Company registration number 03283749 (England and Wales)
QUANTICATE INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QUANTICATE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr N A Herron
Mr D D Underwood
Mr J R McDermott
Company number
03283749
Registered office
Bevan House
9-11 Bancroft Court
Hitchin
Hertfordshire
SG5 1LH
Auditor
Moore NHC Audit Limited
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
QUANTICATE INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
QUANTICATE INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities

The company's principal activity during the year was that of a specialist data focused contract clinical research organisation (CRO) with an integrated consultancy business.

Business Review

Quanticate International Limited is a wholly owned subsidiary in the group headed by Quanticate Limited (the “Quanticate Group” or “Quanticate”). The Quanticate group is headquartered in Hitchin, UK, remains one of the largest privately owned global data-focused clinical companies. The Group maintains its offices in Poland and three strategic hubs in India, alongside its operations in South Africa and North America. Quanticate continues to offer high-quality, cost-effective global solutions, with a well-established reputation in the industry, particularly in providing expertise in biostatistics and statistical programming. Our services include consultancy, scalable on- and off-site statistical programming and analysis, data management, pharmacovigilance, and medical writing solutions.

2023 was a year of continued growth and consolidation for Quanticate, with a keen focus on maintaining our high standards of service. We have solidified our strong partnerships with pharmaceutical, biotech, and medical device companies by acting as a seamless extension of our customers' internal teams, delivering flexible, high-quality support that adapts to any technological environment. Quanticate has consistently delivered successful projects across all phases and therapeutic areas, contributing to numerous new drug applications.

Our focus remains on the accurate collection, storage, management, analysis, and reporting of clinical trial and post-marketing surveillance data. Quanticate's collaboration with top pharmaceutical companies has been instrumental in providing cost-effective, high-quality R&D support. The company's niche focus on data-related functions in clinical R&D, coupled with global capabilities and a strong industry reputation, continues to be a critical factor in our selection as a strategic partner, particularly in biostatistics, statistical programming and data management.

We have maintained our commitment to innovation, with the Quanticate IQ portal continuing to offer significant value by delivering and visualizing targeted data, information, and knowledge from disparate systems in customer-preferred formats. This real-time data access enables faster decision-making and optimal commercialization, which is increasingly vital given new regulations that emphasize risk-based approaches requiring statistical oversight and visualization tools. Furthermore, our advancements in automated CDISC tools and Wrapper macros for rapid production of reporting outputs, have enhanced our service efficiency and cost-effectiveness.

Throughout 2023, we have been incorporating AI and machine learning to enhance our biometrics and data services. Our partnerships with leading technology companies are allowing us to integrate AI-driven platforms, resulting in streamlined data management and paving the way to enhanced adaptive trials and real-time clinical decision-making. Looking ahead, we are developing AI-powered tools for medical writing and exploring AI integration in pharmacovigilance databases. These initiatives position us at the forefront of innovation in clinical trial delivery, ensuring we continue to provide cutting-edge solutions for our clients.

 

Our dedication to business excellence is mirrored in our commitment to providing a working environment that fosters opportunity, encourages creativity, and rewards achievement, making Quanticate the CRO of choice for top talent in the industry. This commitment is foundational to delivering exceptional business outcomes for our clients.

QUANTICATE INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial Performance

Quanticate's financial performance in 2023 reflects our continued focus on growth and operational efficiency:

Future Outlook

Looking ahead, 2024 is expected to be a year of reduced revenue due to the cyclical nature of outsourcing in the pharmaceutical industry. We anticipate that our customers may reduce their outsourcing volumes temporarily as part of their strategic cycles. However, we view this as a short-term adjustment, and we are optimistic about our prospects for 2025. With new strategic customer prospects in the pipeline and plans to increase the diversity of our customer base, we are well-positioned for renewed growth. Our continued focus on AI enablement, innovation, operational efficiency, and high-quality service delivery will ensure that Quanticate remains a leader in the CRO industry.

We are confident that our strategic initiatives and the dedication of our talented workforce will enable us to navigate the challenges of 2024 and capitalize on the opportunities that lie ahead in 2025 and beyond.

On behalf of the board

Mr N A Herron
Director
25 September 2024
QUANTICATE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Results and dividends

The profit for the financial year amounted to £ 3,620,032 (2022– profit of £ 3,158,926).

An interim dividend of £4,000,000 was authorised and paid during the year (2022 - £3,000,000). The directors do not recommend a final dividend for the year (2022 - £nil). A dividend of £30,952 (2022 - £25,382) was received from a subsidiary company during the year.

 

Equity Dividends

 

2023

£

2022

£

Ordinary shares        

 

Interim Paid £400 per share (2022:£300 per share) 4,000,000     3,000,000

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N A Herron
Mr D D Underwood
Mr J R McDermott
Qualifying third party indemnity provisions

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors.

