Company Registration No. 06972871 (England and Wales)
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Annual report and financial statements
for the year ended 31 December 2024
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Company information
Directors
Hannah Haigh
Chris Haynes
(Appointed 30 April 2025)
Secretary
Chris Haynes
Company number
06972871
Registered office
Irongate House
30 Dukes Place
London
EC3A 7LP
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 27
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Strategic report
For the year ended 31 December 2024
1

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company and wider group is to provide Talent Solutions to the Life Sciences Industry, sourcing Permanent and Contract staff for our customers. The company is also developing customer propositions in RPO (outsourced larger scale customer hiring) and People Capability Consulting, with plans in place to launch these in the market at the start of 2025. It is also planning to launch a separately branded Executive Search division in 2025.

Fair review of the business

Although both turnover and gross profit have decreased compared to the prior period, it is acknowledged that the challenging macro-economic conditions impacted client appetite to hire and this relatively pleasing performance is very much considered in line with Meet’s competitors in the Life Sciences recruitment space.

 

As of April 2025, the company employs over 60 staff out of its London office and is the operational headquarters of Meet Life Sciences Group Limited.

 

A full breakdown of the 2024 performance can be seen under “Key Performance Indicators” below.

Future development

Whilst current market conditions remain challenging, the company and wider group forecasts a continuation of the GP growth pattern seen in recent periods. The company and wider group does not expect to have further offices in the short term, instead increasing headcount in existing locations and taking advantage of the high-quality talent currently available in the industry. The new propositions in RPO, People Capability and Executive Search will be launched in the market in 2025, offering our customers a full suite of Talent Solutions to support their hiring and talent consulting needs.

Key performance indicators

The company’s key performance indicators are turnover, gross profit/net fee income, operating profit and EBITDA. The directors provide below a summary of these key performance indicators as well as adjusted results for 2024 based on factors which the directors consider to be one-off and non-recurring (share-based payment expense and restructuring fees).

KPI’s

2024

2023

2022

2021

 

£m

£m

£m

£m

Turnover

19.9

20.3

23.2

19.0

Gross Profit (NFI)

4.2

4.8

6.1

5.7

EBITDA (Operating Profit plus depreciation)

(0.8)

1.0

1.3

0.7

- Non-recurring items

2.0

(0.4)

0.3

0.4

Adjusted EBITDA

1.2

0.6

1.6

1.1

 

The split at the GP level between the contract and permanent business in 2024 was 76% and 24% (2023: 62% and 38%) respectively, which allows the company to invest in its staff and infrastructure to work towards being the leading provider of Talent Solutions to the life sciences industry.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Strategic report (continued)
For the year ended 31 December 2024
2
Principal risks and uncertainties

The company operates within multiple currencies and is, therefore, exposed to foreign exchange risk. However, this exposure is monitored by continually reviewing foreign exchange rates, and any conversions are done at the smallest spread available.

The company has bank accounts in all currencies in which we transact, and all contractors are paid and billed in the same currency to create a natural hedge.

Liquidity

With ongoing economic uncertainty having macro-economic consequences across the reporting period, there was a risk that clients may have held on to cash longer than usual hence leading to a cash-flow squeeze as we continue to pay our contractors in a timely manner. This expected downturn, however, did not materialise and strong credit control measures were implemented. Furthermore, the company is continuing to trade profitability.

On behalf of the board

.............................................
Hannah Haigh
Director
Date: .............................................
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Directors' report
For the year ended 31 December 2024
3

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of provider of interim (contract) and permanent staff within the Life Sciences industry.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a final dividend (2023: £nil).

Directors

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

Hannah Haigh
Stephen Herniman
(Resigned 30 April 2025)
Chris Haynes
(Appointed 30 April 2025)
Auditor

Saffery LLP have expressed their willingness to continue in office.

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, including Financial Reporting Standard 101 "Reduced Disclosure Framework" (FRS 101) (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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Directors' report (continued)
For the year ended 31 December 2024
4
Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its principal risks, financial risk management, future developments and fair review of it's business.

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 company’s auditor 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 company’s auditor is aware of that information.

Safeguarding

The directors are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Hannah Haigh
Director
30 July 2025
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Independent auditor's report
To the members of Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
5
Opinion

We have audited the financial statements of Meet Life Sciences Limited (Formerly Meet Recruitment Limited) (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity 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 101, "Reduced Disclosure Framework" (FRS 101).

