BRITANNIA CLINICAL RESEARCH SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Britannia Clinical Research Services Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Apollo Centre, Desborough Road, High Wycombe, HP11 2QW and registered number is 13906786.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
During the year, the Company incurred net loss after tax of £38,973 and has net current liabilities as at year-end of £56,798. During the year, Egin Research Ltd, the parent company, provided cash advances to assist the Company with its working capital requirements. Subsequently in 2024 and 2025, the parent company has provided cash advances totalling to £56,000 to the Company. The Company’s sole financing is being provided by the parent company.
The directors of the parent company have confirmed in writing that they will provide the financial support necessary to enable the Company to continue as a going concern and meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The directors of the company have assessed the ability of Egin Research Ltd to support the company and concluded that the immediate parent company has the ability to support. This is itself dependent on the ultimate parent undertaking, Velocity Clinical Research Inc., providing additional financial support to Velocity UK Holdings Limited, the intermediate parent and Egin Research Limited during that period.
The directors have also received confirmation from the parent company that amounts owed by Britannia Clinical Research Services Ltd will not be recalled for a period covering at least 12 months from the date of signing these financial statements. As with any company placing reliance on other group entities for financial support, the Company’s directors acknowledge that there can be no certainty that this support will continue although as at the date of the approval of these financial statements, they have no reason to believe that it will not do so.
The Company’s directors, which is substantially the same directors as that of the ultimate parent undertaking, consider that the ultimate parent undertaking has the financial ability to provide financial resources to the Company if needed. The directors consider that the Company will continue to trade and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least 12 months from the date of approval of these financial statements. Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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