Research and development

During 2023, the company continued its investment in custom technology to support the business and customers. The main focus was on IQ and, the customer information portal and business intelligence tool, and the RCDM platform, for remote and risk-based monitoring and analysis. The company has further developed its automated CDISC tools and Wrapper macros in order to enhance Quanticate’s ability to provide its services efficiently and cost-effectively. The company expects to continue related development and accelerated AI enablement going forward.

Future developments

It is anticipated that the Quanticate group will continue to strengthen its position as the world’s leading strategic biometrics CRO. The longer term strategy for the Quanticate Group is to be the primary supplier of Centralised Clinical Data Services and to form further strategic alliances with its customers. In 2023 the growth in revenue and profits reflected the group’s strategy of close partnerships with its clients. 2024 has started with a down cycle due to a number of pharma companies going through cost-cutting exercises and reducing their outsourcing. As a results of our partnerships we continue to work with these clients, though on a reduced scale. We anticipate this is short term and they will revert to their normal outsourcing model in due course, and revenue and profits will increase again in 2025

Auditor

In accordance with the company's articles, a resolution proposing that Moore NHC Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

QUANTICATE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

QUANTICATE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Financial Risk Management

The company’s operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and foreign exchange risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring the availability and levels of debt finance, and the impact of movements to exchange rates, through regular review and update of a risk register. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. The policies set by the board of directors are implemented by the company’s finance department.    

Price risk    
The company is exposed to price risk due to normal inflationary increases within the economy, and how these affect salary levels. The company is also exposed to movements in the strength of sterling against the US dollar and the Euro. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.     

Foreign exchange risk    
The company monitors foreig exchange movements on a daily basis and where appropriate has taken hedging against such foreign exchange movements in foreign currency receivables for high value clients. These take the form of forward contracts from the time of invoicing to the time of estimated receipt according to client terms.    
    

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before entering into contracts. The amount of exposure to any individual counterparty is subject to a limit which is assessed according to the credit check. For any cash deposits the credit rating of the bank is reviewed.

 

Liquidity and cash flow risk    
The company ensures sufficient working capital through short‑term debt finance where necessary. Longer‑term funding for expansion has historically come from shareholders’ funds; this would be reviewed if longer‑term debt finance were required.

 

Interest rate risk

The company has interest bearing assets which include cash balances which earn interest at a variable rate. The directors will revisit the appropriateness of this policy should the group’s operations change in size or nature.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N A Herron
Director
25 September 2024
QUANTICATE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUANTICATE INTERNATIONAL LIMITED
- 6 -
Opinion

We have audited the financial statements of Quanticate International Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

QUANTICATE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUANTICATE INTERNATIONAL LIMITED (CONTINUED)
- 7 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

 

QUANTICATE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUANTICATE INTERNATIONAL LIMITED (CONTINUED)
- 8 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

  • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation

 

  • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

 

  • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

 

  • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

 

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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 auditor's 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.

Daniel Garfield
Senior Statutory Auditor
For and on behalf of Moore NHC Audit Limited
25 September 2024
Chartered Accountants
Statutory Auditor
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
QUANTICATE INTERNATIONAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
13,903,318
13,114,614
Cost of sales
(6,653,648)
(7,090,370)
Gross profit
7,249,670
6,024,244
Administrative expenses
(3,608,833)
(2,879,455)
Other operating income
1,079,383
736,768
Operating profit
4
4,720,220
3,881,557
Other interest receivable and similar income
7
27,684
17,060
Interest payable and similar expenses
8
(16,543)
(16,801)
Profit before taxation
4,731,361
3,881,816
Tax on profit
9
(1,111,329)
(722,890)
Profit for the financial year
3,620,032
3,158,926

The profit and loss account has been prepared on the basis that all operations are continuing operations.

QUANTICATE INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
3,620,032
3,158,926
Other comprehensive income
-
-
Total comprehensive income for the year
3,620,032
3,158,926
QUANTICATE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,127
16,353
Tangible assets
12
49,724
63,702
Investments
13
48,404
48,404
101,255
128,459
Current assets
Debtors
15
6,250,130
6,286,273
Cash at bank and in hand
4,892,185
5,608,598
11,142,315
11,894,871
Creditors: amounts falling due within one year
16
(4,014,504)
(4,429,296)
Net current assets
7,127,811
7,465,575
Total assets less current liabilities
7,229,066
7,594,034
Provisions for liabilities
Provisions
17
24,000
9,000
Deferred tax liability
18
4,274
4,274
(28,274)
(13,274)
Net assets
7,200,792
7,580,760
Capital and reserves
Called up share capital
20
2,000
2,000
Share premium account
99,000
99,000
Own shares
20
20
Profit and loss reserves
7,099,772
7,479,740
Total equity
7,200,792
7,580,760

