Company registration number 10438275 (England and Wales)
CLINICAL SERVICES INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CLINICAL SERVICES INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Dr E Dekou
Mr A Duncan
Dr A Amato
Mr M B Tassi
(Appointed 21 March 2025)
Company number
10438275
Registered office
50 Sloane Avenue
London
England
SW3 3DD
Auditor
Riches & Company
1 Duchess Street
London
W1W 6AN
CLINICAL SERVICES INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 34
CLINICAL SERVICES INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The weak macroeconomic environment that persisted throughout 2023 saw a marked improvement in 2024, particularly in the second half of the year. The perception that interest rates might finally come down as the year progressed, eased the uncertainties that persisted at the beginning of the year.
One of the primary goals for the business throughout 2024 was to expand trading activities in the US, via the LLC subsidiary, and the success achieved in this has been a key part of the group’s financial results for the year. In addition to securing warehouse facilities and expanding the client base in the US, an important factor during 2024 was the outcome of the US election, which initially brought a strengthening of the US dollar against major currencies and a positive tone in the markets, which CSI was able to benefit from.
In Europe, the business continued to see significant growth via the GmbH subsidiary through a combination of securing new clients conducting major clinical trial studies and maximising revenue from the existing client base through targeted marketing.
Overall, Clinical Services International as a business continued to serve its client base in the most comprehensive and effective way, achieving a good improvement in sales and maintaining margin targets across the majority of products and services.
Certifications and Licenses
In 2024 we retained our Women Owned, CyberEssential Plus and Ecovadis ESG (Platinum) certifications.
In addition to the State of Pennsylvania wholesale license, the business secured licenses in the States of New Jersey, New York and North Carolina.
Principal risks and uncertainties
The principal risks and uncertainty of our sector are:
credit and counterparty risk, which are mitigated with a careful financial analysis of counterparties and a high level of diversification;
liquidity and cash flow risks, which are mitigated with a substantial level of cash on the balance sheet and generous credit lines from banks;
currency risks which are mitigated with an active hedging strategy using 3 to 12 months currency future instruments;
product risks, which are mitigated by insuring every single shipment on every single route.
To summarise, development and performance in 2024 has been highly successful and this is also reflected in meeting the key performance indicators in terms of clients satisfaction, lack of quality incidents or write offs.
CLINICAL SERVICES INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Targets and Key Performance Indicators
Following the significant growth of the company in the recent years of development, the directors monitored three primary financial KPIs for the 2024 year:
Turnover – Following a slightly reduced level in 2023, the 2024 turnover figure of £52.2M was an excellent result and in excess of the target set at the beginning of the year. Whilst significantly higher than 2023, it also compares favourably with the previous highest turnover of £43.6M achieved in 2022. This has been achieved through the growth and development of the European and US subsidiaries, which saw a significant expansion in the European and US markets during 2024.
Gross Profit – The directors were particularly focused on ensuring that the margins achieved in 2024 were maintained at similar or improved levels to prior years. The increase in turnover in 2024 made this a more difficult target, but the group achieved a gross profit of circa £6.58M which, given the continued pressure on margins in the clinical trials industry represents a significant achievement for 2024.
Operating Expenses – With the development of the group over the last few years, plus increased industry costs, operating costs have increased year-on-year. However, with a more stable level of employees across the business, operating costs only increased by 12.26% in 2024. Taking into account the increased turnover in 2024, operating costs represented 4.71% of turnover in 2024 (2023: 8%). The group remains profitable and cash generative and the directors consider the increase in operating costs to be within a reasonable margin.
.............................................
Dr E Dekou
Director
Date: .............................................
CLINICAL SERVICES INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company ("CSI") and group continued to be that of pharmaceutical supplies.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £1,254,500. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr E Dekou
Mr A Duncan
Dr A Amato
Mr M B Tassi
(Appointed 21 March 2025)
Post reporting date events
In the first quarter of 2024 our subsidiary in the US moved to a newly leased facility in Horsham PA and obtained a wholesaler and distributor license from the Pennsylvania Department of Health.
Future developments
Following our diversification and successful expansion in Europe and the US, we are exploring future investments in China and South East Asia.
