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Registered number: 04188012










QUALITY HEALTH LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
QUALITY HEALTH LIMITED
REGISTERED NUMBER:04188012

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
391,681
122,619

Tangible assets
 5 
79,282
93,978

  
470,963
216,597

Current assets
  

Stocks
  
23,266
30,215

Debtors: amounts falling due within one year
 6 
1,972,020
2,190,980

Cash at bank and in hand
  
1,793,934
907,807

  
3,789,220
3,129,002

Creditors: amounts falling due within one year
 7 
(1,274,583)
(1,023,703)

Net current assets
  
 
 
2,514,637
 
 
2,105,299

Total assets less current liabilities
  
2,985,600
2,321,896

Provisions for liabilities
  

Deferred tax
 8 
(30,456)
(22,732)

Net assets
  
2,955,144
2,299,164


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,955,044
2,299,064

  
2,955,144
2,299,164

Page 1

 
QUALITY HEALTH LIMITED
REGISTERED NUMBER:04188012
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2025.





I Mecci
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Quality Health Limited is a private company limited by shares, incorporated in England and Wales (registered number: 04188012). Its registered office is 3 Forbury Place, 23 Forbury Road, Reading, United Kingdom, RG1 3JH. The principal activity of the Company throughout the period continued to be that of the provision of management consultancy. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

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

Rendering of services

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

 
2.4

Operating leases: the Company as 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.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.

Page 5

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Leasehold property improvements
-
10%
straight line
Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price 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, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 

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.
Page 6

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2023 - 42).


4.


Intangible assets




Development costs
Goodwill
Total

£
£
£



Cost


At 1 January 2024
225,813
212,100
437,913


Intra-group transfers
370,278
-
370,278



At 31 December 2024

596,091
212,100
808,191



Amortisation


At 1 January 2024
103,194
212,100
315,294


Charge for the year on owned assets
101,216
-
101,216



At 31 December 2024

204,410
212,100
416,510



Net book value



At 31 December 2024
391,681
-
391,681



At 31 December 2023
122,619
-
122,619



Page 7

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2024
39,390
647,973
72,503
759,866


Additions
-
6,138
-
6,138



At 31 December 2024

39,390
654,111
72,503
766,004



Depreciation


At 1 January 2024
5,903
588,285
71,700
665,888


Charge for the year on owned assets
1,255
18,776
803
20,834



At 31 December 2024

7,158
607,061
72,503
686,722



Net book value



At 31 December 2024
32,232
47,050
-
79,282



At 31 December 2023
33,487
59,688
803
93,978


6.


Debtors

2024
2023
£
£


Trade debtors
1,771,164
1,716,384

Amounts owed by group undertakings
134,924
388,212

Other debtors
6,403
10,189

Prepayments and accrued income
59,529
76,195

1,972,020
2,190,980


Page 8

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
81,438
157,222

Amounts owed to group undertakings
925,520
335,636

Corporation tax
-
133,678

Other taxation and social security
-
222,104

Other creditors
16,508
11,029

Accruals and deferred income
251,117
164,034

1,274,583
1,023,703



8.


Deferred taxation




2024


£






At beginning of year
22,732


Charged to profit or loss
7,724



At end of year
30,456

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
30,456
15,232

Other short term timing differences
-
7,500

30,456
22,732


9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in a independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £87,240 (2023: £87,614). Contributions totalling £NIL (2023: £NIL) were payable to the fund at the balance sheet date and are included in creditors. 

Page 9

 
QUALITY HEALTH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
110,564
110,564

Later than 1 year and not later than 5 years
158,337
268,901

268,901
379,465


11.


Controlling party

Quality Health Limited is a wholly owned subsidiary of QH Research Limited. Both companies are within the IQVIA group and the ultimate parent company is IQVIA Holdings Inc. registered in the United States, registered office 4820 Emperor Blvd, Durham, North Carolina, USA 27703. The results of Quality Health Limited are consolidated within the accounts for IQVIA Holdings Inc. 


12.


Auditors' information

A disclaimer of opinion was issued in relation to the accompanying financial statements for the period ended 31 December 2024. The Company has recognised income on ongoing customer contracts in the financial statements based upon their estimated level of completion at year end, in accordance with Financial Reporting Standard FRS 102.
The basis for disclaimer of opinion was due to the inability to confirm or verify by alternative means the reasonableness of these estimates and therefore we were unable to determine whether any adjustments might have been found necessary in respect of amounts recorded or urnecorded for Amounts Recoverable on Contracts, and the elements making up the statement of comprehensive income and statement of changes in equity. 

The audit report was signed on 29 July 2025 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 10