Introduction:

Cycle Group Holdings Ltd, a prominent pharmaceutical group of companies based in Cambridge with an estimated worth of £300-£500 million, sought the expertise of TaxStats to optimise their financial accounting processes. TaxStats, a reputable financial consultancy service provider, was engaged from January to April 2023 to deliver comprehensive financial accounting advisory services. Through a combination of technical expertise, meticulous attention to detail, and effective collaboration, TaxStats successfully supported Cycle Group Holdings Ltd in their year-end reporting requirements.

Engagement Details:

TaxStats’ Financial Accounting Advisory Services encompassed a range of crucial tasks to ensure accurate and compliant financial reporting for Cycle Group Holdings Ltd. The scope of work included preparing statutory accounts, lead schedules, and working papers. TaxStats leveraged industry-leading software, including Microsoft Dynamics, PWC Connect, and the Microsoft Office Suite, to streamline and optimise the financial accounting process. Additionally, TaxStats liaised closely with auditors to ensure seamless approval, signing, and filing of the accounts.

Key Contributions:

Timely Statutory Account Preparation: TaxStats demonstrated exceptional efficiency and adherence to deadlines by successfully preparing and filing Cycle Group Holdings Ltd’s statutory accounts within tight timelines. This achievement ensured compliance with regulatory requirements while maintaining accuracy and precision.

Resolving Complex Accounting Issues: Leveraging their expertise, TaxStats identified and resolved complex accounting challenges that arose during the reporting process. By addressing these issues promptly, TaxStats not only saved significant time and effort but also contributed to cost savings for the client.

Clear and Concise Technical Documentation: TaxStats provided Cycle Group Holdings Ltd with well-crafted technical papers to support complex or new accounting treatments. This documentation was well-received by the auditors, ensuring a smooth review process and facilitating a comprehensive understanding of the accounting methodologies applied.

Collaborative Stakeholder Relationships: Throughout the engagement, TaxStats established strong relationships with key stakeholders, including Cycle Group Holdings Ltd’s management team and auditors. Effective communication and collaboration fostered a positive working environment, enabling seamless information flow and efficient resolution of queries or concerns.

Conclusion:

TaxStats successfully partnered with Cycle Group Holdings Ltd to streamline their financial reporting processes, delivering exceptional financial accounting advisory services. By preparing and filing statutory accounts within tight deadlines, resolving complex accounting issues, and providing clear and concise technical documentation, TaxStats demonstrated their commitment to accuracy, compliance, and efficiency. The establishment of collaborative relationships with key stakeholders further enhanced the overall effectiveness of the engagement. As a result of TaxStats’ expertise and dedication, Cycle Group Holdings Ltd was able to meet their financial reporting obligations with confidence, supporting their continued growth and success in the pharmaceutical industry.