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr N A Herron
Director
Company registration number 03283749 (England and Wales)
QUANTICATE INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
2,000
99,000
20
7,320,814
7,421,834
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
3,158,926
3,158,926
Dividends
10
-
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2022
2,000
99,000
20
7,479,740
7,580,760
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
3,620,032
3,620,032
Dividends
10
-
-
-
(4,000,000)
(4,000,000)
Balance at 31 December 2023
2,000
99,000
20
7,099,772
7,200,792
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Quanticate International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bevan House, 9-11 Bancroft Court, Hitchin, Hertfordshire, SG5 1LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Quanticate Limited. These consolidated financial statements are available from its registered office, Bevan House, 9-11 Bancroft Court, Hitchin, SG5 1LH.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33%
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short-term leasehold property
Equal instalments over remaining period of lease
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.13
Employee benefits

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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Clinical Research
13,903,318
13,114,614
2023
2022
£
£
Turnover analysed by geographical market
UK
1,437,122
2,229,602
EU
3,557,894
4,727,843
Rest of World
8,908,302
6,157,169
13,903,318
13,114,614
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 19 -
2023
2022
£
£
Other revenue
Interest income
27,684
17,060
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(352,893)
(787,318)
Fees payable to the company's auditor for the audit of the company's financial statements
8,238
60,344
Depreciation of owned tangible fixed assets
31,665
39,122
Amortisation of intangible assets
13,226
29,544
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administrative employees
35
29
Operational employees
31
34
Total
66
63

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,792,088
3,595,093
Social security costs
448,284
446,087
Pension costs
145,421
140,581
4,385,793
4,181,761
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
558,329
547,048
Company pension contributions to defined contribution schemes
5,858
6,124
564,187
553,172
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 20 -

The number of directors for whom retirement benefits are accruing under defined company contribution schemes amounted to 1 (2023: 1)

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
465,030
460,492

Nil options to purchase shares were awarded to Directors (2022 : Nil). Directors' holdings of options to purchase shares in Quanticate Limited, the company's parent company, from the 2018 EMI Plan are as follows:

 

N Herron     19 Performance options from the 2018 EMI Plan

 

Terms of the options granted above and relating to the Directors are as follows:

 

(a)     The exercise price of the options are £446;

(b)    The estimated earliest vesting date for the options is December 2024;

(c)    The expiry date for the options is 5 years from the date of grant, being August 2025 for N Herron;

(d)    The non-market conditions attached to performance options is occurrence of sale or IPO of Quanticate Limited with a     minimum exit price achieved of £50m.

 

Please refer to note ** "Share Based Payments" for further details relating to share options granted.

 

The Profit and Loss charge relating to share options granted to directors amounted to £Nil (2022 - £Nil).

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
27,684
17,060
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
27,684
17,060
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
16,543
16,801
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,111,329
722,890
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
4,731,361
3,881,816
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
1,111,870
737,545
Tax effect of expenses that are not deductible in determining taxable profit
(175)
6,401
Effect of change in corporation tax rate
(6,519)
(15,107)
Depreciation on assets not qualifying for tax allowances
7,441
-
0
Amortisation on assets not qualifying for tax allowances
3,108
-
0
Capital allowances
(4,396)
(1,126)
Non taxable dividends
-
0
(4,823)
Taxation charge for the year
1,111,329
722,890
10
Dividends
2023
2022
£
£
Final paid
4,000,000
3,000,000
11
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
790,598
Amortisation and impairment
At 1 January 2023
774,245
Amortisation charged for the year
13,226
At 31 December 2023
787,471
Carrying amount
At 31 December 2023
3,127
At 31 December 2022
16,353
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Tangible fixed assets
Short-term leasehold property
Computers
Total
£
£
£
Cost
At 1 January 2023
45,710
975,200
1,020,910
Additions
-
0
17,687
17,687
Disposals
-
0
(59,315)
(59,315)
At 31 December 2023
45,710
933,572
979,282
Depreciation and impairment
At 1 January 2023
39,364
917,844
957,208
Depreciation charged in the year
2,408
29,257
31,665
Eliminated in respect of disposals
-
0
(59,315)
(59,315)
At 31 December 2023
41,772
887,786
929,558
Carrying amount
At 31 December 2023
3,938
45,786
49,724
At 31 December 2022
6,346
57,356
63,702
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
48,404
48,404
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Quanticate Polska Sp.z.o.o.
Poland
Contract Research
Ordinary
100.00
Quanticate (Pty) Ltd
South Africa
Contract Research
Ordinary
100.00
Quanticate Pharma Service Inc
Canada
Contract Research
Ordinary
100.00
Quanticate India Private Limited
India
Contract Research
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1)
Quanticate Polska Sp.z.o.o, 2 Hankiewicza Street , 02-103 Warszawa, Regon: 140369509, NIP: 1070003777, Poland
2)
Quanticate (Pty) Ltd, 11 Reid Street, Westdene, Bloemfontein, 9301, South Africa
3)
Quanticate Pharma Service Inc, 2 Robert Speck Parkway Parkway, Suite 750, Mississauga, Ontario, L4Z 1HB, Canada
4)
Quanticate India Private Limited, HM Vibha Towers, 4th Floor, Site No 66/5-25, Luskar Hosur Road, Adugodi, Koramangala, Bangalore - 560 030, India
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
(Continued)
- 23 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Quanticate Polska Sp.z.o.o.
66,552
30,055
Quanticate (Pty) Ltd
114,861
22,461
Quanticate Pharma Service Inc
40,602
25,441
Quanticate India Private Limited
349,575
105,147
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,363,030
3,654,792
Corporation tax recoverable
990,176
1,572,176
Amounts owed by group undertakings
17,531
41,542
Other debtors
11,835
5,339
Prepayments and accrued income
1,867,558
1,012,424
6,250,130
6,286,273
16
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
498,808
1,008,139
Amounts owed to group undertakings
923,418
735,354
Taxation and social security
151,476
184,120
Accruals and deferred income
2,440,802
2,501,683
4,014,504
4,429,296
17
Provisions for liabilities
2023
2022
£
£
24,000
9,000
Movements on provisions:
£
At 1 January 2023
9,000
Additional provisions in the year
15,000
At 31 December 2023
24,000
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed asset timing differences
4,274
4,274
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
145,421
140,581

