Caseware UK (AP4) 2023.0.135 2023.0.135 The directors have acted in a way that they consider in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the period ended 31 December 2024. The following paragraphs summarise how the directors fulfil their duties: The directors also aim to act responsibly and fairly in their engagement with suppliers, customers, regulators, bankers and insurers and are in direct contact on a regular basis. The directors respond quickly and fully to queries from regulators, bankers and insurers as required. The directors always intend to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. The directors recognise that the maintenance of their good reputation, founded on responsible behaviour is fundamental to their continuing ability to achieve profitable growth for the benefit of all their stakeholders in the future. 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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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.Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS101 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. The objectives of an auditor 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 their 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. A further description of an auditor's 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism hrough the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud inspection of the Company’s legal correspondence and review of minutes of board meetings during the financial year to corroborate inquiries made; gaining an understanding of the internal controls established to mitigate risk related to fraud; discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of tangible and intangible assets, impairment assessment of non financial and financial assets.; and review of the financial statements disclosures to underlying supporting documentation and inquiries of management The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.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 101 'Reduced Disclosure Framework' and the Companies Act 2006. Certain prior year amounts have been reclassified to align with the current year presentation. The reclassification had £Nil net impact to the financial statements.The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company has taken advantage of the following disclosure exemptions under FRS 101: the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources the requirements of IFRS 7 Financial Instruments: Disclosures the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; - paragraph 118(e) of IAS 38 Intangible Assets; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and - paragraph 50 of IAS 41 Agriculture the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements the requirements of IAS 7 Statement of Cash Flows the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors the requirements of paragraph 74A(b) of IAS 16 the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures the requirements in IAS 24 Related Party Disclosures to 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 by such a member the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.The company as a lessee For any new contracts entered into, the Company considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this definition, the company assesses whether the contract meets three key evaluations which are whether: the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the company the company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract the company has the right to direct the use of the identified asset throughout the period of use. Measurement and recognition of leases as a lessee At lease commencement date, the company recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in substance fixed payments.To assess whether an internally generated intangible asset meets the criteria for recognition, the Company classifies the generation of the asset into a research phase and a development phase. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible asset arising from research (or from the research phase of an internal project) shall be recognised as an expense when it is incurred. An intangible asset arising from development (or from the development phase of an internal project) shall be recognised if, and only if, an entity can demonstrate all of the following: the technical feasibility of completing the intangible asset so that it will be available for use or sale; its intention to complete the intangible asset and to use or sell it; its ability to use or sell the intangible asset; how the intangible asset will generate probable future economic benefits; the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and its ability to measure reliably the expenditure attributable to the intangible asset during its development.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. 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. 