Innovative Trials Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07181523 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 May 2019

for

INNOVATIVE TRIALS LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

Ms K Shaw

Mr D Watkins

Registered office:

305 Regents Park Road

Finchley

London

N3 1DP

Registered number:

07181523 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

The directors present their report with the financial statements of the company for the year ended 31 May 2019.

Principal activity

The principal activity of the company in the year under review was that of the provision of patient recruitment services

to the pharmaceutical industry.

Review of business

2018 - 2019 was Innovative Trials 9th year in business and saw our company grow significantly in terms of turnover,

profit and staff numbers. We have also brought on new functions which has provided depth to the company.

Our new office space has provided our team with enhanced facilities and it is great to see them being used. We are

already reaching capacity though and so will be moving to larger premises again within the next financial year.

The Executive team continues to develop and provide direction and leadership to the growing organisation. The

Executive team will continue to execute on our company goals to bring with it continued growth.

We continue to develop and enhance our patient recruitment services and we are delighted that they are bringing with

them success for our clients and enabling them to meet their patient recruitment goals on a regular basis. Patient

recruitment remains a rewarding and worthwhile area to work in and we continue to enjoy what we do.

Our 2019 - 2020 targets are set at a level to be challenging, but with the team we have in place, we are confident are

achievable.

Directors

The directors shown below have held office during the whole of the period from 1 June 2018 to the date of this report.

Ms K Shaw

Mr D Watkins

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to

small companies.

On behalf of the board:

Ms K Shaw - Director

12 December 2019

Fixed assets

Intangible assets

4

2,400

4,800

Tangible assets

5

93,467

90,542

95,867

95,342

Current assets

Debtors

6

2,615,639

1,033,448

Cash at bank and in hand

1,822,168

2,414,291

4,437,807

3,447,739

Creditors

Amounts falling due within one year

7

802,004

532,434

Net current assets

3,635,803

2,915,305

Total assets less current liabilities

3,731,670

3,010,647

Provisions for liabilities

8,812

8,256

Net assets

3,722,858

3,002,391

Capital and reserves

Called up share capital

9

120

100

Share premium

488,380

-

Retained earnings

3,234,358

3,002,291

3,722,858

3,002,391

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2019 and were signed on its behalf by:

Ms K Shaw - Director

Mr D Watkins - Director

1.	Statutory information

Innovative Trials Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried

out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate

as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried

out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as

possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed

off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as

accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately

prove to be uncollectable.

There is estimation uncertainty in calculating amortisation of intangible assets. A full line by line review of

intangible assets is carried out by management regularly. Whilst every attempt is made to ensure that the

amortisation policy is as accurate as possible, there remains a risk that the policy does not match the useful life

of the intangible assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party

to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 26 (2018 - 19 ) .

4.	Intangible fixed assets

Development

costs

£

Cost

At 1 June 2018

and 31 May 2019

7,200

Amortisation

At 1 June 2018

2,400

Amortisation for year

2,400

At 31 May 2019

4,800

Net book value

At 31 May 2019

2,400

At 31 May 2018

4,800

5.	Tangible fixed assets

Fixtures

Improvements

Plant and

and

Computer

to property

machinery

fittings

equipment

Totals

£

£

£

£

£

Cost

At 1 June 2018

47,088

30,129

35,252

8,022

120,491

Additions

-

-

900

17,485

18,385

At 31 May 2019

47,088

30,129

36,152

25,507

138,876

Depreciation

At 1 June 2018

-

19,130

8,813

2,006

29,949

Charge for year

-

2,750

6,835

5,875

15,460

At 31 May 2019

-

21,880

15,648

7,881

45,409

Net book value

At 31 May 2019

47,088

8,249

20,504

17,626

93,467

At 31 May 2018

47,088

10,999

26,439

6,016

90,542

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

1,847,231

935,752

Other debtors

768,408

97,696

2,615,639

1,033,448

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

265,544

181,074

Taxation and social security

383,011

348,307

Other creditors

153,449

3,053

802,004

532,434

8.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

14,690

24,192

Between one and five years

22,500

50,500

37,190

74,692

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

-

100

50

Ordinary A

£1

50

-

50

Ordinary B

£1

50

-

20

Ordinary C

£1

20

-

120

100

20 Ordinary C shares of £1 each were allotted as fully paid at a premium of £24,419 per share during the year.

10.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 May 2019 and

31 May 2018:

2019

2018

£

£

Ms K Shaw and Mr D Watkins

Balance outstanding at start of year

(553

)

(137

)

Amounts advanced

1,415,567

162,000

Amounts repaid

(770,416

)

(162,416

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

644,598

(553

)

The directors loan from the company was repaid within nine months of the company year end date.