Cytel Statistical Services And Software UK Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 10823705 (England and Wales)
Cytel Statistical Services And Software UK Limited
Company Information
Directors
N Padilla
(Appointed 31 March 2025)
H Jones
(Appointed 30 May 2025)
Secretary
N Padilla
Company number
10823705
Registered office
6th Floor 9 Appold Street
London
United Kingdom
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Cytel Statistical Services And Software UK Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
Cytel Statistical Services And Software UK Limited
Strategic Report
For the year ended 31 December 2023
Page 1

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The group’s principal activity continues to be consultancy services to the parent company. Group turnover increased to £18.3m this year (2022: £13.6m). The group and company continue to maintain a healthy balance sheet with a strong net assets position.

 

On 23 June 2023 the company entered into a Share Purchase Agreement to acquire 100% of the issued and outstanding equity interests of Stève Consultants, to further strengthen its business.

 

The directors continue to focus on providing a quality service to its clients and are therefore confident that the group will sustain its growth and that profitability will continue for the foreseeable future.

Principal risks and uncertainties

There are a number of risks and uncertainties which could impact the performance of the company and group. The group operates a risk management process which identifies, evaluates and prioritizes risks and uncertainties and reviews mitigation activity.

 

As a provider of services, the group is dependent on its human resources. By concentrating time and financial resources on recruitment, training and development programs, the directors hope to minimize the risk of excessive staff movements and loss of key personnel.

 

As with all industry sectors, general economic conditions, customer preference and competitor activity may have an adverse effect on the group's results. However, the mix and diversity of the parent company and group clients should mitigate significant volatility.

 

Key performance indicators

 

2023

2022

 

£m

£m

Turnover

18.3

13.6

Net profit

0.47

0.46

Net assets

3.8

0.89

Cash

1.2

0.19

Headcount

147

81

 

The turnover has increased from £13.6m in 2022 to £18.3m in 2023, which is a 35% growth. This is due to an increase in the demand to provide services to group entities. This is driven by an increase in headcount from 81 to 147 and the mid year acquisition of the French consultancy business, Stéve Constultants.

 

Cytel Statistical Services And Software UK Limited
Strategic Report (Continued)
For the year ended 31 December 2023
Page 2
Section 172 Statement

The Directors are aware of their statutory duty to promote the success of the Company, as set out in Section 172 of the Companies Act 2006. This duty underpins the Board’s decision-making processes and the Group’s strategic direction, with due consideration given to the long-term impact of its decisions upon on shareholders, employees, customers and wider stakeholders.

 

The directors decision making process considers both risk and reward in pursuit of delivering long term value for all our stakeholders and protecting their interests. Awareness and understanding of the current and potential risks to the business, including both financial and non-financial risks, are fundamental to how we manage the business. Further information on risks is provided above.

 

The directors are committed to acting fairly and operating to high standards of business conduct both a company and also in the wider context of all of its stakeholders.

On behalf of the board

N Padilla
Director
1 August 2025
Cytel Statistical Services And Software UK Limited
Directors' Report
For the year ended 31 December 2023
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2023.

 

See the strategic report for details of future developments and risk management.

Principal activities

The principal activity of the company and group continued to be is to provide clinical trial design services and specialised statistical applications for the biopharmaceutical, medical device, academic, and government research markets. Cytel provides trial sponsors with tools, training, and consultation to drive process efficiencies and reduced development costs.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Charles
(Resigned 9 June 2023)
R Wasiak
(Resigned 11 December 2023)
R Sweegers
(Appointed 11 December 2023 and resigned 31 March 2025)
J Gomez Agudelo
(Appointed 21 June 2023 and resigned 30 May 2025)
N Padilla
(Appointed 31 March 2025)
H Jones
(Appointed 30 May 2025)
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Auditor

Following the directors decision to appoint new auditors MKS will not be seeking reappointment.

 

Statement of directors' responsibilities

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:

 

 

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.

