Caseware UK (AP4) 2024.0.164 2024.0.164 truetruetruetruetrue17192023-10-01falseNo description of principal activitytruefalse 08539682 2023-10-01 2024-09-30 08539682 2022-10-01 2023-09-30 08539682 2024-09-30 08539682 2023-09-30 08539682 2022-10-01 08539682 c:Director1 2023-10-01 2024-09-30 08539682 c:Director1 2024-09-30 08539682 c:Director3 2023-10-01 2024-09-30 08539682 c:Director3 2024-09-30 08539682 c:Director4 2023-10-01 2024-09-30 08539682 c:Director4 2024-09-30 08539682 c:RegisteredOffice 2023-10-01 2024-09-30 08539682 d:PlantMachinery 2023-10-01 2024-09-30 08539682 d:PlantMachinery 2024-09-30 08539682 d:PlantMachinery 2023-09-30 08539682 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08539682 d:OfficeEquipment 2023-10-01 2024-09-30 08539682 d:OfficeEquipment 2024-09-30 08539682 d:OfficeEquipment 2023-09-30 08539682 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08539682 d:ComputerEquipment 2023-10-01 2024-09-30 08539682 d:ComputerEquipment 2024-09-30 08539682 d:ComputerEquipment 2023-09-30 08539682 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08539682 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 08539682 d:Goodwill 2023-10-01 2024-09-30 08539682 d:Goodwill 2024-09-30 08539682 d:Goodwill 2023-09-30 08539682 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-10-01 2024-09-30 08539682 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-09-30 08539682 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-09-30 08539682 d:CurrentFinancialInstruments 2024-09-30 08539682 d:CurrentFinancialInstruments 2023-09-30 08539682 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 08539682 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 08539682 d:ReportableOperatingSegment1 2023-10-01 2024-09-30 08539682 d:ReportableOperatingSegment1 2022-10-01 2023-09-30 08539682 d:ReportableOperatingSegment2 2023-10-01 2024-09-30 08539682 d:ReportableOperatingSegment2 2022-10-01 2023-09-30 08539682 d:ReportableOperatingSegment7 2023-10-01 2024-09-30 08539682 d:ReportableOperatingSegment7 2022-10-01 2023-09-30 08539682 e:UnitedKingdom 2023-10-01 2024-09-30 08539682 e:UnitedKingdom 2022-10-01 2023-09-30 08539682 e:RestEuropeOutsideUK 2023-10-01 2024-09-30 08539682 e:RestEuropeOutsideUK 2022-10-01 2023-09-30 08539682 e:RestWorldOutsideUK 2023-10-01 2024-09-30 08539682 e:RestWorldOutsideUK 2022-10-01 2023-09-30 08539682 d:UKTax 2023-10-01 2024-09-30 08539682 d:UKTax 2022-10-01 2023-09-30 08539682 d:ShareCapital 2024-09-30 08539682 d:ShareCapital 2023-09-30 08539682 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 08539682 d:RetainedEarningsAccumulatedLosses 2024-09-30 08539682 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 08539682 d:RetainedEarningsAccumulatedLosses 2023-09-30 08539682 d:RetainedEarningsAccumulatedLosses 2022-10-01 08539682 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 08539682 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 08539682 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 08539682 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 08539682 c:OrdinaryShareClass1 2023-10-01 2024-09-30 08539682 c:OrdinaryShareClass1 2024-09-30 08539682 c:OrdinaryShareClass1 2023-09-30 08539682 c:FRS102 2023-10-01 2024-09-30 08539682 c:Audited 2023-10-01 2024-09-30 08539682 c:FullAccounts 2023-10-01 2024-09-30 08539682 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08539682 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 08539682 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 08539682 d:ExternallyAcquiredIntangibleAssets 2023-10-01 2024-09-30 08539682 d:Goodwill d:OwnedIntangibleAssets 2023-10-01 2024-09-30 08539682 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-10-01 2024-09-30 08539682 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08539682









Valid Insight Ltd









Annual Report and Financial Statements

For the Year Ended 30 September 2024

 
Valid Insight Ltd
 
 
Company Information


Directors
G Silver 
J Maxwell 




Registered number
08539682



Registered office
Suite A, Greenway House
Larkwood Way

Tytherington Business Park

Macclesfield

United Kingdom

SK10 2XR




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St Peter's Square

Manchester

M2 3DE





 
Valid Insight Ltd
 

Contents



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Income and Retained Earnings
 
7
Balance Sheet
 
8
Notes to the Financial Statements
 
9 - 20


 
Valid Insight Ltd
 
 
 
Directors' Report
For the Year Ended 30 September 2024

The directors present their report and the audited financial statements of Valid Insight Ltd (the “Company”) for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

A Medley (resigned 19 April 2024)
G Silver (appointed 15 February 2024)
J Maxwell (appointed 15 February 2024)

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which 
the directors have reached their conclusion.
The Company has net current assets of £807,964 (
2023: £734,283) and net assets of £971,553 (2023: £737,438)
at 30 September 2024.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 September 2024 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.