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Independent auditor's report
To the members of Meet Life Sciences Limited (Formerly Meet Recruitment Limited) (continued)
6
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 set out on page 3, 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.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Independent auditor's report
To the members of Meet Life Sciences Limited (Formerly Meet Recruitment Limited) (continued)
7

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Richard Collis (Senior Statutory Auditor)
For and on behalf of Saffery LLP
30 July 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Income statement
For the year ended 31 December 2024
8
2024
2023
Notes
£
£
Revenue
3
19,875,241
20,283,681
Cost of sales
(15,664,990)
(15,489,297)
Gross profit
4,210,251
4,794,384
Administrative expenses
(7,512,819)
(6,695,864)
Other operating income
2,005,463
2,338,305
Operating (loss)/profit
4
(1,297,105)
436,825
Finance costs
7
(22,203)
(39,256)
(Loss)/profit before taxation
(1,319,308)
397,569
Tax on (loss)/profit
8
469,016
(72,416)
(Loss)/profit and total comprehensive income for the financial year
(850,292)
325,153

The financial statements have been prepared on the basis that all operations are continuing operations. The notes on pages 11 to 27 form an integral part of the financial statements.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Statement of financial position
As at 31 December 2024
9
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
9
984,879
525,203
Deferred tax asset
14
1,638,559
1,169,543
2,623,438
1,694,746
Current assets
Trade and other receivables
10
7,866,619
6,828,525
Cash and cash equivalents
1,251,538
1,127,932
9,118,157
7,956,457
Current liabilities
11
(7,837,667)
(5,358,127)
Net current assets
1,280,490
2,598,330
Total assets less current liabilities
3,903,928
4,293,076
Non-current liabilities
11
(508,337)
(47,193)
Net assets
3,395,591
4,245,883
Equity
Called up share capital
19
1,250
1,250
Share premium account
20
2,250
2,250
Capital contribution
21
481,168
481,168
Retained earnings
2,910,923
3,761,215
Total equity
3,395,591
4,245,883

The financial statements have been prepared on the basis that all operations are continuing operations. The notes on pages 11 to 27 form an integral part of the financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
Hannah Haigh
Director
Company registration number 06972871 (England and Wales)
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Statement of changes in equity
For the year ended 31 December 2024
10
Share capital
Share premium account
Capital contribution
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,250
2,250
861,144
3,436,062
4,300,706
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
325,153
325,153
Transactions with owners in their capacity as owners:
Other movements
-
-
(379,976)
-
(379,976)
Balance at 31 December 2023
1,250
2,250
481,168
3,761,215
4,245,883
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(850,292)
(850,292)
Balance at 31 December 2024
1,250
2,250
481,168
2,910,923
3,395,591

The financial statements have been prepared on the basis that all operations are continuing operations. The notes on pages 11 to 27 form an integral part of the financial statements.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements
For the year ended 31 December 2024
11
1
Accounting policies
Company information

Meet Life Sciences Limited is a private company limited by shares incorporated in England and Wales. The registered office is Irongate House, 30 Dukes Place, London, EC3A 7LP.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" (FRS 101) and in accordance with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Project Panda Topco Limited as ultimate parent company. The group accounts of Project Panda Topco Limited are available to the public and can be obtained as set out in note 24.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
12
1.2
Going concern

The directors have reviewed the cash flow forecasts including availability of working capital, and have prepared detailed forecasts with assumptions about the level of future sales, margins and the level of cash recovery from trading. true

 

Loss for the period is largely driven by a provision made against an intercompany balance owed by a fellow group undertaking, and as such, the directors are not concerned by the use of the going concern method of preparation given prevailing EBIDTA metrics continue to reflect the company's adequate operating performance during the year and after the reporting date.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Revenue

Revenue from contracts with customers

 

Revenue is recognised at an amount that reflects the consideration to which the Company is expected to be entitled in exchange for transferring services to a customer. For each contract with a customer, the Company:

 

 

At contract inception, an assessment is completed to identify the performance obligations in each contract. Performance obligations in a contract are services that are distinct, or part of a series of distinct goods and services that are substantially the same and have the same pattern or transfer to the customer.

 

Turnover is measured at the fair value of the consideration received or receivable at the point in time and represents amounts sales-relate receivable for services provided in the normal course of business, net of discounts, VAT and other taxes.

 

Revenue recognition

 

Performance obligation identification

Although the specific services and method of delivery vary based on the terms of each contract, management has identified the main performance obligations present in the Company’s contracts with customers.

