Company registration number 01894875 (England and Wales)
AMG Consultancy Services Limited
Annual report and financial statements
For the year ended 31 March 2023
AMG Consultancy Services Limited
Company information
Directors
Mr J R Trippett
Mr G Taylor
Mrs S W Trippett
Secretary
Mr J R Trippett
Company number
01894875
Registered office
Rugby House
Brooms Road
Stone Business Park
Stone
Staffordshire
England
ST15 0SH
Auditor
DJH Mitten Clarke Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
AMG Consultancy Services Limited
Contents
Page
Strategic report
1 - 6
Directors' report
7 - 8
Independent auditor's report
9 - 12
Income statement
13
Statement of comprehensive income
14
Statement of financial position
15
Statement of changes in equity
16
Notes to the financial statements
17 - 29
AMG Consultancy Services Limited
Strategic report
For the year ended 31 March 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

 

The principal activity of AMG Consultancy Services Limited (AMG) during the year is the provision of NHS and Local Authority funded community services. The business holds contracts with more than 10 public commissioning authorities across a range of services including community nursing, reablement and primary care.

 

The Directors expect the Company to continue to grow next year with revenue expected from additional contracts that we have successfully tendered for.

 

The Company is ideally placed to further improve frontline care for service users by developing innovative services in partnership with NHS and Local Authorities and has a strong track record of service redesign and transformation.

 

The Company has a well-established central administrative service, training, human resources, payroll and financial support. The comprehensive range of support enables the development and growth of the organisation and enables it to deliver high quality services.

Review of the business

The Company aspires to be the provider of choice for commissioners who are seeking the highest calibre NHS and related social care services and as such the organisation has continued to invest significantly to make the business capable of adapting quickly to meet those needs. There has been an increase in turnover (£2.45m) and a corresponding expenditure increase too (£1.46m). As a result, the company has seen a increase in gross profit of £987k (7.6%).

 

Profit after taxation increased from £5.46m to £5.62m.

 

During the year we have continued to focus on rebalancing the range of work undertaken within each Branch to ensure that there is an eclectic mix of contracts to provide sustainable work which ensures longevity, spend certainty within an agreed financial envelope.

 

The Company funds its growth and development projects through cash reserves. The company has no external third party borrowings.

 

The Company generates positive cash flow from existing services as a result of good cash collection and tight cost control, using these funds to invest in new and existing services to expand the business.

 

At the balance sheet date net assets have increased by £2.32m from £12.19m to £14.51m.

AMG Consultancy Services Limited
Strategic report (continued)
For the year ended 31 March 2023
- 2 -
Principal risks and uncertainties

Business Growth

 

The Directors ensure that the business has the capacity to respond to increases in service demands and to mobilise more than one large contract at a time. The Directors are satisfied that such matters are properly discussed by the senior management team and are adequately resourced.

 

Commissioning models and operating framework

 

Recent changes in the health and social care sector present as challenges and opportunities for the business. The commercial and political environment in which we operate is monitored by the senior management team. Having an awareness of the operating framework and appropriately responding to market changes within the sectors will mitigate the impact of any material risk.

 

Credit Risk

 

The Company ensures that Credit Checks are completed on all limited and non-limited companies prior to any new business relationship and any issues are escalated to the senior management team before work is scheduled. The senior management team are then in a position to open dialogue with the company to see if a business relationship can be formed.

 

COVID-19 Pandemic

 

Although the regulations relating to COVID-19 have significantly changed, the measures to protect service users, care workers and staff have been integrated into the infection control measures deployed by AMG. Utilisation of the NHS supply chain has continued to improve access to PPE items. AMG remains vigilant to the risk of the spread of infection and new variants of COVID-19 virus which have the potential to affect all branches. Infection rates are constantly monitored to identify any capacity concerns within the workforce.

Development and performance

The Directors have identified three key operational priorities for the year ending 31 March 2023, which are summarised below:

 

Priority 1: Delivering high quality and safe services which are outcome focused and evidence based.