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.Financial assets and financial liabilities are initially measured at fair value. All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenditure. The Company determines functional currency by reference to the currency of the primary economic environment in which it operates. In determining the functional currency, the Company considers both the primary and secondary factors as provided in the relevant standard and where the factors are mixed and the functional currency is not obvious, management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 25% rate is used to measure UK deferred taxes in 2024 (and in 2023 the 23.5% rate used reflects 9 months of the new rate and 3 months of the previous rate of 19% to the extent the related timing differences were expected to reverse after 1 April 2023). There were no factors that may affect future tax charges.During the year, the Company entered into a lease agreement for the lease of an office building. The lease is reflected on the statement of financial position as a right of use asset and a lease liability. The company classifies its right of use assets within tangible fixed assets (see note 12). Future minimum lease payments of the Company as at 31 December 2024 were as follows (£000): The Company has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments that are not permitted to be recognised as lease liabilities and are expensed as incurred.The Company has 100 (2023: 100) alloted, called up and fully paid ordinary shares of £1.0 each (2023: £1.0 each). The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.Interest income is recognised in profit or loss using the effective interest method. Interest income is recognised in profit or loss using the effective interest method. Interest expense are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.truetrue2024-01-01falsetruetruetruetruetruetruetruetruetruetruetruetruetruetruetruefalse0157 05876322 2024-01-01 2024-12-31 05876322 2023-01-01 2023-12-31 05876322 2024-12-31 05876322 2023-12-31 05876322 2023-01-01 05876322 1 2024-01-01 2024-12-31 05876322 1 2023-01-01 2023-12-31 05876322 1 2024-01-01 2024-12-31 05876322 e:Director5 2024-01-01 2024-12-31 05876322 e:Director5 2024-12-31 05876322 e:Director6 2024-01-01 2024-12-31 05876322 e:Director7 2024-01-01 2024-12-31 05876322 e:Director7 2024-12-31 05876322 e:Director8 2024-01-01 2024-12-31 05876322 e:Director8 2024-12-31 05876322 e:Director9 2024-01-01 2024-12-31 05876322 e:Director9 2024-12-31 05876322 e:RegisteredOffice 2024-01-01 2024-12-31 05876322 d:Buildings 2024-12-31 05876322 d:Buildings 2023-12-31 05876322 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05876322 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 05876322 d:Buildings d:LongLeaseholdAssets 2024-12-31 05876322 d:Buildings d:LongLeaseholdAssets 2023-12-31 05876322 d:FurnitureFittings 2024-01-01 2024-12-31 05876322 d:FurnitureFittings 2024-12-31 05876322 d:FurnitureFittings 2023-12-31 05876322 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05876322 d:ComputerEquipment 2024-01-01 2024-12-31 05876322 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 05876322 d:OtherPropertyPlantEquipment 2024-12-31 05876322 d:OtherPropertyPlantEquipment 2023-12-31 05876322 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05876322 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05876322 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 05876322 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 05876322 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05876322 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 05876322 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 05876322 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05876322 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 05876322 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-12-31 05876322 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 05876322 d:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 05876322 d:IntangibleAssetsOtherThanGoodwill 2024-12-31 05876322 d:IntangibleAssetsOtherThanGoodwill 2023-12-31 05876322 d:CurrentFinancialInstruments 2024-01-01 2024-12-31 05876322 d:CurrentFinancialInstruments 2024-12-31 05876322 d:CurrentFinancialInstruments 2023-12-31 05876322 d:Non-currentFinancialInstruments 2024-12-31 05876322 d:Non-currentFinancialInstruments 2023-12-31 05876322 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 05876322 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05876322 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 05876322 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05876322 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 05876322 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 05876322 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 05876322 f:UnitedKingdom 2024-01-01 2024-12-31 05876322 f:UnitedKingdom 2023-01-01 2023-12-31 05876322 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 05876322 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 05876322 f:RestWorldOutsideUK 2024-01-01 2024-12-31 05876322 f:RestWorldOutsideUK 2023-01-01 2023-12-31 05876322 d:UKTax 2024-01-01 2024-12-31 05876322 d:UKTax 2023-01-01 2023-12-31 05876322 d:ShareCapital 2024-01-01 2024-12-31 05876322 d:ShareCapital 2024-12-31 05876322 d:ShareCapital 2023-12-31 05876322 d:ShareCapital 2023-01-01 05876322 d:OtherMiscellaneousReserve 2024-12-31 05876322 d:OtherMiscellaneousReserve 2023-12-31 05876322 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 05876322 d:RetainedEarningsAccumulatedLosses 2024-12-31 05876322 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05876322 d:RetainedEarningsAccumulatedLosses 2023-12-31 05876322 d:RetainedEarningsAccumulatedLosses 2023-01-01 05876322 d:OtherDeferredTax 2024-12-31 05876322 d:OtherDeferredTax 2023-12-31 05876322 e:FRS101 2024-01-01 2024-12-31 05876322 e:Audited 2024-01-01 2024-12-31 05876322 e:FullAccounts 2024-01-01 2024-12-31 05876322 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05876322 d:FinancialInstrumentsFairValueThroughProfitOrLoss 2024-01-01 2024-12-31 05876322 d:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss 2024-01-01 2024-12-31 05876322 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure













Financial Statements
Evaluate Limited
For the year ended 31 December 2024





































Registered number: 05876322

 
Evaluate Limited
 

Company Information


Directors
Kevin Morgan (resigned 20 December 2024)
Vicky Harris 
Levine Chris Randiga (resigned 4 February 2025)
Kevin Joseph McCurry (appointed 4 February 2025)
Roberto Simon Rabanal (resigned 31 July 2024)




Registered number
05876322



Registered office
3 More London Riverside

London

United Kingdom

SE1 2AQ




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2





 
Evaluate Limited
 

Contents



Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28


 
Evaluate Limited
 

Strategic report
For the year ended 31 December 2024

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

Review of activities and future trading developments

The principal activity of the company is that of a provider of online information for the pharmaceutical industry.

The directors have monitored the performance of the company by reference to certain financial key performance indicators (KPIs). These KPIs include turnover, profitability, cash generation, and overall financial position. A summary of the company’s financial results as at and for the financial year ended 31 December 2024 are set out in the table below:



31 December
2024
 
£000
31 December 2023
 
£000

Turnover
79,040
68,460

Operating profit/(loss)
22,542
(22,115)


Cash and cash equivalents
3,972
12,689

Net current assets
33,173
14,889

Key performance indicators
 
The KPIs monitored by the directors are indicated above.
The directors are confident of building on the significant progress made in 2024 and expect to further improve financial performance in 2025.
Evaluate provides information and data to empower our clients with a comprehensive understanding of the global
pharmaceutical industry's past, present and future performances.
In preparing forecasts, the directors have considered a number of different scenarios to ensure that the business continues to maintain healthy operations and that sufficient funds are available to enable the company to fulfill obligations. Based on this forecast and the various scenarios considered, the sensitivities applied thereto and the support of its ultimate parent company the directors are satisfied that the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.


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


Vicky Harris
Director

Date: 14 August 2025

Page 1

 
Evaluate 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.

Principal activity

The principal activity of the Company is the provision of online information for the pharmaceutical industry.

Results and dividends

The profit for the year, after taxation, amounted to £18,776 (2023: loss £19,251k).

No dividends were paid during the year or proposed at the end of the year (2023: £Nil).

Directors

The directors who served during the year were:

Kevin Morgan (resigned 20 December 2024)
Vicky Harris 
Levine Chris Randiga (resigned 4 February 2025)
Roberto Simon Rabanal (resigned 31 July 2024)

Going concern

The accompanying financial statements have been prepared on the assumption that the Company will continue as a going concern.
Caerus PikCo S.à.r.l. and its subsidiaries ("the Group") performed forecasts for 12 months from the signing of these financials and noted resilience in the financials including revenues and the cash position, through the period to date.
Based on these forecasts and the support of its ultimate parent company, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Further, the company's ultimate parent company, Caerus PikCo S.à.r.l., has committed to provide immediate financial support in case of financial difficulties of the company. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.

Political contributions

During the year, the Company made no political contributions.

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.

Events since the end of the year

There have been no significant events affecting the Company since the year end.

Page 2

 
Evaluate Limited
 

Directors' report (continued)
For the year ended 31 December 2024

Directors' statement of compliance with duty to promote the success of the company

The directors have acted in a way that they consider in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the period ended 31 December 2024. The following paragraphs summarise how the directors fulfil their duties:

The directors also aim to act responsibly and fairly in their engagement with suppliers, customers, regulators, bankers and insurers and are in direct contact on a regular basis. The directors respond quickly and fully to queries from regulators, bankers and insurers as required. 
The directors always intend to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. The directors recognise that the maintenance of their good reputation, founded on responsible behaviour is fundamental to their continuing ability to achieve profitable growth for the benefit of all their stakeholders in the future.

Energy and carbon reporting

The Company is part of a larger group where environmental and sustainability initiatives are a key part of how it does business. To the extent other members of the group in the United Kingdom are subject to these energy and carbon reporting obligations, appropriate information will be included in its or their annual Directors Report(s).
 
Directors' and Officer's Liability

The Company maintains appropriate insurance to cover directors’ and officers’ liability in respect of all of the
Company’s directors. This was in force throughout the financial year and remains in force. This insurance does not
provide cover where a director has acted fraudulently or dishonestly.

