Registration number: 08711641

Elma Research Limited

Contents

Company Information	1
Director's Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 8

Elma Research Limited

Company Information

Director

M Massagrande

S Catargiu
 

Registered office

3 Waterhouse Square 138-142 Holborn London EC1N 2SW

Auditors

DTL Auditors Ltd 5th Floor, North Side 7/10 Chandos Street London W1G 9DQ

Elma Research Limited

Director's Report for the Year Ended 31 December 2025

The director presents his report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

M Massagrande

N R Hogan (ceased 8 July 2025)

G S Quy (ceased 8 July 2025)

S Catargiu was appointed on 8 July 2025

Principal activity

The principal activity of the company is providing qualitative market research to pharmaceuticals and other businesses.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 2 September 2026
 

......................................... M Massagrande Director

Elma Research Limited

(Registration number: 08711641)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	6,959	9,563
Current assets
Debtors	6	761,452	1,019,686
Cash at bank and in hand		78,929	352,263
		840,381	1,371,949
Creditors: Amounts falling due within one year	7	(837,109)	(1,066,146)
Net current assets		3,272	305,803
Net assets		10,231	315,366
Capital and reserves
Called up share capital		1,000	1,000
Retained earnings		9,231	314,366
Shareholders' funds		10,231	315,366

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Director's Report.

Approved and authorised by the director on 2 September 2026
 

......................................... M Massagrande Director

Elma Research Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Waterhouse Square
138-142 Holborn
London
EC1N 2SW
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 4 September 2026 was John Tiltman, who signed for and on behalf of DTL Auditors Ltd.

.........................................

Revenue recognition

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

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.

Elma Research Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Accrued Income and accrued related costs

Accrued income and the accrued related costs are included in the financial statements where more than 85% of the fieldwork has been carried out by the year end.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line basis
Office equipment	20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Elma Research Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2024 - 15).

Elma Research Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4	Loss before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	4,586	5,798
Foreign currency (gains)/losses - operating expense	19,676	49,554

5	Tangible assets

	Office equipment £	Other tangible assets  £	Total £
Cost or valuation
At 1 January 2025	15,832	28,788	44,620
Additions	1,981	-	1,981
Disposals	-	(699)	(699)
At 31 December 2025	17,813	28,089	45,902
Depreciation
At 1 January 2025	7,899	27,157	35,056
Charge for the year	2,955	1,631	4,586
Eliminated on disposal	-	(699)	(699)
At 31 December 2025	10,854	28,089	38,943
Carrying amount
At 31 December 2025	6,959	-	6,959
At 31 December 2024	7,933	1,630	9,563

Elma Research Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	672,632	857,155
Prepayments	24,352	44,732
Other debtors	64,468	117,799
	761,452	1,019,686

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		94,352	129,234
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	397,539	248,702
Taxation and social security		11,532	17,419
Accruals and deferred income		328,155	662,097
Other creditors		5,531	8,694
		837,109	1,066,146

8	Related party transactions

Summary of transactions with other related parties

During the year, the company provided market research services to its parent company, Elma Research Srl for:£17,456 (2024: £29,286).

The company also received services from its parent and charges recognised during the year in respect of these services amounted to £312,069 (2024: 293,171) which have been included within direct and subcontractor costs.

At the period end the net balance due to the parent company was £397,539 (2024: £248,702) and is interest free and payable on demand.

.

9	Parent and ultimate parent undertaking

The company's immediate parent is Elma Research SRL, incorporated in Italy.