 

The Company has continued to focus on improving the quality and safety of its services. The Company has continued to employ nursing staff to support care workers in the delivery of care to meet complex care needs and to deliver clinical effectiveness programmes. Working closely with NHS colleagues we have continued to deliver a rapid response and enablement service to ensure that medical fit Service users are able to be discharged without delay. The Company has monitored Service User satisfaction and consequently has made a number of improvements to the services throughout the year.

 

Priority 2: Providing services underpinned by a robust governance framework and quality assurance processes:

 

The Company has enhanced its workforce to increase our clinical and care capability for rapid service mobilisation, development, and training. Investment in our IT infrastructure has enabled the company to utilise real time data to enhance the quality of the services provided. A robust auditing programme has enhanced the quality assurance processes across the entire organisation ensuring that lessons learnt and audit outcomes are immediately addressed.

 

Priority 3: Enhance the service delivery model and extend our reach to a wider national coverage

 

The Company has identified key areas of growth across the country to develop alongside current procurement opportunities. The growth and development will be supported by established teams in the Midlands and North Wales.

AMG Consultancy Services Limited
Strategic report (continued)
For the year ended 31 March 2023
- 3 -
Key performance indicators

The Company has a number of KPIs which are used to analyse current performance and assist with business development. Monthly KPIs are used to monitor financial and operational performance and are used to inform our business decisions. The KPIs include revenue growth, gross profit margin and cash management. They also include any contractual KPIs applicable to the services provided.

 

Financial KPIs:

                    2023        2022

                    %        %

Revenue growth/(decline)         5.8        9.1

Gross profit margin            30.9        30.4

 

£         £

Cash at bank and in hand        10,894,717    8,198,850

 

Other performance indicators

The Company places a strong emphasis on providing the highest quality service under pinned by a comprehensive range of policies and procedures. Our approach to delivering safe and effective care is underpinned by evidence-based practice and a range of non-financial KPIs focused on compliance with regulatory standards and Service User experience.

 

Regulated by Care Quality Commission and Care Inspectorate Wales our branches were rated:

 

Branches        2023            2022

        

Chester (inc Wales)    Good            Good

Burton            Good            Good

Nottingham        Good            Good

Crewe            Requires improvement    Requires improvement

Lincoln            Good            Good

Wolverhampton        Good            Good

Stone            Good            Good

 

Additional quality audit measures have been introduced in 2022/23 to improve performance and compliance with regulatory standards across all branches. Staff have been recruited into new roles in the Crewe branch with specific responsibilities to improve the services provided.

 

Service User experience is key to the achievement of our strategic objectives. A number of metrics are used to assess Branch performance in meeting service user expectations. New systems of collating information have been introduced to measure satisfaction levels and demonstrate improvements.

AMG Consultancy Services Limited
Strategic report (continued)
For the year ended 31 March 2023
- 4 -
Promoting the success of the company

The individual Directors are aware and mindful of their duty under s.172(1) of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of AMG and in doing so have regard (amongst other matters) to the likely consequences of any decision in the long term, the interests of AMG care workers and staff, the need to foster the business relationships with commissioners, service users and others, the impact of AMG's operations on the community and the environment, the desirability of maintaining a reputation for high standards of business conduct and the need to act fairly.

 

The Directors recognise that difficult decisions must sometimes be taken which requires each Director to exercise independent judgment and apply reasonable care, skill and diligence in the decision-making process. In doing so, the Directors recognise their responsibilities to AMG's different, but mainly interrelated, stakeholder groups.

 

The Directors have determined the AMG key stakeholder groups to be: Commissioners (both Health and Social Care), Care Regulators England and Wales, the service user community, care workers and staff (together, the "Stakeholder Groups"). Each Stakeholder Group plays an important role in the ability of AMG to execute its strategy to deliver high quality services in accordance with our values.

