Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-0113falseNo description of principal activity14falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10021632 2023-01-01 2023-12-31 10021632 2022-01-01 2022-12-31 10021632 2023-12-31 10021632 2022-12-31 10021632 2022-01-01 10021632 1 2023-01-01 2023-12-31 10021632 d:Director2 2023-01-01 2023-12-31 10021632 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 10021632 c:FurnitureFittings 2023-01-01 2023-12-31 10021632 c:OfficeEquipment 2023-01-01 2023-12-31 10021632 c:CurrentFinancialInstruments 2023-12-31 10021632 c:CurrentFinancialInstruments 2022-12-31 10021632 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10021632 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10021632 c:ShareCapital 2023-01-01 2023-12-31 10021632 c:ShareCapital 2023-12-31 10021632 c:ShareCapital 2022-01-01 2022-12-31 10021632 c:ShareCapital 2022-12-31 10021632 c:ShareCapital 2022-01-01 10021632 c:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10021632 c:OtherMiscellaneousReserve 2023-12-31 10021632 c:OtherMiscellaneousReserve 2022-01-01 2022-12-31 10021632 c:OtherMiscellaneousReserve 2022-12-31 10021632 c:OtherMiscellaneousReserve 2022-01-01 10021632 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10021632 c:RetainedEarningsAccumulatedLosses 2023-12-31 10021632 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10021632 c:RetainedEarningsAccumulatedLosses 2022-12-31 10021632 c:RetainedEarningsAccumulatedLosses 2022-01-01 10021632 d:FRS102 2023-01-01 2023-12-31 10021632 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10021632 d:FullAccounts 2023-01-01 2023-12-31 10021632 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10021632 c:WithinOneYear 2023-12-31 10021632 c:WithinOneYear 2022-12-31 10021632 2 2023-01-01 2023-12-31 10021632 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10021632









VANDA RESEARCH LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VANDA RESEARCH LTD
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VANDA RESEARCH LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vanda Research Ltd for the year ended 31 December 2023 which comprise  the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of Vanda Research Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Vanda Research Ltd and state those matters that we have agreed to state to the Board of Directors of Vanda Research Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vanda Research Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Vanda Research Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vanda Research Ltd. You consider that Vanda Research Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Vanda Research Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wilson Partners Limited
Chartered Accountants
 
Windsor House
Station Court
Station Road
Great Shelford
Cambridge
CB22 5NE
23 August 2024
Page 1

 
VANDA RESEARCH LTD
REGISTERED NUMBER: 10021632

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
20,990
16,974

  
20,990
16,974

Current assets
  

Debtors: amounts falling due within one year
 5 
4,233,660
3,610,936

Cash at bank and in hand
 6 
104,049
99,313

  
4,337,709
3,710,249

Creditors: amounts falling due within one year
 7 
(3,215,790)
(2,849,890)

Net current assets
  
 
 
1,121,919
 
 
860,359

Total assets less current liabilities
  
1,142,909
877,333

Provisions for liabilities
  

Deferred tax
  
(5,247)
(3,225)

  
 
 
(5,247)
 
 
(3,225)

Net assets
  
1,137,662
874,108


Capital and reserves
  

Called up share capital 
  
95,100
95,100

Other reserves
  
166,502
166,502

Profit and loss account
  
876,060
612,506

  
1,137,662
874,108


Page 2

 
VANDA RESEARCH LTD
REGISTERED NUMBER: 10021632
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 




................................................
A. K. Hume
Directors

Date: 23 August 2024

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
VANDA RESEARCH LTD
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
95,100
166,502
612,506
874,108


Comprehensive income for the year

Profit for the year

-
-
263,554
263,554
Total comprehensive income for the year
-
-
263,554
263,554


Total transactions with owners
-
-
-
-


At 31 December 2023
95,100
166,502
876,060
1,137,662



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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
95,100
166,502
311,092
572,694


Comprehensive income for the year

Profit for the year

-
-
301,414
301,414
Total comprehensive income for the year
-
-
301,414
301,414


Total transactions with owners
-
-
-
-


At 31 December 2022
95,100
166,502
612,506
874,108


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Legal form: Limited Company
Country of incorporation: England and Wales
Principal place of business: Heathcoat House, 20 Savile Row, London W1S 3PR
Registered number: 10021632
Registered office: C/O Bcs, Windsor House Station Court, Station Road, Great Shelford, Cambridge, Cambridgeshire, United Kingdom, CB22 5NE.

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 Republic of Ireland ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors consider that the entity has sufficient income generating streams to provide the entity with sufficient revenue and liquid resources so that the entity can cover its costs and pay its liabilities for the next 12 months from the date of approval of these financial statements.

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover for the year ended 31 December 2023 includes service fees and fees from third parties. Service fees are charged to Vanda Securities (Pte) Ltd. These fees include a mark-up of between 5% to 10% on the expenses of the Company including foreign exchange gains and losses, audit and accountancy fees, professional fees, and other expenses. Third party fees are pursuant to the Research Services Agreements made between the Company and its clients.

 
2.4

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.

Page 5

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Leasehold improvements
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 6

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.
 
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

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.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 7

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured as the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
 
Page 8

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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 reporting 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 reporting 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 reporting date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of financial statements requires management to make certain judgements and estimates. The Company's directors consider that in the preparation of these financial statements, that there were no material judgements and estimates which could give rise to a material misstatement in future accounting periods.

Page 9

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

2023
2022
£
£

Wages and salaries
2,048,058
1,768,681

Social security costs
273,431
237,747

Pension costs
50,108
37,621

2,371,597
2,044,049


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


        2023
        2022
            No.
            No.







Employees
14
13

Page 10

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,458,151
160,114

Amounts owed by group companies
2,662,050
3,395,929

Other debtors
48,054
45,238

Prepayments and accrued income
65,405
9,655

4,233,660
3,610,936



6.


Cash at bank

2023
2022
£
£

Cash at bank
104,049
99,313

104,049
99,313



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
559,978
105,207

Amounts owed to group undertakings
1,714,187
1,034,329

Corporation tax
89,328
91,888

Other taxation and social security
113,965
79,503

Accruals and deferred income
738,332
1,538,963

3,215,790
2,849,890


Page 11

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Parent undertaking and controlling party

The ultimate parent company is Vanda Securities (Pte) Ltd, a limited liability company incorporated in Singapore. The ultimate controlling party is Natalie Gemma Ambrose who owns a controlling interest in Vanda Securities (Pte) Ltd.
The smallest and largest group of undertakings, for which group accounts are prepared, which include the Company is that headed by Vanda Securities (Pte) Ltd. The registered office address of Vanda Securities (Pte) Limited is 50 Raffles Place, #16-01, Singapore Land Tower, Singapore 048623.


9.


Pension commitments

The Company operates 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 that amounted to £50,108 (2022: £37,621). Contributions totalling £7,287 (2022: £NIL) were payable to the fund at the reporting date.


10.


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
-
160,000

-
160,000


11.


Post balance sheet events

On the 17th May 2024 Vanda Research Ltd was acquired by FPE Capital LLP.

 
Page 12