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Registered number: 09370199 (England and Wales)














ACAMS (UK) LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ACAMS (UK) LTD.
 
 
COMPANY INFORMATION


Directors
N M Aiken 
A S Salter 




Company secretary
Intertrust (UK) Limited



Registered number
09370199



Registered office
25 Cabot Square

London

England

E14 4QZ




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
ACAMS (UK) LTD.
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 9


 
ACAMS (UK) LTD.
REGISTERED NUMBER:09370199

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
32,023
37,653

  
32,023
37,653

Current assets
  

Debtors: amounts falling due within one year
 5 
3,185,605
1,899,622

Bank and cash balances
  
314,021
977,436

  
3,499,626
2,877,058

Creditors: amounts falling due within one year
 6 
(877,796)
(686,262)

Net current assets
  
 
 
2,621,830
 
 
2,190,796

Total assets less current liabilities
  
2,653,853
2,228,449

  

Net assets
  
2,653,853
2,228,449

Page 1

 
ACAMS (UK) LTD.
REGISTERED NUMBER:09370199
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 7 
426,025
409,149

Profit and loss account
 
2,227,827
1,819,299

  
2,653,853
2,228,449


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies 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: 

A S Salter
Director

Date: 15 October 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
ACAMS (UK) LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1
175,619
1,626,196
1,801,816



Profit for the period
-
-
193,103
193,103

Share based payment expense
-
233,530
-
233,530



At 1 January 2023
1
409,149
1,819,299
2,228,449



Profit for the year
-
-
408,528
408,528

Share based payment expense
-
16,876
-
16,876


At 31 December 2023
1
426,025
2,227,827
2,653,853


Page 3

 
ACAMS (UK) LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

  
1.2

Going concern

The Company is in a net asset position, primarily supported by amounts owed by group undertakings. Despite this position, due to the Company’s business model being solely a transfer pricing arrangement with the parent company, Association of Certified Anti-Money Laundering Specialists LLC, it is reliant upon the continued support of that company in order to remain a going concern.
ACAMS (UK) Ltd has received written confirmation from its parent company, Association of Certified Anti-Money Laundering Specialists LLC (“parent company”), that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.
The following principal accounting policies have been applied:

  
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rendering of services
Turnover from the intercompany service agreement is recognised in the year, as below:

9% plus costs and overheads incurred in providing general services; and
6% net margin basis in relation to sales and cost of event services.

Turnover is recognised when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement; and
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

Page 4

 
ACAMS (UK) LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

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.

The estimated useful lives range as follows:

Computer equipment
-
3
years

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.

 
1.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
1.8

Creditors

Short-term creditors are measured at the transaction price.

 
1.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 5

 
ACAMS (UK) LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.10

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.11

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.

 
1.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 15 October 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees, including directors, during the year was 40 (2022 - 44).

Page 6

 
ACAMS (UK) LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
119,195


Additions
18,900



At 31 December 2023

138,095



Depreciation


At 1 January 2023
81,542


Charge for the year on owned assets
24,530



At 31 December 2023

106,072



Net book value



At 31 December 2023
32,023



At 31 December 2022
37,653

Page 7

 
ACAMS (UK) LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
84,225
-

Amounts owed by group undertakings
2,988,101
1,572,028

Other debtors
37,492
284,735

Prepayments and accrued income
36,476
42,859

Tax recoverable
39,311
-

3,185,605
1,899,622



6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
121,355
225,564

Other taxation and social security
79,076
11,221

Accruals and deferred income
677,365
449,477

877,796
686,262


The comparative amounts have been reanalysed to correctly reflect their nature.


7.


Capital contribution reserve

Certain employees of the Company had been granted Restricted Stock Options over the shares in Adtalem Global Education Inc., the Company's former ultimate controlling party. The Restricted Stock Options were granted at an independently determined fair value. Following the transfer of ownership of the ultimate parent company in 2022, these were equity-settled and therefore the vesting was accelerated, recognising the amount that otherwise would have been recognised for services received over the remainder of the vesting period.
Certain employees of the Company have been granted Share Options in Avalon Parent HoldCo, Inc., part of the group headed by the new ultimate controlling party. The Share Options were granted at an independently determined fair value and vest on both a performance and time-based basis over five years.


8.


Controlling party

Wendel SE is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 89 rue Taitbout, 75312 Paris, Cedex 09.

Page 8

 
ACAMS (UK) LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Post balance sheet events

There were no adjusting or non-adjusting post balance sheet events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 9