 

AMG has processes in place to capture and consider the views of its Stakeholder Groups and share their views at relevant levels within the business, to ensure that regard is given to these views in decision-making processes.

 

Examples are provided below of typical methods of engagement with the Stakeholder Groups and how the Directors stay appraised of their views to inform their decision-making.

 

Engagement with care workers and staff employees

 

The Directors recognise that AMG care workers and staff are fundamental and core to our business and to the delivery of our strategic ambitions. The success of our business depends on attracting, retaining, and motivating our care workers and staff. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the Directors factor the implications of their decisions on care workers and staff where relevant and feasible.

 

AMG employs various tools to seek and utilise the views of its people including via informal feedback, meeting forums, periodic opinion surveys and formal reporting through the governance framework. The Operations Director keeps the Directors directly informed as to people and culture matters. In 2023, the care workers and staff of each Branch participated in an online opinion survey, the results of which were shared with the Branches and actions were taken to improve the work life experience for all concerned. Feedback was given to the care workers and staff to ensure that the actions taken had the desired impact and this was subsequently monitored in later surveys.

 

Working in accordance with government guidelines, the additional safety measures introduced within the work environment to ensure care workers and staff remained safe during the COVID-19 pandemic were incorporated into our infection control measures. Additional PPE continues to be provided to keep care workers and service users safe within their own home. Although the changes made to the office environment to meet the statutory guidance were relaxed, heightened surveillance of staff sickness absences to monitor infections rates and to ensure that staff remained safe was continued.

 

AMG Consultancy Services Limited
Strategic report (continued)
For the year ended 31 March 2023
- 5 -

Engagement with Suppliers, Customers and Others

 

Service User Community:

 

AMG prides itself on anticipating the needs of the people it cares for so it can deliver a high quality and safe service to its Service User. Various methods are utilised to understand Service User’s experience, including surveys, visits, complaints, and compliments. Views gathered from Service Users are reported, discussed and lessons learnt utilised at all levels of the performance and governance framework. In 2022, the Company further developed its online reporting system to maximise the time available for client interactions within commissioned parameters. It also provided assurance that the right care was given at the right time and to the right person. Real time monitoring enabled the branches to immediately address any concerns to enhance the care experience of Service Users.

 

Although the COVID-19 restrictions were relaxed, robust Infection control measures have remained in place for the care workers and staff. Provision of enhanced PPE and monitoring of infection rates has ensured that AMG has the workforce capability and capacity to meet the care needs of all Service Users. The utilisation of a capacity model for service delivery has ensured that AMG has remained a significant contributor to the NHS enablement pathway.

 

Commissioners:

 

The Directors recognise the need to foster mutually beneficial relationships with a wide range of Health and Social Care commissioners. They ensure the Branch Managers have processes in place to engage and consult with commissioners on a regular basis to develop and maintain lasting and meaningful relationships. The Directors conduct regular strategic reviews with Local Authorities, ICBs and CHCs to understand their strategic agenda, key strategic initiatives and identify opportunities for business development.

 

Regulators:

 

The Branches proactively participate in periodic meetings and interactions with the regulators as appropriate to fully understand regulatory views and feedback, including full and active participation in thematic reviews and application of any resulting learnings to drive business improvements. The senior management operates a horizon-scanning process to ensure that upcoming regulatory change, consultations, guidance and "hot topics" are known and understood by the business, enabling any resulting internal actions to be taken.

 

Regulatory matters are reported, discussed, and actioned at all levels within the Company's governance framework. The Business Transformation Director reports regulatory matters and briefings into regulatory topics are held as and when required. This ensures that Directors are kept informed of regulatory views and matters to enable them to make decisions which are aligned with regulatory objectives and views. We continually review our quality audit process which resulted in changes to reflect the approach that regulators took during inspection providing feedback on the key lines of enquiry. Outcomes of inspection and audits were shared with the other branches. Improvement plans were agreed and monitored via performance management and governance. This ensured that lessons learnt were applied, enabling other branches to successfully achieve a good rating at inspection.

