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Registered number: 07532879 HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD COMPANY INFORMATION
Directors | P C McEwan
| Z E Powell
| E J Halpin
| J F Holmes
Registered number | 07532879
Registered office | Rhymney House Unit A, Copse Walk, Cardiff Gate Business Park
| Pontprennau
| Cardiff
| CF23 8RB
Independent auditor | MHA
| Swansea
| United Kingdom
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 29
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2025
Visions and values
Our ambition is to be the most valued and respected full-service market access agency. Our mission is to help improve human health and healthcare by demonstrating and optimising ecosystem value as the world’s leading disease insight and system value architects.
Principal activities
During the year under review, we continued our trajectory of strong, sustainable growth, with turnover increasing 15% year over year to £12.25m. We also increased our EBITDA margin to 10% (up 2% on the prior year) as we further advanced our position as one of the largest independent consultancies in our sector. Our service offering provides end-to-end support, from early development through post-launch, ensuring that our clients can demonstrate product value to payers and providers, secure favourable reimbursement, and maximise patient access and commercial success. Our expertise spans all key disease areas, and we are respected thought leaders in many of these.
Investments
During FY2024-25, we continued our investment in building a strong operational core to enable effective and robust service delivery for our global client base. Key value-creating investments undertaken included:
1. | Investment in our human capital
| ∙Headcount growth of 13.9% reflecting our continued investment and expansions in capability, ensuring we have capacity and expertise to meet growing business demands. ∙Implementation of a skills-based learning and development platform, in line with our skills strategy, to provide comprehensive organisational skills knowledge to enhance resourcing and development planning. supporting upskilling, reskilling, and career progression across all function. ∙Development and launch of an early careers programme, to attract and nurture emerging talent, provide structured learning and development pathways, and enhance onboarding of new colleagues. ∙Design, development, and delivery of a leadership development programme, tailored for our senior team to enhance their strategic leadership capabilities and increase skills to lead through complexity, growth, and change. ∙Provision of regular flexible working spaces in London and northern England to enhance collaboration, develop and deepen working relationships.
2. | Investment in our organisational infrastructure and supply chain
| ∙Continued investment in ESG, demonstrated by our accreditation with a number of sustainability initiatives, including EcoVadis and CDP, and our commitment to science-based climate targets as validated by the Science Based Targets Initiative. ∙Investment in creating workplaces fit for today and tomorrow for our team members, with a major refit of our Head Office to create training and meeting spaces with state-of-the-art AV equipment and breakout spaces. ∙Continued investment in an ISO27001-compliant environment to provide strong, secure foundations for growth in data and technology services for our clients.
Page 1
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
3. | Investment in our intellectual capital ∙Investment in an operational research skill base with expertise in systems thinking to allow us to further develop our quantitative approach to mapping value within healthcare systems through our Total System Value (TSV TM) approach, enabling us to better support our clients and wider healthcare stakeholders to tackle the challenges of decreasing drug budgets, healthcare delivery blockages, and how to optimise the uptake of novel drugs and technologies that make the most significant difference to human populations across the world. ∙Investment in a dedicated team of skilled medical writers to develop the qualitative evidence frameworks that underpin our TSV TM offering and to build the narrative around the approach and impact of systems thinking to different stakeholders. ∙Investment in developing and implementing an industry-leading technology strategy, including in the year under review, investment in automation and AI solutions to improve organisational workflows; understand potential to support access to organisational knowledge; and further enhance the robustness and quality of our deliverables.
4. | Investment in our client relationships and quality service offerings
| ∙Client relationships are fundamental to sustained growth, client retention, and brand advocacy. We continue to nurture client relationships through investment in: key account leads; training and development in team capabilities to deliver exceptional service; development of personalized service models to tailor offerings to client needs; leveraging technology and analytics to deepen client insights and improve responsiveness. ∙Investing in quality service offerings ensures differentiation in a competitive market, builds trust and loyalty, and remains our key priority. We continue strengthening our QA/QC process by developing project resources and best practice materials, and driving skills development tailored to business needs. We are committed to driving innovation across our services to ensure the highest quality deliverables that adapt to the evolving needs of our clients in a dynamic and complex market environment.