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


Vicky Harris
Director

Date: 14 August 2025

Page 3

 
Evaluate Limited
 

Directors' responsibilities statement
For the year ended 31 December 2024

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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

On behalf of the board


Vicky Harris
Director

Date:14 August 2025
Page 4

 
 
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Independent auditor's report to the members of Evaluate Limited
 
Opinion


We have audited the financial statements of Evaluate Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of  material accounting policy information.  

The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.


In our opinion, Evaluate Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date when the financial statements are authorised for issue.

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



Page 5

 
 
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Independent auditor's report to the members of Evaluate Limited (continued)

Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic 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.

Page 6

 
 
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Independent auditor's report to the members of Evaluate Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS101 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism hrough the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 7

 
 
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Independent auditor's report to the members of Evaluate Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud
inspection of the Company’s legal correspondence and review of minutes of board meetings during the financial year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of tangible and intangible assets, impairment assessment of non financial and financial assets.; and 
review of the financial statements disclosures to underlying supporting documentation and inquiries of management

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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.



 
 
Tracey Sullivan FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
Statutory Auditors
13-18 City Quay
Dublin 2
14 August 2025
Page 8

 
Evaluate Limited
 

Statement of comprehensive income
For the year ended 31 December 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
79,040
68,460

Cost of sales
  
-
-

Gross profit
  
79,040
68,460

Administrative expenses
  
(56,498)
(90,575)

Operating profit/(loss)
 5 
22,542
(22,115)

Interest receivable and similar income
 8 
2,224
4,024

Interest payable and similar expenses
 9 
(540)
(666)

Profit/(loss) before tax
  
24,226
(18,757)

Tax on profit/(loss)
 10 
(5,450)
(494)

Profit/(loss) for the year
  
18,776
(19,251)

All amounts relate to continuing operations.
There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 12 to 28 form part of these financial statements.
Page 9

 
Evaluate Limited
Registered number:05876322

Statement of financial position
As at 31 December 2024

2024
2023
Note
£000
£000

  

Fixed assets
  

Intangible assets
 11 
1,350
2,408

Tangible assets
 12 
900
1,886

  
2,250
4,294

Current assets
  

Debtors due after more than 1 year
 13 
18,481
15,666

Debtors due within 1 year
 13 
78,056
48,878

Cash and cash equivalents
 14 
3,972
12,689

  
100,509
77,233

Current liabilities
  

Creditors due within 1 year
 15 
(67,336)
(62,344)

Net current assets
  
 
 
33,173
 
 
14,889

Creditors due after more than 1 year
 16 
(380)
(1,287)

Deferred tax
  
317
(1,312)

Net assets
  
35,360
16,584


Capital and reserves
  

Called up share capital 
  
-
-

Other reserves
 17 
-
-

Profit and loss account
 17 
35,360
16,584

Shareholders' funds
  
35,360
16,584


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

Vicky Harris
Director

Date: 14 August 2025

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
Evaluate Limited
 

Statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2024
-
16,584
16,584


Comprehensive income for the year

Profit for the year
-
18,776
18,776


At 31 December 2024
-
35,360
35,360



Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 January 2023
-
35,835
35,835


Comprehensive income for the year

Loss for the year
-
(19,251)
(19,251)


At 31 December 2023
-
16,584
16,584


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Evaluate Limited is a private limited company which is registered and incorporated in the United Kingdom with a registered number 05876322 and with a registered office at 3 More London Riverside, London, United Kingdom, SE1 2AQ. The Company operates as a provider of online information for the pharmaceutical industry.

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Certain prior year amounts have been reclassified to align with the current year presentation. The reclassification had £Nil net impact to the financial statements.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
Page 12

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to 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 by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Caerus PikCo S.à.r.l. as at 31 December 2024 and these financial statements may be obtained from 412F, route d'Esch, L-1471 Luxembourg.

  
2.3

Adoption of new standards issued and effective as of 1 January 2024

The Company has adopted all relevant accounting standards applicable for accounting periods beginning on or after 1 January 2024. None of these have a significant impact on the Company's financial statements and therefore the disclosures have not been made.

 
2.4

Going concern

The accompanying financial statements have been prepared on the assumption that the Company will continue as a going concern.
The Group performed forecasts for 12 months from the signing of these financials and noted resilience in the financials including revenues and the cash position, through the period to date.
Based on these forecasts and the support of its ultimate parent company, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Further, the company's ultimate parent company, Caerus PikCo S.à.r.l., has committed to provide immediate financial support in case of financial difficulties of the company. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.
Page 13

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is Pound Sterling (GBP or £).

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
 
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Turnover

Turnover arises from the provision of online information to companies within the pharmaceutical
industry.

To determine whether to recognise revenue, the Company follows a 5-step process: 
1.Identifying the contract with a customer
2.Identifying the performance obligations
3.Determining the transaction price
4.Allocating the transaction price to the performance obligations
5.Recognising revenue when/as performance obligation(s) are satisfied.

Turnover is recognised over time, as the Company satisfies performance obligations by providing the services to its customers. Turnover is measured based on the consideration to which the Company expects to be entitled to in its arrangement with related companies excluding VAT and sales related taxes.

Page 14

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.7

Leases

The company as a lessee

For any new contracts entered into, the Company considers whether a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this definition, the company assesses whether the contract meets three key evaluations which are whether:

the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the company
the company has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract
the company has the right to direct the use of the identified asset throughout the period of use.

Measurement and recognition of leases as a lessee
At lease commencement date, the company recognises a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.

At the commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company’s incremental borrowing rate.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is remeasured to reflect any reassessment or modification, or if there are changes in substance fixed payments.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which have a range of 3-5 years.
 
Page 15

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.8
Research and development (continued)

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Interest income

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

 
2.10

 Interest expense

Interest expense are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

 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 reporting 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 reporting 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 reporting date.


 
2.12

 Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:

Development expenditure
-
3
years
Domain name
-
6
years
Intellectual property
-
10
years

To assess whether an internally generated intangible asset meets the criteria for recognition, the Company classifies the generation of the asset into a research phase and a development phase.
Page 16

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.12
 Intangible assets (continued)


Intangible asset arising from research (or from the research phase of an internal project) shall be recognised as an expense when it is incurred.

An intangible asset arising from development (or from the development phase of an internal project) shall be recognised if, and only if, an entity can demonstrate all of the following:
the technical feasibility of completing the intangible asset so that it will be available for use or sale;
its intention to complete the intangible asset and to use or sell it;
its ability to use or sell the intangible asset;
how the intangible asset will generate probable future economic benefits;
the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and its ability to measure reliably the expenditure attributable to the intangible asset during its development.

 
2.13

 Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Leasehold improvements
-
over the lease term
Fixtures, fittings and equipment
-
4 years
Computer software
-
4 years
Right of use assets
-
over the lease term

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.

 
2.14

 Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 17

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.15

 Debtors

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

 
2.16

 Cash and cash equivalents

Cash is represented by 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. 

 
2.17

 Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.18

 Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Page 18

 
Evaluate Limited
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)


2.18
 Financial instruments (continued)

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenditure.

Estimates
Useful lives of tangible and intangible assets 
Long-lived assets, consisting primarily of tangible and intangible assets, comprise a significant portion of the total assets. The annual depreciation and amortisation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The Directors regularly review the assets' estimated useful economic lives and update them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Details of the assets' estimated useful economic lives is included in Notes 2.12 and 2.13. The carrying amount of tangible and intangible assets are disclosed in Notes 12 and 13. 

Impairment of non financial assets
In assessing impairment, management estimates the recoverable amount of each asset or cash-generating units based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.

Impairment of financial assets
The Company measures expected credit losses (ECL) of a financial instrument in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and information about past events, current conditions and forecasts of future economic conditions. When measuring ECL the Company uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. The carrying amount of trade and other receivables are disclosed in Note 13.

Judgments
Functional currency
The Company determines functional currency by reference to the currency of the primary economic environment in which it operates. In determining the functional currency, the Company considers both the primary and secondary factors as provided in the relevant standard and where the factors are mixed and the functional currency is not obvious, management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.
Page 19

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

4.


Turnover

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


2024
2023
£000
£000

Sales of services
79,040
68,460



Analysis of turnover by country of destination:


2024
2023

£000
£000


United Kingdom
5,599
4,254

United States
52,246
44,876

Rest of Europe
12,763
12,021

Rest of world
8,432
7,309

79,040
68,460


5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
986
906

Amortisation of intangible assets
1,058
944

Impairment of intangible assets
-
3,305

Exchange differences
808
1,831

Defined contribution pension cost
-
902


6.


Auditor's remuneration

2024
2023
£000
£000


Fees for the audit of the Company
38
38

Page 20

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

7.


Employees

Staff costs were as follows:


2024
2023
£000
£000

Wages and salaries
34
12,249

Social security costs
-
1,575

Cost of defined contribution scheme
-
902

34
14,726


The directors are remunerated by a fellow company. Consequently, the directors did not receive any remuneration from the Company during the year (2023: £Nil).

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


        2024
        2023
            No.
            No.







Administration
-
45



Sales and production
-
107



Information technology
-
5

0
157


8.


Interest receivable

2024
2023
£000
£000


Interest receivable from group companies
2,010
4,020

Other interest receivable
214
4

2,224
4,024


9.


Interest payable

2024
2023
£000
£000


Bank interest payable
15
-

Interest payable to group companies
384
494

Interest on lease liability
141
172

540
666

Page 21

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
4,228
1,023

Adjustments in respect of previous periods
2,851
(79)


Deferred tax


Origination and reversal of timing differneces
(308)
455

Adjustment in respect of prior years
(1,321)
(905)


Taxation on profit on ordinary activities
5,450
494

Factors affecting tax charge for the year/period

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£000
£000


Profit/(loss) on ordinary activities before tax
24,226
(18,757)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
6,057
(4,408)

Effects of:


Expenses not deductible
4
8,315

Capital allowances for year in excess of depreciation
55
427

Adjustments in respect of prior years
1,524
(1,032)

Allowable amortisation s1308
-
(509)

Group relief (claimed)/surrendered
(2,258)
(2,754)

R&D expenditure credits
68
-

Other items
-
455

Total tax charge for the year
5,450
494

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 25% rate is used to measure UK deferred taxes in 2024 (and in 2023 the 23.5% rate used reflects 9 months of the new rate and 3 months of the previous rate of 19% to the extent the related timing differences were expected to reverse after 1 April 2023).

Page 22

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Intangible assets




Domain name
Intellectual property
Development expenditure
Total

£000
£000
£000
£000



Cost


At 1 January 2024
66
188
6,980
7,234



At 31 December 2024

66
188
6,980
7,234



Amortisation and impairment


At 1 January 2024
66
72
4,688
4,826


Charge for the year on owned assets
-
19
1,039
1,058



At 31 December 2024

66
91
5,727
5,884



Net book value



At 31 December 2024
-
97
1,253
1,350



At 31 December 2023
-
116
2,292
2,408




Page 23

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

12.


Tangible fixed assets





Right of use asset
Leasehold improvements
Fixtures, fittings and equipment
Computer software
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2024
2,487
516
1,400
177
4,580



At 31 December 2024

2,487
516
1,400
177
4,580



Depreciation


At 1 January 2024
1,009
343
1,166
176
2,694


Charge for the year on owned assets
578
173
234
1
986



At 31 December 2024

1,587
516
1,400
177
3,680



Net book value



At 31 December 2024
900
-
-
-
900



At 31 December 2023
1,478
173
234
1
1,886

Page 24

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

13.


Debtors


2024
2023
£000
£000

Due after more than one year

Amounts owed by group undertakings

18,481
15,666

Due within one year

Trade debtors
25,740
18,895

Amounts owed by group undertakings
48,868
27,369

Other debtors
4
356

Prepayments and accrued income
3,444
1,897

Tax recoverable
-
361

96,537
64,544


Amounts owed by group undertakings include non-trade balances and intercompany loans. 

The amounts due within one year are unsecured, interest-free, and repayable on demand. The amounts due after more than one year comprise of intercompany loans that are not expected to be repaid within the next twelve months. Intercompany loans carry an interest rate of 11% per annum (2023: 10% per annum). All amounts are unsecured.


14.


Cash

2024
2023
£000
£000

Cash at bank
1,361
4,049

Cash equivalents
2,611
8,640

3,972
12,689



15.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
157
1,893

Amounts owed to group undertakings
18,730
21,596

Corporation tax
7,525
367

Other taxation and social security
279
755

Lease liabilities
890
1,009

Other creditors
261
1

Accruals and deferred income
39,494
36,723

67,336
62,344

Page 25

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

15.Creditors: Amounts falling due within one year (continued)

Amounts owed to group undertakings are non-trade balances that are unsecured, interest-free, and repayable on demand.


16.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Lease liabilities
380
1,287


17.


Reserves

The following describes the nature and purpose of each reserve within equity.

Share capital

Nominal value of share capital subscribed for.

Profit and loss account

Cumulative profits or losses, net of dividends paid and other adjustments.


18.


Deferred taxation




2024


£000






At beginning of year
(1,312)


Charged to profit or loss
1,629



At end of year
317

The deferred tax balance is made up as follows:

2024
2023
£000
£000


Asset/(liability)
317
(1,312)

Comprising:

Temporary differences
317
(1,312)


Page 26

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

19.


Lease commitments

During the year, the Company entered into a lease agreement for the lease of an office building. The lease is reflected on the statement of financial position as a right of use asset and a lease liability. The company classifies its right of use assets within tangible fixed assets (see note 12).

Future minimum lease payments of the Company as at 31 December 2024 were as follows (£000):



Within 1 year
1 – 2 years
2 – 3 years
3 - 4 years
4-5 years
Total


Lease payments
960
392
-
-
-
1,352

Finance charges
(70)
(12)
-
-
-
(82)

Net present values
890
380
-
-
-
1,270

In respect of prior year:


Within 1 year
1 – 2 years
2 – 3 years
3 - 4 years
4-5 years
Total


Lease payments
1,132
960
392
-
-
2,484

Finance charges
(123)
(56)
(9)
-
-
(188)

Net present values
1,009
904
383
-
-
2,296

The table below describes the nature of the Company’s leasing activity:


Right of use assets
No. of right of use assets leased
Range of remaining term
Average remaining tem
No. of leases with extension options
No. of leases with option to purchase
No. of leases with variable payments linked to an index
No. of leases with termination options

Office space
2
1.6 years
1.6 years
-
-
-
-

In respect of prior year:


Right of use assets
No. of right of use assets leased
Range of remaining term
Average remaining tem
No. of leases with extension options
No. of leases with option to purchase
No. of leases with variable payments linked to an index
No. of leases with termination options

Office space
2
2.6 years
2.6 years
-
-
-
-

Page 27

 
Evaluate Limited
 
 
Notes to the financial statements
For the year ended 31 December 2024

19. Lease commitments (continued)

The Company has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable lease payments that are not permitted to be recognised as lease liabilities and are expensed as incurred.


20.


Share capital

The Company has 100 (2023: 100) alloted, called up and fully paid ordinary shares of £1.0 each (2023: £1.0 each).

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.



21.


Related party transactions

The Company has availed itself of the exemption under Financial Reporting Standard 101 section 8(k) not to disclose details of related party transactions with fellow group companies.  Details on the availability of the consolidated financial statements is disclosed in Note 22.


22.


Post balance sheet events

There have been no significant post balance sheet events that require disclosure in the financial statements.


23.


Controlling party


The immediate parent company is Caerus UK 1 Limited, a company incorporated and registered in the UK.

The Company's ultimate parent company is Caerus PikCo S.à.r.l., a company incorporated and registered in Luxembourg.

The smallest and largest group undertakings for which group accounts are drawn up and of which the Company is included is the group headed by Caerus PikCo S.à.r.l.
 
Copies of the consolidated financial statements of Caerus PikCo S.à.r.l. are available on request from 412F, route d’Esch, L-1471 Luxembourg.
Page 28