Company registration number 07032641 (England and Wales)
LH PERSPECTIVES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LH PERSPECTIVES LIMITED
COMPANY INFORMATION
Directors
Mr R Melia
Mr D Summerfield
Secretary
JTC (UK) Limited
Company number
07032641
Registered office
3 Forbury Place
23 Forbury Road
Reading
United Kingdom
RG1 3JH
Auditor
Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
LH PERSPECTIVES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
LH PERSPECTIVES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
11,755
-
0
Current assets
Debtors
6
2,058,608
2,659,473
Cash at bank and in hand
2,331,867
1,493,514
4,390,475
4,152,987
Creditors: amounts falling due within one year
7
(1,114,574)
(1,279,219)
Net current assets
3,275,901
2,873,768
Net assets
3,287,656
2,873,768
Capital and reserves
Called up share capital
100
100
Other reserves
38,980
35,563
Profit and loss reserves
3,248,576
2,838,105
Total equity
3,287,656
2,873,768

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 21 November 2024 and are signed on its behalf by:
Mr R  Melia
Director
Company registration number 07032641 (England and Wales)
LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

LH Perspectives Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Forbury Place, 23 Forbury Road, Reading, United Kingdom, RG1 3JH.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

On 30 June 2024, the trade, assets and liabilities of the company were transferred to a parent company. As such the company ceased trading on 30 June 2024. The intention of the directors is to close down the company however, the timing of this is currently uncertain. Therefore, the financial statements have been prepared on a basis other than going concern, however no adjustments have arisen as a result of the change to the non-going concern basis of accounting.true

 

The transfer forms part of an ongoing project to simplify the IQVIA Ltd group structure.

1.3
Turnover

Turnover from supply of services is recognised when the company obtains a right to consideration in exchange for its fulfilment of contractual obligations.

 

The company's turnover is project driven and therefore turnover is recognised based on project percentage complete which is determined in line with the project milestones stipulated by the underlying customer contracts.

The company has a number of customer contracts that span two accounting periods.

 

The timing of customer billing results in project related accrued and deferred income. Billing customers in advance of certain milestones being met results in deferred income. Billing customers in arrears results in accrued income/work in progress.

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.

LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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
25% on cost
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:

Fixtures and fittings
25% reducing balance
Computers
33% on cost

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
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.

1.7
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.

LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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 statement of financial position 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.

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.

1.9
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.

1.10
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 income statement 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.

LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.

1.11
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.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Project related work in progress and payments received on account

The company's turnover is project driven and therefore turnover is recognised based on project percentage complete which is determined in line with the milestones stipulated by the underlying customer contracts.

 

The timing of customer billing results in project related accrued and deferred income. Billing customers in advance of certain milestones being met results in deferred income. Billing customers in arrears results in accrued income/work in progress.

 

As a result of the way that the company monitors and accounts for its project related work for a number years, the relevant accrued and deferred income which relates to multiple projects and customers is presented net in the financial statements as 'payments received on account' which is included in creditors due within one year.

 

Presenting the relevant amounts net in the financial statements is a departure from the provisions of Companies Act 2006, however, the directors are of the opinion that this does not change materially the true and fair view of the accounts.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Long term contracts and work in progress

The company's turnover is project driven and therefore turnover is recognised based on project percentage complete which is determined in line with the milestones stipulated by the underlying customer contracts. The company has a number of customer contracts that span two accounting periods.

 

The key estimate in this area is the percentage that each project is complete at the year end date. This is determined by the project manager responsible for the project, by reference to the progress against the milestones stipulated by the underlying contracts. The work in progress at the year end is then reviewed by the directors.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
45
43
LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
29,293
Additions
14,106
At 31 December 2023
43,399
Amortisation and impairment
At 1 January 2023
29,293
Amortisation charged for the year
2,351
At 31 December 2023
31,644
Carrying amount
At 31 December 2023
11,755
At 31 December 2022
-
0
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
24,500
72,479
96,979
Depreciation and impairment
At 1 January 2023 and 31 December 2023
24,500
72,479
96,979
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,006,902
2,407,809
Amounts owed by group undertakings
29,076
178,548
Other debtors
22,604
72,604
Prepayments and accrued income
26
512
2,058,608
2,659,473
LH PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
209,931
367,495
Corporation tax
71,643
347,784
Other taxation and social security
62,321
148,397
Other creditors
95,120
-
0
Accruals and deferred income
675,559
415,543
1,114,574
1,279,219
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter - Basis of financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 and 9 to the financial statements which explains that after the year at the balance sheet date the trade, assets and liabilities of the company have been transferred to a parent company. The company ceased trading and the directors' intention is to close the company. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Malik Nayyer Salim
Statutory Auditor:
Shaw Gibbs (Audit) Limited
Date of audit report:
22 November 2024
9
Events after the reporting date

On 30 June 2024, IQVIA Ltd, the parent company, acquired the trade and assets of LH Perspectives Limited for £33.2million.

10
Related party disclosures

The company has taken advantage of exemption, under the terms of Section 33.1A 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.

11
Ultimate controlling party

The company's immediate parent is IQVIA Ltd, a company incorporated in the United Kingdom.

 

The ultimate controlling party is IQVIA Holdings Inc., a company incorporated in the United States of America and registered at 4820 Emperor Blvd., Durham, North Carolina 27703, United States. This company is the smallest and largest group undertaking where consolidation is being prepared. The consolidated financial statement of IQVIA Holdings Inc. may be obtained from the company's website www.iqvia.com.

 

 

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