Opportunities and future developments
As we highlighted last year, a key area of focus continues to be optimising the use of technology, including generative AI and other tools which support automation, augmented by our own staff insights, to increase our efficiency and development of our unique solutions to client challenges. Over the past year, we commissioned a technology white paper to kick-start the implementation of our key objective of developing and implementing an industry-leading technology proposition focused on both our service provision and our internal operating models. As part of this, during the year in question, we developed a minimal viable product for an automated cloud-based model and proof of concept AI training tools to act as model companion training and advisory tools, drawing on our deep disease area expertise, both of which have the potential to form part of our service offering of the future. In addition, we are undertaking ongoing reviews and pilots of off-the-shelf AI tools, both industry-specific and generic, to support further leveraging AI to enhance our operational efficiency, quality, and consistency of our service offerings. We also see an opportunity to work more closely with healthcare policy makers, payers, and deliverers, alongside our traditional client base, through our unique decision-making tool, TSV TM, which supports evidence-based decision-making at a population, disease, and therapy intervention level. Page 2
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Risk Management
The most significant risk for our business continuity continues to be our dependency on our people and their intellectual and leadership capacity. As such, our investment in all aspects of our skills strategy, human capital, and employee value proposition is fundamental to mitigating this risk and ensuring the retention of key team members. As we acknowledge, under opportunities, the fast-changing technological landscape and rise of AI necessitate strategically ambitious and focused investment in technological advancement to retain competitive advantage, both in terms of service offerings and operational efficiencies. Equally, the dependency on IT necessitates resilient data governance, cybersecurity, and compliance to assure us against industry and client standards in a landscape of increasingly high-profile security threats. Implementing ISO27001 compliance policies, processes, and systems supports mitigation against this risk. We also acknowledge a potential risk to the global economic landscape in the context of economic uncertainty and tariff interventions, creating a risk of downward pricing pressure on pharmaceutical products in the US market and a potential resultant impact on our client base. While the increasing demands on the healthcare sector, given global population trends, mitigate against this risk, we also recognise the impact of evolving client requirements within the sector. In response to the above risks, following the period in question, the business has embarked upon an investment prioritisation exercise, which includes a consultation process to support a reduction in our skills cost base, the outcome of which has not been confirmed at the point of signature. This rebalancing will enable sustained focus of investment in areas that have strategic importance in driving long-term growth, including the continued technological advancement of our service offering encompassing both automation and AI, as well as our positioning and visibility as thought leaders in our field.
Summary
FY2024-25 has further endorsed our position as one of the largest independent consultancies in our sector, competing in a global market. Our investment in novel solutions; in systems thinking, and our TSV TM offering to enable robust evidence-based value decision making; and in technological advancements to retain competitive advantage through evolving our service offering, enhancing quality robustness, and driving operational efficiencies will enable us to continue to build upon this position as innovative thought leaders in our field, delivering consistently high-quality solutions for our clients. This report was approved by the board on 1 October 2025 and signed on its behalf.
P C McEwan Director
Page 3
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make 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 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.
Results and dividends
The profit for the year, after taxation, amounted to £645,914 (2024 - £568,143). Final dividends were paid during the year amounting to £533,000 (2024: £519,000)
Directors
The directors who served during the year were:
P C McEwan
Z E Powell
E J Halpin
J F Holmes
Matters covered in the Strategic Report
Included within the Strategic Report is a review of the business and a description of the principal risks and uncertainties facing the Company. Page 4
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, MHA, previously traded through the legal entity Macintyre Hudson LLP. In response to regulatory changes, Macintyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 1 October 2025 and signed on its behalf.
P C McEwan Director
Page 5
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD
Opinion
We have audited the financial statements of Health Economics & Outcomes Research Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 31 March 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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. Page 6
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. ∙Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. ∙Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. ∙Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. ∙Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness; ∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; ∙Discussions with management over any potential or suspected fraud. ∙Performing audit work over the recognition of revenue on deliveries of goods/income/services occurring at the year end to provide assurance over cut-off; ∙Performing substantive tests of detail over the completeness/existence of income within the financial system. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 8
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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. Brian Garland BA ACA (Senior Statutory Auditor) for and on behalf of MHA Swansea United Kingdom 1 October 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) Page 9
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,249,794 | 10,672,602
Cost of sales |  | (1,656,808) | (1,236,599)
Gross profit |  | 10,592,986 | 9,436,003
Administrative expenses |  | (9,689,544) | (8,759,187)
Operating profit | 5 | 903,442 | 676,816
Interest receivable and similar income | 9 | 13,535 | 4,418
Interest payable and similar expenses | 10 | (95,454) | (94,778)
Profit before tax |  | 821,523 | 586,456
Tax on profit | 11 | (175,609) | (18,313)
Profit for the financial year |  | 645,914 | 568,143
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 645,914 | 568,143
The notes on pages 13 to 29 form part of these financial statements.
