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Registration number: 13040395

Amore Group Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Amore Group Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 28

 

Amore Group Ltd

Company Information

Directors

G R Postig

I J McDougall

Registered office

Evan House
Sutton Quays Business Park
Clifton Road
Sutton Weave
Runcorn
WA7 3EH

Auditors

Williamson & Croft Audit Ltd
Statutory Auditor
York House
20 York Street
Manchester
M2 3BB

 

Amore Group Ltd

Strategic Report for the Year Ended 31 December 2023

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

Principal activity

The principal activity of the company during the year was that of an investment holding company.

The principal activity of the group during the year was that of the provision of care and support to the healthcare industry.

Fair review of the business

The business financial performance has improved because of changes in the services offered to different complex care market sectors and efficiencies made in all services delivered. The improvement in the balance sheet will support future trading and will underpin the services delivered maintaining a good level of support to all its customers in what we anticipate becoming more challenging times.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

13,540,975

11,972,162

Gross Profit Margin

%

26

21

Net assets

£

2,836,098

2,215,122

Development and performance of the business

The group is consistently looking at providing new services in the healthcare market using its core competencies, with the aim of improving its profitability and sustainability. This is illustrated in the growth of turnover and improvements in the strength of the net assets of the group as indicated above.

Position at the end of the period

The balance sheet reflects the group’s priority to ensure it maintains a strong financial position with a stable fixed asset base and a high level of liquidity allowing it to respond to market opportunities and pressures. Operational developments resulted in a consolidation of the office support services in a modern facility based in Sutton Weaver as reflected in the increase in fixed assets. The improvement in turnover and debtor management has resulted in the increase in cashflow.

Principal risks and uncertainties

An area which may present risk to the group would be a modification to the policy of delivering Social Care in the UK. Changes in the channels of supply could impact on turnover and profit margins.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
I J McDougall
Director

 

Amore Group Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

G R Postig

I J McDougall

Information included in the Strategic Report

The Group has chosen, in accordance with Companies Act 2006, s.141C (11), to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2006, Sch.7 to be contained in the Directors' Report.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to a moderate level of price risk and cash flow risk. Management of price risk is specifically required due to the potential for policy changes within the UK Social Care industry, this also has the potential to impact on cash flow management.

The group manages these risks by financing its operations through retained profits, supplemented by long-term bank borrowings where necessary to fund expansion or capital expenditure programmes.

The management objectives are to retain sufficient liquid funds to enable it to meet its day-to-day requirements and match the repayment schedule of any external borrowings or overdrafts with the future cash flows expected to arise from the group 's trading activities.

The group does not engage in any activity witch may require it to manage its exposure to fluctuations in currency exchange rates by the use of forward exchange contracts / currency bank accounts. The group does not utilise any other type of hedging instruments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Williamson & Croft Audit Limited were appointed as the group and company’s auditors during the year.

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Williamson & Croft Audit Ltd as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
I J McDougall
Director

 

Amore Group Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Amore Group Ltd

Independent Auditor's Report to the Members of Amore Group Ltd

Opinion

We have audited the financial statements of Amore Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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.

 

Amore Group Ltd

Independent Auditor's Report to the Members of Amore Group Ltd

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

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

the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent company through discussions with management and determined that the most significant are the Companies Act 2006, Care Quality Commission regulations, GDPR, Employment Law and General Health and Safety Regulations.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the documented policies and procedures, legal costs incurred during the period, reports from regulators and discussions with the Board of Directors and key management personnel.

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements. We assessed this risk as low due to oversight by management and by the Board of Directors as well as by management of entities holding controlling interests in the parent company.

 

Amore Group Ltd

Independent Auditor's Report to the Members of Amore Group Ltd

We have reviewed the group and parent company’s control environment and assessed that it is adequate for an entity of its size and nature.

We designed our audit testing to review the presumed risk under ISA (UK and Ireland) 240 that that revenue may be misstated due to the improper recognition of revenue and that management over-ride of controls is present in all entities.

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

Use of our report

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.

......................................
Tor Stringfellow FCA (Senior Statutory Auditor)
For and on behalf of Williamson & Croft Audit Ltd, Statutory Auditor

York House
20 York Street
Manchester
M2 3BB

19 September 2024

 

Amore Group Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

13,540,975

11,972,162

Cost of sales

 

(9,968,055)

(9,419,886)

Gross profit

 

3,572,920

2,552,276

Administrative expenses

 

(1,454,559)

(1,032,459)

Other operating income

4

300

50,038

Operating profit

5

2,118,661

1,569,855

Other interest receivable and similar income

6

8,876

5,063

Interest payable and similar expenses

7

(1,416)

(448)

   

7,460

4,615

Profit before tax

 

2,126,121

1,574,470

Tax on profit

12

(503,931)

(306,135)

Profit for the financial year

 

1,622,190

1,268,335

Profit/(loss) attributable to:

 

Owners of the company

 

1,622,190

1,268,335

The group has no recognised gains or losses for the year other than the results above.

