Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falsetruetruetruetruetrue2024-01-0194false73false 07796206 2024-01-01 2024-12-31 07796206 2023-01-01 2023-12-31 07796206 2024-12-31 07796206 2023-12-31 07796206 2023-01-01 07796206 6 2024-01-01 2024-12-31 07796206 6 2023-01-01 2023-12-31 07796206 1 2024-01-01 2024-12-31 07796206 e:CompanySecretary1 2024-01-01 2024-12-31 07796206 e:Director1 2024-01-01 2024-12-31 07796206 e:Director2 2024-01-01 2024-12-31 07796206 e:RegisteredOffice 2024-01-01 2024-12-31 07796206 d:FurnitureFittings 2024-01-01 2024-12-31 07796206 d:FurnitureFittings 2024-12-31 07796206 d:FurnitureFittings 2023-12-31 07796206 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07796206 d:ComputerEquipment 2024-01-01 2024-12-31 07796206 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 07796206 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 07796206 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07796206 d:ComputerSoftware 2024-12-31 07796206 d:ComputerSoftware 2023-12-31 07796206 d:CurrentFinancialInstruments 2024-12-31 07796206 d:CurrentFinancialInstruments 2023-12-31 07796206 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 07796206 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07796206 f:UnitedKingdom 2024-01-01 2024-12-31 07796206 f:UnitedKingdom 2023-01-01 2023-12-31 07796206 d:UKTax 2024-01-01 2024-12-31 07796206 d:UKTax 2023-01-01 2023-12-31 07796206 d:ShareCapital 2024-01-01 2024-12-31 07796206 d:ShareCapital 2024-12-31 07796206 d:ShareCapital 2023-01-01 2023-12-31 07796206 d:ShareCapital 2023-12-31 07796206 d:ShareCapital 2023-01-01 07796206 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07796206 d:RetainedEarningsAccumulatedLosses 2024-12-31 07796206 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07796206 d:RetainedEarningsAccumulatedLosses 2023-12-31 07796206 d:RetainedEarningsAccumulatedLosses 2023-01-01 07796206 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 07796206 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 07796206 d:RetirementBenefitObligationsDeferredTax 2024-12-31 07796206 d:RetirementBenefitObligationsDeferredTax 2023-12-31 07796206 e:OrdinaryShareClass1 2024-01-01 2024-12-31 07796206 e:OrdinaryShareClass1 2024-12-31 07796206 e:OrdinaryShareClass1 2023-12-31 07796206 e:FRS102 2024-01-01 2024-12-31 07796206 e:Audited 2024-01-01 2024-12-31 07796206 e:FullAccounts 2024-01-01 2024-12-31 07796206 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07796206 d:WithinOneYear 2024-12-31 07796206 d:WithinOneYear 2023-12-31 07796206 d:BetweenOneFiveYears 2024-12-31 07796206 d:BetweenOneFiveYears 2023-12-31 07796206 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 07796206 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 07796206 2 2024-01-01 2024-12-31 07796206 14 2024-01-01 2024-12-31 07796206 d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 07796206 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 07796206 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 07796206 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 07796206







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


PHARMAREVIEW LIMITED






































img1cc7.png                        

 


PHARMAREVIEW LIMITED
 


 
COMPANY INFORMATION


Directors
G R Park 
R Kotchie 




Company secretary
JTC (UK) Limited



Registered number
07796206



Registered office
3 Forbury Place
23 Forbury Road

Reading

United Kingdom

RG1 3JH




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


PHARMAREVIEW LIMITED
 



CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22


 


PHARMAREVIEW LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report of PharmaReview Limited (the “Company”) for the year ended 31 December 2024.

Business review
 
PharmaReview Limited is a subsidiary of IQVIA Limited (the “group”). Further details can be found in note 21 of these financial statements. The company provides specialist medical and regulatory review and certification services, ensuring clients’ promotional and non-promotional materials comply with ABPI/EFPIA codes and regulatory standards. Its performance and principal risks and uncertainties are correlated with those of the group. 

Principal risks and uncertainties
 
The directors consider the principal risks and uncertainties affecting the business to be:

Customer demand: fluctuations in client budgets or strategic priorities could reduce uptake of subscription services.
Contract retention: the potential loss of key customer contracts may impact recurring revenue streams.
Key personnel: retention of specialist key personnel is critical to service quality and innovation.
Technology development: failure to evolve platforms or analytics capabilities could undermine competitive positioning.

Financial risk management

The Company’s exposure to financial risk arises primarily from its use of cash and cash equivalents, trade receivables and payables, and occasional external borrowings. Liquidity risk is managed by closely monitoring cash flow forecasts against committed receipts and project fees to ensure sufficient headroom for operating needs. 
Credit risk is mitigated through customer credit vetting, contractual payment terms and regular review of aged receivables. Foreign exchange risk, stemming from a small proportion of non-sterling revenues and costs, is controlled by matching currency inflows and outflows where possible.

