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REGISTERED NUMBER: 04105540 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ACCELLACARE UK LIMITED

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


ACCELLACARE UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: P F Talini
T Brown





SECRETARY: E Fox





REGISTERED OFFICE: 500 South Oak Way
Green Park
Reading
Berkshire
RG2 6AD





REGISTERED NUMBER: 04105540 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

STRATEGIC REPORT
for the year ended 31 December 2023

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

PRINCIPAL ACTIVITIES
The principal activity of Accellacare UK Limited ("the Company") is to provide clinical research services to the pharmaceutical industry. This is primarily done through carrying out clinical trials at our research sites globally. There has been a drop in activity compared with the prior reporting period which is mainly attributable to one large study having reduced activity as it neared completion.

REVIEW OF BUSINESS
The results of the Company are set out on page 10 of the financial statements.
The directors do not envisage a significant change in the activities of the Company over the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to financial and business risks as noted below. The company has in place risk management policies that seek to limit the adverse effect of these risks on the financial performance of the company.

Credit risk
The company's credit risk is primarily attributable to its trade debtors and unbilled receivables. The amounts presented in the Statement of Financial Position is net of allowances for doubtful debts, estimated by management based on prior experience, the current economic environment or specific customer issues. The company has implemented polices that require appropriate assessments of potential customers and reviews of existing customer histories before a sale is made.

Foreign exchange risk
The company operates internationally and as such not all contracts will be in the company's functional currency. Contracts usually span a few years and are forecasted to return a certain level of profit. Fluctuations in currency exchange rates may have an impact on the forecasted profit. Management consider this to be an acceptable level of risk.

Business risk
There are risks and uncertainties relevant to the company's business, financial condition and the results of operations which may affect future performance. The factors listed below are amongst those which could cause its actual results to differ materially from expected or historical results.

Continuation of work undertaken
Clinical trials are complex and the data collected is regularly monitored for both safety and efficacy reasons. If issues arise on a trial, it can be terminated early causing a reduction in future revenue from that trial. Management mitigates this risk by participating in multiple studies for different clients.

Regulatory authorities
Our work is subject to inspections from regulatory authorities and we need to ensure that our processes and work meets the expected standards. Management mitigate this risk by maintaining strong oversight through regular quality control and quality assurance reviews.


Recruitment of qualified employees
The success of the company's business depends on its ability to attract and retain qualified clinical, professional and administrative staff. The company believes that its reputation, growth prospects, good compensation and benefits packages, together with the excellent training schemes offered, allows it to offer broad experience to existing and prospective employees.

Reliance on information technology
The company is reliant on information technology systems. Any disruption to these systems due to internal or external factors could materially affect the company's operations. Management utilise a number of information technology security measures to mitigate this risk.


ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

STRATEGIC REPORT
for the year ended 31 December 2023

KEY PERFORMANCE INDICATORS

December
2023

December
2022


Movement
£    £    %

Turnover 6,820 8,071 (15.5 )
Operating profit 474 804 (41.0 )
Trade debtors 1,682 1,028 63.6
Accrued income and retentions - 1,453 (100.00 )
Cash at bank 189 312 (39.4 )

Average number of employees 79 94 (16.0 )

ON BEHALF OF THE BOARD:





T Brown - Director


19 December 2024

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of clinical research.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
P F Talini has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

B Harte - resigned 12 October 2023
T Brown - appointed 12 October 2023

POST BALANCE SHEET EVENTS
There have been no events subsequent to the year end requiring adjustment to, or disclosure in, the financial statements.

COMPANY INFORMATION
On 31 October 2023, VSK (Kenilworth) Limited transferred the entire issued share capital of Accellacare UK Limited, being 910 ordinary shares of £1.00 each, to ICON Investments Limited and became the sole shareholder of Accellacare UK Ltd.