 

Amore Group Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

1,622,190

1,268,335

Total comprehensive income for the year

1,622,190

1,268,335

Total comprehensive income attributable to:

Owners of the company

1,622,190

1,268,335

 

Amore Group Ltd

(Registration number: 13040395)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

206,407

93,605

Other financial assets

15

200,000

-

 

406,407

93,605

Current assets

 

Debtors

16

1,725,296

1,722,082

Cash at bank and in hand

 

1,480,996

843,287

 

3,206,292

2,565,369

Creditors: Amounts falling due within one year

18

(776,601)

(417,185)

Net current assets

 

2,429,691

2,148,184

Total assets less current liabilities

 

2,836,098

2,241,789

Creditors: Amounts falling due after more than one year

18

-

(26,667)

Net assets

 

2,836,098

2,215,122

Capital and reserves

 

Called up share capital

19

112

112

Retained earnings

2,835,986

2,215,010

Equity attributable to owners of the company

 

2,836,098

2,215,122

Shareholders' funds

 

2,836,098

2,215,122

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
G R Postig
Director

.........................................
I J McDougall
Director

 

Amore Group Ltd

(Registration number: 13040395)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

14

108

107

Other financial assets

15

200,000

-

 

200,108

107

Current assets

 

Debtors

16

4

5

Net assets

 

200,112

112

Capital and reserves

 

Called up share capital

19

112

112

Retained earnings

200,000

-

Shareholders' funds

 

200,112

112

The company made a profit after tax for the financial year of £1,201,214 (2022 - profit of £835,915).

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
G R Postig
Director

.........................................
I J McDougall
Director

 

Amore Group Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2023

112

2,215,010

2,215,122

2,215,122

Profit for the year

-

1,622,190

1,622,190

1,622,190

Dividends

-

(1,001,214)

(1,001,214)

(1,001,214)

At 31 December 2023

112

2,835,986

2,836,098

2,836,098


 

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 January 2022

112

1,782,590

1,782,702

1,782,702

Profit for the year

-

1,268,335

1,268,335

1,268,335

Dividends

-

(835,915)

(835,915)

(835,915)

At 31 December 2022

112

2,215,010

2,215,122

2,215,122

 

Amore Group Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

112

-

112

Profit for the year

-

1,201,214

1,201,214

Dividends

-

(1,001,214)

(1,001,214)

At 31 December 2023

112

200,000

200,112


 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

112

-

112

Profit for the year

-

835,915

835,915

Dividends

-

(835,915)

(835,915)

At 31 December 2022

112

-

112

 

Amore Group Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,622,190

1,268,335

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

44,219

31,497

Finance income

6

(8,876)

(5,063)

Finance costs

7

1,416

448

Income tax expense

12

503,931

306,135

 

2,162,880

1,601,352

Working capital adjustments

 

(Increase)/decrease in trade debtors

16

(3,214)

249,882

Increase/(decrease) in trade creditors

18

144,084

(185,880)

Cash generated from operations

 

2,303,750

1,665,354

Income taxes paid

12

(306,033)

(149,264)

Net cash flow from operating activities

 

1,997,717

1,516,090

Cash flows from investing activities

 

Interest received

8,876

5,063

Acquisitions of tangible assets

(157,022)

(65,541)

Acquisition of financial investments other than trading investments

 

(200,000)

-

Net cash flows from investing activities

 

(348,146)

(60,478)

Cash flows from financing activities

 

Interest paid

7

(1,416)

(448)

Proceeds from bank borrowing draw downs

 

(9,233)

(10,201)

Dividends paid

(1,001,214)

(835,915)

Net cash flows from financing activities

 

(1,011,863)

(846,564)

Net increase in cash and cash equivalents

 

637,708

609,048

Cash and cash equivalents at 1 January

 

843,287

234,240

Cash and cash equivalents at 31 December

 

1,480,995

843,288

 

Amore Group Ltd

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,201,214

835,915

Adjustments to cash flows from non-cash items

 

Finance income

(1,201,214)

(835,915)

 

-

-

Working capital adjustments

 

Decrease in trade debtors

16

1

-

Net cash flow from operating activities

 

1

-

Cash flows from investing activities

 

Interest received

1,201,214

835,915

Acquisition of subsidiaries

14

(1)

-

Acquisition of financial investments other than trading investments

 

(200,000)

-

Net cash flows from investing activities

 

1,001,213

835,915

Cash flows from financing activities

 

Dividends paid

(1,001,214)

(835,915)

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 1 January

 

-

-

Cash and cash equivalents at 31 December

 

-

-

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Evan House
Sutton Quays Business Park
Clifton Road
Sutton Weave
Runcorn
WA7 3EH

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

13,530,975

11,972,162

Other revenue

10,000

-

13,540,975

11,972,162

Turnover is derived from wholly from the principal activities of the group and is entirely within the United Kingdom.