Financial key performance indicators
 
The board monitors the performance of the company by reference to a number of key performance indicators including:


2024
2023
        £
        £
Turnover

10,516,724

10,548,332
 
Gross profit margin

99.3%

97.5%
 


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



G R Park
Director

Date: 5 August 2025

Page 1

 


PHARMAREVIEW LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company continued to be that of providing medical and scientific copy review services for medical communications and pharmaceutical companies.

Results and dividends

The profit for the year, after taxation, amounted to £5,215,277 (2023 - £2,009,335).

Directors

The directors who served during the year were:

G R Park 
R Kotchie 

Future developments

The companies trade and assets were hived up into IQVIA Limited on 1 July 2025. PharmaReview will subsequently be dissolved. 

Disclosure of information to auditor

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

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

Page 2

 


PHARMAREVIEW LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

The companies trade and assets were hived up into IQVIA Limited on 1 July 2025.

Auditor

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

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





G R Park
Director

Date: 5 August 2025

Page 3

 


PHARMAREVIEW LIMITED
 


 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMAREVIEW LIMITED

Opinion


We have audited the financial statements of PharmaReview Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter – financial statements prepared on a basis other than going concern


We draw attention to Note 2.3 to the financial statements which explains the trade and assets of Pharmareview Limited have been hived up into IQVIA Ltd on 1 July 2025. It is therefore not considered appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern.
Our opinion is not modified in respect of this matter.


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








Page 4

 


PHARMAREVIEW LIMITED



 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMAREVIEW LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


PHARMAREVIEW LIMITED



 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMAREVIEW LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:

Companies Act 2006;
Financial Reporting Standard 102;
UK tax legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of unusual journal entries; and
Management bias in accounting estimates.
 
Audit procedures performed by the Company engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 


PHARMAREVIEW LIMITED



 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHARMAREVIEW LIMITED (CONTINUED)

Use of our report
 

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





Ralph Mitchison FCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
95 Gresham Street
London
EC2V 7AB

6 August 2025
Page 7

 


PHARMAREVIEW LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
10,516,724
10,548,332

Cost of sales
  
(71,075)
(262,015)

Gross profit
  
10,445,649
10,286,317

Administrative expenses
  
(5,245,969)
(8,155,381)

Operating profit
 4 
5,199,680
2,130,936

Interest receivable and similar income
 8 
1,859
9,170

Profit before tax
  
5,201,539
2,140,106

Tax on profit
 9 
13,738
(130,771)

Profit for the financial year
  
5,215,277
2,009,335

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

 


PHARMAREVIEW LIMITED
REGISTERED NUMBER:07796206



BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
26,323
13,272

Fixtures and fittings
 12 
-
64,394

  
26,323
77,666

Current assets
  

Debtors: amounts falling due within one year
 13 
3,498,642
4,068,333

Cash at bank and in hand
 14 
5,290,701
1,981,586

  
8,789,343
6,049,919

Creditors: amounts falling due within one year
 15 
(2,026,336)
(1,017,362)

Net current assets
  
 
 
6,763,007
 
 
5,032,557

Total assets less current liabilities
  
6,789,330
5,110,223

  

Net assets
  
6,789,330
5,110,223


Capital and reserves
  

Called up share capital 
 17 
150
150

Profit and loss account
  
6,789,180
5,110,073

  
6,789,330
5,110,223


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




G R Park
Director

Date: 5 August 2025

The notes on pages 11 to 22 form part of these financial statements.

Page 9

 


PHARMAREVIEW LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
150
3,100,738
3,100,888


Comprehensive income for the year

Profit for the year
-
2,009,335
2,009,335
Total comprehensive income for the year
-
2,009,335
2,009,335


Total transactions with owners
-
-
-



At 1 January 2024
150
5,110,073
5,110,223


Comprehensive income for the year

Profit for the year
-
5,215,277
5,215,277
Total comprehensive income for the year
-
5,215,277
5,215,277


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,536,170)
(3,536,170)


Total transactions with owners
-
(3,536,170)
(3,536,170)


At 31 December 2024
150
6,789,180
6,789,330


The notes on pages 11 to 22 form part of these financial statements.
Page 10

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

PharmaReview Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office and number is listed on the information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

This information is included in the consolidated financial statements of IQVIA Holdings Inc as at 31 December 2024 and these financial statements may be obtained from  www.iqvia.com.

 
2.3

Going concern

The companies operations were hived up into IQVIA Ltd on 1 July 2025. As a result, the company is not considered a going concern beyond the financial year ending 31 December 2024. The financial statements have therefore been prepared on a basis other than going concern.

