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REGISTERED NUMBER: 02708052 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

THERADEX (EUROPE) LIMITED

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


THERADEX (EUROPE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M J Valnoski
B D Anderson
H E Rosen





SECRETARY: R J Sullivan





REGISTERED OFFICE: Chancery House
3 Hatchlands Road
Redhill
RH1 6AA





REGISTERED NUMBER: 02708052 (England and Wales)





AUDITORS: Vista Audit LLP
Chartered Accountants
Statutory Auditor
Chancery House
3 Hatchlands Road
Redhill
Surrey
RH1 6AA

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The company has been providing full oncology clinical trial services in the US and Europe for over three decades now, recognising that the expansion and specification of cancer biology knowledge combined with their client's varied global drug development plans requires the formation of strategic alliances. The directors are committed to providing client focussed, patient first services by expert staff.

There has been an increase in turnover and overall profitability in the reporting period due to the stage of projects. The company continues to seek new business and contracts from large customers in the global oncology market.

PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of potential risks and uncertainties which could have a material impact on the company's performance and which could cause actual results to differ materially from expected and historical results.

1. Exposure to bad debts

The directors minimise the exposure to this risk by regular management reviews of trade debts. The customers of the company are often large, market leaders and so the likelihood of them being unable to pay their invoices is considered low.

2. Economic recession/worsening financial markets

The company operates in both European and US markets and the majority of costs are passed on to the customer.

The company has no external financing and non complex financial instruments which consist of bank balances, trade debtors, other debtors, trade creditors and other creditors. The main purpose is to ensure funds are in place to provide sufficient working capital for the company's current and future operations.

3. Price risk

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

4. Liquidity/cashflow risk

The company actively manages the bank balances daily to ensure that it has sufficient available funds for operation.

The trade creditor liquidity risk is also managed by ensuring that sufficient funds are available to meet the amounts payable.

5. Credit risk

The directors minimise the exposure to this risk by regular management reviews of trade debts. The balance owed to the Parent company is adequately covered by the balances in the bank accounts and the trade debts of the company should it fall due for repayment.

6. Health and safety

It is the company's policy to comply with the terms of the Health and Safety at Work Act 1974, and subsequent legislation, and to provide and maintain a healthy and safe working environment.

The health and safety objective of the company is to minimise the number of instances of occupational accidents and illnesses and ultimately achieve an accident-free workplace.


THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

KEY PERFORMANCE INDICATORS
Turnover

Turnover has increased to £12,147,686 from £10,845,152 in 2023. Turnover increase of 12% is due to a number of existing studies progressing to more active stages during the year and the push from management to gain new business via networking.

Gross profit margin

The gross profit margin has decreased slightly for the year to 44.7% (2023: 47.8%). The main reason for this is due to the increasing cost for lab fees, translations and regulatory authority fees.

Debtor days

Debtor days have reduced from 43 days in 2023 to 34 days this year as a result of improved debt management procedures.

ON BEHALF OF THE BOARD:





H E Rosen - Director


26 March 2025

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing professional services in clinical and medical research and development of pharmaceutical agents.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

RESEARCH AND DEVELOPMENT
The company's research and development activities during the year related to finding alternative clinical trial protocols.

FUTURE DEVELOPMENTS
The company has ongoing large projects with market leaders in the oncology field which are intended to develop for a number of years.

The company has invested to ensure they're in the best position to win follow on work going forward.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

M J Valnoski
B D Anderson
H E Rosen

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Vista Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H E Rosen - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THERADEX (EUROPE) LIMITED

Opinion
We have audited the financial statements of Theradex (Europe) Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THERADEX (EUROPE) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THERADEX (EUROPE) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit:
- in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to
fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to
fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or
suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection
of fraud rests with both those charged with governance of the entity and management; and
- in respect of irregularities, considered to be non-compliance with laws and regulations, are to obtain sufficient
appropriate audit evidence regarding compliance with the provisions of those laws and regulations generally
recognised to have a direct effect on the determination of material amounts and disclosures in the financial
statements, and perform other audit procedures to help identify instances of non-compliance with other laws and
regulations that may have a material effect on the financial statements. We are not responsible for preventing
non-compliance with laws and regulations and our audit procedures cannot be expected to detect non-compliance
with all laws and regulations.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company through
discussions with management and from our commercial knowledge and previous experience of this specific
business sector. We determined that the most significant frameworks which are directly relevant to specific
assertions in the financial statements are those that relate to the reporting framework (FRS 102, Section 1A), the
relevant tax compliance regulations in the UK, data protection, anti bribery, employment, environmental and
health and safety legislation.
We obtained a general understanding of how the company complies with these legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance matters. We also reviewed minutes of the Board and gained an understanding of the company's approach to governance.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. The primary responsibility for the prevention and detection of fraud rests with those charged with governance of the group and parent company and management. We are not responsible for preventing non-compliance with laws and regulations and our audit procedures cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THERADEX (EUROPE) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mrs Susan Jones FCA (Senior Statutory Auditor)
for and on behalf of Vista Audit LLP
Chartered Accountants
Statutory Auditor
Chancery House
3 Hatchlands Road
Redhill
Surrey
RH1 6AA