Energy and carbon report
In accordance with the Streamlined Energy and Carbon Reporting (SECR) framework, the Group has assessed its energy usage for the reporting period and confirms that its total UK energy consumption exceeds the 40,000 kWh disclosure threshold.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
40,500
-
CLINICAL SERVICES INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
-
-
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
-
-
Intensity ratio
Tonnes CO2e per employee
Quantification and reporting methodology
Where the Group had access to confirmed office space measurements, these were used to estimate energy consumption. For other locations, energy use was estimated based on the number of full-time equivalent employees, applying a standard occupancy density of 9 m² per employee and a benchmark energy intensity of 250 kWh per m². Based on this hybrid approach, the Group’s total estimated UK energy consumption for the reporting period is 40,500 kWh.
This approach follows industry-accepted benchmarks and UK government guidance and will be reviewed annually as more precise data becomes available.
This assessment was conducted through a review of operational arrangements and tenancy agreements to determine the extent of the company’s energy usage and control. As no energy use is separately metered or billed to the company, no estimations or conversions have been applied.
The company has assessed its operations for the reporting period and determined that it does not consume any energy that falls within the scope of direct (Scope 1) or indirect (Scope 2) greenhouse gas emissions. The company operates exclusively from serviced office premises, where energy and utilities are included within the rental agreement and are not separately metered or directly controlled by the company. As a result, the company reports nil emissions for Scope 1 and Scope 2.
The company acknowledges that Scope 3 emissions, which include indirect emissions from activities such as transportation and distribution, are relevant due to its logistics operations. While these emissions fall outside the company’s direct control—being managed by third-party service providers—the company recognises its role in the wider supply chain. At present, the company does not have sufficiently granular data to quantify these emissions accurately. However, it is committed to working with its logistics partners to better understand and monitor carbon impacts and intends to enhance Scope 3 reporting in future periods, where practical and material.
Measures taken to improve energy efficiency
Due to the nature of its operations and lack of direct control over building infrastructure, the company did not implement any specific energy efficiency measures during the reporting period. However, the company benefits indirectly from the shared efficiency initiatives and building management practices in place at its serviced office location.
CLINICAL SERVICES INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Dr E Dekou
Director
3 June 2025
CLINICAL SERVICES INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CLINICAL SERVICES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLINICAL SERVICES INTERNATIONAL LIMITED
- 7 -
Opinion
We have audited the financial statements of Clinical Services International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CLINICAL SERVICES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLINICAL SERVICES INTERNATIONAL LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety and employment law.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and impairment of fixed assets.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Obtaining third-party confirmation of material bank balances.
Reviewing other documentation for irregularities including fraud.
CLINICAL SERVICES INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLINICAL SERVICES INTERNATIONAL LIMITED
- 9 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Richard Bolton (Senior Statutory Auditor)
For and on behalf of Riches & Company, Statutory Auditor
Chartered Accountants
1 Duchess Street
London
W1W 6AN
3 June 2025
CLINICAL SERVICES INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
52,231,854
27,315,705
Cost of sales
(45,656,400)
(20,173,689)
Gross profit
6,575,454
7,142,016
Administrative expenses
(2,462,306)
(2,193,462)
Operating profit
4
4,113,148
4,948,554
Interest receivable and similar income
8
77,776
23,713
Interest payable and similar expenses
9
(16,359)
(6,521)
Amounts written off investments
10
48,565
(1,814)
Profit before taxation
4,223,130
4,963,932
Tax on profit
11
(1,062,499)
(1,170,873)
Profit for the financial year
3,160,631
3,793,059
Profit for the financial year is all attributable to the owners of the parent company.
CLINICAL SERVICES INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
3,160,631
3,793,059
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
3,160,631
3,793,059
Total comprehensive income for the year is all attributable to the owners of the parent company.