AMG Consultancy Services Limited
Strategic report (continued)
For the year ended 31 March 2023
- 6 -

 

 

As members of the CQC oversight group, regular meetings are held with the CQC oversight team which has the responsibility of ensuring AMG remain financially viable and have good governance structures in place to provide services of high quality and which are safe. AMG is considered to be low risk in all areas.

 

Environment and social responsibility:

 

As part of AMG's environment and social responsibility, the Company actively engages in strengthening its local community, while operating its business with a meaningful environmental commitment. For example, the Company participates in local network groups to better understand what matters to those in its community and how the Company can utilise its expertise and support to add value. In 2022, social responsibility and sustainability matters were discussed at Board meetings which were informed by both internal briefings and emerging regulatory views, particularly relating to climate change considerations.

On behalf of the board

Mr J R Trippett
Director
12 September 2023
AMG Consultancy Services Limited
Directors' report
For the year ended 31 March 2023
- 7 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of the operation of a nursing and care agency and the provision of consultancy services in respect of medico-legal claims.

Results and dividends

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £3,320,050 (2022 - £3,100,000). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J R Trippett
Mr G Taylor
Mrs S W Trippett
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Energy and carbon report

The company has taken advantage of the available exemption not to disclose energy and carbon reporting in accordance with the Environmental Reporting Guidelines. This information is included in the group directors report of AMG Care Services Group Limited.

AMG Consultancy Services Limited
Directors' report (continued)
For the year ended 31 March 2023
- 8 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr J R Trippett
Director
12 September 2023
AMG Consultancy Services Limited
Independent auditor's report
To the member of AMG Consultancy Services Limited
- 9 -
Opinion

We have audited the financial statements of AMG Consultancy Services Limited (the 'company') for the year ended 31 March 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

AMG Consultancy Services Limited
Independent auditor's report (continued)
To the member of AMG Consultancy Services Limited
- 10 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

AMG Consultancy Services Limited
Independent auditor's report (continued)
To the member of AMG Consultancy Services Limited
- 11 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMG Consultancy Services Limited
Independent auditor's report (continued)
To the member of AMG Consultancy Services Limited
- 12 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Nicola Johnson
Senior Statutory Auditor
For and on behalf of DJH Mitten Clarke Audit Limited
2 October 2023
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
AMG Consultancy Services Limited
Income statement
For the year ended 31 March 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
45,002,328
42,554,350
Cost of sales
(31,098,650)
(29,637,357)
Gross profit
13,903,678
12,916,993
Administrative expenses
(7,022,486)
(6,159,480)
Other operating income
2,170
668
Operating profit
4
6,883,362
6,758,181
Interest receivable and similar income
8
32,837
22,342
Profit before taxation
6,916,199
6,780,523
Tax on profit
9
(1,292,723)
(1,324,298)
Profit for the financial year
5,623,476
5,456,225
AMG Consultancy Services Limited
Statement of comprehensive income
For the year ended 31 March 2023
- 14 -
2023
2022
£
£
Profit for the year
5,623,476
5,456,225
Other comprehensive income
-
-
Total comprehensive income for the year
5,623,476
5,456,225
AMG Consultancy Services Limited
Statement of financial position
As at 31 March 2023
31 March 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
314,455
366,864
Tangible assets
12
110,596
43,547
425,051
410,411
Current assets
Debtors
13
7,901,122
8,280,439
Cash at bank and in hand
10,894,717
8,198,850
18,795,839
16,479,289
Creditors: amounts falling due within one year
14
(4,638,108)
(4,601,770)
Net current assets
14,157,731
11,877,519
Total assets less current liabilities
14,582,782
12,287,930
Provisions for liabilities
Deferred tax liability
15
77,700
96,846
(77,700)
(96,846)
Net assets
14,505,082
12,191,084
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
18
14,504,082
12,190,084
Total equity
14,505,082
12,191,084
The financial statements were approved by the board of directors and authorised for issue on 12 September 2023 and are signed on its behalf by:
Mr J R Trippett
Director
Company Registration No. 01894875
AMG Consultancy Services Limited
Statement of changes in equity
For the year ended 31 March 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
1,000
9,823,287
9,824,287
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
5,456,225
5,456,225
Dividends
10
-
(3,100,000)
(3,100,000)
Capital contribution
-
10,572
10,572
Balance at 31 March 2022
1,000
12,190,084
12,191,084
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
5,623,476
5,623,476
Dividends
10
-
(3,320,050)
(3,320,050)
Capital contribution
-
10,572
10,572
Balance at 31 March 2023
1,000
14,504,082
14,505,082
AMG Consultancy Services Limited
Notes to the financial statements
For the year ended 31 March 2023
- 17 -
1
Accounting policies
Company information