Page 10
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD REGISTERED NUMBER: 07532879 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 1,341,116 |  | 997,626
Tangible assets | 14 |  | 460,287 |  | 347,659
|  |  | 1,801,403 |  | 1,345,285
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 15 | 2,238,861 |  | 2,320,061 |
Cash at bank and in hand | 16 | 2,219,346 |  | 2,054,275 |
|  | 4,458,207 |  | 4,374,336 |
Creditors: amounts falling due within one year | 17 | (3,495,045) |  | (2,984,550) |
Net current assets |  |  | 963,162 |  | 1,389,786
Total assets less current liabilities |  |  | 2,764,565 |  | 2,735,071
Creditors: amounts falling due after more than one year | 18 |  | (452,820) |  | (568,943)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (84,563) |  | (51,860) |
|  |  | (84,563) |  | (51,860)
Net assets |  |  | 2,227,182 |  | 2,114,268
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 1 |  | 1
Profit and loss account |  |  | 2,227,181 |  | 2,114,267
|  |  | 2,227,182 |  | 2,114,268
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 October 2025.
P C McEwan
Director
The notes on pages 13 to 29 form part of these financial statements. Page 11
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2023 | 1 | 2,065,124 | 2,065,125
Comprehensive income for the year |  |  |
Profit for the year | - | 568,143 | 568,143
Dividends: Equity capital | - | (519,000) | (519,000)
At 1 April 2024 | 1 | 2,114,267 | 2,114,268
Comprehensive income for the year |  |  |
Profit for the year | - | 645,914 | 645,914
Dividends: Equity capital | - | (533,000) | (533,000)
At 31 March 2025 | 1 | 2,227,181 | 2,227,182
| The notes on pages 13 to 29 form part of these financial statements.
Page 12
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Health Economics and Outcomes Resources is a private company, limited by shares, registered in England and Wales.
| Registered number | 07532879
| Registered office | Rhymney House, Unit A, Copse Walk, Cardiff Gate Business Park, Cardiff, CF23 8RB
2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. 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'. Page 13
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | 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 range from 3 to 6 years. 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs 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.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 14
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | 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 stock or fixed 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.
| 2.11 | Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Page 15
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.13 | 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. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 16
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold property | - | 20% |
|  |  |  | Plant and machinery | - | 25% |
|  |  |  | Motor vehicles | - | 20% |
|  |  |  | Software systems | - | 20% |
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.
| 2.15 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet 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 balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 17
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 18
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Page 19
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 12,249,794 | 10,672,602
|  | 12,249,794 | 10,672,602
| Analysis of turnover by country of destination:
|  | 2025 | 2024
|  | £ | £
| UK | 4,509,263 | 3,229,332
| Europe | 4,079,577 | 3,458,286
| US | 3,660,954 | 3,953,710
| Rest of world | - | 31,274
| Total Turnover | 12,249,794 | 10,672,602
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 19,790 | 137,872
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 19,200 | 10,000
| Fees payable to the Company's auditor in respect of: |  |
| Taxation compliance services | 1,750 | 750
| All non-audit services not included above | 4,000 | 1,250
Page 20
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,533,467 | 5,939,093
| Social security costs | 678,222 | 631,638
| Cost of defined contribution scheme | 324,423 | 298,564
|  | 7,536,112 | 6,869,295
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 113 | 116
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors gross remuneration | 123,212 | 31,537
| Directors remuneration - employers national insurance | 14,492 | 2,502
| Directors remuneration - employers pensions contributions | 10,809 | 4,547
|  | 148,513 | 38,586
| During the year, retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 13,535 | 4,418
|  | 13,535 | 4,418
Page 21
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 95,454 | 94,778
|  | 95,454 | 94,778
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 142,906 | -
| Adjustments in respect of previous periods | - | (566)
| Total current tax | 142,906 | (566)
| Deferred tax |  |
| Origination and reversal of timing differences | 32,703 | 18,879
| Total deferred tax | 32,703 | 18,879
|  | 175,609 | 18,313
Page 22
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 821,523 | 586,456
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 205,381 | 146,614
| Effects of: |  |
| Fixed asset differences | 21,828 | 1,013
| Expenses not deductible for tax purposes | 607 | 571
| Utilisation of tax losses | (44,069) | -
| Other permanent differences | - | 3,750