CLINICAL SERVICES INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
2,983
Tangible assets
14
64,421
43,165
Investments
15
165,000
111,030
232,404
154,195
Current assets
Stocks
17
215,768
1,474,457
Debtors
18
12,622,044
6,513,663
Cash at bank and in hand
6,868,824
3,228,736
19,706,636
11,216,856
Creditors: amounts falling due within one year
19
(8,527,140)
(1,865,282)
Net current assets
11,179,496
9,351,574
Net assets
11,411,900
9,505,769
Capital and reserves
Called up share capital
22
30,000
30,000
Profit and loss reserves
11,381,900
9,475,769
Total equity
11,411,900
9,505,769
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
03 June 2025
Dr E Dekou
Director
Company registration number 10438275 (England and Wales)
CLINICAL SERVICES INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
19,408
21,279
Investments
15
1,408,490
3,434,003
1,427,898
3,455,282
Current assets
Stocks
17
215,768
82,474
Debtors
18
7,259,028
6,140,447
Cash at bank and in hand
4,882,900
2,513,569
12,357,696
8,736,490
Creditors: amounts falling due within one year
19
(4,290,167)
(2,612,490)
Net current assets
8,067,529
6,124,000
Net assets
9,495,427
9,579,282
Capital and reserves
Called up share capital
22
30,000
30,000
Profit and loss reserves
9,465,427
9,549,282
Total equity
9,495,427
9,579,282
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,170,645 (2023 - £3,789,760 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
03 June 2025
Dr E Dekou
Director
Company registration number 10438275 (England and Wales)
CLINICAL SERVICES INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
30,000
6,579,966
6,609,966
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,793,059
3,793,059
Dividends
12
-
(897,256)
(897,256)
Balance at 31 December 2023
30,000
9,475,769
9,505,769
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,160,631
3,160,631
Dividends
12
-
(1,254,500)
(1,254,500)
Balance at 31 December 2024
30,000
11,381,900
11,411,900
CLINICAL SERVICES INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
30,000
6,656,778
6,686,778
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
3,789,760
3,789,760
Dividends
12
-
(897,256)
(897,256)
Balance at 31 December 2023
30,000
9,549,282
9,579,282
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,170,645
1,170,645
Dividends
12
-
(1,254,500)
(1,254,500)
Balance at 31 December 2024
30,000
9,465,427
9,495,427
CLINICAL SERVICES INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
6,407,365
(5,794,752)
Interest paid
(16,359)
(6,521)
Income taxes paid
(951,101)
(997,795)
Net cash inflow/(outflow) from operating activities
5,439,905
(6,799,068)
Investing activities
Purchase of intangible assets
(2,983)
-
Purchase of tangible fixed assets
(27,262)
(40,638)
Proceeds from disposal of investments
(5,405)
(24,644)
Repayment of loans
(98,000)
84,205
Interest received
77,776
23,713
Net cash (used in)/generated from investing activities
(55,874)
42,636
Financing activities
Dividends paid to equity shareholders
(1,254,500)
(897,256)
Net cash used in financing activities
(1,254,500)
(897,256)
Net increase/(decrease) in cash and cash equivalents
4,129,531
(7,653,688)
Cash and cash equivalents at beginning of year
2,739,293
10,392,981
Cash and cash equivalents at end of year
6,868,824
2,739,293
Relating to:
Cash at bank and in hand
6,868,824
3,228,736
Bank overdrafts included in creditors payable within one year
-
(489,443)
CLINICAL SERVICES INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
2,711,034
(3,319,597)
Interest paid
(16,359)
(6,521)
Income taxes paid
(714,629)
(989,735)
Net cash inflow/(outflow) from operating activities
1,980,046
(4,315,853)
Investing activities
Purchase of tangible fixed assets
(1,553)
(19,360)
Proceeds from disposal of subsidiaries
2,079,483
(3,198,588)
Proceeds from disposal of investments
(5,405)
(24,644)
Repayment of loans
(98,000)
84,205
Interest received
158,703
31,249
Net cash generated from/(used in) investing activities
2,133,228
(3,127,138)
Financing activities
Dividends paid to equity shareholders
(1,254,500)
(897,256)
Net cash used in financing activities
(1,254,500)
(897,256)
Net increase/(decrease) in cash and cash equivalents
2,858,774
(8,340,247)
Cash and cash equivalents at beginning of year
2,024,126
10,364,373
Cash and cash equivalents at end of year
4,882,900
2,024,126
Relating to:
Cash at bank and in hand
4,882,900
2,513,569
Bank overdrafts included in creditors payable within one year
-
(489,443)
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information
Clinical Services International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 50 Sloane Avenue, London, England, SW3 3DD.