Page 1

 
Valid Insight Ltd
 
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Maxwell
Director

Date: 27 June 2025

Page 2

 
Valid Insight Ltd
 
 
 
Independent Auditor's Report to the Members of Valid Insight Ltd
 

Opinion


We have audited the financial statements of Valid Insight Ltd (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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 September 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 "Auditor's 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.


Page 3

 
Valid Insight Ltd
 
 
 
Independent Auditor's Report to the Members of Valid Insight Ltd (continued)


Other information


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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared 
 is consistent with the financial statements; and
• the Directors' Report has been prepared in accordance with applicable legal requirements.


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 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, 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
 

Responsibilities of director
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 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.

Page 4

 
Valid Insight Ltd
 
 
 
Independent Auditor's Report to the Members of Valid Insight Ltd (continued)


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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
• Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in 
 compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws   and regulations;
• Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
• Communicating identified laws and regulations to the engagement team and remaining alert to any indications of 
 non-compliance throughout our audit; and
• Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including    fraud.
 
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such  
as: tax legislation, pension legislation and the Companies Act 2006. 
 
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the  
financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions. 
 
Our audit procedures in relation to fraud included but were not limited to: 
 
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or    alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
 
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection  
of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of  
internal controls. 
 
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 Auditor's Report. 


Page 5

 
Valid Insight Ltd
 
 
 
Independent Auditor's Report to the Members of Valid Insight Ltd (continued)


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 2006Our 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.





Christopher Martin (Senior Statutory Auditor)
for and on behalf of Forvis Mazars LLP
Chartered Accountants & Statutory Auditor
One St Peter’s Square
Manchester
M2 3DE

 27 June 2025
Page 6

 
Valid Insight Ltd
 
 
Statement of Income and Retained Earnings
For the Year Ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,782,138
1,774,442

Cost of Sales
  
(1,264,969)
(1,830,488)

Gross profit / (loss)
  
517,169
(56,046)

Administrative expenses
  
(395,885)
(629,177)

Other operating income
 5 
141,288
-

Operating profit / (loss)
 6 
262,572
(685,223)

Interest payable and similar expenses
 10 
(1,305)
-

Profit / (loss) before tax
  
261,267
(685,223)

Tax on profit / loss
 11 
(27,152)
(18,236)

Profit / (loss) after tax
  
234,115
(703,459)

  

  

Retained earnings at the beginning of the year
  
737,436
1,440,895

  
737,436
1,440,895

Profit / (loss) for the year
  
234,115
(703,459)

Retained earnings at the end of the year
  
971,551
737,436
The notes on pages 9 to 20 form part of these financial statements.

Page 7

 
Valid Insight Ltd
Registered number: 08539682

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
163,589
575

Tangible assets
 13 
-
3,069

  
163,589
3,644

Current assets
  

Debtors: amounts falling due within one year
 14 
716,476
859,322

Cash at bank and in hand
 15 
857,054
181,095

  
1,573,530
1,040,417

Creditors: amounts falling due within one year
 16 
(765,566)
(306,134)

Net current assets
  
 
 
807,964
 
 
734,283

Total assets less current liabilities
  
971,553
737,927

Provisions for liabilities
  

Deferred tax
 17 
-
(489)

  
 
 
-
 
 
(489)

Net assets
  
971,553
737,438


Capital and reserves
  

Called up share capital 
 18 
2
2

Profit and loss account
 19 
971,551
737,436

  
971,553
737,438


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Maxwell
Director

Date: 27 June 2025

The notes on pages 9 to 20 form part of these financial statements.

Page 8

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

Valid Insight Ltd is a private company limited by share capital. The Company is incorporated in England, company number 08539682. The address of the registered office and principal place of business is Suite A, Greenway House, Larkwood Way, Tytherington Business Park, Macclesfield, United Kingdom, SK10 2XR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Bioscript Holdings Limited as at 30 September 2024 and these financial statements may be obtained from Suite A, Greenway House, Larkwood Way, Tytherington Business Park, Macclesfield, United Kingdom, SK10 2XR.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion.
The Company has net current assets of £807,964 (
2023: £734,283) and net assets of £971,553 (2023: £737,438) at 30 September 2024.
Therefore, the directors believe it is appropriate to prepare the accounts to 30 September 2024 on a going 
concern basis and there will be no adverse effect on solvency for more than 12 months after the date of 
approval of the financial statements.

Page 9

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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

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

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 10

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

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

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

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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

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

  
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
50%
straight line
Office equipment
-
50%
straight line
Computer equipment
-
50%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.13

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation 
that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the 
amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the 
obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 12

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial 
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other 
accounts receivable and payable, are initially measured at present value of the future cash flows and 
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or 
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the 
arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt 
deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the 
financial asset or liability is measured, initially at the present value of future cash flows discounted at a market 
rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan 
from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
•  at fair value with changes recognised in the Statement of Income and Retained Earnings if the shares    are publicly traded or their fair value can otherwise be measured reliably;
•  at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is 
recognised in the Statement of Income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an 
asset’s carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference 
between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on the amounts recognised in the financial statements.
Revenue recognition in relation to amounts recoverable on contracts
In assessing the correct amount of revenue to be recognised and the value of contract balances, the directors make the best estimate of progress towards the project deliverables in order to assess the percentage complete in each case.