The Company is a wholly owned subsidiary of ICON Investments Limited, a UK tax resident company incorporated in Jersey (ICON Jersey) and was controlled throughout the year by ICON plc, a company incorporated in Ireland with its registered office at South County Business Park, Leopardstown, Dublin 18, Ireland.

The largest and smallest group into which the results of the Company are consolidated is that headed by ICON plc. The consolidated financial statements may be obtained from the Companies Office,Bloom House, Gloucester Place Lower, Dublin 1, Ireland.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies 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 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.

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T Brown - Director


19 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCELLACARE UK LIMITED

Opinion
We have audited the financial statements of Accellacare UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCELLACARE UK LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCELLACARE UK LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- reference to past history and experience of the Entity,
- enquiry of management, including obtaining and reviewing supporting documentation concerning
the Entity's procedures relating to:
- identifying and complying with laws and regulations and whether they were aware of any instances
of non-compliance;
- detection and response to risk of fraud and whether they were aware of any actual or suspected
instances of fraud.
- assessment of the controls and processes that the Entity has in place to mitigate risk

Our assessments included the identification of the following potential areas for fraud:
- Management override of control;
- Revenue recognition, particularly in respect of delivery of services

We design audit procedures by tailored and directed testing to aid and support the determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting
irregularities, including fraud, are detailed below:

- We critically assessed the appropriateness and tested the application of the revenue and cost
recognition policies
- We tested the appropriateness of accounting journals and other adjustments made in the
preparation of the financial statements
- We reviewed the Entity's accounting policies for non-compliance with relevant standards.
- We made enquiries of management and reviewed correspondence with the relevant authorities to
identify any irregularities or instances of non-compliance with laws and regulations

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain
professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ACCELLACARE UK LIMITED


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 a Report of the Auditors 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.




Mark Spafford FCA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

27 December 2024

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 6,820,901 8,071,290

Other operating income (85,997 ) 342,255
6,734,904 8,413,545

Cost of sales 816,968 991,613
Other external expenses 10,719 13,619
827,687 1,005,232
5,907,217 7,408,313

Staff costs 4 4,277,248 4,725,236
Depreciation 564,385 604,520
Other operating expenses 591,410 1,274,831
5,433,043 6,604,587
OPERATING PROFIT 474,174 803,726

Income from shares in group
undertakings

69,272

-
Interest receivable and similar income 9,659 2,437
78,931 2,437
553,105 806,163

Interest payable and similar expenses 5 57,859 55,425
PROFIT BEFORE TAXATION 6 495,246 750,738

Tax on profit 7 131,813 157,763
PROFIT FOR THE FINANCIAL YEAR 363,433 592,975

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 363,433 592,975


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

363,433

592,975

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,867,734 2,198,981
Investments 9 2,656 2,656
1,870,390 2,201,637

CURRENT ASSETS
Debtors 10 8,881,472 8,178,814
Cash at bank and in hand 189,402 312,182
9,070,874 8,490,996
CREDITORS
Amounts falling due within one year 11 1,182,628 1,196,868
NET CURRENT ASSETS 7,888,246 7,294,128
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,758,636

9,495,765

CREDITORS
Amounts falling due after more than one
year

12

(553,447

)

(700,388

)

PROVISIONS FOR LIABILITIES 15 (84,235 ) (116,036 )

ACCRUALS AND DEFERRED INCOME 16 (1,827,168 ) (1,748,988 )
NET ASSETS 7,293,786 6,930,353

CAPITAL AND RESERVES
Called up share capital 17 910 910
Capital redemption reserve 18 90 90
Retained earnings 18 7,292,786 6,929,353
SHAREHOLDERS' FUNDS 7,293,786 6,930,353

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:





T Brown - Director


ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 910 6,336,378 90 6,337,378

Changes in equity
Total comprehensive income - 592,975 - 592,975
Balance at 31 December 2022 910 6,929,353 90 6,930,353

Changes in equity
Total comprehensive income - 363,433 - 363,433
Balance at 31 December 2023 910 7,292,786 90 7,293,786