AMG Consultancy Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rugby House, Brooms Road, Stone Business Park, Stone, Staffordshire, England, ST15 0SH.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of AMG Care Services Group Limited as at 31 March 2023. These consolidated financial statements are available from its registered office, Rugby House, Brooms Road, Stone Business Park, Stone, Staffordshire, ST15 0SH.

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Revenue from contracts for the provision of professional services is recognised once the work completed, costs incurred and costs to complete can be estimated reliably. Revenue is measured for agency work based on the number of visits at the contracted rates. Legal work revenue is measured based on agreed quotes for the work to be completed. For both revenue streams, revenue is recognised once the work has been completed.

AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 18 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
12.5% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15% on reducing balance
Plant and machinery
33.33% on cost
Fixtures and fittings
20% on cost

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand only.

AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 19 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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.

AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 21 -
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13

Leasing commitments

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 leases asset are consumed.

1.14

Share based payment transactions

The parent company of AMG Consultancy Services Limited operates a share based compensation plan. The fair value of employee services received in exchange for the grant of options is recognised as an expense in the financial statements of AMG Consultancy Services Limited rather than the parent company, where the scheme is in place, due to employees holding share options being employees of AMG Consultancy Services Limited and not the parent company. The total to be expensed over the vesting period is determined by reference to the fair value of options granted. Non market vesting conditions are included in the assumptions about the number of options that are expected to become exercisable. The proceeds received net of any attributable transaction costs are credited to share capital (nominal value) and share premium in the parent company when the options are exercised.

AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Key sources of estimation uncertainty

 

The directors consider that there are no key estimates or assumptions used in preparing the financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Agency
43,905,805
41,631,995
Legal
1,096,523
922,355
45,002,328
42,554,350
2023
2022
£
£
Other revenue
Interest income
32,837
22,342
Administration costs recovered
2,170
668
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
30,211
15,233
Amortisation of intangible assets
52,409
75,608
Operating lease charges
354,494
352,616
AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 23 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,275
18,900
For other services
All other non-audit services
20,189
9,450
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
3
3
Head office / accounts staff
130
133
Carers and nurses
1,012
1,055
Total
1,145
1,191

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
31,828,433
30,444,898
Social security costs
3,059,213
2,804,934
Pension costs
727,048
734,352
35,614,694
33,984,184
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
616,842
578,490
Company pension contributions to defined contribution schemes
35,630
59,755
652,472
638,245

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
7
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
598,802
560,450
Company pension contributions to defined contribution schemes
35,630
59,755
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
32,837
22,342
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,355,801
1,227,452
Adjustments in respect of prior periods
(43,932)
-
0
Total current tax
1,311,869
1,227,452
Deferred tax
Origination and reversal of timing differences
(19,146)
96,846
Total tax charge
1,292,723
1,324,298
AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
6,916,199
6,780,523
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,314,078
1,288,299
Tax effect of expenses that are not deductible in determining taxable profit
133
-
0
Group relief
-
0
(52)
Share based payment charge
2,009
2,009
Deferred tax adjustments in respect of prior years
-
0
(4,248)
Corporation tax overprovided for
25,984
39,305
Corporation overprovided for in prior period
(43,932)
(1,015)
Change in tax rates
(5,549)
-
0
Taxation charge for the year
1,292,723
1,324,298

Factors affecting future tax charges

 

The main corporation tax rate was legislated to increase from 19% to 25% with effect from 1 April 2023, significantly increasing the tax payable on profits earned.

