Caseware UK (AP4) 2022.0.179 2022.0.179 In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company has taken advantage of the following disclosure exemptions under FRS 101: the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations the requirements of IFRS 7 Financial Instruments: Disclosures the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; - paragraph 118(e) of IAS 38 Intangible Assets; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and - paragraph 50 of IAS 41 Agriculture the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements the requirements of IAS 7 Statement of Cash Flows the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets. The smallest consolidated financial statements presented are that of Clanwilliam Headquarters Limited at 31 December 2022, in which equivalent consolidated disclosures can be found. These financial statements are available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 2.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.truetruetruetruetruetruetruetruetruetruetruetruetruetruetruetrue2022-01-01false77true 06964626 2022-01-01 2022-12-31 06964626 2021-01-01 2021-12-31 06964626 2022-12-31 06964626 2021-12-31 06964626 2021-01-01 06964626 1 2022-01-01 2022-12-31 06964626 d:Director2 2022-01-01 2022-12-31 06964626 d:Director4 2022-01-01 2022-12-31 06964626 d:Director8 2022-01-01 2022-12-31 06964626 d:RegisteredOffice 2022-01-01 2022-12-31 06964626 d:Agent1 2022-01-01 2022-12-31 06964626 c:FurnitureFittings 2022-01-01 2022-12-31 06964626 c:FurnitureFittings 2022-12-31 06964626 c:FurnitureFittings 2021-12-31 06964626 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06964626 c:OfficeEquipment 2022-01-01 2022-12-31 06964626 c:OfficeEquipment 2022-12-31 06964626 c:OfficeEquipment 2021-12-31 06964626 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06964626 c:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 06964626 c:CurrentFinancialInstruments 2022-12-31 06964626 c:CurrentFinancialInstruments 2021-12-31 06964626 c:Non-currentFinancialInstruments 2022-12-31 06964626 c:Non-currentFinancialInstruments 2021-12-31 06964626 c:ReportableOperatingSegment1 2022-01-01 2022-12-31 06964626 c:ReportableOperatingSegment1 2021-01-01 2021-12-31 06964626 c:UKTax 2022-01-01 2022-12-31 06964626 c:UKTax 2021-01-01 2021-12-31 06964626 c:ShareCapital 2022-12-31 06964626 c:ShareCapital 2021-12-31 06964626 c:ShareCapital 2021-01-01 06964626 c:SharePremium 2022-01-01 2022-12-31 06964626 c:SharePremium 2022-12-31 06964626 c:SharePremium 2021-12-31 06964626 c:SharePremium 2021-01-01 06964626 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06964626 c:RetainedEarningsAccumulatedLosses 2022-12-31 06964626 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06964626 c:RetainedEarningsAccumulatedLosses 2021-12-31 06964626 c:RetainedEarningsAccumulatedLosses 2021-01-01 06964626 d:OrdinaryShareClass1 2022-01-01 2022-12-31 06964626 d:OrdinaryShareClass1 2021-01-01 2021-12-31 06964626 d:OrdinaryShareClass1 2022-12-31 06964626 d:OrdinaryShareClass2 2022-01-01 2022-12-31 06964626 d:OrdinaryShareClass2 2021-01-01 2021-12-31 06964626 d:OrdinaryShareClass2 2022-12-31 06964626 d:OrdinaryShareClass3 2022-01-01 2022-12-31 06964626 d:OrdinaryShareClass3 2021-01-01 2021-12-31 06964626 d:OrdinaryShareClass3 2022-12-31 06964626 d:FRS101 2022-01-01 2022-12-31 06964626 d:Audited 2022-01-01 2022-12-31 06964626 d:FullAccounts 2022-01-01 2022-12-31 06964626 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06964626 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06964626 c:AcceleratedTaxDepreciationDeferredTax 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

img3017.png






Financial Statements
Maxwell Stanley Consulting Limited
For the year ended 31 December 2022





































Registered number: 06964626

 
Maxwell Stanley Consulting Limited
 

Company Information


Directors
Howard Beggs 
Gerard Hunt 
Jennifer Hughes 




Registered number
06964626



Registered office
Aurora House
Deltic Avenue

Rooksley

Milton Keynes

Buckinghamshire

MK13 8LW




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
Citibank N.A. London
Canada SQ Service CTR

Citigroup CTR 25

London

United Kingdom

E14 5LB





 
Maxwell Stanley Consulting Limited
 

Contents



Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21


 
Maxwell Stanley Consulting Limited
 
 
Directors' report
For the year ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Principal activity

The principal activity of the Company is the supply of outsourced clinical coding and clinical coding analytics software to NHS hospitals in the UK.

