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Registered number: 06662245


PSI CRO UK LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PSI CRO UK LIMITED
 
 
COMPANY INFORMATION


Directors
Nikolay Sinakevich 
Andrey Kozhemyakin 
Angelika Ruf 
Gillian Wilson 




Company secretary
Teresa Duester



Registered number
06662245



Registered office
Beaumont House
Langford Business Park

Langford Locks

Kidlington

Oxfordshire

OX5 1GG




Independent auditors
Wellers
Accountants & Statutory Auditors

8 King Edward Street

Oxford

OX1 4HL





 
PSI CRO UK LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9 - 10
Statement of changes in equity
11 - 12
Statement of cash flows
13
Notes to the financial statements
14 - 26

 
PSI CRO UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the strategic report for the year ended 31 December 2023. 

Business review
 
The principal activities of PSI-CRO UK Limited (“the Company”) are the provision of Contract Research Organisation (CRO) services to other members of the PSI group. The Company provides full-service research and development support to the life sciences industry. PSI provides predictable patient enrollment across multiple therapeutic areas. PSI is focused on ‘on-time project delivery’; this is achieved by investing substantial effort and medical resources into quality feasibility assessments which provide an accurate predictor of study timelines.
The market for research and development service offerings is extremely competitive. PSI-CRO competes against other similar CRO’s as well as the in-house research and development teams of pharmaceutical companies, universities and teaching hospitals. Pharmaceutical companies are increasingly shifting their research and development to CRO’s who provide resources and technical expertise and can be more a cost effective solution. 

Financial risk management
 
The Company is protected from all material financial risks under the terms of its services agreement with its parent Company PSI CRO AG including credit risk, foreign exchange risk and liability risk.
The principal risk facing the business is that the requirement for recruitment of patients for clinical trials will fall to such an extent that there is a reduced demand for CRO services in the UK.

Financial key performance indicators
 
Management measures performance through a number of financial and non-financial KPI's, namely:

                                            
2023      2022
Turnover (£’000)                 12,470 11,226
Gross profit (£’000)                        4,140    3,581
Operating profit (£’000)                 197      217
Employee numbers (average)       115      111

 

This report was approved by the board and signed on its behalf.



................................................
Angelika Ruf
Director

................................................
Gillian Wilson
Director


Date: 22 July 2024

Page 1

 
PSI CRO UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 Directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the company is providing CRO services on a local level. Such services include the identification of appropriate clinical trial sites and the investigators, recruiting patients for trials and monitoring the trials. Furthermore, the local service entity organises any required local authorisation to conduct the trials and manage the import, storage and distribution of test drugs. 

Results and dividends

The profit for the year, after taxation, amounted to £138,476 (2022 - £164,229).

Dividends for the year amounted to £672,000 (2022 - £Nil).

Directors

The Directors who served during the year were:

Nikolay Sinakevich 
Andrey Kozhemyakin 
Angelika Ruf 
Gillian Wilson 

Future developments

There are no future developments that affect the Company.
Page 2

 
PSI CRO UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWellerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Angelika Ruf
Director
................................................
Gillian Wilson
Director


Date: 22 July 2024
Date: 22 July 2024
Page 3

 
PSI CRO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI CRO UK LIMITED
 

Opinion


We have audited the financial statements of PSI CRO UK LIMITED (the 'company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
PSI CRO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI CRO UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The Directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves.  If, based on the 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
PSI CRO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI CRO UK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and  enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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.
Page 6

 
PSI CRO UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PSI CRO UK LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr Benjamin Matthew Brookes (Senior statutory auditor)
for and on behalf of
Wellers
Accountants
Statutory Auditors
8 King Edward Street
Oxford
OX1 4HL

22 July 2024
Page 7

 
PSI CRO UK LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
                                                                                                                  Note
£
£

  

Turnover
 4 
12,469,682
11,225,828

Cost of sales
  
(8,329,928)
(7,644,971)

Gross profit
  
4,139,754
3,580,857

Administrative expenses
  
(3,945,577)
(3,369,988)

Other operating income
 5 
2,647
6,461

Operating profit
  
196,824
217,330

Interest receivable and similar income
 9 
8,077
81

Interest payable and similar expenses
 10 
(48)
-

Profit before tax
  
204,853
217,411

Tax on profit
 11 
(66,377)
(53,182)

Profit after tax
  
138,476
164,229

  

  

