Callisto Regulatory Consulting Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—7

1. General Information

Callisto Regulatory Consulting Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04976266 . The registered office is The Barn Holly Berry House, Rough Park, Rugeley, Staffordshire, WS15 3SQ. The principal place of business is 5 Garden Court, Lockington Hall, Main Street, Lockington, DE74 2RH.

These financial statements, which only reflect the results of the company, not the group that it heads, are prepared in sterling, which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no key judgements or sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

2.4. Turnover

Revenue represents the fair value of the consideration received or receivable for consultancy services provided in the ordinary course of the company’s activities. Revenue is stated net of value added tax (VAT) and is reduced for discounts, rebates and other similar allowances.

Revenue from consultancy services is recognised by reference to the stage of completion of each engagement at the reporting date, where the outcome of the engagement can be assessed reliably. The outcome of an engagement is considered to be reliably measurable when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the economic benefits associated with the engagement will flow to the company;

• the stage of completion of the engagement at the reporting date can be measured reliably; and

• the costs incurred for the engagement and the costs to complete the engagement can be measured reliably.

The stage of completion is determined by reference to the proportion of services performed to date. This is typically assessed using time incurred relative to total expected time, contractual milestones achieved, or other appropriate measures that faithfully reflect the work performed. Where consultancy service engagements are billed on a time-andmaterials basis, revenue is recognised as the services are provided.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery

Over 3 to 10 years on a straight line basis

2.6. Leasing and Hire Purchase Contracts

The company does not have any finance leases or hire purchase agreements in place. However it does incur rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor. The costs are charged to profit and loss account over the period of the agreements

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Callisto Regulatory Consulting Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.8. Financial Instruments

The company has elected to apply the provisions of Section11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the party 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 debtors and cash and bank balances, are initially measured a 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is

recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss..

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts.

2.9. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Callisto Regulatory Consulting Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

2.10. Taxation

The tax expense for the period comprises current and deferred tax. They are recognised in the profit or loss account, except when they are related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

2.11. Investments and Group Accounts

Investments in equity shares, in subsidiary companies, which are not publicly traded and where the fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that the company and its subsidiary company comprise a small group.

2.12. 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

Retirement benefits

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.13. Dividends

Dividend distributions to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2.14. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 33 (2023: 33)

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Callisto Regulatory Consulting Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 December 2023	26,552

As at 30 November 2024	26,552

Depreciation
As at 1 December 2023	12,085
Provided during the period	3,016

As at 30 November 2024	15,101

Net Book Value
As at 30 November 2024	11,451

As at 1 December 2023	14,467

5. Investments

	Subsidiaries
	£
Cost
As at 1 December 2023	200

As at 30 November 2024	200

Provision
As at 1 December 2023	-

As at 30 November 2024	-

Net Book Value
As at 30 November 2024	200

As at 1 December 2023	200

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	716,789	694,962
Prepayments and accrued income	53,125	23,193
Other debtors	350,925	1,402,460
Amounts owed by related parties	-	25,076
Amounts owed by group undertakings	1,185,135	150,082

	2,305,974	2,295,773

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Callisto Regulatory Consulting Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	57,282	51,312
Corporation tax	119,442	416,600
Other taxes and social security	208,672	163,711
Other creditors	6,916	5,925
Accruals and deferred income	185,320	182,595
Amounts owed to related parties	-	16,130

	577,632	836,273

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	151	151

Ordinary shares are classified as equity and are measured at the fair value of the cash or other resources received or receivable net of the direct costs of their issue.

The share capital at both year ends consists of the following shares, all fully paid:

Ordinary - 50 shares of £1.00 each

Ordinary A - 100 shares of £1.00 each

Special Share - 1 share of £1.00 each

9. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	33,000	27,500
Later than one year and not later than five years	99,000	132,000

	132,000	159,500

10. Pension Commitments

The company operates a defined contribution pension scheme for all eligible employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £6,881 (2023 - £5,190) were due to the fund.

11. Related Party Transactions

Directors

At the end of the financial year there was nothing outstanding from any director (£2023 - £1,051,542 was included in other debtors). The company advanced nothing (2023 - £727,725) and was repaid £1,051,542 (2023 - £0). The maximum values overdrawn were £1,051,542 (2023 - £1,051,542). The loans held no conditions and no interest was charged on the overdrawn balance.

One director received the dividends paid during the year.

Two of the directors have, jointly, charged the company for rent and services in the sum of £3,419 (2023 - £26,583).

Elara Pharmaservices Limited

A subsidiary company. Services and consultants fees to the value of £333,136 (2023 - £311,407) were charged in the year under review. The balance owing at the end of the financial period was £46,881 (2023 - £150,082). Amounts due are payable in the ordinary course of business. The company was in receipt of expenses from Elara Pharmaservices to the value of £185,180 that were passed onto customers.

...CONTINUED

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Callisto Regulatory Consulting Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

11. Related Party Transactions - continued

Elara Pharmaservices Europe Limited

A fellow subsidiary company, based in Eire, initially owned by a director and subsequently sold to ProductLife Limited. Services and fees to the value of £276,023 (2023 - £51,324) were charged in the year under review and received in the sum of £127,618 (2023 - £94,938). The balance owing to Callisto Regulatory Consulting Limited at the end of the financial period was £88,193 (2023 - £8,947). Amounts due are payable in the ordinary course of business.

12. Ultimate Parent Undertaking and Controlling Party

The company is a subsidiary of ProductLife Limited, whose registered office is St John’s Innovation Centre, St John’s Innovation Park, Cowley Road, Cambridge CB4 0WS, United Kingdom. The ultimate parent undertaking is PLG Capital, whose registered office is at Bâtiment C, ZAC Danton, 8–14 Avenue de l’Arche, 92400 Courbevoie, France. The consolidated financial statements of the smallest and largest group in which the company is included are those of PLG Capital.

13. Audit Information

The auditor's report on the accounts of Callisto Regulatory Consulting Limited for the year ended 30 November 2024 was unqualified.

The auditor's report was signed by James Leigh (Senior Statutory Auditor) for and on behalf of Azets Audit Services , Statutory Auditor.

Azets Audit Services

Ashcombe Court

Woolsack Way

Godalming

GU7 1LQ

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		11,451		14,467
Investments	5		200		200

			11,651		14,667
CURRENT ASSETS
Debtors	6	2,305,974		2,295,773
Cash at bank and in hand		1,255,152		961,587

		3,561,126		3,257,360
Creditors: Amounts Falling Due Within One Year	7	(577,632 )		(836,273 )

NET CURRENT ASSETS (LIABILITIES)			2,983,494		2,421,087

TOTAL ASSETS LESS CURRENT LIABILITIES			2,995,145		2,435,754

PROVISIONS FOR LIABILITIES
Deferred Taxation			(2,900 )		(3,650 )

NET ASSETS			2,992,245		2,432,104

CAPITAL AND RESERVES
Called up share capital	8		151		151
Profit and Loss Account			2,992,094		2,431,953

SHAREHOLDERS' FUNDS			2,992,245		2,432,104