Page 11

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

 
2.5

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 
2.6

Operating leases: the Company as lessee

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

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 12

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

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

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


 
2.10

Intangible assets

Intangible assets acquired separately from a business are initially recognised at cost. After recognition, under cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

 Amortisation is provided on the following bases:

Computer software and development
-
20%
straight line

 
2.11

Tangible fixed assets

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

Page 13

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line
Computer equipment
-
20%
straight line

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

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

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

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

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 14

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 15

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.18

Share based payments

Each restricted stock unit represents the right to receive one share of IQVIA Inc. stock shortly after vesting. These restricted stock units will settle in shares of IQVIA Inc stock within 45 days of the applicable vesting date. The fair values of these options and awards are calculated at their grant dates and charged to the income statement over the relevant vesting periods.
The options vest over a three year period with one third of the shares vesting on the first, second and third anniversaries from the date the shares were granted.


3.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,516,724
10,548,332

10,516,724
10,548,332



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(7,970)
5,490

Share-based payment
-
102,569


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
27,000
15,000

Page 16

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
4,157,864
4,973,810

Social security costs
356,076
546,826

Cost of defined contribution scheme
54,703
82,467

4,568,643
5,603,103


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


        2024
        2023
            No.
            No.







Employees
73
94


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
415,482

Company contributions to defined contribution pension schemes
-
1,717

-
417,199


During the year retirement benefits were accruing to no directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £NIL (2023 - £238,366).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £881).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
1,859
9,170

1,859
9,170

Page 17

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
198,891

Adjustments in respect of previous periods
(21,797)
(14,669)


(21,797)
184,222


Total current tax
(21,797)
184,222

Deferred tax


Origination and reversal of timing differences
8,059
(53,451)

Total deferred tax
8,059
(53,451)


Tax on profit
(13,738)
130,771

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,201,539
2,140,106


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,300,385
503,353

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
175
132,471

Adjustments to tax charge in respect of prior periods
(21,797)
(14,669)

Adjustments to deferred tax charge in respect of prior periods
25,642
-

Tax deduction arising from exercise of employee options
-
(25,642)

Group relief
(1,318,143)
(486,907)

Over accrual of the tax charge
-
22,165

Total tax charge for the year
(13,738)
130,771

Page 18

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Dividends
3,536,170
-

3,536,170
-


11.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 January 2024
1,012
16,520
17,532


Additions
-
34,805
34,805



At 31 December 2024

1,012
51,325
52,337



Amortisation


At 1 January 2024
1,012
3,248
4,260


Charge for the year on owned assets
-
21,754
21,754



At 31 December 2024

1,012
25,002
26,014



Net book value



At 31 December 2024
-
26,323
26,323



At 31 December 2023
-
13,272
13,272



Page 19

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Fixtures and fittings

£





At 1 January 2024
314,308


Disposals
(314,308)



At 31 December 2024

-





At 1 January 2024
249,914


Charge for the year on owned assets
64,394


Disposals
(314,308)



At 31 December 2024

-



Net book value



At 31 December 2024
-



At 31 December 2023
64,394


13.


Debtors

2024
2023
£
£


Trade debtors
1,931,891
2,070,774

Amounts owed by group undertakings
244,111
1,722,472

Other debtors
261,339
189,544

Prepayments and accrued income
1,060,747
76,930

Deferred taxation
554
8,613

3,498,642
4,068,333



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,290,701
1,981,586

5,290,701
1,981,586


Page 20

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,266
95,986

Amounts owed to group undertakings
1,174,996
-

Other taxation and social security
191,188
498,908

Other creditors
249,125
6,084

Accruals and deferred income
395,761
416,384

2,026,336
1,017,362



16.


Deferred taxation




2024


£






At beginning of year
8,613


Charged to profit or loss
(8,059)



At end of year
554

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
554
(19,417)

Temporary timing differences
-
28,030

554
8,613


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



150 (2023 - 150) Ordinary shares of £1.00 each
150
150


Page 21

 


PHARMAREVIEW LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £54,703 (2023: £80,750). All employees have been transferred to the parent company during the year hence nil balance payable to the pension scheme at the balance sheet date (2023: £20,181).


19.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
73,448
174,563

Later than 1 year and not later than 5 years
-
73,448

73,448
248,011


20.


Post balance sheet events

The company's trade and assets were hived up into IQVIA Limited on 1 July 2025.


21.


Controlling party

The immediate parent company is IQVIA Limited, a company incorporated in the United Kingdom.
The ultimate controlling party is IQVIA Holdings Inc, a company incorporated in the United States of America.
IQVIA Holdings Inc., registered at 4820 Emperor Road, Durham, North Carolina 27703, United States, is the parent undertaking, and the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2024. The consolidated financial statements of IQVIA Holdings Inc. may be obtained from the Company's website www.iqvia.com.

 
Page 22