| Movement in deferred tax not recognised | - | (157,623)
| Other timing differences | (2,986) | 23,988
| Group relief | (5,152) | -
| Total tax charge for the year | 175,609 | 18,313
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary Shares |  |
| Dividends | 533,000 | 519,000
Page 23
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Intangible assets
|  | Intellectual Property
|  | £
| Cost |
| At 1 April 2024 | 1,080,092
| Additions | 546,857
| At 31 March 2025 | 1,626,949
| Amortisation |
| At 1 April 2024 | 82,466
| Charge for the year on owned assets | 184,596
| Impairment charge | 18,771
| At 31 March 2025 | 285,833
| Net book value |
| At 31 March 2025 | 1,341,116
| At 31 March 2024 | 997,626
Page 24
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. | Tangible fixed assets
|  | Leasehold property | Plant and machinery | Motor vehicles | Software systems | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2024 | 301,338 | 550,175 | 40,106 | 78,563 | 970,182
| Additions | 135,550 | 119,953 | - | - | 255,503
| Disposals | - | (201,123) | - | - | (201,123)
| At 31 March 2025 | 436,888 | 469,005 | 40,106 | 78,563 | 1,024,562
| Depreciation |  |  |  |  |
| At 1 April 2024 | 189,937 | 341,407 | 23,650 | 67,529 | 622,523
| Charge for the year on owned assets | 25,311 | 76,404 | 7,692 | 5,521 | 114,928
| Disposals | - | (177,754) | - | - | (177,754)
| Impairment charge | - | 4,578 | - | - | 4,578
| At 31 March 2025 | 215,248 | 244,635 | 31,342 | 73,050 | 564,275
| Net book value |  |  |  |  |
| At 31 March 2025 | 221,640 | 224,370 | 8,764 | 5,513 | 460,287
| At 31 March 2024 | 111,401 | 208,768 | 16,456 | 11,034 | 347,659
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Leasehold Property | 221,640 | 111,401
|  | 221,640 | 111,401
Page 25
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors excluding factored debts | 1,244,614 | 1,452,607
| Factored debts | 89,232 | 79,394
| Other debtors | 118,746 | 87,983
| Prepayments and accrued income | 476,257 | 271,189
| Amounts recoverable on long-term contracts | 310,012 | 428,888
|  | 2,238,861 | 2,320,061
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,219,346 | 2,054,275
|  | 2,219,346 | 2,054,275
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 116,123 | 106,723
| Trade creditors | 377,162 | 158,958
| Amounts owed to group undertakings | 409 | 6,938
| Corporation tax | 143,472 | -
| Other taxation and social security | 195,615 | 175,470
| Obligations under finance lease and hire purchase contracts | - | 742
| Other creditors | 63,065 | 87,182
| Accruals and deferred income | 2,599,199 | 2,448,537
|  | 3,495,045 | 2,984,550
Page 26
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 452,820 | 568,943
|  | 452,820 | 568,943
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 116,123 | 106,723
| Amounts falling due 1-2 years |  |
| Bank loans | 126,349 | 116,122
| Amounts falling due 2-5 years |  |
| Bank loans | 326,471 | 413,410
| Amounts falling due after more than 5 years |  |
| Bank loans | - | 39,411
|  | 568,943 | 675,666
| The loan is secured by a fixed and floating charge over the fixed assets and intellectual property of the company. The loan is paid by fixed installments with a total interest rate of 7.92%.
Page 27
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 51,860
| Charged to profit or loss | (32,703)
| At end of year | 84,563
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 84,563 | 51,860
|  | 84,563 | 51,860
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary Shares share of £1.00 | 1 | 1
22. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £324,423 (2024: £298,564). Contributions totalling £1,104 (2024: £57,089) were payable to the fund at the balance sheet date and are included within creditors. Page 28
HEALTH ECONOMICS AND OUTCOMES RESEARCH LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
23. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 149,445 | 149,445
| Later than 1 year and not later than 5 years | 233,074 | 382,519
|  | 382,519 | 531,964
24. | Capital commitments
There were no capital commitments at the year end date (2024 - £Nil).
25. | Post balance sheet events
There have been no significant events affecting the company since the year end.
26. | Related party exemption
The company has taken advantage of exemption, under the terms of "Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
27. | Related party transactions
During the year, the company entered into the following transactions with related parties: At the year end, a creditor of £2,400 (2024: £nil) was owed to Gambit Corporate Finance LLP, a company under common Directorship control. There are no fixed terms for the repayment of the amounts outstanding, all are repayable on demand and are interest free. During the year, the company incurred costs of £26,129 (2024: £24,000) to Gambit Corporate Finance LLP, £850 (2024: £59,954) to The OCM Group Limited and £137,600 (2024: £67,817) to Red Crocodile Limited. These all share Common Directorship with Health Economics and Outcomes Research Ltd. During the year, the company incurred costs of £13,261 (2024: £24,748) for the salary and emoluments for persons connected by virtue of family relationships to the directors.
28. | Controlling party
The immediate controlling party is HEOR Holdings Limited, a company incorporated in England & Wales and registered at Rhymney House Unit A Copse Walk, Cardiff Gate Business Park, Cardiff, Wales CF23 8RB. Page 29