The group consists of Clinical Services International Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Clinical Services International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% reducing balance
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 24 -
2024
2023
£
£
Turnover analysed by geographical market
UK
5,803,444
3,996,828
Europe
29,175,544
22,409,943
Rest of World
17,252,866
908,934
52,231,854
27,315,705
2024
2023
£
£
Other revenue
Interest income
77,776
23,713
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(110,448)
43,803
Depreciation of owned tangible fixed assets
6,006
5,813
Operating lease charges
108,090
97,479
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,000
20,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors and Employees
18
19
12
15
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 25 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,117,134
1,067,435
735,260
782,625
Social security costs
143,710
138,615
81,217
86,858
Pension costs
18,088
17,496
14,250
16,826
1,278,932
1,223,546
830,727
886,309
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
160,000
160,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,053
Other interest income
74,723
23,713
Total income
77,776
23,713
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,053
-
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,359
6,521
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
10
Amounts written off investments
2024
2023
£
£
(Loss)/gain on disposal of financial assets held at fair value through profit or loss
(4,535)
28,055
Gain/(loss) on disposal of fixed asset investments
53,100
(29,869)
48,565
(1,814)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
880,693
1,163,246
Adjustments in respect of prior periods
(38,838)
Other taxes
220,644
7,627
Total current tax
1,062,499
1,170,873
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,223,130
4,963,932
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,055,783
1,240,983
Unutilised tax losses carried forward
13,609
Adjustments in respect of prior years
(38,838)
Effect of change in corporation tax rate
4,879
(80,660)
Effect of overseas tax rates
40,675
(3,059)
Taxation charge
1,062,499
1,170,873
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,254,500
897,256
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
13
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2024
Additions
2,983
At 31 December 2024
2,983
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
2,983
At 31 December 2023
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
14
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
16,696
37,634
54,330
Additions
25,709
1,553
27,262
At 31 December 2024
42,405
39,187
81,592
Depreciation and impairment
At 1 January 2024
2,668
8,497
11,165
Depreciation charged in the year
2,104
3,902
6,006
At 31 December 2024
4,772
12,399
17,171
Carrying amount
At 31 December 2024
37,633
26,788
64,421
At 31 December 2023
14,028
29,137
43,165
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 28 -
Company
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
16,696
12,651
29,347
Additions
1,553
1,553
At 31 December 2024
16,696
14,204
30,900
Depreciation and impairment
At 1 January 2024
2,668
5,400
8,068
Depreciation charged in the year
2,104
1,320
3,424
At 31 December 2024
4,772
6,720
11,492
Carrying amount
At 31 December 2024
11,924
7,484
19,408
At 31 December 2023
14,028
7,251
21,279
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
124,385
124,385
Loans to subsidiaries
16
1,119,105
3,198,588
Unlisted investments
165,000
111,030
165,000
111,030
165,000
111,030
1,408,490
3,434,003
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Group
Loans to
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2024
-
111,030
111,030
Additions
10,156,072
20,821
10,176,893
Valuation changes
(266,157)
48,615
(217,542)
Repayment
(9,889,915)
-
(9,889,915)
Disposals
-
(15,466)
(15,466)
At 31 December 2024
-
165,000
165,000
Carrying amount
At 31 December 2024
-
165,000
165,000
At 31 December 2023
-
111,030
111,030
Movements in fixed asset investments
Company
Shares in subsidiaries
Loans to subsidiaries
Other investments
Total
£
£
£
£
Cost or valuation
At 1 January 2024
124,385
3,198,588
111,030
3,434,003
Additions
-
10,156,072
20,821
10,176,893
Valuation changes
-
(266,157)
48,615
(217,542)
Repayment
-
(11,969,398)
-
(11,969,398)
Disposals
-
-
(15,466)
(15,466)
At 31 December 2024
124,385
1,119,105
165,000
1,408,490
Carrying amount
At 31 December 2024
124,385
1,119,105
165,000
1,408,490
At 31 December 2023
124,385
3,198,588
111,030
3,434,003
16
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
CSI Clinical Services International GmbH
Germany
Ordinary
100.00
Clinical Services International LLC
USA
Ordinary
100.00
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Subsidiaries
(Continued)
- 30 -
Registered office addresses (all UK unless otherwise indicated):
1
Hannoversche Strasse 2, 10115 Berlin, Germany
2
795 Horsham Road, Horsham, PA 19044, USA
Both subsidiaries are exempt from audit in their respective countries of incorporation.
