Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-3013The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-01-01falseNo description of principal activity16falsetruefalse 10021632 2024-01-01 2024-06-30 10021632 2023-01-01 2023-12-31 10021632 2024-06-30 10021632 2023-12-31 10021632 2023-01-01 10021632 c:Director2 2024-01-01 2024-06-30 10021632 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-06-30 10021632 d:Buildings d:LongLeaseholdAssets 2024-06-30 10021632 d:Buildings d:LongLeaseholdAssets 2023-12-31 10021632 d:FurnitureFittings 2024-01-01 2024-06-30 10021632 d:FurnitureFittings 2024-06-30 10021632 d:FurnitureFittings 2023-12-31 10021632 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 10021632 d:OfficeEquipment 2024-01-01 2024-06-30 10021632 d:OfficeEquipment 2024-06-30 10021632 d:OfficeEquipment 2023-12-31 10021632 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 10021632 d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 10021632 d:CurrentFinancialInstruments 2024-06-30 10021632 d:CurrentFinancialInstruments 2023-12-31 10021632 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10021632 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10021632 d:ShareCapital 2024-01-01 2024-06-30 10021632 d:ShareCapital 2024-06-30 10021632 d:ShareCapital 2023-01-01 2023-12-31 10021632 d:ShareCapital 2023-12-31 10021632 d:ShareCapital 2023-01-01 10021632 d:OtherMiscellaneousReserve 2024-01-01 2024-06-30 10021632 d:OtherMiscellaneousReserve 2024-06-30 10021632 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10021632 d:OtherMiscellaneousReserve 2023-12-31 10021632 d:OtherMiscellaneousReserve 2023-01-01 10021632 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-06-30 10021632 d:RetainedEarningsAccumulatedLosses 2024-06-30 10021632 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10021632 d:RetainedEarningsAccumulatedLosses 2023-12-31 10021632 d:RetainedEarningsAccumulatedLosses 2023-01-01 10021632 c:FRS102 2024-01-01 2024-06-30 10021632 c:AuditExemptWithAccountantsReport 2024-01-01 2024-06-30 10021632 c:FullAccounts 2024-01-01 2024-06-30 10021632 c:PrivateLimitedCompanyLtd 2024-01-01 2024-06-30 10021632 d:WithinOneYear 2024-06-30 10021632 d:WithinOneYear 2023-12-31 10021632 2 2024-01-01 2024-06-30 10021632 e:PoundSterling 2024-01-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 10021632









VANDA RESEARCH LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
VANDA RESEARCH LTD
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VANDA RESEARCH LTD
FOR THE PERIOD ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vanda Research Ltd for the period ended 30 June 2024 which comprise  the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of Vanda Research Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Vanda Research Ltd and state those matters that we have agreed to state to the Board of Directors of Vanda Research Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vanda Research Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Vanda Research Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Vanda Research Ltd. You consider that Vanda Research Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Vanda Research Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wilson Partners Limited
Chartered Accountants
 
Windsor House
Station Court
Station Road
Great Shelford
Cambridge
CB22 5NE
20 March 2025
Page 1

 
VANDA RESEARCH LTD
REGISTERED NUMBER: 10021632

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
31 December
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
17,804
20,990

  
17,804
20,990

Current assets
  

Debtors: amounts falling due within one year
 6 
4,168,710
4,233,660

Cash at bank and in hand
 7 
69,849
104,049

  
4,238,559
4,337,709

Creditors: amounts falling due within one year
 8 
(3,383,143)
(3,215,790)

Net current assets
  
 
 
855,416
 
 
1,121,919

Total assets less current liabilities
  
873,220
1,142,909

Provisions for liabilities
  

Deferred tax
  
(3,857)
(5,247)

  
 
 
(3,857)
 
 
(5,247)

Net assets
  
869,363
1,137,662


Capital and reserves
  

Called up share capital 
  
95,100
95,100

Other reserves
  
-
166,502

Profit and loss account
  
774,263
876,060

  
869,363
1,137,662


Page 2

 
VANDA RESEARCH LTD
REGISTERED NUMBER: 10021632
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 20 March 2025.




................................................
A. K. Hume
Director

The notes on pages 5 to 13 form part of these financial statements.