Cytel Statistical Services And Software UK Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 4
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
N Padilla
Director
1 August 2025
Cytel Statistical Services And Software UK Limited
Independent Auditor's Report
To the Members of Cytel Statistical Services And Software UK Limited
Page 5
Opinion

We have audited the financial statements of Cytel Statistical Services and Software UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise 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 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:

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 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.

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.

Cytel Statistical Services And Software UK Limited
Independent Auditor's Report (Continued)
To the Members of Cytel Statistical Services And Software UK Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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:

 

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 group's and 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Cytel Statistical Services And Software UK Limited
Independent Auditor's Report (Continued)
To the Members of Cytel Statistical Services And Software UK Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Cytel Statistical Services And Software UK Limited
Independent Auditor's Report (Continued)
To the Members of Cytel Statistical Services And Software UK Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Andrew Grieve (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
1 August 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Cytel Statistical Services And Software UK Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 9
2023
2022
Notes
£
£
Turnover
3
18,305,278
13,617,444
Cost of sales
(10,475,210)
(9,240,514)
Gross profit
7,830,068
4,376,930
Administrative expenses
(7,021,277)
(3,763,389)
Other operating income
2,053
-
Operating profit
4
810,844
613,541
Interest receivable and similar income
12,743
-
0
Interest payable and similar expenses
(198,398)
-
0
Profit before taxation
625,189
613,541
Tax on profit
7
(167,676)
(170,073)
Profit for the financial year
457,513
443,468
Other comprehensive income
Currency translation gain taken to retained earnings
13,779
17,434
Total comprehensive income for the year
471,292
460,902
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Cytel Statistical Services And Software UK Limited
Group Balance Sheet
As at 31 December 2023
Page 10
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
8
10,163,028
-
0
Other intangible assets
8
16,981
-
0
Total intangible assets
10,180,009
-
0
Tangible assets
9
395,469
315,316
Investments
10
592
592
10,576,070
315,908
Current assets
Debtors
12
5,774,396
2,108,790
Cash at bank and in hand
1,234,403
191,882
7,008,799
2,300,672
Creditors: amounts falling due within one year
13
(4,053,425)
(1,725,987)
Net current assets
2,955,374
574,685
Total assets less current liabilities
13,531,444
890,593
Creditors: amounts falling due after more than one year
14
(9,688,623)
-
Net assets
3,842,821
890,593
Capital and reserves
Called up share capital
17
200
100
Share premium account
2,480,836
-
0
Profit and loss reserves
1,361,785
890,493
Total equity
3,842,821
890,593
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
N Padilla
Director
Cytel Statistical Services And Software UK Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
116,511
148,795
Investments
10
11,310,562
593
11,427,073
149,388
Current assets
Debtors
12
4,520,490
1,852,889
Cash at bank and in hand
396,584
155,235
4,917,074
2,008,124
Creditors: amounts falling due within one year
13
(2,772,216)
(1,454,580)
Net current assets
2,144,858
553,544
Total assets less current liabilities
13,571,931
702,932
Creditors: amounts falling due after more than one year
14
(9,688,623)
-
Net assets
3,883,308
702,932
Capital and reserves
Called up share capital
17
200
100
Share premium account
2,480,836
-
0
Profit and loss reserves
1,402,272
702,832
Total equity
3,883,308
702,932