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
215,768
1,474,457
215,768
82,474
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
12,280,114
6,104,127
6,940,830
6,101,042
Other debtors
123,361
376,342
108,300
10,300
Prepayments and accrued income
218,569
33,194
209,898
29,105
12,622,044
6,513,663
7,259,028
6,140,447
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
489,443
489,443
Trade creditors
2,997,202
264,434
3,484,017
1,040,149
Corporation tax payable
621,971
510,573
133,775
503,467
Other taxation and social security
1,428,489
510,138
184,810
502,291
Other creditors
12,721
39,479
12,228
37,610
Accruals and deferred income
3,466,757
51,215
475,337
39,530
8,527,140
1,865,282
4,290,167
2,612,490
HSBC UK Bank Plc holds a fixed and floating charge dated 17 April 2019 over all assets of the company.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
489,443
489,443
Payable within one year
489,443
489,443
The overdraft is secured by fixed charges and floating charges over all assets.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,088
17,496
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
30,000
30,000
30,000
30,000
Ordinary shares carry equal rights to voting, dividends and capital distributions (including on winding up).
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
220,000
220,000
Key management personnel includes the three directors and one employee.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Related party transactions
(Continued)
- 32 -
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Company
Entities over which the group has control, joint control or significant influence
5,314,455
-
The transactions were conducted on normal commercial terms.
Group
The group had no transactions with related parties in the year.
Company
At the end of the year, the company was owed £0 (2023:£2,249,532) by its wholly owned subsidiary, CSI Clinical Services International GmbH ("CSI GmbH"). "). Interest was charged on this loan amounting to £29,620 during the year, charged at an interest rate of 2.5%. No amounts were waived or written off.
At the end of the year, the company was also owed £1,119,105 (2023: £894,623) by its wholly owned subsidiary, Clinical Services International LLC ("CSI LLC"). Interest was charged on this loan amounting to £51,316 during the year, charged at an interest rate of 2.5%
24
Directors' transactions
Dividends totalling £1,003,600 (2023 - £717,805) were paid in the year in respect of shares held by the company's directors.
During the year, the following loan was made to one director.
No amounts were written off or waived in respect of the director's loan during the year and no guarantees were given.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan
2.50
-
98,000
98,000
-
98,000
98,000
25
Controlling party
The ultimate controlling party is Dr. E V Dekou, by virtue of her majority shareholding in the parent company.
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
26
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
3,160,631
3,793,059
Adjustments for:
Taxation charged
1,062,499
1,170,873
Finance costs
16,359
6,521
Investment income
(77,776)
(23,713)
Depreciation and impairment of tangible fixed assets
6,006
5,813
(Gain)/loss on sale of investments
(53,100)
29,869
Other gains and losses
4,535
(28,055)
Movements in working capital:
Decrease/(increase) in stocks
1,258,689
(1,381,457)
Increase in debtors
(6,010,381)
(2,829,700)
Increase/(decrease) in creditors
7,039,903
(6,537,962)
Cash generated from/(absorbed by) operations
6,407,365
(5,794,752)
27
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit after taxation
1,170,645
3,789,760
Adjustments for:
Taxation charged
344,937
1,155,707
Finance costs
16,359
6,521
Investment income
(158,703)
(31,249)
Depreciation and impairment of tangible fixed assets
3,424
3,755
(Gain)/loss on sale of investments
(53,100)
29,869
Other gains and losses
4,535
(28,055)
Movements in working capital:
(Increase)/decrease in stocks
(133,294)
10,526
Increase in debtors
(1,020,581)
(2,476,773)
Increase/(decrease) in creditors
2,536,812
(5,779,658)