Page 3

 
VANDA RESEARCH LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
95,100
166,502
876,060
1,137,662


Comprehensive income for the period

Loss for the period
-
-
(101,797)
(101,797)
Total comprehensive income for the period
-
-
(101,797)
(101,797)


Contributions by and distributions to owners

Transfer to profit and loss account
-
(166,502)
-
(166,502)


At 30 June 2024
95,100
-
774,263
869,363



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
95,100
166,502
612,506
874,108


Comprehensive income for the year

Profit for the year
-
-
263,554
263,554
Total comprehensive income for the year
-
-
263,554
263,554


At 31 December 2023
95,100
166,502
876,060
1,137,662


The notes on pages 5 to 13 form part of these financial statements.

Page 4

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Legal form: Limited Company
Country of incorporation: England and Wales
Principal place of business: Heathcoat House, 20 Savile Row, London W1S 3PR
Registered number: 10021632
Registered office: C/O Bcs, Windsor House Station Court, Station Road, Great Shelford, Cambridge, Cambridgeshire, United Kingdom, CB22 5NE.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors consider that the entity has sufficient income generating streams to provide the entity with sufficient revenue and liquid resources so that the entity can cover its costs and pay its liabilities for the next 12 months from the date of approval of these financial statements.

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover for the period ended 30 June 2024 includes service fees and fees from third parties. Service fees are charged to Vanda Securities (Pte) Ltd. These fees include a mark-up of between 5% to 10% on the expenses of the Company including foreign exchange gains and losses, audit and accountancy fees, professional fees, and other expenses. Third party fees are pursuant to the Research Services Agreements made between the Company and its clients.

 
2.4

Operating leases

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

 
2.5

Interest income

All interest income is recognised in profit or loss in the year in which they are incurred.

Page 5

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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 settle the liability simultaneously.

 
2.7

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.

Page 6

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%

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.

 
2.8

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 7

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

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.
 
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 8

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured as the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
 
 
2.16

Current and deferred taxation

The tax expense for the period 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 9

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of financial statements requires management to make certain judgements and estimates. The Company's directors consider that in the preparation of these financial statements, that there were no material judgements and estimates which could give rise to a material misstatement in future accounting periods.


4.


Employees

30 June 2024
31 December 2023
£
£

Wages and salaries
1,396,234
2,050,654

Social security costs
205,234
273,431

Pension costs
33,977
50,108

1,635,445
2,374,193


The average monthly number of employees, including the directors, during the period was as follows:


     30 June 2024
  31 December 2023
            No.
            No.







Employees
16
13

Page 10

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Tangible fixed assets







Long-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
5,262
3,991
42,605
51,858


Additions
-
1,170
6,119
7,289



At 30 June 2024

5,262
5,161
48,724
59,147



Depreciation


At 1 January 2024
3,654
1,260
25,954
30,868


Charge for the period
877
2,016
7,582
10,475



At 30 June 2024

4,531
3,276
33,536
41,343



Net book value



At 30 June 2024
731
1,885
15,188
17,804



At 31 December 2023
1,608
2,731
16,651
20,990

Page 11

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Debtors

30 June
31 December
2024
2023
£
£


Trade debtors
2,817,953
1,458,151

Amounts owed by group companies
1,303,048
2,662,050

Other debtors
11,101
48,054

Prepayments and accrued income
36,608
65,405

4,168,710
4,233,660



7.


Cash at bank

30 June
31 December
2024
2023
£
£

Cash at bank
69,849
104,049

69,849
104,049



8.


Creditors: Amounts falling due within one year

30 June
31 December
2024
2023
£
£

Trade creditors
4,416
559,978

Amounts owed to group undertakings
2,247,572
1,714,187

Corporation tax
84,042
89,328

Other taxation and social security
122,390
106,678

Other creditors
111,939
7,287

Accruals and deferred income
812,784
738,332

3,383,143
3,215,790


Page 12

 
VANDA RESEARCH LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Parent undertaking and controlling party

The ultimate parent undertaking is FPE III GP LLP, a limited liability partnership incorporated in the United Kingdom. The ultimate controlling party is FPE Capital LLP who is the manager of FPE III GP LLP.
The smallest and largest group of undertakings, for which group accounts are prepared, which include the Company is that headed by FPE III GP LLP. The registered office address of FPE III GP LLP is 2nd Floor 7 Swallow Street, London, England, W1B 4DE.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund that amounted to £31,060 (2023: £50,108). Contributions totalling £9,246 (2023: £7,287) were payable to the fund at the reporting date.


11.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
31 December
2024
2023
£
£


Not later than 1 year
80,000
160,000

80,000
160,000

 
Page 13