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

300

50,038

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

44,219

31,497

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

8,876

1,852

Other finance income

-

3,211

8,876

5,063

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

1,416

448

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

3,067,663

1,251,531

Social security costs

281,517

167,431

Pension costs, defined contribution scheme

193,842

268,000

3,543,022

1,686,962

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

141

67

141

67

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,500

24,000

Contributions paid to money purchase schemes

164,182

17,367

192,682

41,367

10

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £193,843 (2022 - £267,999).

Contributions totalling £18,811 (2022 - £5,665) were payable to the scheme at the end of the year and are included in creditors.

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

11,400

-

Other fees to auditors

Taxation compliance services

1,260

-

All other non-audit services

7,740

-

9,000

-


 

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

504,033

306,135

UK corporation tax adjustment to prior periods

(102)

-

503,931

306,135

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

2,126,121

1,574,470

Corporation tax at standard rate

500,064

299,149

Decrease in UK and foreign current tax from adjustment for prior periods

(102)

-

Tax increase/(decrease) from effect of capital allowances and depreciation

1,298

(1,079)

Effect of expense not deductible in determining taxable profit (tax loss)

2,671

8,065

Total tax charge

503,931

306,135

For financial years beginning on or after 1 April 2023, the corporation tax rate was increased to 25% for profits over £250,000. A small profits rate (SPR) was also introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by marginal relief.

In the current period, an effective tax rate of 23.52% was therefore applicable due to the change in tax rates being implemented during the period.

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

54,136

105,414

159,550

Additions

123,175

33,847

157,022

At 31 December 2023

177,311

139,261

316,572

Depreciation

At 1 January 2023

18,318

47,627

65,945

Charge for the year

30,383

13,837

44,220

At 31 December 2023

48,701

61,464

110,165

Carrying amount

At 31 December 2023

128,610

77,797

206,407

At 31 December 2022

36,091

57,514

93,605

14

Investments

Company

2023
£

2022
£

Investments in subsidiaries

108

107

Subsidiaries

£

Cost or valuation

At 1 January 2023

107

Additions

1

At 31 December 2023

108

Provision

Carrying amount

At 31 December 2023

108

At 31 December 2022

107

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Amore Social Care Limited

England and Wales

Ordinary

100%

100%

Amore Complex Care Limited

England and Wales

Ordinary

100%

100%

Sure Step Support Services Limited

England and Wales

Ordinary

100%

100%

Next Steps Support Services Limited

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Amore Social Care Limited

The principal activity of Amore Social Care Limited is that of the group. Amore Social Care Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act.

Amore Complex Care Limited

The principal activity of Amore Complex Care Limited is that of the group. Amore Complex Care Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act.

Sure Step Support Services Limited

The principal activity of Sure Step Support Services Limited is that of the group. Sure Step Support Services Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act.

Next Steps Support Services Limited

The principal activity of Next Steps Support Services Limited is that of the group. Next Steps Support Services Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of that Act.

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

200,000

200,000

At 31 December 2023

200,000

200,000

Impairment

Carrying amount

At 31 December 2023

200,000

200,000

Company

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

200,000

200,000

At 31 December 2023

200,000

200,000

Impairment

Carrying amount

At 31 December 2023

200,000

200,000

16

Debtors

 

Group

Company

Current

2023
£

2022
£

2023
£

2022
£

Trade debtors

1,261,622

1,222,893

-

-

Other debtors

105

131,740

4

5

Prepayments

34,502

75,101

-

-

Accrued income

429,067

292,348

-

-

 

1,725,296

1,722,082

4

5

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

17

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

302,282

115,300

-

-

Short-term deposits

1,178,714

727,987

-

-

1,480,996

843,287

-

-

18

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

20

27,434

10,000

-

-

Trade creditors

 

96,911

30,136

-

-

Social security and other taxes

 

80,497

48,168

-

-

Outstanding defined contribution pension costs

 

18,811

5,665

-

-

Other payables

 

1,587

2,222

-

-

Accruals

 

47,328

14,859

-

-

Income tax liability

12

504,033

306,135

-

-

 

776,601

417,185

-

-

Due after one year

 

Loans and borrowings

20

-

26,667

-

-

19

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

112

112

112

112

       
 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

20

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

-

26,667

-

-

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

27,434

10,000

-

-

21

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

96,583

-

Later than one year and not later than five years

194,451

-

291,034

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,934 (2022 - £Nil).

Company

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

9,000

-

Later than one year and not later than five years

18,000

-

27,000

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,000 (2022 - £Nil).

 

Amore Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

22

Related party transactions

Group

The company has taken the exemption available under FRS 102 from disclosing transactions with wholly owned members of the group which are eliminated on consolidation within these financial statements.

At the balance sheet date the company was due £Nil (2022: £131,634) from the Directors in respect of loans advanced to them. These amounts were provided unsecured and repayable on demand.

23

Parent and ultimate parent undertaking

The Directors do not consider there to be any individual controlling party of the group.