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 £699,440 (2022 - £345,923 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
N Padilla
Director
Company Registration Number 10823705 (England and Wales)
Cytel Statistical Services And Software UK Limited
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 12
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
-
0
429,591
429,691
Year ended 31 December 2022:
Profit for the year
-
-
443,468
443,468
Other comprehensive income:
Currency translation differences
-
-
17,434
17,434
Total comprehensive income for the year
-
-
460,902
460,902
Balance at 31 December 2022
100
-
0
890,493
890,593
Year ended 31 December 2023:
Profit for the year
-
-
457,513
457,513
Other comprehensive income:
Currency translation differences
-
-
13,779
13,779
Total comprehensive income for the year
-
-
471,292
471,292
Issue of share capital
17
100
2,480,836
-
2,480,936
Balance at 31 December 2023
200
2,480,836
1,361,785
3,842,821
Cytel Statistical Services And Software UK Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 13
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
-
0
356,909
357,009
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
345,923
345,923
Balance at 31 December 2022
100
-
0
702,832
702,932
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
699,440
699,440
Issue of share capital
17
100
2,480,836
-
2,480,936
Balance at 31 December 2023
200
2,480,836
1,402,272
3,883,308
Cytel Statistical Services And Software UK Limited
Group Statement of Cash Flows
For the year ended 31 December 2023
Page 14
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
21
1,102,338
(115,064)
Interest paid
(198,398)
-
0
Income taxes paid
(82,942)
(175,475)
Net cash inflow/(outflow) from operating activities
820,998
(290,539)
Investing activities
Purchase of tangible fixed assets
(25,400)
(265,323)
Proceeds from disposal of tangible fixed assets
17,370
2,657
Purchase of subsidiaries, net of cash acquired
(11,309,970)
-
Proceeds from disposal of investments
-
(592)
Repayment of loans
(643,526)
-
Net cash used in investing activities
(11,961,526)
(263,258)
Financing activities
Proceeds from issue of shares
2,480,936
-
Proceeds from borrowings
9,688,623
-
Net cash generated from/(used in) financing activities
12,169,559
-
Net increase/(decrease) in cash and cash equivalents
1,029,031
(553,797)
Cash and cash equivalents at beginning of year
191,882
728,245
Effect of foreign exchange rates
13,490
17,434
Cash and cash equivalents at end of year
1,234,403
191,882
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements
For the year ended 31 December 2023
Page 15
1
Accounting policies
Company information

Cytel Statistical Services and Software UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor 9 Appold Street, London, United Kingdom, EC2A 2AP.

 

The group consists of Cytel Statistical Services and Software UK 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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cytel Statistical Services and Software UK 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 2023. 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.

1.3
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.

The group’s ongoing principal activity is to provide software services to its parent entity, Cytel, Inc. The group’s principal risks are therefore closely linked to those of the parent entity and it is consequently exposed to the parent entity’s willingness and capacity to provide financial support to the company and to fellow subsidiaries with whom the company has trading balances. Cytel, Inc is a leading provider of statistical software and advanced analytics for clinical trial design and execution that has operated successfully for many years. Cytel, Inc has demonstrated their commitment to the long-term success of the company and view it as a critical component of it’s overall business strategy. The Directors have reviewed the financial standing of the parent entity and are confident they are able to continue supporting the business. Cytel, Inc have provided a letter of support for at least one year of the date of signing these financial statements.

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 16
1.4
Turnover

Turnover represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred, but excludes VAT.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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
5 years
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:

Plant and equipment
Over 3 years on a straight line basis
Computers
Over 5 years on a straight line basis

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

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.

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 17

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.

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.

1.10
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.

1.11
Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors 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.

Creditors

Short term trade creditors and other current creditors payable on demand 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.

1.12
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.

1.13
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.

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
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.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

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.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 19
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.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Carrying value of investments

The group assess the carrying value of investments in subsidiaries by carrying out annual impairment reviews, with the use of third party experts, the reviews require management to make assessments about the profitability of revenue streams, the scaling of revenue streams, changes to the cost base of the entity, and applying a suitable discount factor in calculating the discounted cashflows over a period.

Intangible asset impairment review

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value.

Useful economic life of intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value.