Results and dividends

The profit for the year, after taxation, amounted to £107,910 (2021: £90,812).

The directors have recommended a dividend of £Nil in the subsequent year (2021: £Nil).
The Company has paid a dividend of £Nil during the year (2021: £2,000,000).

Directors

The directors who served during the year were:

Howard Beggs 
Gerard Hunt 
Jennifer Hughes 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


................................................
Howard Beggs
Director

Date: 28 July 2023

Page 1

 
Maxwell Stanley Consulting Limited
 

Directors' responsibilities statement
For the year ended 31 December 2022

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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:

select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

This report was approved by the board and signed on its behalf by:



....................................................  
Howard Beggs     
Director       

Date: 28 July 2023

Page 2

 
 
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Independent auditor's report to the members of Maxwell Stanley Consulting Limited
 
Opinion


We have audited the financial statements of Maxwell Stanley Consulting Limited, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the year ended 31 December 2022, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in the preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.


In our opinion, Maxwell Stanley Consulting Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2022 and of its financial performance for the year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.


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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.
Page 3

 
 
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Independent auditor's report to the members of Maxwell Stanley Consulting Limited (continued)



Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 4

 
 
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Independent auditor's report to the members of Maxwell Stanley Consulting Limited (continued)
 
Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS101 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor 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 their 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.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, non-compliance related to employment regulation in the UK and other environment regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
Page 5

 
 
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Independent auditor's report to the members of Maxwell Stanley Consulting Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the company’s regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing
challenging assumptions and judgements made by management in their significant accounting estimates, including provision for expected credit losses of trade receivables
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, 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 members those matters we are required to state to them 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

 
 
Tracey Sullivan (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13 - 18 City Quay
Dublin 2
 
Date:
 28 July 2023
Page 6

 
Maxwell Stanley Consulting Limited
 

Statement of comprehensive income
For the year ended 31 December 2022

2022
2021
Note
 £
£

Turnover
 4 
853,092
642,188

Cost of sales
  
(100,217)
(96,082)

Gross profit
  
752,875
546,106

Administrative expenses
  
(607,018)
(455,294)

Operating profit
 5 
145,857
90,812

Tax on profit
  
(37,947)
-

Profit for the year
  
107,910
90,812

All amounts relate to continuing operations.
There was no other comprehensive income for 2022 (2021: £Nil).

The notes on pages 10 to 21 form part of these financial statements.

Page 7

 
Maxwell Stanley Consulting Limited
Registered number:06964626

Statement of financial position
As at 31 December 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible fixed assets
 8 
1,078
628

Current assets
  

Debtors: amounts falling due within one year
 9 
296,187
321,614

Cash at bank and in hand
 10 
216,135
143,631

  
512,322
465,245

Current liabilities
  

Creditors: amounts falling due within one year
 11 
(203,024)
(232,807)

Net current assets
  
 
 
309,298
 
 
232,438

Debtors: amounts falling due after more than one year
 9 
-
45,900

Creditors: amounts falling due after more than one year
 12 
-
(76,500)

Deferred taxation
 13 
(1,316)
(1,316)

Net assets
  
309,060
201,150


Capital and reserves
  

Called up share capital 
 14 
1,000
1,000

Share premium account
 15 
12,282
12,282

Profit and loss account
 15 
295,778
187,868

Shareholders' funds
  
309,060
201,150


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Howard Beggs
Director

Date: 28 July 2023

The notes on pages 10 to 21 form part of these financial statements.