27 March 2025

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 12,147,686 10,845,152

Cost of sales 6,713,841 5,662,319
GROSS PROFIT 5,433,845 5,182,833

Administrative expenses 3,707,493 3,816,503
1,726,352 1,366,330

Other operating income 223,482 -
OPERATING PROFIT 6 1,949,834 1,366,330

Interest receivable and similar income 51,472 8,812
PROFIT BEFORE TAXATION 2,001,306 1,375,142

Tax on profit 7 145,298 279,679
PROFIT FOR THE FINANCIAL YEAR 1,856,008 1,095,463

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,856,008

1,095,463

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 30,157 50,565

CURRENT ASSETS
Debtors 9 3,208,199 2,616,661
Cash at bank and in hand 11,671,371 8,605,192
14,879,570 11,221,853
CREDITORS
Amounts falling due within one year 10 5,233,660 3,444,429
NET CURRENT ASSETS 9,645,910 7,777,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,676,067

7,827,989

CREDITORS
Amounts falling due after more than one
year

11

-

(3,028

)

PROVISIONS FOR LIABILITIES 14 (6,626 ) (11,528 )
NET ASSETS 9,669,441 7,813,433

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 9,669,341 7,813,333
SHAREHOLDERS' FUNDS 9,669,441 7,813,433

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





H E Rosen - Director


THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 6,717,870 6,717,970

Changes in equity
Total comprehensive income - 1,095,463 1,095,463
Balance at 30 June 2023 100 7,813,333 7,813,433

Changes in equity
Total comprehensive income - 1,856,008 1,856,008
Balance at 30 June 2024 100 9,669,341 9,669,441

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,531,176 3,403,126
Tax paid (506,406 ) -
Taxation refund - 32,288
Net cash from operating activities 3,024,770 3,435,414

Cash flows from investing activities
Purchase of tangible fixed assets (10,063 ) (19,648 )
Interest received 51,472 8,812
Net cash from investing activities 41,409 (10,836 )

Increase in cash and cash equivalents 3,066,179 3,424,578
Cash and cash equivalents at beginning of
year

2

8,605,192

5,180,614

Cash and cash equivalents at end of year 2 11,671,371 8,605,192

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,001,306 1,375,142
Depreciation charges 30,214 41,019
Loss on disposal of fixed assets 238 -
Finance income (51,472 ) (8,812 )
1,980,286 1,407,349
(Increase)/decrease in trade and other debtors (455,375 ) 877,009
Increase in trade and other creditors 2,006,265 1,118,768
Cash generated from operations 3,531,176 3,403,126

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 11,671,371 8,605,192
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 8,605,192 5,180,614


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 8,605,192 3,066,179 11,671,371
8,605,192 3,066,179 11,671,371
Total 8,605,192 3,066,179 11,671,371

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Theradex (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company has considerable financial resources together with long term contracts with a number of customers across different geographical areas. As a result, the directors believe that the company is well placed to manage its business risks successfully in the current economic environment and have therefore adopted the going concern basis of accounting.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. At each reporting period date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
- Determine whether the expected future costs of fulfilling an onerous contract exceed the future expected economic benefit expected to be received from it.
- Determine whether adjustments to the carrying value of uncollectable receivables are required.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Bad debt and accrued income provisions

The trade debtors and accrued income balances recorded in the balance sheet comprises a relatively small number of large balances. A line by line review of these balances is carried out and a provision applied based on the repayment of each balance subsequent to the year end. Whilst every attempt is made to ensure that the bad debt and accrued income provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts and accrued income which ultimately prove to be recoverable.

Turnover and revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax.

Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services.

The company sells services and does this either via contracts where it has been agreed that time and expenses will be supplied and invoices are raised on a monthly basis or contracts where income is recognised when certain milestones are achieved. The company recognises revenue on the sales of services under milestone contracts in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the milestones achieved.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings- 10% on cost
Office equipment- 33.33% on cost

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade debtors, other debtors, cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost. An adjustment of the carrying amount of the assets is made when there is objective evidence that the company will not be able to collect all amounts due. This amount is calculated as the directors best estimate and at 30 June 2024 amounted to £nil (2023: £nil).

