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Registered number: 13906786









BRITANNIA CLINICAL RESEARCH SERVICES LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BRITANNIA CLINICAL RESEARCH SERVICES LTD
REGISTERED NUMBER: 13906786

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
13,075
9,075

  
13,075
9,075

Creditors: amounts falling due within one year
 5 
(69,873)
(26,900)

Net current liabilities
  
 
 
(56,798)
 
 
(17,825)

Total assets less current liabilities
  
(56,798)
(17,825)

  

Net liabilities
  
(56,798)
(17,825)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(56,898)
(17,925)

  
(56,798)
(17,825)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Zaranek
Director

Date: 4 March 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
BRITANNIA CLINICAL RESEARCH SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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. 

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 2

 
BRITANNIA CLINICAL RESEARCH SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 3

 
BRITANNIA CLINICAL RESEARCH SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 -£NIL).
The average monthly number of employees, including directors, during the year was 0 (2022 -0).


4.


Debtors: Amounts falling due within one year

2023
2022
£
£


Other debtors
10,500
-

Prepayments and accrued income
2,575
9,075

13,075
9,075



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
102
-

Amounts owed to group undertakings
69,771
26,900

69,873
26,900



6.


Prior year adjustment

On 10 February 2022, the Company was incorporated with a share capital of £100.  Also, in May 2022, Britannia Clinical Research Limited entered into a lease agreement for the premises it operates from and it was noted that the share capital and the lease agreement were not previously accounted for in the Company’s financial statements.  
The amount of the correction for each line items of the statement of financial position and statement of comprehensive income affected are presented below:
Debtors: amounts falling due within one year increased by £9,075
Creditors: amounts falling due within one year increased by £26,900
Called up share capital increased by £100
Profit and loss account decreased by £17,925
Amministrative expenses increased by £12,500

Page 4

 
BRITANNIA CLINICAL RESEARCH SERVICES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Commitments under operating leases

The Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
32,000
30,000

Later than 1 year and not later than 5 years
79,909
111,909

111,909
141,909


8.


Related party transactions

The company has taken advantage of the exemption available under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly-owned group companies.


9.


Controlling party

Egin Research Ltd is the immediate parent undertaking, a company incorporated in the United Kingdom.  The intermediate parent company’s registered office is at 1st Floor, Suite C, Apollo Centre, Desborough Road, High Wycombe, England, HP11 2QW.  The intermediate parent undertaking is Velocity UK Holdings Limited, a company incorporated in the United Kingdom. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, England, WA14 2DT.
Velocity UK Holdings Limited is 100% owned by Velocity Clinical Research Inc. a company incorporated in North Carolina, United States of America.  The Company’s ultimate parent company is VCR Parent, LP, a company incorporated in Delaware, United States of America.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditors drew attention by way of emphasis to the Company's reliance on ultimate parent undertakings support to continue as a going concern. The audit opinion is not modified in respect of this matter.


The audit report was signed on 4 March 2025 by Stephen Drew (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 5