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Accellacare UK Limited is a private company, limited by shares, registered in England and Wales. The Company's registered office is 500 South Oak Way, Green Park, Reading, England, RG2 6AD, United Kingdom. The company registered number is 04105540.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52 of IFRS 16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118,
119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present
comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1; and
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111
and 134 to 136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions
entered into between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of
Assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - Unexpired Term of Lease
Improvements to property - Unexpired Term of Lease
Fixtures and fittings - 25% on reducing balance, 20% on cost and 12.5% on cost
Computer equipment - 25% on cost

Financial instruments
The company has elected to apply the provisions of IFRS 7 "Financial Instruments: Disclosures", as permitted by FRS 101, to all of its financial instruments.

Financial instruments are recognised 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 liability and settle simultaneously.

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Government grants
Government grants are recognised as other operating income where receivable.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Clinical research services 6,820,901 8,071,290
6,820,901 8,071,290

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom and EMEA 6,790,579 7,786,325
United States of America 30,322 284,965
6,820,901 8,071,290

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,705,118 4,119,159
Social security costs 384,784 407,981
Other pension costs 187,346 198,096
4,277,248 4,725,236

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Clinical 73 86
Non-Clinical 6 8
79 94

2023 2022
£    £   
Directors' remuneration - -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 7,883 10,871
Interest expense on leasing arrangements 49,976 44,554
57,859 55,425

6. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):
2023 2022
£    £   
Depreciation - owned assets 564,386 604,521
Auditors' remuneration 14,750 27,750
Foreign exchange differences 85,997 (31,144 )

7. TAXATION

Analysis of tax expense
2023 2022
£    £   
Current tax:
Tax 163,614 90,455
Prior year adjustment - 59,109
Total current tax 163,614 149,564

Deferred tax (31,801 ) 8,199
Total tax expense in income statement 131,813 157,763

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

7. TAXATION - continued

Factors affecting the tax expense
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before income tax 495,246 750,738
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

123,812

142,640

Effects of:
Capital allowances for the period in excess of depreciation 79,289 (14,061 )
Change in tax rate for deferred tax - 29,589
Change in tax rate for corporation tax (10,293 ) -
Revenue expenditure capitalised - (405 )
Income from shares in group undertakings (17,318 ) -
Super deduction capital allowances (18 ) -
Inter-company loan written off (43,659 ) -
Tax expense 131,813 157,763

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
Short to and Computer
leasehold property fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 2,217,299 117,341 2,276,990 302,330 4,913,960
Additions 224,578 - 6,155 2,406 233,139
Disposals - - (171,521 ) (102,791 ) (274,312 )
At 31 December 2023 2,441,877 117,341 2,111,624 201,945 4,872,787
DEPRECIATION
At 1 January 2023 1,215,514 117,341 1,098,130 283,994 2,714,979
Charge for year 317,154 - 237,554 9,678 564,386
Eliminated on disposal - - (171,521 ) (102,791 ) (274,312 )
At 31 December 2023 1,532,668 117,341 1,164,163 190,881 3,005,053
NET BOOK VALUE
At 31 December 2023 909,209 - 947,461 11,064 1,867,734
At 31 December 2022 1,001,785 - 1,178,860 18,336 2,198,981

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,656
NET BOOK VALUE
At 31 December 2023 2,656
At 31 December 2022 2,656

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Accellacare España S.L.
Registered office: Calle del Marqués de la Valdavia, 103, 28100 Alcobendas, Madrid, Spain
Nature of business: Clinical Research
%
Class of shares: holding
Ordinary 100.00

Accellacare South Africa (PTY) LTD
Registered office: Block 29 Second Floor, The Highlands Estate, The Woodlands, Woodlands Drive, Woodmead, Gauteng, 2191, South Africa
Nature of business: Clinical Research
%
Class of shares: holding
Ordinary 51.00

Medinova Lakeside Clinical Research Limited

Registered office: 500 South Oak Way, Green Park, Reading, England, RG2 6AD, United Kingdom

Nature of business: Clinical Research

%
Class of shares: holding
Ordinary 100%

Medinova Merc (UK) Limited

Registered office: 500 South Oak Way, Green Park, Reading, England, RG2 6AD, United Kingdom

Nature of business: Dormant

%
Class of shares: holding
Ordinary 100%

Improving Treatments Limited
Registered office: 500 South Oak Way, Green Park, Reading, England, RG2 6AD, United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,681,741 1,027,621
Amounts owed by group undertakings 6,750,134 5,120,993
Other debtors 15,605 10,750
Tax 60,080 355,351
VAT 65,572 87,922
Prepayments 308,340 122,742
Accrued income and retentions - 1,453,435
8,881,472 8,178,814

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Leases (see note 13) 364,016 331,098
Trade creditors 140,708 84,354
Amounts owed to group undertakings 67,720 69,638
Social security and other taxes 88,208 105,537
Other creditors 26,629 46,129
Accrued expenses 495,347 560,112
1,182,628 1,196,868

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Leases (see note 13) 553,447 700,388

.

13. FINANCIAL LIABILITIES - BORROWINGS

2023 2022
£    £   
Current:
Leases (see note 14) 364,016 331,098

Non-current:
Leases (see note 14) 553,447 700,388

Terms and debt repayment schedule

1 year or More than
less 1-2 years 2-5 years 5 years Totals
£    £    £    £    £   
Leases 364,016 287,215 199,185 67,047 917,463

14. LEASING

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

14. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

2023 2022
£    £   
Gross obligations repayable:
Within one year 385,387 347,105
Between one and five years 523,026 692,319
In more than five years 70,503 24,684

978,916 1,064,108

Finance charges repayable:
Within one year 21,371 16,007
Between one and five years 36,626 16,417
In more than five years 3,456 198
61,453 32,622

Net obligations repayable:
Within one year 364,016 331,098
Between one and five years 486,400 675,902
In more than five years 67,047 24,486
917,463 1,031,486

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 84,235 116,036

Deferred
tax
£   
Balance at 1 January 2023 116,036
Credit to Income Statement during year (31,801 )
Balance at 31 December 2023 84,235

The opening and closing Deferred Tax position has been calculated at 25% being the rate the timing differences are expected to reverse at.

ACCELLACARE UK LIMITED (REGISTERED NUMBER: 04105540)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

16. ACCRUALS AND DEFERRED INCOME
2023 2022
£    £   
Accruals and deferred income 1,827,168 1,748,988

2023 2022
£ £

Deferred Income brought forward 1,748,988 3,398,664
Released during the year (637,621 ) (2,060,886 )
Deferred during the year 715,801 411,210
Deferred Income carried forward 1,827,168 1,748,988

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
910 Ordinary £1 910 910

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 6,929,353 90 6,929,443
Profit for the year 363,433 363,433
At 31 December 2023 7,292,786 90 7,292,876

19. ULTIMATE PARENT COMPANY

Icon PLC (incorporated in Ireland ) is regarded by the directors as being the company's ultimate parent company.

On 31 October 2023, VSK (Kenilworth) Limited transferred the entire issued share capital of Accellacare UK Limited, being 910 ordinary shares of £1.00 each, to ICON Investments Limited and became the sole shareholder of Accellacare UK Ltd.

The Company is a wholly owned subsidiary of ICON Investments Limited, a UK tax resident company incorporated in Jersey (ICON Jersey) and was controlled throughout the year by ICON plc, a company incorporated in Ireland with its registered office at South County Business Park, Leopardstown, Dublin 18, Ireland.

The largest and smallest group into which the results of the Company are consolidated is that headed by ICON plc. The consolidated financial statements may be obtained from the Companies Office,Bloom House, Gloucester Place Lower, Dublin 1, Ireland.