 

The Company satisfies its performance obligations upon completion of the services as outlined in the contracts and in providing permanent and temporary candidates into the third party entity.

 

Turnover arising from the placement of permanent candidates, is recognised at the point in time the candidate commences full-time employment. Turnover arising from temporary contractor placements, is recognised in the month of the work being performed by the contractor through the duration of the placement. Turnover arising from the RPO (Recruitment Process Outsourcing agreement) is recognised on a monthly basis with regards to the monthly fee invoiced and subsequently recognised when a hire is made.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
13

Management have concluded that the services provided are not distinct i.e. the client is not able to benefit from the services on their own and the Company will not be able to fulfil its promise by transferring these separately - i.e. all of the services are significantly affected by each other. Therefore there is considered to be one performance obligation and the total transaction price is allocated to this performance obligation.

 

Once the invoices have been raised, these have standard credit terms for trade receivables are 30-60 days from invoice date, although certain credit terms are contract specific.

 

Transaction Price Determination

After identifying the performance obligations, the Company determines the amount of consideration it expects to be entitled to for providing the services under the contracts based on the consideration specified in the customer arrangement.

The revenue recognised from a permanent placement is typically based on a percentage of the candidate’s remuneration package. The turnover arising from temporary placements is typically based on a percentage of the placement’s hourly rate less employment taxes. Turnover arising from the RPO (Recruitment Process Outsourcing agreement) is recognised on an agreed monthly fee and subsequently an additional fee is raised when a hire is made.

 

As the majority of the Company’s contracts are for a term of 12 months or less, the Company is not required to adjust the promised amount of consideration for effects of a significant financing component. All amounts are allocated for the transaction price as all performance obligations would be satisfied at the point of invoice. In some cases, the customer is entitled to a rebate percentage of the fee if the candidate’s employment comes to an end within the first few weeks of the contract.

 

In some cases the customer is entitled to a rebate percentage of the fee if the candidate's employment comes to an end within the first few weeks of the contract.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold improvements
100% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Right-of-use assets
Over the life of the lease
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
14

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 income statement.

 

Right-of-use assets

All leases are accounted for by recognising a right-of-use asset and a lease liability.

 

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the Company's incremental borrowing rate on commencement of the lease is used.

 

Identifying leases

The Group accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria:

 

(a) There is an identified asset;

(b) The Group obtains substantially all the economic benefits from use of the asset; and

(c) The Group has the right to direct use of the asset.

 

The Group considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease.

In determining whether the Group obtains substantially all the economic benefits from use of the asset, the Group considers only economic benefits that rise use of the asset, not those incidental to legal ownership or other potential benefits.

 

In determining whether the Group has the right to direct use of the asset, the Group considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are pre-determined due to the nature of the asset, the Group considers whether it was involved in the design of the asset in a way that predetermined how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Group applies other applicable IFRSs rather than IFRS 16.

 

On initial recognition, the carrying value of the lease liability also includes:

 

Right of use assets re initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

 

Subsequently, lease liabilities increase as a right of the interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right of use assets are depreciated on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
15
1.5
Impairment of tangible and intangible assets

If any indication that non-current assets have suffered an impairment loss exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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 Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price as disclosed in the section 'Revenue recognition'.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
16
Financial assets held at amortised cost

For purposes of subsequent measurement, financial assets are classified in two categories:

 

 

The Company's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows, which will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. All other assets are classified and measured at fair value through profit or loss.

 

All financial assets, other than cash and cash equivalents and derivatives, are classified and measured at 'amortised cost'. The amortised cost of a financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest rate method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest income is recognised using the effective interest rate method for financial assets subsequently measured at amortised cost. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired.

Impairment of financial assets

Where there has not been a significant increase in exposure to credit risk since initial recognition, a lifetime credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of the expected credit loss recognised is adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.

 

For trade receivables the Company applies a simplified approach in calculating expected credit losses ("ECLs"). Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. This is further enhanced with specific provisions where this is deemed appropriate by management.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Trade and other receivables

Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 to 90 days.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
17
1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Trade and other payables

Trade and other payables represent liabilities for services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
18
Deferred tax

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

 

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

 

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Group is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

 

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

1.11
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 inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.

1.12
Retirement benefits

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

 

Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

 

Post-employment obligations

The Group operates a defined contribution pension plan. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
19
1.13
Share-based payments

Cash-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the instruments granted using the Monte Carlo model. The fair value determined at the grant date is expensed on a straight-line basis over the period of service of key management vesting period, based on the estimate of shares that will eventually vest.

