Cytel Statistical Services and Software UK Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 10823705 (England and Wales)
Cytel Statistical Services and Software UK Limited
Company Information
Directors
S Charles
R Wasiak
Company number
10823705
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Business address
Hamilton House
Mabledon Place
London
WC1H 9BB
Cytel Statistical Services and Software UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Cytel Statistical Services and Software UK Limited
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
82,970
65,919
Investments
4
1
82,971
65,919
Current assets
Debtors
5
3,080,416
2,029,868
Cash at bank and in hand
147,212
389,732
3,227,628
2,419,600
Creditors: amounts falling due within one year
6
(3,535,201)
(3,324,027)
Net current liabilities
(307,573)
(904,427)
Total assets less current liabilities
(224,602)
(838,508)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(224,702)
(838,608)
Total equity
(224,602)
(838,508)
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 4 August 2021 and are signed on its behalf by:
S Charles
Director
Company Registration No. 10823705
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2020
Page 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
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
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 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 pound.
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
At 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.
true
The company’s ongoing principal activity is to provide software services to its parent entity, Cytel, Inc. The company’s principal risks are therefore closely linked to those of the parent entity and it is consequently exposed to the parent entity’s willingness and capacity to provide financial support to the company and to fellow subsidiaries with whom the company has trading balances. Cytel, Inc is a leading provider of statistical software and advanced analytics for clinical trial design and execution that has operated successfully for many years. Cytel, Inc has demonstrated their commitment to the long-term success of the company and view it as a critical component of it’s overall business strategy. The Directors have reviewed the financial standing of the parent entity and are confident they are able to continue supporting the business.
Due to the nature of the company’s activities there has been no significant impact on the company from the departure of the UK from the European Union (“Brexit”).
The directors continue to monitor the risk posed by the coronavirus COVID 19. Contingency planning put in place to help protect staff and to manage the ability to continue business under a range of circumstances has been successful in mitigating the effects of COVID 19 and consequently the directors are satisfied that any ongoing adverse impacts can continue to be managed and will not affect the longer term prosperity of the business and that an adequate financial buffer remains in place to address any potential continuing financial shock
.
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.
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 3
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
1.8
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.
1.9
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 profit and loss account, 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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 5
1.12
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
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 6
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.14
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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 38
(2019 - 23).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020
88,991
Additions
40,361
At 31 December 2020
129,352
Depreciation and impairment
At 1 January 2020
23,072
Depreciation charged in the year
23,310
At 31 December 2020
46,382
Carrying amount
At 31 December 2020
82,970
At 31 December 2019
65,919
4
Fixed asset investments
2020
2019
£
£
Investments
1
-
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2020
4
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020
-
Additions
1
At 31 December 2020
1
Carrying amount
At 31 December 2020
1
At 31 December 2019
-
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from group undertakings
2,823,611
1,708,219
Other debtors
256,805
321,649
3,080,416
2,029,868
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
200,866
474,241
Amounts due to group undertakings
2,647,122
2,545,100
Other taxation and social security
160,773
96,111
Other creditors
526,440
208,575
3,535,201
3,324,027
CYTEL STATISTICAL SERVICES AND SOFTWARE UK LIMITED
Cytel Statistical Services and Software UK Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2020
Page 8
7
Share-based payment transactions
Liabilities and expenses
During the year ended 31 December 20
20
, 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 20
20
,
18,000 (2019: 21,600)
options remain outstanding to
3 (2019: 3)
employees at an exercise price of between $
100 and $375 (2019: $100 and $375)
. 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 20
20
,
no (2019: nil)
share options were exercised.
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
100
100
9
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.
10
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.
The auditor was Moore Kingston Smith LLP.