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Registered number: 12129506









EGIN RESEARCH LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EGIN RESEARCH LTD
REGISTERED NUMBER: 12129506

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
73,059
-

Investments
 5 
23,778
23,778

  
96,837
23,778

Current assets
  

Debtors: amounts falling due within one year
 6 
309,815
247,822

Cash at bank and in hand
  
52,806
84,572

  
362,621
332,394

Creditors: amounts falling due within one year
 7 
(128,394)
(127,339)

Net current assets
  
 
 
234,227
 
 
205,055

Total assets less current liabilities
  
331,064
228,833

Provisions for liabilities
  

Deferred tax
 9 
(9,558)
-

  
 
 
(9,558)
 
 
-

Net assets
  
321,506
228,833


Capital and reserves
  

Called up share capital 
  
3
3

Profit and loss account
  
321,503
228,830

  
321,506
228,833


Page 1

 
EGIN RESEARCH LTD
REGISTERED NUMBER: 12129506
    
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.




M J Zaranek
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Egin Research Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 1st Floor, Suite C, Apollo Centre, Desborough Road, High Wycombe, HP11 2QW and registered number is 12129506.

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 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:

 
2.2

Going concern

During the year, the Company incurred net profit after tax of £92,673 and has net current assets as at year-end of £234,227. Subsequently in 2024 and 2025, the parent company has provided cash advances totalling to £75,000 to the Company.

The directors of the parent company, Velocity UK Holdings Limited, 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 Velocity UK Holdings Limited to support the company and concluded that the intermediate 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 during that period. 

The directors have also received confirmation from the parent company that amounts owed by Egin Research 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, have assessed the Company’s current business operations and consider that the Company will continue to trade as normal.  Therefore, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

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.

  
2.4

Operating leases: the Company as leasee

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

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

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.

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:

Leasehold improvements
-
25%
; Or lease term if shorter
Plant and machinery
-
20%

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.

  
2.7

Valuation of fixed asset investments

Fixed asset investments are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

Page 5

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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.


3.


Employees

2023
2022
£
£

Wages and salaries
-
121,988

Social security costs
-
15,077

-
137,065


The Company has no employees other than the directors, who did not receive any remuneration
(2022 - 10).

Page 6

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 Janaury 2023 (as restated)
-
-
-


Additions
34,828
43,165
77,993



At 31 December 2023

34,828
43,165
77,993



Depreciation


At 1 Janaury 2023 (as restated)
-
-
-


Charge for the year on owned assets
1,161
3,773
4,934



At 31 December 2023

1,161
3,773
4,934



Net book value



At 31 December 2023
33,667
39,392
73,059



At 31 December 2022 (as restated)
-
-
-


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023 (as restated)
23,778



At 31 December 2023
23,778




Page 7

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Britannia Clinical Research Ltd
Apollo Centre, Desborough Road, High Wycombe, HP11 2QW
Providing clincial research services
Ordinary
100%


6.


Debtors

2023
As restated 2022
£
£


Trade debtors
2,615
81,086

Amounts owed by group undertakings
65,528
26,999

Other debtors
24,870
12,312

Prepayments and accrued income
216,802
127,425

309,815
247,822



7.


Creditors: Amounts falling due within one year

2023
As restated 2022
£
£

Trade creditors
25,231
-

Amounts owed to group companies
98,663
101,999

Corporation tax
-
1,292

Other taxation and social security
-
4,700

Accruals and deferred income
4,500
19,348

128,394
127,339


Page 8

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Prior year adjustments

In 2022, the Company recognises revenue and certain admin expenses on a cash basis, hence, certain uncollected revenues, expenses, related debtor and creditor balances are not recognized in the Company’s 2022 financial statements.  The Company has not recognised its investment in subsidiary undertaking. Moreover, the Company also recognised impairment losses on certain tangible assets.

The amount of the correction for each line items of the statement of financial position affected were presented below.

Tangible fixed assets decreased by £11,385.
Fixed asset investments increased by £23,778.
Debtors: amounts falling due within one year increased by £246,822.
Creditors: amounts falling due within one year increased by £76,708.
Creditors: amounts falling due after more than one year decreased by £12,926.
Profit and loss account increased by £171,654.
Turnover increased by £87,724.
Cost of sales decreased by £1,292.
Administrative expenses decreased by £2,262.


9.


Deferred taxation




2023


£






Charged to profit or loss
(9,558)



At end of year
(9,558)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(9,558)
-

(9,558)
-

Page 9

 
EGIN RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


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
128,900
18,900

Later than 1 year and not later than 5 years
411,775
45,675

540,675
64,575


11.


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.


12.


Controlling party

The ultimate 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.


13.


Auditor's information

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

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

Page 10