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 20
3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United States of America
15,968,700
12,720,759
Europe
2,336,578
896,685
18,305,278
13,617,444
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(31,985)
9,311
Depreciation of owned tangible fixed assets
115,206
71,131
Amortisation of intangible assets
538,995
-
Share-based payments
47,181
181,699
Operating lease charges
107,583
91,425
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
37,261
23,453
Audit of the financial statements of the company's subsidiaries
7,624
7,056
44,885
30,509
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Group
Company
Company
2023
2022
2023
2022
Number
Number
Number
Number
147
81
104
95
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
6
Employees
(Continued)
Page 21

Their aggregate remuneration comprised:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
12,444,980
9,176,923
10,320,600
7,707,774
Social security costs
1,733,271
1,288,074
1,356,772
1,162,942
Pension costs
292,956
335,353
292,956
335,353
14,471,207
10,800,350
11,970,328
9,206,069
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
167,676
170,073

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:

2023
2022
£
£
Profit before taxation
625,189
613,541
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
146,919
116,573
Tax effect of expenses that are not deductible in determining taxable profit
15,527
20,888
Adjustments in respect of prior years
-
0
3,533
Permanent capital allowances in excess of depreciation
(5,969)
(25,239)
Share based payment charge
-
0
34,523
Effect of overseas tax rates
11,199
19,795
Taxation charge
167,676
170,073
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 22
8
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023
-
0
-
0
-
0
Additions - separately acquired
-
0
21,080
21,080
Additions - business combinations
10,697,924
-
0
10,697,924
At 31 December 2023
10,697,924
21,080
10,719,004
Amortisation and impairment
At 1 January 2023
-
0
-
0
-
0
Amortisation charged for the year
534,896
4,099
538,995
At 31 December 2023
534,896
4,099
538,995
Carrying amount
At 31 December 2023
10,163,028
16,981
10,180,009
At 31 December 2022
-
0
-
0
-
0
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 23
9
Tangible fixed assets
Group
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
203,297
268,801
472,098
Additions
-
0
25,400
25,400
Business combinations
-
0
381,363
381,363
Disposals
-
0
(115,014)
(115,014)
Revaluation
-
0
(194,034)
(194,034)
At 31 December 2023
203,297
366,516
569,813
Depreciation and impairment
At 1 January 2023
36,776
120,006
156,782
Depreciation charged in the year
39,070
76,136
115,206
Eliminated in respect of disposals
-
0
(97,644)
(97,644)
At 31 December 2023
75,846
98,498
174,344
Carrying amount
At 31 December 2023
127,451
268,018
395,469
At 31 December 2022
166,521
148,795
315,316
Company
Computers
£
Cost
At 1 January 2023
268,801
Additions
25,400
Disposals
(106,740)
At 31 December 2023
187,461
Depreciation and impairment
At 1 January 2023
120,006
Depreciation charged in the year
48,588
Eliminated in respect of disposals
(97,644)
At 31 December 2023
70,950
Carrying amount
At 31 December 2023
116,511
At 31 December 2022
148,795
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
11,309,970
1
Unlisted investments
592
592
592
592
592
592
11,310,562
593
Movements in fixed asset investments
Group
Other investments
Total
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
592
592
Carrying amount
At 31 December 2023
592
592
At 31 December 2022
592
592
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1
592
593
Additions
11,309,969
-
11,309,969
At 31 December 2023
11,309,970
592
11,310,562
Carrying amount
At 31 December 2023
11,309,970
592
11,310,562
At 31 December 2022
1
592
593

On 23 June 2023 the company entered into a Share Purchase Agreement to acquire 100% of the issued equity interests of Stéve Consultants, a French simplified joint stock company for consideration of up to €13,614,678 funded by a loan from its parent undertaking.

