Company registration number 04214826 (England and Wales)
INSIGHT MEDICAL WRITING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
INSIGHT MEDICAL WRITING LIMITED
COMPANY INFORMATION
Directors
Mr R M Traynor
Mr R J Wilson
Secretary
Mr R M Traynor
Company number
04214826
Registered office
B4 Danebrook Court Oxford Office Village
Langford Lane
Kidlington
Oxon
OX5 1LQ
Auditor
RSM UK Audit LLP
Fifth floor
Central Square
29 Wellington Street
Leeds
LS1 4DL
INSIGHT MEDICAL WRITING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INSIGHT MEDICAL WRITING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
10,627
27,320
Investments
6
23,994
23,994
34,621
51,314
Current assets
Debtors
8
2,585,104
4,058,918
Cash at bank and in hand
6,697,548
2,360,525
9,282,652
6,419,443
Creditors: amounts falling due within one year
9
(2,569,861)
(1,030,165)
Net current assets
6,712,791
5,389,278
Total assets less current liabilities
6,747,412
5,440,592
Provisions for liabilities
12,368
8,807
Net assets
6,759,780
5,449,399
Capital and reserves
Called up share capital
10
2,205
2,205
Profit and loss reserves
6,757,575
5,447,194
Total equity
6,759,780
5,449,399
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2023 and are signed on its behalf by:
Mr R J Wilson
Director
Company Registration No. 04214826
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Insight Medical Writing Limited is a private company limited by shares incorporated in England and Wales. The registered office is B4 Danebrook Court Oxford Office Village, Langford Lane, Kidlington, Oxon, OX5 1LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The entity's previous financial statements were prepared for the 7 month period ending 31 December 2021, in order to align with the company group accounts. Therefore, it should be noted comparative amounts presented in the financial statements are not entirely comparable.
1.4
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
These are fully depreciated
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Tangible fixed assets
Tangible assets are stated in the statement of financial position 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 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:
Leasehold improvements
Straight Line 10%
Fixtures and fittings
Reducing Balance 25%
Office Equipment
Reducing Balance 25%
Motor vehicles
Reducing Balance 25%
1.7
Investment properties
Depreciation is not provided for on freehold property as it is reviewed for impairment on an annual basis.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Borrowing costs related to fixed assets
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.10
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. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
Basic financial assets
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Creditors are not interest bearing and are included at their nominal value.
1.12
Equity instruments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Retirement benefits
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.
1.15
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
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.
2
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,000
21,000
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
26
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2022
16,000
Disposals
(16,000)
At 31 December 2022
Amortisation and impairment
At 1 January 2022
16,000
Disposals
(16,000)
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022 and 31 December 2022
5,878
76,503
17,523
3,100
103,004
Depreciation and impairment
At 1 January 2022
2,645
59,712
10,227
3,100
75,684
Depreciation charged in the year
588
11,913
4,192
16,693
At 31 December 2022
3,233
71,625
14,419
3,100
92,377
Carrying amount
At 31 December 2022
2,645
4,878
3,104
10,627
At 31 December 2021
3,233
16,791
7,296
27,320
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
23,994
23,994
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Insight PV & Consulting
GmbH
Leipziger Platz 15
10117
Berlin
Germany
Pharmacovigilance & regulatory advisory
services
Ordinary
100.00
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,026,897
2,175,083
Amounts owed by group undertakings
661,060
1,151,212
Other debtors
897,147
732,623
2,585,104
4,058,918
9
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
113,138
102,902
Amounts owed to group undertakings
2,110,467
Taxation and social security
82,510
486,399
Other creditors
263,746
440,864
2,569,861
1,030,165
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
80
80
80
80
Ordinary B of £1 each
100
100
100
100
Ordinary C of £1 each
2,025
2,025
2,025
2,025
2,205
2,205
2,205
2,205
INSIGHT MEDICAL WRITING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Thornton
Statutory Auditor:
RSM UK Audit LLP
12
Related party transactions
The Company is a wholly owned subsidiary of Certara UK Limited and has taken advantage of the available exemption conferred by section 33.1A of FRS 102 not to disclose transactions with fellow wholly owned group members.
13
Parent company
The Company's immediate parent undertaking group is Certara UK Holdings Limited, whose registered address is 6th Floor, One London Wall, London, EC2Y 5EB.
The Company's ultimate parent company and ultimate controlling party is Certara Inc. which is incorporated in the USA. A copy of Certara Inc. group financial statements can be obtained from 100 Overlook Center, Suite 101, Princeton, NJ 08540 USA.