Registered number:
UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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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 Chartered Accountants
Windsor House
Station Court
Station Road
Cambridge
CB22 5NE
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VANDA RESEARCH LTD
REGISTERED NUMBER: 10021632
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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VANDA RESEARCH LTD
REGISTERED NUMBER: 10021632
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
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:
The notes on pages 5 to 12 form part of these financial statements.
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VANDA RESEARCH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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. 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.
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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VANDA RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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