Distribution agreement, Pharma Cyprus Ltd","source":"Signed copy, uploaded by the client","sha256":"c9ca32004a9fe5de64c8f345012beed82d200d3b1cb0ef6915bb558b2f4aa520","intact":true},{"id":"ps-fs","name":"Trial balance, Pharma Cyprus Ltd","source":"Uploaded by the client","sha256":"48879edc976cae630a0d5004e783fe839d05b0265a41efa8888b51ede0e41551","intact":true}],"items":[{"id":"obl:ps-dist","title":"Obligations: Pinewood Street Pharma Cyprus Ltd","state":"draft","contentHash":"0238a6d3139449bc0bbe438b970d78b591861d15691188647774466c9bf0cca9","content":{"fy":2025,"entity":"ps-dist","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[["goods",8400000,true,true]],"excluded":[],"localFile":true,"summaryTable":true,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"obl:ps-fin","title":"Obligations: Pinewood Street Finance Ltd","state":"draft","contentHash":"8c231b8ae101cdc293bc11fbeecd4a3a1fdd3754e8d7066be8cf817725b69775","content":{"fy":2025,"entity":"ps-fin","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[["loan",3400000,false,true]],"excluded":[],"localFile":false,"summaryTable":true,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"bench:ps1","title":"Benchmarking: Purchase of finished medicines","state":"draft","contentHash":"494f0f806e95aa31e8c822db4f401e745d705c27ed16e4aa1c345daa2720c64d","content":{"fy":2025,"tx":["ps1","Transactional net margin method, operating margin",0.02,-0.008],"indicator":"om","method":"inclusive","comps":[["ps1-c01","accept","OK","Business description: \"Wholesale distribution of prescription medicines\"; independent; profitable in at least 2 of 3 years.",0.02591814],["ps1-c02","accept","OK","Business description: \"Pharmaceutical wholesale to pharmacies and hospitals\"; independent; profitable in at least 2 of 3 years.",0.02757137],["ps1-c03","accept","OK","Business description: \"Distribution of medicines under licence from manufacturers\"; independent; profitable in at least 2 of 3 years.",0.00082198],["ps1-c04","accept","OK","Business description: \"Pre-wholesale and distribution of prescription medicines\"; independent; profitable in at least 2 of 3 years.",0.01884427],["ps1-c05",null,null,null,0.02728716],["ps1-c06","accept","OK","Business description: \"Distribution of prescription and OTC medicines\"; independent; profitable in at least 2 of 3 years.",0.0149069],["ps1-c07","accept","OK","Business description: \"Wholesale distribution of medicines\"; independent; profitable in at least 2 of 3 years.",0.0266123],["ps1-c08","reject","IND","Database field \"Independence indicator\": a shareholder holds 25% or more of the capital — the search strategy's cut-off, matching the 25% connected-person test.",0.02880213],["ps1-c09","accept","OK","Business description: \"Wholesale of medicines to pharmacies\"; independent; profitable in at least 2 of 3 years.",0.02976726],["ps1-c10","accept","OK","Business description: \"Pharmaceutical wholesale and logistics\"; independent; profitable in at least 2 of 3 years.",0.02533545],["ps1-c11","accept","OK","Business description: \"Distribution of hospital medicines under tender\"; independent; profitable in at least 2 of 3 years.",0.02509509],["ps1-c12","accept","OK","Business description: \"Wholesale of prescription medicines\"; independent; profitable in at least 2 of 3 years.",0.01273184]],"range":[10,0.01589124,0.02521527,0.02643876],"where":"below","rules":[["oecd.process","verified",null,null],["oecd.select","verified",null,null],["oecd.iqr","verified",null,null],["method.quartile","tbc",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"fin:ps2","title":"Financing: Loan to the Greek distributor","state":"draft","contentHash":"58501e570874d38636e5a1c4ab1cf1a1cf9fc489b8fd6930d332a26562ac2ee9","content":{"tx":"ps2","funding":"own","amount":96000,"principal":3000000,"rate":0.032,"yields":null,"where":null,"sources":{"funding":"Finance Ltd balance sheet: lent from share capital and reserves (invented)","principal":"Loan agreement clause 2 (invented)","rate":"Loan agreement clause 4 (invented)"},"rules":[["cy.fin","verified",null,null],["cy.fin.2026","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.loan","verified",null,null],["cy.fin.d2","verified",0.035,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"fin:ps3","title":"Financing: Loan to a director","state":"draft","contentHash":"a340465c859e12ad4b8692dca0da2dfe473b4313881fb00256525a1a6e2c810d","content":{"tx":"ps3","funding":"director","amount":0,"principal":400000,"rate":null,"yields":null,"where":null,"sources":{"funding":"Director's loan account","principal":"Director's loan account, maximum in the year (invented)"},"rules":[["cy.fin","verified",null,null],["cy.fin.2026","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.loan","verified",null,null],["cy.faq.directors","verified",null,null],["cy.director.benefit","verified",0.09,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"agr:a-ps1","title":"Agreement: Purchase of finished medicines","state":"draft","contentHash":"56822835f8745697074b8dd0c79170a5d57cc3c06137e1e15feddbc5438b3185","content":{"doc":["ps-dagr","c9ca32004a9fe5de64c8f345012beed82d200d3b1cb0ef6915bb558b2f4aa520"],"checks":[["provider","Pinewood Street Pharma AG","Pinewood Street Pharma AG","match","between Pinewood Street Pharma AG (Principal)",false],["recipient","Pinewood Street Pharma Cyprus Ltd","Pinewood Street Pharma Cyprus Ltd","match","and Pinewood Street Pharma Cyprus Ltd (Distributor)",false],["margin","2.00%","2.00%","match","earns an operating margin of 2% of its sales",false],["payment_days","60 days","60 days","match","Invoices are payable within 60 days",false],["risk","Principal bears inventory and market risk; the distributor is limited-risk","Principal bears inventory and market risk; the distributor is limited-risk","match","The Principal bears inventory risk and market risk",false],["conduct","2.00% contracted","-0.80% earned","mismatch","earns an operating margin of 2% of its sales",false]],"readBy":"","rules":[["oecd.factors","verified",null,null],["oecd.conduct","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"agr:a-ps2","title":"Agreement: Loan to the Greek distributor","state":"draft","contentHash":"43d942d58830a036d68f7479053dabdbee55d5f70fc10abf9870ee71bbb3e7ae","content":{"doc":["ps-loan","a07f7fc3bd7755ac69b0a021307cbae15425bc43cc69792f5705720982e97c94"],"checks":[["provider","Pinewood Street Finance Ltd","Pinewood Street Finance Ltd","match","between Pinewood Street Finance Ltd (Lender)",false],["recipient","Pinewood Street Hellas S.A.","Pinewood Street Hellas S.A.","match","and Pinewood Street Hellas S.A. (Borrower)",false],["rate","3.20%","3.20%","match","Interest accrues at 3.2% a year",false],["risk","Lender bears the credit risk of the borrower","Lender bears the credit risk of the borrower","match","The Lender bears the risk that the Borrower does not repay",false]],"readBy":"","rules":[["oecd.factors","verified",null,null],["oecd.conduct","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"far:ps1","title":"Functional analysis: Purchase of finished medicines","state":"draft","contentHash":"32088a71fe2eee44deaadfa1a83c429e13a1abbfce021f482ab84a28f18637d8","content":{"tx":"ps1","rows":[["ps1-f1","High","Low","Distribution agreement clause 3.1 (Distribution agreement, Pharma Cyprus Ltd)"],["ps1-f2","None","High","Interview with the country manager"],["ps1-f3","High","None","Regulatory register"],["ps1-f4","High","Low","Distribution agreement clause 7.1: obsolete stock is returned (Distribution agreement, Pharma Cyprus Ltd)"],["ps1-f5","High","Low","Distribution agreement clauses 4.1 and 7.1: a target margin with a year-end true-up (Distribution agreement, Pharma Cyprus Ltd)"]],"narrative":["Pinewood Street Pharma AG sets prices and marketing strategy; holds the marketing authorisations; bears inventory risk; and bears market risk.","Pinewood Street Pharma Cyprus Ltd sells to pharmacies and hospitals.","Of the 5 points, Pinewood Street Pharma AG leads on 4 and Pinewood Street Pharma Cyprus Ltd on 1.","Suggested characterisation: Pinewood Street Pharma Cyprus Ltd as a limited-risk distributor."],"rules":[["oecd.factors","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:ps3","title":"Draft agreement: Loan to a director","state":"draft","contentHash":"444d8d4c521f7433699d2da4f20c3f60a775bb85d20dc09e9292c52c1a4e43c5","content":{"tx":"ps3","clauses":[["0","Between Pinewood Street Finance Ltd (the Lender) and A director of Pinewood Street Finance Ltd (the Borrower).","Transaction record"],["1","The Lender advances €400,000, repayable [term to be agreed] after drawdown.","Director's loan account, maximum in the year (invented)"],["2","Interest accrues at [rate to be agreed] a year, payable quarterly in arrears.","Not in the file; group transfer pricing policy §3"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:ps-dist:1","title":"Pinewood Street Pharma Cyprus Ltd: 1. The local entity","state":"draft","contentHash":"bfb9e66d09e84f6d0d482d22ed5a7486d9fd1b5a0b18b691499ce3e18a77ddaa","content":{"text":["Pinewood Street Pharma Cyprus Ltd is a company resident in Cyprus. Limited-risk distributor of prescription medicines.","Group: Pinewood Street Pharma. Entities in the group: Pinewood Street Pharma Cyprus Ltd (CY); Pinewood Street Finance Ltd (CY); Pinewood Street Pharma AG (CH); Pinewood Street Hellas S.A. (GR); A director of Pinewood Street Finance Ltd (CY).","Documentation duty: goods of €8,400,000 exceeds the €1,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","oecd.docs"],"hashes":[["obl:ps-dist","0238a6d3139449bc0bbe438b970d78b591861d15691188647774466c9bf0cca9"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:ps-dist"],"signoffs":[],"changes":[]},{"id":"lf:ps-dist:2:ps1","title":"Pinewood Street Pharma Cyprus Ltd: 2.1 Purchase of finished medicines","state":"draft","contentHash":"029676ac0d820aac306b962a7a419fcab6778a89602e06e6c8c94218f268bcea","content":{"text":["Purchase of finished medicines: Pinewood Street Pharma AG to Pinewood Street Pharma Cyprus Ltd, €8,400,000 in the year.","Method: Transactional net margin method, operating margin. Tested party: Pinewood Street Pharma Cyprus Ltd.","Interquartile range on 10 accepted comparables (inclusive quartiles): 1.59% to 2.64%, median 2.52%. Result of the tested party: -0.80%, below the range.","Year-end true-up (a suggestion until confirmed): €305,200 upwards for Pinewood Street Pharma Cyprus Ltd, to the contract's 2.00%; the 2025 books are closed, so it is an adjustment in the 2025 return — how, in Cyprus, is to be confirmed by the practice.","Written agreement: Distribution agreement, Pharma Cyprus Ltd; checked against the file (1 point differs).","Risk allocation: Principal bears inventory and market risk; the distributor is limited-risk.","Functional analysis: Pinewood Street Pharma Cyprus Ltd as a limited-risk distributor."],"cites":["oecd.iqr","oecd.factors"],"hashes":[["bench:ps1","494f0f806e95aa31e8c822db4f401e745d705c27ed16e4aa1c345daa2720c64d"],["agr:a-ps1","56822835f8745697074b8dd0c79170a5d57cc3c06137e1e15feddbc5438b3185"],["far:ps1","32088a71fe2eee44deaadfa1a83c429e13a1abbfce021f482ab84a28f18637d8"]],"rules":[["oecd.iqr","verified",null,null],["oecd.factors","verified",null,null]]},"rests_on":["bench:ps1","agr:a-ps1","far:ps1"],"signoffs":[],"changes":[]},{"id":"lf:ps-dist:3","title":"Pinewood Street Pharma Cyprus Ltd: 3. Financial information","state":"draft","contentHash":"cb33ddcafbb155caeff48bee834064e09b20b86151b2e0990649cb7872ed40b7","content":{"text":["Financial information used in the analysis: Trial balance, Pharma Cyprus Ltd (SHA-256 48879edc976cae63…).","Purchase of finished medicines: operating margin earned -0.80%."],"cites":["oecd.docs"],"hashes":[],"rules":[["oecd.docs","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]}],"packHash":"f41b6f3d606e8edb1e4914d05e0a0e04616535a4a47b4fcd94c5231ec3186447"}