Elara Pharmaservices Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Elara Pharmaservices Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08033503 . The registered office is The Barn, Holly Berry House, Rough Park, Hamstall Ridware, Staffordshire, WS15 3SQ.

The principal place of business is 5 Garden Court, Lockington Hall, Main Street, Lockington, DE74 2RH.

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-and-materials basis, revenue is recognised as the services are provided.

2.5. 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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Elara Pharmaservices Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

2.6. 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.

2.7. 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.

2.8. Taxation

Income tax expense represents the tax currently payable which is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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.

Current tax for the year is recognised in profit or loss, except when it related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. Dividends

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

2.10. 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.

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Elara Pharmaservices Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 3)

4. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	263,610	393,873
Prepayments and accrued income	926	1,209
Other debtors	-	4,177
Amounts owed by related parties	-	23,801
Amounts owed by group undertakings	23,801	-

	288,337	423,060

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	28,016	197,870
Corporation tax	99,174	61,400
Other taxes and social security	51,573	-
Accruals and deferred income	10,507	1,807
Amounts owed to group undertakings	46,881	150,082

	236,151	411,159

6. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	200	200

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 - 200 shares of £1.00 each

7. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	-	450,000

Dividends totalling £0 (2023 £450,000) have been paid to the ultimate parent company.

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Elara Pharmaservices Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

8. Related Party Transactions

Elara Pharmaservices Europe Limited

A fellow subsidiary company

There is a loan that is repayable on demand with no interest being charged. The balance is £23,801 (2023 £23,801 - as restated).

Callisto Regulatory Consulting Limited

The immediate parent company

Services and consultants fees to the value of £333,136 (2023 £311,407) were received from Callisto in the year under review. Expenses were incurred by the company to the value of £185,180 (2023 £0) that were recharged to Callisto. The balance owing at the end of the financial period to Callisto was £46,881 (2023 £150,082). Amounts due to and from each other are payable in the ordinary course of business.

9. Ultimate Parent Undertaking and Controlling Party

The company is a subsidiary undertaking of Callisto Regulatory Consulting Limited, who in turn is owned by 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.

10. Audit Information

The auditor's report on the accounts of Elara Pharmaservices 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	£	£	£	£
CURRENT ASSETS
Debtors	4	288,337		423,060
Cash at bank and in hand		562,243		305,132

		850,580		728,192
Creditors: Amounts Falling Due Within One Year	5	(236,151 )		(411,159 )

NET CURRENT ASSETS (LIABILITIES)			614,429		317,033

TOTAL ASSETS LESS CURRENT LIABILITIES			614,429		317,033

NET ASSETS			614,429		317,033

CAPITAL AND RESERVES
Called up share capital	6		200		200
Profit and Loss Account			614,229		316,833

SHAREHOLDERS' FUNDS			614,429		317,033