 

Given the change to the main corporation tax rate, deferred tax has been provided for at 25% where appropriate.

10
Dividends
2023
2022
£
£
Interim paid
3,320,050
3,100,000
AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 26 -
11
Intangible fixed assets
Software
£
Cost
At 1 April 2022 and 31 March 2023
488,869
Amortisation and impairment
At 1 April 2022
122,005
Amortisation charged for the year
52,409
At 31 March 2023
174,414
Carrying amount
At 31 March 2023
314,455
At 31 March 2022
366,864
12
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2022
92,364
50,993
62,054
205,411
Additions
73,276
16,552
7,432
97,260
Disposals
-
0
(18,785)
-
0
(18,785)
At 31 March 2023
165,640
48,760
69,486
283,886
Depreciation and impairment
At 1 April 2022
61,921
43,284
56,659
161,864
Depreciation charged in the year
15,742
10,707
3,762
30,211
Eliminated in respect of disposals
-
0
(18,785)
-
0
(18,785)
At 31 March 2023
77,663
35,206
60,421
173,290
Carrying amount
At 31 March 2023
87,977
13,554
9,065
110,596
At 31 March 2022
30,443
7,709
5,395
43,547
AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 27 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,349,755
5,774,661
Other debtors
283,666
328,105
Prepayments and accrued income
1,900,888
1,626,673
7,534,309
7,729,439
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
366,813
551,000
Total debtors
7,901,122
8,280,439
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
147,824
48,987
Amounts owed to group undertakings
126,296
126,296
Corporation tax
486,500
503,491
Other taxation and social security
1,050,928
1,076,641
Other creditors
1,297,889
1,529,221
Accruals and deferred income
1,528,671
1,317,134
4,638,108
4,601,770

Amounts owed to group undertakings are secured by an all assets debenture.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
87,300
96,846
Pension creditor
(9,600)
-
77,700
96,846
AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
15
Deferred taxation
(Continued)
- 28 -
2023
Movements in the year:
£
Liability at 1 April 2022
96,846
Credit to profit or loss
(19,146)
Liability at 31 March 2023
77,700
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
727,048
734,352

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £96,662 (2022 - £22,346) were payable to the fund at the balance sheet date and are included in creditors.

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

Each ordinary share has full voting rights, full dividend rights, is non-redeemable and has no right to participate in a distribution of capital, except on winding up.

18
Profit and loss reserves

Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

19
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
291,955
256,130
Between two and five years
662,017
681,014
In over five years
102,000
183,600
1,055,972
1,120,744
AMG Consultancy Services Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 29 -
20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Directors' loan account

At the balance sheet date the company owed £492,983 (2022 - £292,740) to the directors.

 

Other transactions with related parties

During the year the company paid rent to the Directors' pension scheme of £109,044 (2022 - £122,271).

 

At the year end, amounts were owed to the company by the Directors' pension scheme of £nil (2022 - £3,786) owed by the company).

 

At the year end, amounts owing to close family members of the ultimate controlling parties totalled £nil (2022 - £367,000).

 

During the year the company also paid a total of £176,765 (2022 - £175,151) to close family members of key management personnel.

Loans to related parties

At the year end, total amounts owing from a related party company in respect of a loan were £100,100 (2022 - £100,100).

 

No repayments of amounts for this loan have been made and no interest has been charged on this loan.