11
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
11
Subsidiaries
(Continued)
Page 25
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cytel Singapore Private Limited
Singapore
Ordindary
100.00
Stéve Consultants
France
Ordinary
100.00
12
Debtors
Group
Group
Company
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,211,041
-
0
-
0
-
0
Amounts owed by group undertakings
2,918,819
1,499,245
3,538,457
1,492,750
Other debtors
759,358
65,796
715,942
60,941
Prepayments and accrued income
816,839
476,339
266,091
299,198
5,706,057
2,041,380
4,520,490
1,852,889
Amounts falling due after more than one year:
Other debtors
68,339
67,410
-
0
-
0
Total debtors
5,774,396
2,108,790
4,520,490
1,852,889
13
Creditors: amounts falling due within one year
Group
Group
Company
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
107,525
139,754
39,165
135,287
Amounts owed to group undertakings
794,635
43,830
628,136
-
0
Corporation tax payable
151,307
66,573
106,636
35,759
Other taxation and social security
767,011
355,461
444,050
334,389
Liability for share based payments
16
228,880
181,699
228,880
181,699
Other creditors
500,450
328,511
169,079
322,843
Accruals and deferred income
1,503,617
791,858
1,156,270
626,302
4,053,425
1,907,686
2,772,216
1,636,279
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
14
Creditors: amounts falling due after more than one year
Group
Group
Company
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
9,688,623
-
0
9,688,623
-
0

Other borrowings consist of a long term intercompany loan, entered into on 28 June 2023. The loan has no fixed repayment terms, has a termination date of 10 years and interest is charged at a rate of 3.98%.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
9,688,623
-
-
-
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
292,956
335,353

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.

14
Share-based payment transactions
Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from cash settled share based payment transactions
47,181
181,699
47,181
181,699

On 1 March 2021, the company operated a cash settled share option plan for which employees were granted share option rights in the ultimate parent company (Cronos Topco LP).

As of 31 December 2023, 4,341,125 options remain outstanding to 8 employees at an exercise price of between $1 and $3. The options vest over five years and can be exercised at any time from the date of vesting to 10 years from the date of grant, if still performing services for the company. During the year ended December 2023, no share options were exercised.

17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
200
100
Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 27
18
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
279,836
103,044
-
-
Between two and five years
112,084
139,652
-
-
391,920
242,696
-
-
19
Related party transactions

The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.

 

No directors remuneration was payable by the company to the directors during the year for their services to the company. The directors, who are also a directors of other group companies, are remunerated elsewhere in the group.

20
Controlling party

The immediate parent undertaking is Cytel, Inc. (2022: Cytel, Inc.) a company incorporated in Massachusetts, USA.

The ultimate parent undertaking and controlling party is Cronos Holdings Ltd (2022: Cronos Holdings Ltd), a company incorporated in United Kingdom.