Cash generated from/(absorbed by) operations
2,711,034
(3,319,597)
CLINICAL SERVICES INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
3,228,736
3,640,088
6,868,824
Bank overdrafts
(489,443)
489,443
2,739,293
4,129,531
6,868,824
29
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,513,569
2,369,331
4,882,900
Bank overdrafts
(489,443)
489,443
2,024,126
2,858,774
4,882,900
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Dr E DekouMr A DuncanDr A AmatoMr M B Tassifalse10438275bus:Consolidated2024-01-012024-12-31104382752024-01-012024-12-3110438275bus:Director12024-01-012024-12-3110438275bus:Director22024-01-012024-12-3110438275bus:Director32024-01-012024-12-3110438275bus:Director42024-01-012024-12-3110438275bus:RegisteredOffice2024-01-012024-12-31104382752024-12-3110438275bus:Consolidated2024-12-3110438275bus:Consolidated2023-01-012023-12-31104382752023-01-012023-12-3110438275bus:Consolidated2023-12-3110438275core:ComputerSoftwarebus:Consolidated2024-12-3110438275core:ComputerSoftwarebus:Consolidated2023-12-31104382752023-12-3110438275core:FurnitureFittingsbus:Consolidated2024-12-3110438275core:ComputerEquipmentbus:Consolidated2024-12-3110438275core:FurnitureFittingsbus:Consolidated2023-12-3110438275core:ComputerEquipmentbus:Consolidated2023-12-3110438275core:FurnitureFittings2024-12-3110438275core:ComputerEquipment2024-12-3110438275core:FurnitureFittings2023-12-3110438275core:ComputerEquipment2023-12-3110438275core:ShareCapitalbus:Consolidated2024-12-3110438275core:ShareCapitalbus:Consolidated2023-12-3110438275core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3110438275core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3110438275core:ShareCapital2024-12-3110438275core:ShareCapital2023-12-3110438275core:RetainedEarningsAccumulatedLosses2024-12-3110438275core:RetainedEarningsAccumulatedLosses2023-12-3110438275core:ShareCapitalbus:Consolidated2022-12-31104382752022-12-3110438275core:ShareCapital2022-12-3110438275core:RetainedEarningsAccumulatedLosses2022-12-3110438275bus:Consolidated2022-12-3110438275core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3110438275core:ComputerSoftware2024-01-012024-12-3110438275core:FurnitureFittings2024-01-012024-12-3110438275core:ComputerEquipment2024-01-012024-12-3110438275core:UKTaxbus:Consolidated2024-01-012024-12-3110438275core:UKTaxbus:Consolidated2023-01-012023-12-3110438275core:ComputerSoftwarebus:Consolidated2023-12-3110438275core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2024-01-012024-12-3110438275core:FurnitureFittingsbus:Consolidated2023-12-3110438275core:ComputerEquipmentbus:Consolidated2023-12-3110438275bus:Consolidated2023-12-3110438275core:FurnitureFittings2023-12-3110438275core:ComputerEquipment2023-12-31104382752023-12-3110438275core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3110438275core:ComputerEquipmentbus:Consolidated2024-01-012024-12-3110438275core:UnlistedNon-exchangeTradedbus:Consolidated2024-12-3110438275core:UnlistedNon-exchangeTradedbus:Consolidated2023-12-3110438275core:UnlistedNon-exchangeTraded2024-12-3110438275core:UnlistedNon-exchangeTraded2023-12-3110438275core:Subsidiary12024-01-012024-12-3110438275core:Subsidiary22024-01-012024-12-3110438275core:Subsidiary112024-01-012024-12-3110438275core:Subsidiary222024-01-012024-12-3110438275core:CurrentFinancialInstruments2024-12-3110438275core:CurrentFinancialInstruments2023-12-3110438275core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3110438275core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3110438275core:WithinOneYearbus:Consolidated2024-12-3110438275core:WithinOneYearbus:Consolidated2023-12-3110438275core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3110438275core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110438275core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3110438275core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3110438275bus:PrivateLimitedCompanyLtd2024-01-012024-12-3110438275bus:FRS1022024-01-012024-12-3110438275bus:Audited2024-01-012024-12-3110438275bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3110438275bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP