REGISTERED NUMBER: 06076464 (England and Wales)

INTERFACE CLINICAL SERVICES LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

7

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

to

18

DIRECTORS:

I Mecci

T P Sheppard

P D Simpson

SECRETARY:

Jtc (Uk) Limited

REGISTERED OFFICE:

3 Forbury Place

23 Forbury Road

Reading

RG1 3JH

REGISTERED NUMBER:

06076464 (England and Wales)

AUDITORS:

Thomas Coombs Limited

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

BANKERS:

HSBC Bank Plc

33 Park Row

Leeds

West Yorkshire

LS1 1LD

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

REVIEW OF BUSINESS

The results for the company show a pre tax profit of £7,856,710 (2023: £3,870,554) for the year and sales of £26,342,263 (2023: £21,371,335).

The directors are pleased with how the company has bounced back following the pandemic and has increased both sales and profits to record levels.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives and policies

The company's principal financial instruments comprise cash, trade debtors and trade creditors which arise directly from its operations. The main risks arising from the company's financial instruments are credit risk.

Credit risk

The company trades with recognised credit worthy third parties. Trade debtors balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not considered to be significant.

KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators to be sales, gross profit, EBITDA and cash along with quality-of-service measurements.

FUTURE OUTLOOK

The company starts the next financial year with a strong financial base, net assets of £15,364,800.

With the continued support from our parent company IQVIA ltd, we view the future with optimism as we develop new, innovate and cost-effective ways of supporting and improving patient care and outcomes in the future.

ON BEHALF OF THE BOARD:

I Mecci - Director

22nd September 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

I Mecci

T P Sheppard

P D Simpson

THIRD PARTY INDEMNITY PROVISION FOR DIRECTORS

Qualifying third party indemnity provision was in place for the benefit of all directors of the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Thomas Coombs Limited are deemed to be re-appointed under section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

I Mecci - Director

22nd September 2025

Opinion

We have audited the financial statements of Interface Clinical Services Ltd (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

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

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:

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to anti-bribery, corruption and fraud. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors and discussions within our audit team planning meeting. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships.

- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.

- Investigated the rationale behind significant or unusual transactions.

- Challenged assumptions and judgements made by management in determining significant accounting estimates.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation.

- Discussions with management of known or suspected instances of non-compliance with laws and regulations.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Christopher Darwin FCA (Senior Statutory Auditor)

for and on behalf of Thomas Coombs Limited

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

22nd September 2025

TURNOVER

26,342,263

21,371,335

Cost of sales

13,644,276

12,528,294

GROSS PROFIT

12,697,987

8,843,041

Administrative expenses

5,641,298

5,085,231

OPERATING PROFIT

4

7,056,689

3,757,810

Interest receivable and similar income

800,021

112,744

PROFIT BEFORE TAXATION

7,856,710

3,870,554

Tax on profit

5

1,964,361

910,322

PROFIT FOR THE FINANCIAL YEAR

5,892,349

2,960,232

PROFIT FOR THE YEAR

5,892,349

2,960,232

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,892,349

2,960,232

FIXED ASSETS

Tangible assets

6

138,608

107,874

CURRENT ASSETS

Debtors

7

20,934,625

8,035,705

Cash at bank and in hand

3,122,967

6,946,797

24,057,592

14,982,502

CREDITORS

Amounts falling due within one year

8

8,803,431

5,599,290

NET CURRENT ASSETS

15,254,161

9,383,212

TOTAL ASSETS LESS CURRENT LIABILITIES

15,392,769

9,491,086

PROVISIONS FOR LIABILITIES

10

27,969

18,635

NET ASSETS

15,364,800

9,472,451

CAPITAL AND RESERVES

Called up share capital

11

1,045

1,045

Share premium

30,915

30,915

Retained earnings

15,332,840

9,440,491

SHAREHOLDERS' FUNDS

15,364,800

9,472,451

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

I Mecci - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2023

1,045

6,480,259

30,915

6,512,219

Changes in equity

Total comprehensive income

-

2,960,232

-

2,960,232

Balance at 31st December 2023

1,045

9,440,491

30,915

9,472,451

Changes in equity

Total comprehensive income

-

5,892,349

-

5,892,349

Balance at 31st December 2024

1,045

15,332,840

30,915

15,364,800

Cash flows from operating activities

Cash generated from operations

1

(4,517,347

)