 

The Company participates in a share-based payment arrangement granted to its management by its ultimate parent Company. The Company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense. The expense in relation to options over the parent Company's shares granted to employees of the Company is recognised by the Company as a capital contribution and presented as an increase in the parent's investment in that subsidiary.

1.14
Leases

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, where the interest rate implicit in the lease cannot be readily determined the lease payments are discounted using the Group's incremental borrowing rate ("IBR"). The lease term is estimated as the non-cancellable period of a lease, plus any option to extend or terminate the lease which is expected to be exercised.

The lease liability is measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the future lease payments or lease term. When a lease liability is remeasured, an adjustment is made to the corresponding right-of-use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements
The critical areas of accounting judgement are outlined as:
Loss allowance on trade receivables

For trade receivables and contract assets, the Company applies a simplified approach in calculating expected credit losses ("ECLs"). The allowance for expected credit losses assessment requires a degree of estimation and judgement. It is based on the lifetime expected credit loss, Grouped based on days overdue, and makes assumptions to allocate an overall expected credit loss rate for each subsidiary. See note 10 for the carrying amount of trade receivables and the allowance for expected credit losses.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
20
Revenue from contracts with customers

In connection with the recognition of revenue, the Company makes significant judgments mainly with regards to the identification of performance obligations, the allocation of consideration to each separately identifiable performance obligation.

Share-based payments

Share-based payments are valued at the date of grant using a Monte Carlo pricing model. The key judgements relate to the inputs to the pricing model which include share price volatility, historical and expected dividends and expected future performance of the entity to which the award relates.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Temporary placements
18,920,261
18,453,709
Permanent placements
954,980
1,829,972
19,875,241
20,283,681
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Foreign exchange losses
74,780
70,297
Fees payable to the company's auditor for the audit of the company's financial statements
42,680
48,000
Depreciation of property, plant and equipment
480,551
517,577
Share-based payments
-
(379,976)
5
Employees

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

2024
2023
Number
Number
Total
58
71
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
Employees (continued)
21

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,954,985
4,394,660
Social security costs
497,368
551,256
Pension costs
49,992
60,847
4,502,345
5,006,763
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
462,456
478,252
Company pension contributions to defined contribution schemes
8,050
7,000
470,506
485,252
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
252,909
252,773

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).

7
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
930
85
Interest on lease liabilities
21,273
39,171
22,203
39,256
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
22
8
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
(469,016)
72,416

On 1 April 2023 the corporation tax rate for the UK increased from 19% to 25%. As such, 2024 was the first full year at the increased rate.

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2024
2023
£
£
(Loss)/profit before taxation
(1,319,308)
397,569
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 23.52%)
(329,827)
93,508
Effect of expenses not deductible in determining taxable profit
320,778
70,384
Income not taxable
-
0
(89,327)
Effect of change in UK corporation tax rate
-
0
5,501
Permanent capital allowances in excess of depreciation
-
0
1,810
Movement in deferred tax not recognised
-
(9,460)
Effect of IFRS transition
(459,967)
-
Taxation (credit)/charge for the year
(469,016)
72,416
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
23
9
Property, plant and equipment
Leasehold improvements
Fixtures and fittings
Computers
Right-of-use assets
Total
£
£
£
£
£
Cost
At 1 January 2024
51,241
4,186
227,273
1,464,787
1,747,487
Additions
-
0
-
0
32,177
908,050
940,227
At 31 December 2024
51,241
4,186
259,450
2,372,837
2,687,714
Accumulated depreciation and impairment
At 1 January 2024
51,241
1,555
180,757
988,731
1,222,284
Charge for the year
-
0
658
38,295
441,598
480,551
At 31 December 2024
51,241
2,213
219,052
1,430,329
1,702,835
Carrying amount
At 31 December 2024
-
0
1,973
40,398
942,508
984,879
At 31 December 2023
-
0
2,631
46,516
476,056
525,203
10
Trade and other receivables
2024
2023
£
£
Trade receivables
3,284,319
2,939,363
Provision for bad and doubtful debts
(128,872)
(100,000)
3,155,447
2,839,363
VAT recoverable
160,186
163,319
Amounts owed by fellow group undertakings
4,182,009
3,007,638
Other receivables
94,388
94,736
Prepayments and accrued income
274,589
723,469
7,866,619
6,828,525

A provision equal to £1.2m has been recognised through the profit and loss account against an intercompany balance owed by a fellow group undertaking.