Cytel Statistical Services And Software UK Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
21
Cash absorbed by group operations
2023
2022
£
£
Profit for the year after tax
457,513
443,468
Adjustments for:
Taxation charged
167,676
170,073
Finance costs
198,398
-
0
Investment income
(12,743)
-
0
Amortisation and impairment of intangible assets
538,995
-
Depreciation and impairment of tangible fixed assets
115,206
71,131
Decrease in provisions
-
(55,000)
Movements in working capital:
Increase in debtors
(4,226,758)
(440,883)
Increase/(decrease) in creditors
2,242,704
(303,853)
Cash absorbed by operations
(519,009)
(115,064)
22
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
191,882
1,029,031
13,490
1,234,403
2023-12-312023-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100S CharlesR WasiakJ Gomez AgudeloN PadillaH JonesH JonesN Padillafalse2025-08-01108237052023-01-012023-12-3110823705bus:Director42023-01-012023-12-3110823705bus:Director52023-01-012023-12-3110823705bus:CompanySecretary12023-01-012023-12-3110823705bus:Director12023-01-012023-12-3110823705bus:Director22023-01-012023-12-3110823705bus:CompanySecretaryDirector12023-01-012023-12-3110823705bus:Director32023-01-012023-12-3110823705bus:Director62023-01-012023-12-3110823705bus:RegisteredOffice2023-01-012023-12-31108237052023-12-3110823705bus:Consolidated2023-01-012023-12-3110823705bus:Consolidated2022-01-012022-12-31108237052022-01-012022-12-3110823705core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3110823705core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3110823705bus:Consolidated2023-12-3110823705core:Goodwillbus:Consolidated2023-12-3110823705core:Goodwillbus:Consolidated2022-12-3110823705core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3110823705core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3110823705bus:Consolidated2022-12-3110823705core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-12-3110823705core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-31108237052022-12-3110823705core:PlantMachinerybus:Consolidated2023-12-3110823705core:ComputerEquipmentbus:Consolidated2023-12-3110823705core:PlantMachinerybus:Consolidated2022-12-3110823705core:ComputerEquipmentbus:Consolidated2022-12-3110823705core:ComputerEquipment2023-12-3110823705core:ComputerEquipment2022-12-3110823705core:ShareCapitalbus:Consolidated2023-12-3110823705core:ShareCapitalbus:Consolidated2022-12-3110823705core:SharePremiumbus:Consolidated2023-12-3110823705core:SharePremiumbus:Consolidated2022-12-3110823705core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3110823705core:ShareCapital2023-12-3110823705core:ShareCapital2022-12-3110823705core:SharePremium2023-12-3110823705core:SharePremium2022-12-3110823705core:RetainedEarningsAccumulatedLosses2023-12-3110823705core:RetainedEarningsAccumulatedLosses2022-12-3110823705core:ShareCapitalbus:Consolidated2021-12-3110823705core:SharePremiumbus:Consolidated2021-12-3110823705core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3110823705core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3110823705core:ShareCapital2021-12-3110823705core:SharePremium2021-12-3110823705core:RetainedEarningsAccumulatedLosses2021-12-3110823705core:ShareCapitalbus:Consolidated2023-01-012023-12-3110823705core:SharePremiumbus:Consolidated2023-01-012023-12-3110823705core:ShareCapital2023-01-012023-12-3110823705core:SharePremium2023-01-012023-12-3110823705bus:Consolidated2021-12-3110823705core:Goodwill2023-01-012023-12-3110823705core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110823705core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3110823705core:PlantMachinery2023-01-012023-12-3110823705core:ComputerEquipment2023-01-012023-12-3110823705core:UKTaxbus:Consolidated2023-01-012023-12-3110823705core:UKTaxbus:Consolidated2022-01-012022-12-3110823705bus:Consolidated12023-01-012023-12-3110823705bus:Consolidated12022-01-012022-12-3110823705core:Goodwillbus:Consolidated2022-12-3110823705core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2022-12-3110823705bus:Consolidated2022-12-3110823705core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110823705core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110823705core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3110823705core:Goodwillbus:Consolidated2023-01-012023-12-3110823705core:PatentsTrademarksLicencesConcessionsSimilarbus:Consolidated2023-01-012023-12-3110823705core:PlantMachinerybus:Consolidated2022-12-3110823705core:ComputerEquipmentbus:Consolidated2022-12-3110823705core:ComputerEquipment2022-12-3110823705core:PlantMachinerybus:Consolidated2023-01-012023-12-3110823705core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3110823705core:UnlistedNon-exchangeTradedbus:Consolidated2023-12-3110823705core:UnlistedNon-exchangeTradedbus:Consolidated2022-12-3110823705core:UnlistedNon-exchangeTraded2023-12-3110823705core:UnlistedNon-exchangeTraded2022-12-3110823705core:Subsidiary12023-01-012023-12-3110823705core:Subsidiary22023-01-012023-12-3110823705core:Subsidiary112023-01-012023-12-3110823705core:Subsidiary222023-01-012023-12-3110823705core:CurrentFinancialInstruments2023-12-3110823705core:CurrentFinancialInstruments2022-12-3110823705core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3110823705core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3110823705core:Non-currentFinancialInstruments2023-12-3110823705core:Non-currentFinancialInstruments2022-12-3110823705core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3110823705core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3110823705core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3110823705core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3110823705core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110823705core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110823705bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110823705bus:FRS1022023-01-012023-12-3110823705bus:Audited2023-01-012023-12-3110823705bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3110823705bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP