Company Registration No. 10823705 (England and Wales)
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,919
38,084
Current assets
Debtors
4
2,029,868
859,103
Cash at bank and in hand
389,732
176,953
2,419,600
1,036,056
Creditors: amounts falling due within one year
5
(3,278,693)
(1,373,757)
Net current liabilities
(859,093)
(337,701)
Total assets less current liabilities
(793,174)
(299,617)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(793,274)
(299,717)
Total equity
(793,174)
(299,617)
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 20 July 2020 and are signed on its behalf by:
S Charles
Director
Company Registration No. 10823705
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Cytel Statistical Services and Software UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor, 236 Gray's Inn Road, London, WC1X 8HB.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements, which are those of Cytel Statistical Services and Software UK Limited as an individual entity, have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company incurred a loss for the period and is reliant on continued support from its parent company. The parent company has agreed to provide continued support for at least a year from the signing of these financial statements in order to continue to meet the cash flow and working capital requirements of the firm and as such the financial statements have been drawn up on the going concern basis. The financial statements do not reflect any adjustments that would be required if this support was withdrawn.
true
Following the departure of the UK from the European Union (EU) on 31 January 2020 (“Brexit”), there will be a period up to 31 December 2020 where the UK will continue to follow EU rules in return for continued access to EU markets whilst trade negotiations take place. The potential outcomes of the UK/EU trade negotiations are unknown at this point. The members have considered the possible implications of Brexit for the business, and consider there to be no material risk to the business under any likely outcome of the Brexit process.
The
directors have
considered the risk posed by the coronavirus COVID 19. Based on the
fact
that widespread transmission is now
evident
an assessment has been made of the risks to staff, the supply chain, customers, wider market impacts and the potential interruption to business. As a result
of
that assessment contingency planning has been put in place to help protect staff, to manage the ability to continue business under a range of circumstances and to ensure an adequate financial buffer is in place to see the business through any resulting financial shock. Consequently the
directors are
satisfied that any adverse impacts can be managed and will not affect the longer term prosperity of the business.
1.3
Turnover
Turnover represents the fair value of services provided during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred, but excludes VAT.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation 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:
Computer equipment
over 5 years on a straight line basis
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies (Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
1.6
Cash at bank and in hand
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.
1.7
Debtors and creditors
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans
and other debtors
receivable are measured initially at fair value, net of transaction costs, and are measured
subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Employee benefits
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit plans are charged as an expense as they fall due.
1.10
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant Is charged to the Statement of comprehensive Income over the vesting period. Non-market vesting conditions are taken Into account by adjusting the number of equity Instruments expected to vest at each Balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase In the fair value of the options, measured Immediately before and after the modification, is also charged to Statement of comprehensive income over the remaining vesting period.
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies (Continued)
- 4 -
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
23
17
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019
46,067
Additions
42,924
At 31 December 2019
88,991
Depreciation and impairment
At 1 January 2019
7,983
Depreciation charged in the year
15,089
At 31 December 2019
23,072
Carrying amount
At 31 December 2019
65,919
At 31 December 2018
38,084
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,708,219
656,122
Other debtors
321,649
150,533
2,029,868
806,655
Deferred tax asset
-
52,448
2,029,868
859,103
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
474,241
247,741
Amounts owed to group undertakings
2,545,100
809,806
Taxation and social security
96,111
53,380
Other creditors
163,241
262,830
3,278,693
1,373,757
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
6
Share-based payment transactions
Liabilities and expenses
During the year ended 31 December 201
9
, the company operated an equity settled share option plan for which employees were granted share option rights in the
ultimate parent company (NMC Crimson Holdings, Inc).
As of 31 December 201
9
,
21,600 (2018: 2,000)
options remain outstanding to
3 (2018: 2)
employees at an exercise price of between $
100 and $375 (2018: $100 and $300)
. The options vest over
five
years and can be exercised at any time from the date of vesting to 10 years from the date of grant, if still performing services for the company. During the year ended December 201
9
,
no (2018: nil)
share options were exercised.
7
Related party transactions
The company has taken advantage of the exemption from disclosing transactions with members within a wholly owned group.
No directors remuneration was payable by the company to the director
s
during the year, or the period, for their services to the company. The director
s are
remunerated elsewhere in the group.
8
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.
The senior statutory auditor was Andrew Grieve FCA.
The auditor was Frank Hirth & Co LLP.