 

Amounts owed by fellow group undertakings are unsecured, interest-free and repayable on demand.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
24
11
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
12
7,237,070
4,637,731
-
0
-
0
Taxation and social security
146,569
139,804
-
-
Lease liabilities
13
454,028
552,160
508,337
47,193
Deferred income
16
-
0
28,432
-
0
-
0
7,837,667
5,358,127
508,337
47,193
12
Trade and other payables
2024
2023
£
£
Trade payables
1,705,813
1,537,197
Amounts owed to fellow group undertakings
4,422,765
2,154,825
Accruals and deferred income
666,512
606,372
Other payables
441,980
339,337
7,237,070
4,637,731

Amounts owed to fellow group undertakings are unsecured, interest-free and repayable on demand.

13
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
454,028
552,160
Non-current liabilities
508,337
47,193
962,365
599,353
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
21,273
39,171
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
13
Lease liabilities (continued)
25

The Company's lease arrangements are in relation to a property lease in London. The Company is reasonably certain that it will not exercise any early termination clauses in the lease.

 

Total cash outflows for lease liabilities for the year ended 31 December 2024 were £566,310 (2023: £543,263).

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Tax losses
Other short term timing differences
Total
£
£
£
£
Asset at 1 January 2023
26,447
(1,248,812)
(19,594)
(1,241,959)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(14,160)
93,944
(7,368)
72,416
Asset at 1 January 2024
12,287
(1,154,868)
(26,962)
(1,169,543)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(1,694)
(467,761)
439
(469,016)
Asset at 31 December 2024
10,593
(1,622,629)
(26,523)
(1,638,559)
15
Provisions for liabilities

At the reporting date, a provision of £181,405 (2023: £206,405) was recognised within other payables in relation to an onerous contract.

 

The contract was entered into in the year ended 31 December 2022 for a set number of licences of which, following the reduction in headcount, is no longer being fully utilised. The contract is non-cancellable and non-negotiable; therefore, a provision has been recognised for the element considered to be onerous, which equates to the cost of the licences held surplus to requirement based on forecasted headcount. The movement in the year reflects changes to forecasted headcount and anticipated future use of the licenses until the contract end date.

16
Deferred revenue
2024
2023
£
£
Other deferred revenue
-
28,432
Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
26
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,992
60,847

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Outstanding pension commitments recognised as a liability at the balance sheet date amounted to £17,218 (2023: £18,968).

18
Share-based payments
2024
2023
£
£
Expenses
Related to cash settled share based payments
-
(379,976)

During the year ended 31 December 2024, a share based payment charge/(credit) of £nil (2023: £379,976 credit) was recognised in relation to the grant of equity instruments of Project Panda Topco Limited to employees of Meet Life Sciences Limited.

 

Subsidiary exemptions have been taken in relation to share-based payments. Further details of the share-based payments are available from the consolidated financial statements of the parent company, Project Panda Topco Limited.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,250
1,250
1,250
1,250

Ordinary shares have full voting rights and rights to dividends.

20
Share premium account
2024
2023
£
£
At the beginning and end of the year
2,250
2,250

The share premium account represents the premium on allotment of shares and is not available for distribution.

Meet Life Sciences Limited (Formerly Meet Recruitment Limited)
Notes to the financial statements (continued)
For the year ended 31 December 2024
27
21
Capital contributions
2024
2023
£
£
At the beginning of the year
481,168
861,144
Other movements
-
(379,976)
At the end of the year
481,168
481,168

Capital contribution reserves represents the share-based payment reserve which arises as the expense of issuing share-based payments is recognised over time.

22
Events after the reporting date

The directors have assessed events occurring after the reporting date up to the date of approval and concluded that there were no events requiring adjustment to or disclosure in the financial statements.

23
Related party transactions

During the year, remuneration of £873,015 (2023: £932,582) (including post-employment benefits of £10,692 (2023: £9,642) was paid to key management personnel (including the directors).

 

FRS 101 exempts preparers from the requirements of para. 17 and 18A of IAS 24, meaning that FRS 101 accounts do not disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned within the group. All transactions are with wholly owned companies within the group.

24
Controlling party

At the balance sheet date, the immediate parent company is Meet Life Sciences Group Limited (formerly Meet Group Limited), and the ultimate parent is Project Panda Topco Limited. The directors consider there no one ultimate controlling party. The consolidated financial statements of Project Panda Topco Limited are available from Companies House.

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