Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
EPSI RESEARCH SERVICES LTD |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
EPSI RESEARCH SERVICES LTD |
EPSI RESEARCH SERVICES LTD (REGISTERED NUMBER: 04418840) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Statement of Financial Position | 4 |
Notes to the Financial Statements | 5 |
EPSI RESEARCH SERVICES LTD |
Company Information |
for the year ended 31 December 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
48 Leigh Road |
Leigh on Sea |
Essex |
SS9 1LF |
EPSI RESEARCH SERVICES LTD (REGISTERED NUMBER: 04418840) |
Report of the Director |
for the year ended 31 December 2022 |
The director presents his report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of business consultancy, offering services to educate organisations in objectively rating their Quality Management System. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. |
EPSI Research Services Ltd is a wholly-owned subsidiary of the Swedish Institute for Quality. EPSI conduct syndicated research studies in the area of stakeholder performance measurement. The main aggregated results of these studies are published in the public domain, while detailed results are offered on a subscriber basis to companies and other interested parties in the respective sector studied. |
The data collection (main cost driver for the operation) is outsourced to a group of partner data collection agencies, while EPSI is responsible for all design, analysis, reporting and communication as well as sales of subscriptions to corporate clients in some 10 European countries. In total 18 people are employed in the EPSI group. EPSI Research Services Ltd has no regular employees, but commission management and support services through consultancy agreements. |
A few of the multi-national and international subscribers are invoiced through EPSI Research Services, while the majority are paying for each national study directly to the subsidiary concerned. Standard prices are used in either case. These 2022 financial statements reflect that an increasing proportion of such revenue is owned by the subsidiaries and thus accountable to these individually through revenue share agreements. This has led to an apparent softening of margin within these accounts however the underlying profitability of the company remains robust and unchanged. |
Progress in the years from 2001 to date is strong. The retention rate is very high and a few new subscribers have been obtained the last year. The Directors are optimistic about future opportunities and prospects. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Business Risk |
The key business risks and uncertainties affecting the Company are considered to relate to the overall business climate. In times of hard cost pressure, for the time being potential subscribers may decide to cancel subscriptions. |
The Directors consider that the Company's principal business risks are only normal trading risks such as losing major customers and the increase of competitors, none of which are judged to be imminent or of a material nature. This is based on the subscription arrangement and product portfolio offered being unique. The workforce is also composed of analysts and scientists with outstanding competence. |
Liquidity Risk |
The Company manages its cash and borrowing 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. The business model is based on the assumption of a positive cash-flow over the annual cycle (the main costs come in the early autumn, while part of the incomes for subscriptions are obtained prior to the costs of data collection) without any need for short-term borrowings. This has been maintained throughout the company's lifetime. |
Credit Risk |
The Company places its cash with creditworthy institutions and performs ongoing credit evaluations of its debtor's financial position. New customers who wish to enter into contracts with the Company are subject to credit verification procedures and relevant guarantees and/or prepayments are sought where appropriate. The track record in terms of subscriber payment is very positive and the losses since the commencement of trading have been on a minimal level (less than 0.1 percent of turnover). |
Exchange Rate Risk |
The main currency for both revenues and costs is the Euro. In cases that the Euro is subordinated in preference to, for example, Swedish, Norwegian and Danish Krona, the risk is negative for EPSI as some of the costs (but only a small fraction of revenue) are in these particular currencies. |
EPSI RESEARCH SERVICES LTD (REGISTERED NUMBER: 04418840) |
Report of the Director |
for the year ended 31 December 2022 |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
EPSI RESEARCH SERVICES LTD (REGISTERED NUMBER: 04418840) |
Statement of Financial Position |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | € | € |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
EPSI RESEARCH SERVICES LTD (REGISTERED NUMBER: 04418840) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
EPSI Research Services Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. |
Revenue recognition |
The turnover shown in the profit and loss account represents amounts invoiced during the year. |
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. |
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred Income and included as part of creditors due within one year. |
Financial instruments |
Basic financial instruments |
Trade and other debtors and creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transactions costs. Debtors and creditors payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash expected to be paid or received, net of impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash and bank balances. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
EPSI RESEARCH SERVICES LTD (REGISTERED NUMBER: 04418840) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The financial statements have been prepared in Euros as most of the company's activities are based in that currency and the directors consider this presentation necessary to give a true and fair view. |
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Investments |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
Investments in associates |
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. |
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. |
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
€ | € |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
€ | € |
Amounts owed to group undertakings |
Tax |
Accrued expenses |
7. | RELATED PARTY DISCLOSURES |
At the 31 December 2022 the company owed €37,695 (2021: €30,000 to Svenskt Kvalitetsindex AB. |
During the year Svenskt Kvalitetsindex AB invoiced €37,695 (2021: €30,000) for management fees. |
8. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by SIQ Excellence Centre AB. |