 

The company has previously made loans to the Directors' pension scheme. At the year end, amounts owing from the Directors' pension scheme to the company totalled £550,379 (2022 - £779,005).

 

Interest is being charged on the loan to the Directors' pension scheme of 3% plus the base rate of interest. Interest income in relation to this loan during the year totalled £29,017 (2022 - £22,342).

 

These loans to related parties are presented in debtors.

21
Ultimate controlling party

Mr J R Trippett and Mrs S Trippett, the directors, control the company jointly as a result of holding 91% of the issued share capital of the ultimate parent company, AMG Care Services Group Limited.

22
Ultimate parent company

The company is a 100% owned subsidiary of AMG Care Services Group Limited, which is the ultimate parent company. The ultimate parent company prepares consolidated financial statements as at 31 March 2023 and these financial statements may be obtained from Rugby House, Brooms Road, Stone Business Park, Stone, Staffordshire, ST15 0SH.

2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200Mr G TaylorMrs S W TrippettMrs Suzanne W TrippettMr J R Trippett2023-10-025623476018948752022-04-012023-03-3101894875bus:CompanySecretaryDirector12022-04-012023-03-3101894875bus:Director12022-04-012023-03-3101894875bus:Director22022-04-012023-03-3101894875bus:CompanySecretary12022-04-012023-03-3101894875bus:Director32022-04-012023-03-3101894875bus:RegisteredOffice2022-04-012023-03-31018948752023-03-31018948752021-04-012022-03-3101894875core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3101894875core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101894875core:OtherResidualIntangibleAssets2023-03-3101894875core:OtherResidualIntangibleAssets2022-03-3101894875core:ComputerSoftware2023-03-3101894875core:ComputerSoftware2022-03-31018948752022-03-3101894875core:LeaseholdImprovements2023-03-3101894875core:PlantMachinery2023-03-3101894875core:FurnitureFittings2023-03-3101894875core:LeaseholdImprovements2022-03-3101894875core:PlantMachinery2022-03-3101894875core:FurnitureFittings2022-03-3101894875core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101894875core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101894875core:CurrentFinancialInstruments2023-03-3101894875core:CurrentFinancialInstruments2022-03-3101894875core:ShareCapital2023-03-3101894875core:ShareCapital2022-03-3101894875core:RetainedEarningsAccumulatedLosses2023-03-3101894875core:RetainedEarningsAccumulatedLosses2022-03-3101894875core:ShareCapital2021-03-3101894875core:RetainedEarningsAccumulatedLosses2021-03-3101894875core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101894875core:ComputerSoftware2022-04-012023-03-3101894875core:LeaseholdImprovements2022-04-012023-03-3101894875core:PlantMachinery2022-04-012023-03-3101894875core:FurnitureFittings2022-04-012023-03-3101894875core:UKTax2022-04-012023-03-3101894875core:UKTax2021-04-012022-03-310189487512022-04-012023-03-310189487512021-04-012022-03-310189487522022-04-012023-03-310189487522021-04-012022-03-310189487532022-04-012023-03-310189487532021-04-012022-03-310189487542022-04-012023-03-310189487542021-04-012022-03-3101894875core:ComputerSoftware2022-03-3101894875core:LeaseholdImprovements2022-03-3101894875core:PlantMachinery2022-03-3101894875core:FurnitureFittings2022-03-31018948752022-03-3101894875core:Non-currentFinancialInstruments2023-03-3101894875core:Non-currentFinancialInstruments2022-03-3101894875core:WithinOneYear2023-03-3101894875core:WithinOneYear2022-03-3101894875core:BetweenTwoFiveYears2023-03-3101894875core:BetweenTwoFiveYears2022-03-3101894875core:MoreThanFiveYears2023-03-3101894875core:MoreThanFiveYears2022-03-3101894875bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101894875bus:FRS1022022-04-012023-03-3101894875bus:Audited2022-04-012023-03-3101894875bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP