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Company registration number: 13472782







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


PHR UPPER MIDCO LIMITED






































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PHR UPPER MIDCO LIMITED
 


 
COMPANY INFORMATION


Directors
Stella Mary Donoghue (resigned 31 August 2023)
Tessa Louise Pugh (resigned 31 August 2023)
Graham Russell Park (appointed 31 August 2023)
Robert Kotchie (appointed 31 August 2023)




Company secretary
JTC (UK) LIMITED



Registered number
13472782



Registered office
3 Forbury Place, 23 Forbury Road
United Kingdom

Reading

RG1 3JH




Trading Address
Chiswick Business Park
Unit 6, Building 7

London

W4 5YG






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


PHR UPPER MIDCO LIMITED
 



CONTENTS



Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6


 


PHR UPPER MIDCO LIMITED
REGISTERED NUMBER:13472782



BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
4,755,398
4,755,398

  
4,755,398
4,755,398

Current assets
  

Debtors: amounts falling due within one year
 5 
5,191,706
5,379,680

  
5,191,706
5,379,680

Creditors: amounts falling due within one year
 6 
(6,746,067)
(1,200)

Net current (liabilities)/assets
  
 
 
(1,554,361)
 
 
5,378,480

Total assets less current liabilities
  
3,201,037
10,133,878

Creditors: amounts falling due after more than one year
 7 
-
(6,157,334)

  

Net assets
  
3,201,037
3,976,544


Capital and reserves
  

Called up share capital 
  
4,755,398
4,755,398

Profit and loss account
  
(1,554,361)
(778,854)

  
3,201,037
3,976,544


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




Graham Russell Park
Director

Date: 12 August 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 


PHR UPPER MIDCO 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 2022
4,751,349
(319,807)
4,431,542


Comprehensive income for the year

Loss for the year

-
(459,047)
(459,047)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(459,047)
(459,047)


Contributions by and distributions to owners

Shares issued during the year
4,049
-
4,049


Total transactions with owners
4,049
-
4,049



At 1 January 2023
4,755,398
(778,854)
3,976,544


Comprehensive income for the year

Loss for the year

-
(775,507)
(775,507)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(775,507)
(775,507)


Total transactions with owners
-
-
-


At 31 December 2023
4,755,398
(1,554,361)
3,201,037


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


PHR UPPER MIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

PHR Upper Midco Limited is a private company limited by shares in England and Wales. The address of the registered office and the trading office is on the information page.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future.

 
2.4

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.

Page 3

 


PHR UPPER MIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 -£NIL).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,755,398



At 31 December 2023
4,755,398




Page 4

 


PHR UPPER MIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
5,191,706
5,194,706

Deferred taxation
-
184,974

5,191,706
5,379,680



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
6,740,067
1,200

Accruals and deferred income
6,000
-

6,746,067
1,200



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Loan notes
-
6,157,334

-
6,157,334


The loan notes were redeemed during the year.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Loan notes
-
6,157,334

-
6,157,334

-
6,157,334


Page 5

 


PHR UPPER MIDCO LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Banking arrangements

The company has fully repaid the banking facilities arranged by the group with Clydesdale Bank PLC. As at 31
December 2023, the group did not have any balance outstanding (2022: £6,731,398).


10.


Related party transactions

The company has taken advantage of the exemption in FRS 102 33.1A not to disclose transactions entered into
between two, or more, members of the group where subsidiaries party to the transaction are wholly owned
members of the group. The balances outstanding with the company are shown in aggregate in debtors and
creditors under amounts owned by and to group undertakings respectively.


11.


Controlling party

The immediate parent company is IQVIA Limited, a company incorporated in United Kingdom. 
The ultimate controling party is IQVIA Holdings Inc, a company incorporated in the United States of America.
IQVIA Holdings Inc., registered at 4820 Emperor Road, Duham, North Carolina 27703, United States, is the parent undertaking the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2023. The consolidated financial statements of IQVIA Holdings Inc. may be obtained for the company's website www.iqvia.com.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 12 August 2024 by Ralph Mitchison FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6