Page 8

 
Maxwell Stanley Consulting Limited
 

Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1,000
12,282
187,868
201,150


Comprehensive income for the year

Profit for the year
-
-
107,910
107,910


At 31 December 2022
1,000
12,282
295,778
309,060



Statement of changes in equity
For the year ended 31 December 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2021
1,000
12,282
2,097,056
2,110,338


Comprehensive income for the year

Profit for the year
-
-
90,812
90,812

Dividends: Equity capital
-
-
(2,000,000)
(2,000,000)


At 31 December 2021
1,000
12,282
187,868
201,150


The notes on pages 10 to 21 form part of these financial statements.

Page 9

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

1.


General information

Maxwell Stanley Consulting Limited is a private company limited by shares and is registered and incorporated in the United Kingdom. The Company's registered office is Aurora House, Deltic Avenue, Rooksley, Milton Keynes, Buckinghamshire, MK13 8LW. The principal activity of the Company during the year was that of specialist clinical management consultancy. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Impact of new international reporting standards, amendments and interpretations

New standards adopted as at 1 January 2022

Some accounting pronouncements which have become effective from 1 January 2022 and have therefore been adopted do not have a significant impact on the Company’s financial results or position.
Reference to the Conceptual Framework (Amendments to IFRS 3)
Property, Plant and Equipment: Proceeds Before Intended Use (Amendments to IAS 16)
Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37)
Annual Improvements (2018-2020 Cycle):
Subsidiary as a First-time Adopter (Amendments to IFRS 1)
Fees in the ‘10 per cent’ Test for Derecognition of Liabilities (Amendments to IFRS 9)
Lease Incentives (Amendments to IFRS 16)
Taxation in Fair Value Measurements (Amendments to IAS 41).

 
2.3

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
 
Page 10

 
Maxwell Stanley Consulting Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)


2.3
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

The smallest consolidated financial statements presented are that of Clanwilliam Headquarters Limited at 31 December 2022, in which equivalent consolidated disclosures can be found. These financial statements are available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 2.

  
2.4

Revenue

Revenue arises mainly from the design and manufacture of computer software for healthcare professionals, mainly pharmacists, private medical consultants and general practitioners, together with the hosting, supply and support of computer systems for the healthcare profession.
To determine whether to recognise revenue, the Company follows a 5-step process:
 
1.Identifying the contract with a customer
2.Identifying the performance obligations
3.Determining the transaction price
4.Allocating the transaction price to the performance obligations
5.Recognising revenue when/as performance obligation(s) are satisfied.

Revenue is recognised either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the statement of financial position. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due.

Page 11

 
Maxwell Stanley Consulting Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

          2.4  Revenue (continued)

Contracts with multiple performance obligations
Many of the Company's contracts comprise a variety of performance obligations including, but not limited to, hardware, software, elements of design and customisation, after-sales services, and installation. Under IFRS 15, the Company must evaluate the separability of the promised goods or services based on whether they are ‘distinct’. A promised good or service is ‘distinct’ if both:
the customer benefits form the item either on its own or together with other readily available resources, and it is ‘separately identifiable’ (i.e. the Group does not provide a significant service integrating, modifying or customising it).

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Computer and office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 12

 
Maxwell Stanley Consulting Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

  
2.8

Financial Instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
 
Debt instruments at amortised cost
Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

Impairment of financial assets
The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at fair value through other comprehensive income. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The Company always recognises lifetime expected credit losses for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime of expected credit losses represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
At amortised cost
Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 13

 
Maxwell Stanley Consulting Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.9

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.10

 Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
Maxwell Stanley Consulting Limited
 

Notes to the financial statements
For the year ended 31 December 2022

2.Accounting policies (continued)

 
2.13

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.14

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below:

Estimates and Assumptions
The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the financial reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below:
Page 15

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

Provision for expected credit losses of trade receivables
The Company measures expected credit losses of a financial instrument in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and information about past events, current conditions and forecasts of future economic conditions. When measuring ECL, the Company uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other.


4.


Turnover

An analysis of turnover by class of business is as follows:


2022
2021
£
£

Clinical Management Consultancy
853,092
642,188


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Depreciation of tangible fixed assets
286
312

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
8,045
4,468

Exchange differences
1,961
-

Defined contribution pension cost
7,994
7,716


6.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Clinical Coding Auditors
6
6



Administration
1
1

7
7

Page 16

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

7.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits/(losses) for the year
44,319
-

Adjustments in respect of previous periods
(6,372)
-

Total current tax
37,947
-


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
145,857
90,812


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
27,713
17,254

Effects of:


Expenses not deductible for tax purposes
16,734
(447)

Capital allowances for year in excess of depreciation
(127)
(78)

Group relief
-
(16,729)

(Over)/under provision in prior years
(6,373)
-

Total tax charge for the year
37,947
-

Page 17

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

8.


Tangible fixed assets





Fixtures and fittings
Computer and office equipment
Total

£
£
£



Cost


At 1 January 2022
1,205
30,447
31,652


Additions
-
736
736


Disposals
(1,205)
-
(1,205)



At 31 December 2022

-
31,183
31,183



Depreciation


At 1 January 2022
1,205
29,819
31,024


Charge for the year on owned assets
-
286
286


Disposals
(1,205)
-
(1,205)



At 31 December 2022

-
30,105
30,105



Net book value



At 31 December 2022
-
1,078
1,078



At 31 December 2021
-
628
628


9.


Debtors

2022
2021
£
£

Due after more than one year

Prepayments
-
45,900


2022
2021
£
£

Due within one year

Trade debtors
166,534
86,826

Amounts owed by group undertakings
-
23,526

Corporation tax repayable
78,270
145,441

PAYE/NI recoverable
13
-

Prepayments
51,370
65,821

296,187
321,614


Page 18

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

9.Debtors (continued)

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


10.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
216,135
143,631


11.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
4,154
2,066

Amounts owed to group undertakings
68,352
61,270

Taxation and social security
22,440
15,348

Other creditors
-
28,486

Accruals
31,578
23,637

Deferred income
76,500
102,000

203,024
232,807


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Glas Trust Corporation Limited hold a charge over the assets of the Company.


12.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Deferred income
-
76,500



13.


Deferred taxation




2022
2021


£

£






At beginning of year
(1,316)
(1,316)



At end of year
(1,316)
(1,316)

Page 19

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022
 
13.Deferred taxation (continued)

2022
2021
£
£


Accelerated capital allowances
1,316
1,316


14.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,020 A Ordinary shares of £0.50 each
510
510
830 B Ordinary shares of £0.50 each
415
415
150 C Ordinary shares of £0.50 each
75
75

1,000

1,000

Share rights
The holders of A ordinary shares shall be entitled to receive notice of and attend and vote at any general meeting. A ordinary shareholders are collectively entitled to such number of votes as is equal to 95% of the total number of votes available to be cast in respect of any resolution.
The holders of B ordinary shares shall be entitled to receive notice of and attend and vote at any general meeting. A ordinary shareholders are collectively entitled to such number of votes as is equal to 5% of the total number of votes available to be cast in respect of any resolution.
The holders of C ordinary shares shall not be entitled to receive notice of any general meeting and shall not be entitled to vote in respect of any resolution.



15.


Reserves

Share premium account

Includes a premiums received on issue of share capital. 

Profit and loss account

Includes all current and prior period retained profit and losses.


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,994 (2021: £7,716). Contributions totalling £1,570 (2021: £1,511) were payable to the fund at the financial year end and are included in accruals.

Page 20

 
Maxwell Stanley Consulting Limited
 
 
Notes to the financial statements
For the year ended 31 December 2022

17.


Controlling party

The immediate parent company is Maxwell Stanley Consulting Investments Limited, a company incorporated in the United Kingdom. 
The smallest and largest consolidated financial statements presented are that of Clanwilliam Headquarters Limited. They are publicly available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1.
Clanwilliam Headquarters Limited is owned by a UK trust called The Clanwilliam Group TrustM H Steven Wilson is the sole trustee and is the ultimate controlling party.


18.


Related party transactions

The Company has availed itself of the exemption under Financial Reporting Standard 101 section 8(k) not to give details of related party transactions with fellow group companies as they are 100% subsidiary of a UK Investment Holding Trust.


19.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


Page 21