Retained earnings at the beginning of the year
  
779,398
615,169

  
779,398
615,169

Profit for the year
  
138,476
164,229

Dividends declared and paid
  
(672,000)
-

Retained earnings at the end of the year
  
245,874
779,398
The notes on pages 14 to 26 form part of these financial statements.
Page 8

 
PSI CRO UK LIMITED
REGISTERED NUMBER: 06662245

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                    Note
£
£

Fixed assets
  

Tangible assets
 13 
1,981,947
2,058,026

  
1,981,947
2,058,026

Current assets
  

Debtors: amounts falling due within one year
 14 
1,773,304
1,793,605

Cash at bank and in hand
 15 
226,456
929,227

  
1,999,760
2,722,832

Creditors: amounts falling due within one year
 16 
(939,228)
(1,207,634)

Net current assets
  
 
 
1,060,532
 
 
1,515,198

Total assets less current liabilities
  
3,042,479
3,573,224

Provisions for liabilities
  

Deferred tax
 18 
(56,605)
(53,826)

  
 
 
(56,605)
 
 
(53,826)

Net assets
  
2,985,874
3,519,398


Capital and reserves
  

Called up share capital 
 19 
2,740,000
2,740,000

Profit and loss account
  
245,874
779,398

  
2,985,874
3,519,398

Page 9

 
PSI CRO UK LIMITED
REGISTERED NUMBER: 06662245
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Angelika Ruf
................................................
Gillian Wilson
Director
Director


Date: 22 July 2024

The notes on pages 14 to 26 form part of these financial statements.
Page 10

 
PSI CRO UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
2,740,000
779,398
3,519,398


Comprehensive income for the year

Profit for the year

-
138,476
138,476


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
138,476
138,476


Contributions by and distributions to owners

Dividends: Equity capital
-
(672,000)
(672,000)


Total transactions with owners
-
(672,000)
(672,000)


At 31 December 2023
2,740,000
245,874
2,985,874


The notes on pages 14 to 26 form part of these financial statements.
Page 11

 
PSI CRO UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
2,740,000
615,169
3,355,169


Comprehensive income for the year

Profit for the year

-
164,229
164,229


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
164,229
164,229


Total transactions with owners
-
-
-


At 31 December 2022
2,740,000
779,398
3,519,398


The notes on pages 14 to 26 form part of these financial statements.
Page 12

 
PSI CRO UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
138,476
164,229

Adjustments for:

Depreciation of tangible assets
150,201
138,761

Loss on disposal of tangible assets
774
-

Interest paid
48
-

Interest received
(8,077)
(81)

Taxation charge
66,377
53,182

(Increase)/decrease in debtors
(58,359)
469,730

Decrease/(increase) in amounts owed by groups
85,434
(990,833)

(Decrease)/increase in creditors
(268,407)
395,830

Corporation tax (paid)
(70,372)
(60,019)

Net cash generated from operating activities

36,095
170,799


Cash flows from investing activities

Purchase of tangible fixed assets
(74,895)
(27,032)

Interest received
8,077
81

Net cash from investing activities

(66,818)
(26,951)

Cash flows from financing activities

Dividends paid
(672,000)
-

Interest paid
(48)
-

Net cash used in financing activities
(672,048)
-

Net (decrease)/increase in cash and cash equivalents
(702,771)
143,848

Cash and cash equivalents at beginning of year
929,227
785,379

Cash and cash equivalents at the end of year
226,456
929,227


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
226,456
929,227

226,456
929,227


The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

PSI CRO UK Limited is a private company limited by share capital, incorporated in England and Wales, registration number 06662245. The registered office is Beaumont House, Langford Business Park, Langford Locks, Kidlington, Oxon, OX5 1GG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 14

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation 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:

Freehold property
-
over 30 years
Fixtures and fittings
-
over 10 years
Computer equipment
-
over 3 years
Building installations
-
over 15 years

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 16

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Property, plant and equipment:
Property, plant and equipment are initially recognised at cost and subsequently depreciated over their useful economic lives, taking into account residual values where appropriate. The assessments in respect of the useful lives of these assets, together with the residual values of the assets are performed annually and ad-hoc should any events or conditions occur which give rise to impairment of the assets owned. In assessing the residual values of the assets, projected disposal values and expectations regarding future market conditions are both taken into account.
Revenue recognition in respect of grant income:
The company undertakes grant work at hospital sites and recharges it's invoiced costs by these sites at no mark-up to its ultimate parent company PSI CRO AG. The company treats the date that the site costs were approved as the date of transfer of risk and reward for revenue recognition purposes, on the basis that up until this date the work can be rejected due to quality of procedural issues. At the date of recognition of cost, the company recognised accrued income from PSI CRO AG in its financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Grant income
2,862,563
2,246,144

Sales intercompany
9,607,119
8,979,684

12,469,682
11,225,828


Analysis of turnover by country of destination:

2023
2022
£
£

Switzerland
12,469,682
11,225,828

12,469,682
11,225,828


Page 19

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
-
350

Net rents receivable
2,647
6,111

2,647
6,461



6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
9,400
8,400


7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,789,159
6,416,274

Social security costs
697,130
708,346

Cost of defined contribution scheme
560,366
522,481

8,046,655
7,647,101


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
111
107



Directors
4
4

115
111

Page 20

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
142,833
139,505

Company contributions to defined contribution pension schemes
12,264
14,244

155,097
153,749


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
8,077
81

8,077
81


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
48
-

48
-

Page 21

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
63,598
58,839


63,598
58,839


Total current tax
63,598
58,839

Deferred tax


Origination and reversal of timing differences
2,779
(5,657)

Total deferred tax
2,779
(5,657)


Taxation on profit on ordinary activities
66,377
53,182

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
204,853
217,411


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% from 1 April 2023, formerly 19% covering the period 1 January 2023 to 31 March 2023 (2022 - 19%)
48,182
41,308

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
35,510
26,364

Capital allowances for year in excess of depreciation
(20,094)
(8,833)

Short-term timing difference leading to an increase (decrease) in taxation
2,779
(5,657)

Total tax charge for the year
66,377
53,182

Page 22

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

Future tax charges will be affected by the differences in accounting and tax treatment of capital assets
along with disallowed expenses.


12.


Dividends

2023
2022
£
£


Dividends
672,000
-

672,000
-


13.


Tangible fixed assets





Freehold property
Fixtures,  fittings and equipment
Building installations
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,121,663
567,013
153,885
2,842,561


Additions
-
29,385
45,511
74,896


Disposals
-
(6,190)
-
(6,190)



At 31 December 2023

2,121,663
590,208
199,396
2,911,267



Depreciation


At 1 January 2023
418,439
313,526
52,570
784,535


Charge for the year on owned assets
70,722
69,410
10,069
150,201


Disposals
-
(5,416)
-
(5,416)



At 31 December 2023

489,161
377,520
62,639
929,320



Net book value



At 31 December 2023
1,632,502
212,688
136,757
1,981,947



At 31 December 2022
1,703,224
253,487
101,315
2,058,026

Page 23

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
3,689
3,166

Amounts owed by group undertakings
1,582,576
1,668,010

Other debtors
161,466
99,948

Prepayments and accrued income
25,573
22,481

1,773,304
1,793,605



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
226,456
929,227

226,456
929,227



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
158,285
180,069

Other taxation and social security
195,479
189,023

Other creditors
84,947
77,018

Accruals and deferred income
500,517
761,524

939,228
1,207,634


Page 24

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at ammortised cost
1,812,721
2,600,402


Financial liabilities


Financial liabilities measured at ammortised cost
658,802
941,592


Financial assets measured at amortised cost consist of trade receivables, amounts due from group companies and cash held at bank.


Financial liabilities measured at amortised cost consist of trade payables and accruals.


18.


Deferred taxation




2023


£






At beginning of year
(53,826)


Utilised in year
(2,779)



At end of year
(56,605)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(56,605)
(53,826)

(56,605)
(53,826)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,740,000 (2022 - 2,740,000) Ordinary shares of £1.00 each
2,740,000
2,740,000


Page 25

 
PSI CRO UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Pension commitments

The company contributes to 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 £560,366 (2022 - £522,481). Contributions totaling £81,878 (2022 - £72,581) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
5,385
5,475

Later than 1 year and not later than 5 years
12,207
946

17,592
6,421


22.


Related party transactions

During the accounting period, the company recorded £12,469,682 (2022: £11,225,828) in sales during the year to its parent company PSI CRO AG. At the balance sheet date, PSI CRO AG owed the company £1,582,576 (2022: £1,668,010).


23.


Controlling party

The company is a wholly owned subsidiary of PSI CRO AG, a company incorporated in Switzerland. The Ultimate controlling party is PSI CRO Holding AG, a company incorporated in Switzerland. The company's results are consolidated in the accounts of PSI CRO Holding AG.


 
Page 26