1,521,072

Tax paid

-

2

Net cash from operating activities

(4,517,347

)

1,521,074

Cash flows from investing activities

Purchase of tangible fixed assets

(106,504

)

(59,250

)

Interest received

800,021

112,744

Net cash from investing activities

693,517

53,494

(Decrease)/increase in cash and cash equivalents

(3,823,830

)

1,574,568

Cash and cash equivalents at beginning of year

2

6,946,797

5,372,229

Cash and cash equivalents at end of year

2

3,122,967

6,946,797

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

7,856,710

3,870,554

Depreciation charges

75,770

74,214

Finance income

(800,021

)

(112,744

)

7,132,459

3,832,024

Increase in trade and other debtors

(12,898,920

)

(2,733,095

)

Increase in trade and other creditors

1,249,114

422,143

Cash generated from operations

(4,517,347

)

1,521,072

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

3,122,967

6,946,797

Year ended 31st December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

6,946,797

5,372,229

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

6,946,797

(3,823,830

)

3,122,967

6,946,797

(3,823,830

)

3,122,967

Total

6,946,797

(3,823,830

)

3,122,967

1.	STATUTORY INFORMATION

Interface Clinical Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on a going concern basis. In making this assessment the directors have reviewed all available information and concluded the activities of the company will will be in operational existence for at least 12 months from the date of approval of the financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding value added tax. Turnover is recognised at the point entitlement to revenue arises. This is either as services are delivered to customers or on completion of performance obligations.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Costs includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Tenant improvements

20% on cost

Office equipment

33% on cost

Fixtures and fittings

20% on cost

Financial instruments

The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

14,732,359

13,505,213

Social security costs

1,624,408

1,522,740

Other pension costs

879,247

819,481

17,236,014

15,847,434

The average number of employees during the year was as follows:

2024

2023

Company employees

81

92

Employees recharged by parent

172

142

253

234

In the year there were an average of 81 employees who held contracts of employment with Interface Clinical Services Limited and an average of 172 employees whose contracts of employment are with the parent company, IQVIA Ltd, the staff costs of these employees are recharged to Interface Clinical Services Limited.

2024

2023

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

75,770

74,214

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

1,955,027

912,212

Deferred tax

9,334

(1,890

)

Tax on profit

1,964,361

910,322

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

7,856,710

3,870,554

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

1,964,178

910,393

Effects of:

Change in tax rate

-

(132

)

Non-qualifying assets

244

-

Non-qualifying assets adjustment

(61

)

61

Total tax charge

1,964,361

910,322

6.	TANGIBLE FIXED ASSETS

Fixtures

Tenant

Office

and

improvements

equipment

fittings

Totals

£

£

£

£

COST

At 1st January 2024

119,793

587,373

113,845

821,011

Additions

-

100,540

5,964

106,504

Disposals

-

(427,436

)

(74,903

)

(502,339

)

At 31st December 2024

119,793

260,477

44,906

425,176

DEPRECIATION

At 1st January 2024

113,092

508,964

91,081

713,137

Charge for year

2,176

60,118

13,476

75,770

Eliminated on disposal

-

(427,436

)

(74,903

)

(502,339

)

At 31st December 2024

115,268

141,646

29,654

286,568

NET BOOK VALUE

At 31st December 2024

4,525

118,831

15,252

138,608

At 31st December 2023

6,701

78,409

22,764

107,874

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

5,752,896

5,421,651

Amounts owed by group undertakings

14,382,384

811,821

Other debtors

8,263

8,263

Prepayments and accrued income

791,082

1,793,970

20,934,625

8,035,705

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

137,998

104,348

Corporation Tax

3,242,818

1,287,791

VAT

677,742

382,227

Accruals and deferred income

4,744,873

3,824,924

8,803,431

5,599,290

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

82,800

82,800

Between one and five years

90,850

173,650

173,650

256,450

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

27,969

18,635

Deferred

tax

£

Balance at 1st January 2024

18,635

Movement in year

9,334

Balance at 31st December 2024

27,969

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,045

Ordinary

£1

1,045

1,045