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 2018

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 2018.

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

2017-2018 has been an exceptional year for Innovative Trials Limited. We exceeded our stretch targets with significant

growth in terms of turnover, net profit and staff numbers. We continued to add the best people with the highest skills to

our team, to ensure that we continue to meet and exceed our clients' expectations.

We doubled our office space to provide our growing workforce with the improved facilities that they deserve. The

additional space has provided much needed meeting areas for the teams to work collaboratively.

The Executive Team continued to provide leadership to the organisation and have worked hard to execute on their

goals to expand our customer base.

Our portfolio of services continued to grow in the patient recruitment sector and we were delighted from the client

feedback that we received on these new services. This has only encouraged us to further develop and enhance them.

Our 2018 - 2019 targets are challenging, but we feel confident that these are achievable especially with the

appointment of our first Non-Executive Director to help guide our strategy and to help accelerate our growth journey.

Directors

The directors shown below have held office during the whole of the period from 1 June 2017 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

22 January 2019

Fixed assets

Intangible assets

4

4,800

-

Tangible assets

5

90,542

14,665

95,342

14,665

Current assets

Debtors

6

1,033,448

548,491

Cash at bank

2,414,291

1,473,673

3,447,739

2,022,164

Creditors

Amounts falling due within one year

7

532,434

240,569

Net current assets

2,915,305

1,781,595

Total assets less current liabilities

3,010,647

1,796,260

Provisions for liabilities

8,256

2,786

Net assets

3,002,391

1,793,474

Capital and reserves

Called up share capital

9

100

100

Retained earnings

3,002,291

1,793,374

Shareholders' funds

3,002,391

1,793,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 22 January 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 19 (2017 - 17 ) .

4.	Intangible fixed assets

Development

costs

£

Cost

Additions

7,200

At 31 May 2018

7,200

Amortisation

Amortisation for year

2,400

At 31 May 2018

2,400

Net book value

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 2017

-

30,129

-

-

30,129

Additions

47,088

-

35,252

8,022

90,362

At 31 May 2018

47,088

30,129

35,252

8,022

120,491

Depreciation

At 1 June 2017

-

15,464

-

-

15,464

Charge for year

-

3,666

8,813

2,006

14,485

At 31 May 2018

-

19,130

8,813

2,006

29,949

Net book value

At 31 May 2018

47,088

10,999

26,439

6,016

90,542

At 31 May 2017

-

14,665

-

-

14,665

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

935,752

499,107

Other debtors

97,696

49,384

1,033,448

548,491

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

181,074

34,800

Taxation and social security

348,307

203,472

Other creditors

3,053

2,297

532,434

240,569

8.	Leasing agreements

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

2018

2017

£

£

Within one year

18,192

25,735

Between one and five years

126,500

158,692

144,692

184,427

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100