Page 13

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Market access and pricing consultancy
1,440,740
1,704,815

Pass through income
59,422
69,627

Inter-company sales
281,976
-

1,782,138
1,774,442


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
522,008
163,381

Rest of Europe
757,609
1,010,507

Rest of the World
502,521
600,554

1,782,138
1,774,442



5.


Other operating income

2024
2023
£
£

R&D claim
141,288
-



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
71,393
2,143

Amortisation on intangible assets
9,437
67

Depreciation on tangible fixed assets
2,824
4,879

Other operating lease rentals
653
683

Page 14

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

7.


Auditor's remuneration



Auditor's remuneration of £13,238 (2023: £12,978) relating to the Company was borne by its parent company, Bioscript Limited.





8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
814,323
1,645,489

Social security costs
57,949
96,715

Cost of defined contribution scheme
44,913
81,074

917,185
1,823,278


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


        2024
        2023
            No.
            No.







Delivery
15
17



Directors
2
2

17
19


9.


Directors' remuneration

Directors’ remuneration relating to the Company were borne by its parent company, Bioscript Limited.







10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
1,305
-

Page 15

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
18,118


Tax charge on R&D tax credit
28,446
-


Total current tax
28,446
18,118

Deferred tax


Origination and reversal of timing differences
(1,294)
118

Total deferred tax
(1,294)
118


Taxation on profit / loss on ordinary activities
27,152
18,236

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023:25%). The differences are explained below:

2024
2023
£
£


Profit / (loss) on ordinary activities before tax
261,267
(685,223)


Profit / (loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
65,317
(171,306)

Effects of:


Expenses not deductible for tax purposes
8,347
219

Non-taxable income
(35,322)
-

Tax charge on R&D tax credit
28,446
-

Other differences leading to a decrease in the tax charge
(44,623)
(286)

Group relief
4,987
171,491

Adjustment in respect of previous periods
-
18,118

Total tax charge for the year
27,152
18,236

Page 16

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

12.


Intangible assets




Proprietary software
Trademarks
Total

£
£
£



Cost


At 1 October 2023
-
1,025
1,025


Additions
172,958
-
172,958


Disposals
-
(1,025)
(1,025)



At 30 September 2024

172,958
-
172,958



Amortisation


At 1 October 2023
-
450
450


Charge for the year
9,369
68
9,437


Disposals
-
(518)
(518)



At 30 September 2024

9,369
-
9,369



Net book value



At 30 September 2024
163,589
-
163,589



At 30 September 2023
-
575
575



Page 17

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

13.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
38,227
1,533
25,715
65,475


Disposals
(38,227)
(1,533)
(23,865)
(63,625)



At 30 September 2024

-
-
1,850
1,850



Depreciation


At 1 October 2023
38,227
1,533
22,646
62,406


Charge for the year on owned assets
-
-
2,824
2,824


Disposals
(38,227)
(1,533)
(23,620)
(63,380)



At 30 September 2024

-
-
1,850
1,850



Net book value



At 30 September 2024
-
-
-
-



At 30 September 2023
-
-
3,069
3,069


14.


Debtors

2024
2023
£
£


Trade debtors
220,905
448,271

Amounts owed by group undertakings
228,404
94,136

Other debtors
10,286
5,756

Prepayments and accrued income
143,234
311,159

Corporation tax recoverable
112,842
-

Deferred taxation
805
-

716,476
859,322


Page 18

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

15.


Cash

2024
2023
£
£

Cash at bank and in hand
857,054
181,095



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
38,424
55,722

Amounts owed to group undertakings
592,930
165,219

Corporation tax
-
17,600

Other taxation and social security
17,063
16,986

Other creditors
3,222
-

Accruals and deferred income
113,927
50,607

765,566
306,134


The Group has given a guarantee in respect of a loan advance to a Group subsidiary. The maximum potential 
liability to the Company as at 30 September 2024 amounted to £26,964,466 (
2023: £23,279,243).


17.


Deferred taxation




2024
2023


£

£






At beginning of year
(489)
(371)


Charged to profit or loss
1,294
(118)



At end of year
805
(489)

The deferred tax asset / (provision for deferred taxation) is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(269)

Short term timing differences
805
(220)

805
(489)

Page 19

 
Valid Insight Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



23,272 (2023: 23,272) Ordinary shares of £0.0001 each
2
2



19.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


20.


Pension commitments

The Company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in independently administered funds.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £44,913
(
2023: £81,074). Contributions totalling £3,222 (2023: £Nil) were payable to the funds at the balance sheet date and are included in other creditors.


21.


Related party transactions

The directors have chosen not to disclose transactions entered with other companies wholly owned within group as
permitted under FRS102 paragraph 33.1A.


22.


Controlling party

The immediate parent company is Bioscript Limited, a company registered in England and Wales, company number 13216692, which owns 100% of the called up share capital.
The ultimate parent company is Bioscript Holdings Limited, a company registered in England and Wales, company number 13203898. 

Page 20