Registered number: 13453778
VELOCITY UK HOLDINGS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2023
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VELOCITY UK HOLDINGS LIMITED
REGISTERED NUMBER:13453778
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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VELOCITY UK HOLDINGS LIMITED
REGISTERED NUMBER:13453778
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with 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 on 4 March 2025.
The notes on pages 3 to 9 form part of these financial statements.
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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Velocity UK Holdings Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA14 2DT and its registered number is 13453778.
The financial year end of the Company was changed from 30 June to 31 December. Accordingly, comparative amounts presented in the financial statements, including the related notes, are not entirely comparable.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 period, the Company incurred net loss after tax of £675,070 and has net current liabilities as at year-end of £4,802,259. During the period, Velocity Clinical Research Inc, 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 £2,585,000 to the Company. The Company’s sole financing is being provided by the ultimate parent undertaking.
The Directors of the ultimate parent undertaking 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 have also received confirmation from the ultimate parent undertaking that amounts owed by Velocity UK Holdings Limited 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, have assessed the Company’s current business operations and consider that the Company has sufficient ongoing and new clinical trial contracts to maintain business operations. The directors also 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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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Rents paid under operating leases are charged to the profit and loss on a straight line basis over the lease term.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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; Or lease term if shorter
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Valuation of fixed asset investments
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Fixed asset investments are valued at cost less accumulated impairment.
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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The average monthly number of employees, including directors, during the period is 17 (2022: 0).
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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Charge for the period on owned assets
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Investments in subsidiary companies
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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The following were subsidiary undertakings of the Company:
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1st Floor, Suite C, Apollo Centre, Desborough Road, High Wycombe, HP11 2QW
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Providing clinical research services
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Britannia Clinical Research Ltd*
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Apollo Centre, Desborough Road, High Wycombe, HP11 2QW
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Providing clinical research services
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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VELOCITY UK HOLDINGS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Commitments under operating leases
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The Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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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.
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The Company's immediate parent company is Velocity Clinical Research Inc, a company incorporated in North Carolina, United States of America, by virtue of its ownership of 100% of the issued share capital in the Company. The Company's ultimate parent Company is VCR Parent, LP, a company incorporated in Delaware, United States of America.
The auditor's report on the financial statements for the period ended 31 December 2023 was unqualified.
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In their report, the auditors drew attention by way of emphasis to the Company's relaince on parent
company support to continue as a going concern. The audit opinion is not modified in respect of this matter.
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The audit report was signed on 4 March 2025 by Stephen Drew (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.
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