Basic financial liabilities, including trade creditors, other creditors and loans from fellow group companies, are initially recognised at transaction price and are subsequently recognised at amortised cost.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end date and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary costs of the future holiday entitlement accrued at the balance sheet date.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 3,669,449 1,982,057
Europe 7,382,630 5,728,250
United States of America 648,950 2,028,615
Asia 3,643 5,501
Australia 438,789 846,395
North America 4,225 254,334
12,147,686 10,845,152

Turnover/revenue is derived from the rendering of services.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,337,437 5,511,198
Social security costs 483,527 266,247
Other pension costs 273,926 214,378
7,094,890 5,991,823

The average number of employees during the year was as follows:
2024 2023

Employees 38 42

2024 2023
£    £   
Directors' remuneration 277,042 258,380
Directors' pension contributions to money purchase schemes 59,618 15,700

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 277,042 258,380
Pension contributions to money purchase schemes 59,618 15,700

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 108,761 115,884
Depreciation - owned assets 30,234 41,020
Loss on disposal of fixed assets 238 -
Auditors' remuneration 38,350 33,770
Foreign exchange differences 163,234 267,088
Research and development expensed 1,061,211 1,515,626

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 312,078 269,577
Prior year adjustment (161,878 ) 11,210
Total current tax 150,200 280,787

Deferred tax (4,902 ) (1,108 )
Tax on profit 145,298 279,679

UK corporation tax has been charged at 25% .

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,001,306 1,375,142
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

500,327

261,277

Effects of:
Expenses not deductible for tax purposes 332 126
Income not taxable for tax purposes (55,870 ) -
Capital allowances in excess of depreciation (5 ) -
Adjustments to tax charge in respect of previous periods (119,486 ) 11,210
R&D claim provision (180,000 ) (15,800 )
Super deduction allowance - (728 )
Differences due to change in tax rates - 23,594
Total tax charge 145,298 279,679

From 1 April 2023, the Corporation Tax main rate for non-ring fenced profits increased to 25%.

8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 July 2023 272,561
Additions 10,063
Disposals (16,240 )
At 30 June 2024 266,384
DEPRECIATION
At 1 July 2023 221,996
Charge for year 30,234
Eliminated on disposal (16,003 )
At 30 June 2024 236,227
NET BOOK VALUE
At 30 June 2024 30,157
At 30 June 2023 50,565

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,061,956 2,264,315
Other debtors 241,331 40,903
Tax 136,163 -
Prepayments 190,113 176,526
Accrued income 578,636 134,917
3,208,199 2,616,661

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 273,323 360,747
Amounts owed to group undertakings 1,352,489 888,251
Tax - 220,063
Social security and other taxes 83,074 96,504
VAT 163,942 33,771
Other creditors 62,472 93,666
Accruals and deferred income 3,298,360 1,751,427
5,233,660 3,444,429

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors - 3,028

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 123,930 131,994
Between one and five years 393,900 480,744
In more than five years - 39,390
517,830 652,128

13. FINANCIAL INSTRUMENTS

The Company's financial instruments may be analysed as follows:

Financial assets
2024 2023
Financial assets that are debt instruments measured at amortised cost £13,974,658 £10,910,410

Financial liabilities
2024 2023
Financial liabilities measured at amortised cost £4,986,644 £3,094,091

THERADEX (EUROPE) LIMITED (REGISTERED NUMBER: 02708052)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 6,626 11,528

Deferred
tax
£   
Balance at 1 July 2023 11,528
Movement in year (4,902 )
Balance at 30 June 2024 6,626

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

The shares rank equally for voting purposes, for any distribution on a winding-up and entitlement to dividends.

16. RESERVES
Retained
earnings
£   

At 1 July 2023 7,813,333
Profit for the year 1,856,008
At 30 June 2024 9,669,341

17. PENSION COMMITMENTS

Pension contributions for the year totalled £273,926 (2023: £214,378) of which £nil (2023: £nil) was outstanding at the year end.

18. ULTIMATE PARENT COMPANY

The ultimate parent company is Theradex Systems Inc, a company incorporated and registered in the USA.

19. RELATED PARTY DISCLOSURES

The company considers that the directors comprise key management personnel and their remuneration is disclosed in note 5.

20. PARENT UNDERTAKING

The controlling party is the company's parent, Theradex Systems Inc, a company operating and based in the United States of America, the registered office and principal place of business of which is at 4365 Route 1 South, Suite 101, Princeton, NJ 08540. The group headed by Theradex Systems Inc, is the largest group.