REGISTERED NUMBER: 10278217 (England and Wales)

Financial Statements for the Period 1 April 2023 to 31 December 2023

for

Scinopsis Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P T Flanagan

C M Henderson

REGISTERED OFFICE:

27 Old Gloucester Street

London

WC1N 3AX

REGISTERED NUMBER:

10278217 (England and Wales)

AUDITORS:

Ensors

Saxon House

Moseley's Farm Business Centre

Fornham All Saints

Bury St Edmunds

IP28 6JY

FIXED ASSETS

Tangible assets

4

2,899

6,939

CURRENT ASSETS

Debtors

5

234,229

171,127

Cash at bank and in hand

143,603

237,901

377,832

409,028

CREDITORS

Amounts falling due within one year

6

328,725

405,037

NET CURRENT ASSETS

49,107

3,991

TOTAL ASSETS LESS CURRENT LIABILITIES

52,006

10,930

CAPITAL AND RESERVES

Called up share capital

10,002

10,002

Retained earnings

42,004

928

52,006

10,930

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

P T Flanagan - Director

1.	STATUTORY INFORMATION

Scinopsis 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Reporting period

The accounting period to 31 December 2023 is a nine month period. The comparative amounts presented in the financial statements (included the related notes) are for a twelve month period therefore are not entirely comparable. This was done to bring the financial period in line with that of the parent company.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and, having made appropriate enquiries, consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised in accordance with Section 23 of FRS 102.

Turnover from the provision of services is recognised in the profit and loss account when the outcome of the transaction can be estimated reliably.

Where services are provided over a period of time, turnover is recognised by reference to the stage of completion of the transaction at the reporting date, provided that the stage of completion and expected recoverability can be measured reliably.

In cases where the outcome cannot be estimated reliably, turnover is recognised only to the extent that recoverable expenses incurred are expected to be reimbursed.

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property - 7 Years straight line

Plant and Machinery - 3 years straight line

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Cash and Cash Equivalents

The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and, having made appropriate enquiries, consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the period 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 period 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.

Foreign currencies

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

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of non-current assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Intercompany recharges

Intercompany transactions are recorded at the value agreed between group entities and are recognised in accordance with the substance of the arrangement.

Recharges for services or shared resources are recognised as income or expense in the period in which the services are provided.

Recharges are calculated based on a percentage of revenue earned from the customer, with the percentage determined by the group to reflect an arm’s length basis.

The basis of allocation is reviewed periodically to ensure it remains reasonable, consistent, and reflective of the actual service contribution.

Costing Recharges

Costing recharges relate to the allocation of direct and indirect costs incurred on behalf of other entities or departments. These are recognised on an accruals basis, reflecting the period in which the underlying costs are incurred.

The basis of allocation is reviewed periodically to ensure it remains reasonable and consistent with the nature of the services provided.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2023

53,706

Disposals

(939

)

At 31 December 2023

52,767

DEPRECIATION

At 1 April 2023

46,767

Charge for period

3,884

Eliminated on disposal

(783

)

At 31 December 2023

49,868

NET BOOK VALUE

At 31 December 2023

2,899

At 31 March 2023

6,939

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.3.23

As restated

£

£

Trade debtors

86,665

100,276

Other debtors

147,564

70,851

234,229

171,127

Other debtors include £120,908 (31 March 23: £39,695) in Accrued Income, £2,257 (31 March 23: £3,213) in VAT recoverable, and £24,399 (31 March 23: £27,943) in prepaid expenses.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.3.23

As restated

£

£

Amounts owed to group undertakings

209,590

239,318

Taxation and social security

26,665

30,340

Other creditors

92,470

135,379

328,725

405,037

Included in other creditors for the March 2023 year end is a directors loan advanced to the company of £42,500. The loan was fully repaid during the December 2023 period end.

7.	LEASING AGREEMENTS

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

31.12.23

31.3.23

As restated

£

£

Within one year

39,000

29,250

Between one and five years

13,680

52,680

52,680

81,930

Operating lease commitments relate to land and buildings, the lease relates to a 5 year period due to expire in April 2025.

Since the year end the lease has not been renewed.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Windrose Veristat InvestmentHoldings, L.P.

Name & address of the highest-level entity which files publicly available financial statements: Veristat International Ireland Limited, 6th Floor, 2 Grand Canal Square, Dublin 2 D02 A342, Ireland

10.	PRIOR YEAR ADJUSTMENT

During the year, the company made the following prior year adjustments in accordance with FRS 102 Section 10 - Accounting Policies, Estimates and Errors, and Section 10.13-10.15 for retrospective application of changes in accounting policy.

1. Correction of Error - Misapplication of Accounting Policy on Intercompany Recharges

An error was identified in the prior year financial statements relating to the inconsistent application of the accounting policy for intercompany recharges. Transactions were not recorded in line with the substance of the arrangements, resulting in:

Revenue understated by £526,102

Cost of sales understated by £281,054

Intercompany account understated (liability overstated) by £245,048

This error has been corrected retrospectively, resulting in an increase in net assets and retained earnings of £245,048 as at 31 March 2023.

2. Correction of Error - Recognition of Intercompany Recharges on an Invoice Basis

A further error was identified whereby intercompany recharges were recognised on an invoice basis rather than on an accruals basis. This resulted in:

For the year ended 31 March 2023:

Cost of sales overstated by £77,676

Retained earnings brought forward overstated by £77,676

For periods prior to 31 March 2023:

Retained earnings overstated by £55,676

Intercompany account overstated (liability understated) by £55,675

These errors have been corrected retrospectively, resulting in a total reduction in retained earnings brought forward of £133,352 and a corresponding increase in intercompany liabilities of £55,675.

3. Change in Accounting Policy - Recognition of Management Charge

The company has changed its accounting policy to recognise a management charge from a group entity. This change has been applied retrospectively in accordance with FRS 102 Section 10.8-10.12, resulting in:

Administrative expenses increased by £188,666

Intercompany account overstated (liability understated) by £188,666

This change ensures the financial statements reflect the revised accounting policy consistently across periods.

4. Correction of Error - Reclassification of wages

The company incorrect classified wages and salaries as administrative expenses rather than within cost of sales. As a result, a retrospective reclassification adjustment has been made to correct the accounts.

For the year ended 31 March 2023:

Cost of sales understated by £460,112

Administrative expenses overstated by £460,122

Summary of Impact on Profit or Loss - Year Ended 31 March 2023

The net impact of the above adjustments on the profit or loss for the year ended 31 March 2023 is as follows:

Increase in revenue: £526,102

Increase in cost of sales: £663,491

Decrease in administrative expenses: £271,446

Net increase in profit before tax: £134,058

Summary of Cumulative Impact on Balance Sheet as at 31 March 2023

Net increase in retained earnings / total equity: £707

Net decrease in intercompany liabilities: £707