Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
COMPANY INFORMATION
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
CONTENTS
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Our ambition is to be the most valued and respected full service market access agency. Our mission is to help improve human health and healthcare by demonstrating and optimising ecosystem value as the world’s leading disease insight and system value architects.
During the year under review we continued to expand and diversify our client base, securing six new master service agreements, three of which are with clients operating at a global level, and secured our position as one of the largest independent consultancies in our sector.
This focus enabled us to stabilise year on year revenue, following rapid revenue growth in the prior year, whilst improving our EBIT margin by 9% and generating a maintainable EBITDA FY2023-24 of £1.2m, up from £0.9m in FY2022-23. The HEOR brand continues to increase its reputation in the market and we are synonymous with problem solving and communications expertise, alongside a sensitive and nurturing partnership approach. We have strengthened our industry links through focused key account management frameworks, complemented by a more data driven approach to strategic business development, whilst leveraging industry recognised tools to enhance our market insights. This multi-faceted strategy has supported YoY sales growth of 26% and we continue to win and deliver compelling new and follow-on assignments for our worldwide clients.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
During FY2023-24 we continued our investment in building a strong operational core to enable effective and robust service delivery for our global client base. Key value-creating investments undertaken included:
1. Investment in our human capital • Successful implementation of a new integrated HRIS to increase speed of access to key workforce data. • Increasing our investment in employee wellbeing through CSR activities and the introduction of a certificated mental health first aid team. • Building on our strategic learning and development programme with companywide, team specific and individualised initiatives including design and delivery of Insights Discovery to enhance collaboration and communication. 2. Investment in our organisational infrastructure and supply chain • Transitioning to new cloud-based technology infrastructure and a new IT service provider to support the provision of a robust environment to meet our evolving business needs. • Developing our assessment and monitoring of our environmental, social and ethical performance, and that of our suppliers, to enable identification of areas for continual improvement. • Embedding policies and processes to support operating in a ISO27001 compliant environment to provide strong, secure foundations for growth in data and technology services for our clients. 3. Investment in our intellectual capital • Embedding our scientific approach to client solutions through capturing our organisational knowledge; further enhancing our core models and materials, including modeling method templates and toolkits; and leveraging automation and technology solutions. • Developing specific thought leadership materials, model structures and disease maps around our new, holistic offering focused on total system value, to expand the definition of value for innovative products developed by clients. 4. Investment in our client relationships and quality service offerings • Integrating systems thinking into our service offering which, coupled with growth of our value communications expertise, positions us ahead of the curve for value demonstration. • Undertaking commercial activity to further diversify our client base and increase the number of long-term partnership frameworks within our existing client base. • Continuing to invest in our value communications capabilities to embed a quality-focused approach with a robust QA/QC prcoess complemented by editorial and design functions.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Key areas of focus will be on optimising the use of technology, including generative AI and other tools which support automation, augmented by our own staff insights, to increase our efficiency and development of our unique solutions to client challenges. Equally, building out our talent base with more operational researchers and systems thinking expertise will allow us to capitalise on some of healthcare’s ‘wicked’ problems such as decreasing drug budgets, healthcare delivery blockages, and optimising the uptake of novel drugs and technologies that make the biggest difference to human populations across the world.
Our enhanced approach to partnership is demonstrable by increased win rates, exemplary client feedback, and the creation of opportunities for co-design participation to support wider system stakeholder engagement which provides a win-win approach and embraces addressing client specific commercial goals. Across the industry we are seeing increasing recognition that patient outcomes can be improved through a better understanding of system value drivers and how the evidence connects. We see opportunity in vigorously pursuing our offering in the value communications space to further encourage engagement and conversation around total system value over the next 12 months. Finally, we see potential to leverage our acknowledged strength in the UK market, through working with partners to crystallise on opportunities globally as many of our offerings are disease, drug and country agnostic.
The greatest risk for our business continuity continues to be a dependency on our people and their intellectual and leadership capacity. Our investments in human capital and our employee value proposition are fundamental to mitigate this risk and ensure retention of key team members.
In parallel, dependency on IT necessitates resilient data governance, cybersecurity, and compliance to assure us against industry and client standards. Phase two of our infrastructure roadmap was completed during the year, which enables agile response to changing client technological solution requirements, whilst continuing to preserve robust and compliant data security and governance. Focus on quality will remain high priority, underpinned by QA/QC processes and editorial functions to ensure consistent high standards and, coupled with continuous training and development, will preserve client delivery expectations and our reputation. We successfully established enhanced working capital facilities at the end of FY2022-23, complemented by a long-term loan facility secured in June 2023. These funds combined with the actions taken to rebalance our cost base in FY2022-23 and the operational stabilisation in FY2023-24 have provided us with flexibility to continue investing in key value creating initiatives which will support continued sustainable growth. At the start of FY2023-24 we established a wider Board to enhance risk oversight and strategic management, and mitigate leadership key person dependencies. We also appointed two experienced independent non-executive directors to the Board to broaden the Company’s expertise and provide advice to support the continued development of the business.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
FY2023-24 has endorsed our position as one of the largest independent consultancies in our sector competing in a global market. The focus on stabilisation has enabled us to embed a strong sustainable platform from which to capitalise on global industry opportunities, leveraging our innovative value systems thinking approach to drive improved patient outcomes and value creation for our clients.
This report was approved by the board on 17 September 2024 and signed on its behalf.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £568,143 (2023 - loss £395,332).
Final dividends were paid during the year amounting to £519,000 (2023: £354,000)
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 judgements 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 2006. They 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.
Included within the Strategic Report is a review of the business and a description of the principal risks and uncertainties facing the Company.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events affecting the Company since the year end.
The auditors, MHA Chartered Accountants & Statutory Auditors, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
We have audited the financial statements of Health Economics & Outcomes Research Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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.
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.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD (CONTINUED)
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.
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.
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.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD (CONTINUED)
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:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness; - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; - Discussions with management over any potential or suspected fraud. - Performing audit work over the recognition of revenue on deliveries of goods/income/services occurring at the year end to provide assurance over cut-off; - Performing substantive tests of detail over the completeness/existence of income within the financial system.
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.
In the previous accounting period the directors of the company took advantage of the audit exemption section 477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to an audit.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
REGISTERED NUMBER: 07532879
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 30 form part of these financial statements.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Health Economics and Outcomes Resources is a private company, limited by shares, registered in England and Wales.The Company's registered number and registered address can be found on the Company Information page.
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 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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.
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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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately 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 £298,564 (2023: £205,879). Contributions totalling £57,089 (2023: £61,638) were payable to the fund at the balance sheet date and are included within creditors.
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HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no capital commitments at the year end date (2023 - £Nil).
There have been no significant events affecting the company since the year end.
The company has taken advantage of exemption, under the terms of "Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
During the year, the company entered into the following transactions with related parties:
At the year end, a creditor of £2,400 (2022: £nil) was owed to Gambit Corporate Finance LLP, a company under common Directorship control. There are no fixed terms for the repayment of the amounts outstanding, all are repayable on demand and are interest free. During the year, the company incurred costs of £685,874 to HEOR GmbH, £24,000 to Gambit Corporate Finance LLP, £59,954 to The OCM Group Limited and £67,817 to Red Crocodile Limited. These all share Common Directorship with Health Economics and Outcomes Research Ltd. During the year, the company incurred costs of £24,748 for the salary and emoluments for persons connected by virtue of family relationships to the directors.
The immediate controlling party is HEOR Holdings Limited, a company incorporated in England & Wales and registered at Rhymney House Unit A Copse Walk, Cardiff Gate Business Park, Cardiff, Wales CF23 8RB.
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