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totaling £23,260 (2022 - £22,514) were payable to the fund at the balance sheet date and are included in creditors.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 4p each
50,000
50,000
2,000
2,000
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
21
Share-based payment transactions

During 2023 the parent company awarded Nil share options in the 2018 EMI Plan ( 2022 - Nil options).

 

Certain employees of the company along with other group employees have been granted options over the shares of Quanticate Limited. The terms of which are contained in the below assumptions. Employees are required to remain in employment with the group.

 

The share option valuation was performed by an independent valuer for the year ended 31 December 2020, and the Monte Carlo model was used. Some terms of the options granted were as follows:

 

(a)    The exercise price of the options are £446;

(b)    The estimated earliest vesting period for the 2018 EMI Plan is December 2024;

(c)    The expiry date is 5 years from the date of grant in the 2018 EMI Plan.

(d)    The non-market conditions attached to the options is occurrence of sale or IPO of Quanticate Limited with a     minimum exit price achieved of £75m for the 2018 EMI Plan. An estimated success rate of the performance event used for the valuation is 30% for the 2018 EMI Plan.

 

Other key assumptions used by the valuation model were as follows:

 

(i)    Shares volatility rate - 70%

(ii)    Risk free interest rate - 2%

(iii)    Dividend yield - 12%

(iv)     Proportion of options that vest - 30% options will not lapse

(v)    The non-market share price of Quanticate Limited at the date of grant was £446.

 

As a result of application of the Monte Carol valuation model, which used the terms and key assumptions stated above, the fair values of options awarded and applicable at the date of the grant were as follows:

 

Performance based - £4.83 for the 2018 EMI Plan.

 

The company recognises an equity-settled based payment expense and bears the expense and/or credit due to the majority of employees issued share options being employed by this company in the group.

 

The profit and Loss credit relating to the share options granted to employees amounted to £Nil (2022 - £Nil0.

 

Summary of share based payments

Grant date
2023
2022
Option price at grant date
£446
£446
Exercise price
£446
£446
Shares under option
78
78
Vesting period (Years) - Performance based
5
5
A reconciliation of the share option movements over the year to 31 December 2023 is shown below;
QUANTICATE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Share-based payment transactions
(Continued)
- 26 -
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023 and 31 December 2023
78
78
446.00
446.00
Exercisable at 31 December 2023
-
0
-
0
-
0
-
0
22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
110,493
136,990
Between two and five years
111,377
103,392
221,870
240,382
23
Related party transactions

There are no transactions with Directors ( 2022: £Nil ).

 

There are 4 (2022; 4) close family members of the Directors who are employed by the entity. These family members received salary commensurate with their grade and responsibilities. Aggregate salaries and out of pocket expenses paid to these employees was £300,723 (2022 : £284,802).

 

The Company is exempt from disclosing other related party transactions per FRS 102 paragraph 33.1A as they are with other companies that are wholly owned within the Group.

24
Ultimate controlling party

The Company's immediate parent, ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Quanticate Limited incorporated in the United Kingdom. The registered office of Quanticate Limited is the same as the Company.

 

D Underwood is considered to be the ultimate controlling party.

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