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Registered number: 08209281
MAP PATIENT ACCESS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MAP PATIENT ACCESS LIMITED
REGISTERED NUMBER: 08209281
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISION FOR LIABILITIES
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TOTAL ASSETS LESS CURRENT LIABILITIES BEING NET ASSETS
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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MAP PATIENT ACCESS LIMITED
REGISTERED NUMBER: 08209281
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
MAP Patient Access Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is Upper Pendrill Court, Ermine Street North, Papworth Everard, Cambridge CB23 3UY.
The current period financial statements cover the period of 14 months from 1 November 2023 to 31 December 2024. The comparative information covers a period of 12 months from 1 November 2022 to 31 October 2023
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future.
In making their assessment the Directors have considered the Company's liquidity requirements for the foreseeable future, based upon review of budgets and cash flow forecasts prepared covering a period of at least 12 months from the date of approving these financial statements. The Company continues to report profitable trading, delivering on a positive sales pipeline and maintaining its strong liquidity position. On the basis of their review they are therefore satisfied that it is appropriate to prepare the financial statements on the going concern basis.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The Company's functional and presentational currency is Sterling.
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 Profit and Loss Account within either 'Interest Receivable' or ' Interest Payable. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative Expenses'.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 turnover 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.
Subscription fees
Turnover is recognised on a straight line basis over the contract period. Amounts received in advance are included within deferred income.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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DEFINED CONTRIBUTION PENSION SCHEME
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The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme 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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the period 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.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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 ten years. Intangible assets are not amortised until they are brought into use.
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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Long-term leasehold property
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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.
Short-term debtors are measured at transaction price, less any impairment.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including Directors, during the period was 40 (12 months ended 31 October 2023 - 34).
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Long-term leasehold property
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Charge for the period on owned assets
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Amounts owed by fellow group undertakings
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Prepayments and accrued income
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Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to fellow group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to fellow group undertakings includes loan notes amounting to €550,000 that bear interest at a rate of 10% per annum are unsecured and repayable on demand. All other balances are unsecured, interest free and repayable on demand.
Other creditors include contributions of £Nil (2023 - £25,653) payable to the Company's defined contribution pension scheme at the balance sheet date.
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Charge/ (credit) to profit or loss
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The provision for deferred taxation comprises:
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Accelerated capital allowances
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Short term timing differences
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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ALLOTTED, CALLED UP AND FULLY PAID
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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1 (2023 - 1) A Preference share of £1.00
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Share Rights
All shares rank pari passu in all aspects except in voting rights where preference shares do not hold any.
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The immediate parent company had a share option scheme for employees of this company. Share options were exercisable at prices determined at the date of grant. The vesting period for the options was between immediate vesting and up to five years. The options were settled in equity once exercised. Options were forfeited if the employee left the Company before the options vested.
At the start of the prior period there were 1,273,937 outstanding options and during the prior year a further 714,661 options were granted, 292,376 options lapsed and the remaining 1,696,222 were exercised. Accordingly at the prior year end there were no outstanding options and there remains no outstanding options at the year end.
A share based payment charge of £Nil (2023 - £253,347) has been recognised within administration expenses reflecting a charge of £Nil (2023 - £253,532) for share options exercised in the year and £Nil (2023 - £185) in respect of options lapsing in the year for which a charge had previously been recognised.
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11.OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £4,590 (2023 - £10,205).
The immediate parent undertaking of MAP Patient Access Limited is MAP Life Sciences Limited, a company registered in England and Wales. The ultimate parent undertaking is Mustang Topco Limited, a company registered in England and Wales.
The ultimate controlling party is Kester Capital III GP LLP, managed by Kester Capital LLP, by virtue of its controlling ownership in the shares of Mustang Topco Limited.
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MAP PATIENT ACCESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.
The audit report was signed on 12 December 2025 by Adam Smith (Senior Statutory Auditor) on behalf of PEM Audit Limited.
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