AMICULUM Limited
Annual Report and Financial Statements
For the year ended 31 May 2024
Company Registration No. 05521206 (England and Wales)
AMICULUM Limited
Company Information
Directors
Dr Richard Allcorn
Dr Jennifer Putin
Ms Jane Smith
Ms Rebecca Thomas
Secretary
Claire Gatley
Company number
05521206
Registered office
The Boathouse, Clarence Mill
Clarence Road
Bollington
Cheshire
SK10 5JZ
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
AMICULUM Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 14
Group statement of comprehensive income
15
Group balance sheet
16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 38
AMICULUM Limited
Strategic Report
For the year ended 31 May 2024
Page 1

The directors present the strategic report for the year ended 31 May 2024.

 

The below figures produced by management reflect underlying client fees by agency rather than turnover per legal entity. Therefore, third party fees that are directly passed onto clients, that make up cost of sales, are not included.

Fair review of the business

AMICULUM continues to be a leading independent global health communications and consultancy business and has experienced revenue growth during 2023/24. We achieved increase in revenue of nearly 11% over the previous year achieving a fee income of £35.3 million. 78% of this growth was from clients that we worked with during the previous year. Due to investment in expanding and developing the team in previous years we were able to deliver this additional revenue with our existing team. We report a pre-tax profit of £3.9 million, up from £2.0 million the previous year. As at 31 May 2024, net assets for the group were £7.9m.

Expanding programmes with existing and new clients enhanced the revenue achieved by Mudskipper, Cence and 7.4 which increased by 18% from the previous year (£15.2 million vs £12.9 million in 2022/23). However, we expect a significant reduction in revenue in 7.4 due to decisions from two major clients to consolidate their suppliers away from AMICULUM towards larger agency networks. In order to prepare for this, we implemented a recruitment freeze towards the end of the financial year and began the process of reassigning team members from 7.4 to other areas of AMICULUM where additional resource was required.

For our pharmaceutical industry consulting team, Evida, which supports clients with complex assignments, there was growth in year-on-year revenue of 5%. Our market access team achieved £1.3 million in revenue in its third year up from £1.1 million in the previous year. Cogent, also in its third year, saw an increase in revenue from £1.7 million in its second year to £2.4 million, while fee income for Seques which provides services relating to cell and gene therapies, was £2.3 million. The combined revenues of Cogent and Seques showed a year-on-year increase of 39%. AMICULUM’s rare disease team, Comradis, had an increase of 27% in revenue versus the previous year (£3.6 million versus £2.8 million in 2022/23), with strong profits.

There was an increased volume of competitive pitches and we augmented our business development activities to enable the identification of opportunities with new clients and strengthen our pipeline. A total of seven new pharmaceutical industry clients were added to AMICULUM’s roster during the course of the year. In preparation for the expected revenue growth in response to this business development drive, we also continued to devote time to developing team and service area capabilities, and to optimising our global platform.

An area we continued to focus on within the business is our digital and technology-enabled services including deployment of AI. While there were increases in these services across the company as a whole, there was a reduction in combined fee revenue of 9% to £5.0 million (versus £5.5 million the previous year) for AMICULUM Digital and our specialised healthcare learning agency, Delta Kn. At the same time, however, there continues to be increasing revenue associated with digital and omnichannel activities recognised in the accounts of other AMICULUM teams reflecting the increasing trend for more closely integrated, multidisciplinary health communications programmes.

In Asia there was a decrease of £0.4 million in the annual fee income (to just under £2.0 million). AMICULUM decided in September 2023 to cease business operations in Shanghai. However, our knowledge of the China market and network contacts mean that we will be able to support selected projects in China without having a team based in Shanghai, and we are focusing on developing our Asia regional health communications through the Singapore and Hong Kong teams in 2024/25.

AMICULUM USA only had a modest (1%) increase in fee income. This reflected a significant account loss due to a client product failure, but also success in building on our strong reputation in many therapy areas to win new clients. We expect these achievements to be reflected in growth during 2024/25.

AMICULUM Limited
Strategic Report (Continued)
For the year ended 31 May 2024
Page 2

AMICULUM’s health communications team based in Auckland, NZ had a good year supporting accounts across our agencies.

The nature of our communications business in the Middle-East (primarily based on face-to-face activities) had made it particularly sensitive to the impact of Covid-19. During and immediately after the pandemic, spare capacity in the region was deployed to support other teams within the business. However, as demand for services in MENA region continued to be limited, we took the decision to close our office and business in the region at the end 2023/24.

AMICULUM’s global headcount fell to an average of 327 in the year ending 31 May 2024 from an average of 340 the previous year. Our talent outreach and recruitment agency, Ambit, which had developed from our internal recruitment team, ceased operating during the year as a distinct agency supporting external clients and has been re-focussed on driving AMICULUM recruitment.

Principal risks and uncertainties

As a supplier of services and consultancy to clients in the international pharmaceutical industry, a key risk to our business derives from the fundamental risks inherent in our clients’ operations, such as termination of development of a new drug or withdrawal of a marketed compound. Patent expiry is also a risk but this is well defined and can generally be mitigated well in advance.

AMICULUM has an established risk mitigation strategy and our agencies deliver services relating to a number of compounds at different stages of development for a range of client companies. In instances where drugs have been stopped in development we have, to date, been able to replace the revenue with other projects from our existing or new clients. AMICULUM’s agencies have established effective long-term relationships with their key clients and have historically grown primarily through repeat business and referral. However there is increasing competition and consolidation within the sector and we are therefore adapting our business development approach to attain future growth.

The ability to recruit and retain high calibre staff with the requisite qualifications for our industry has always been challenging. This risk is managed by provision of an excellent working environment and a carefully designed benefits package to encourage staff retention. AMICULUM has, as a consequence, a record of low staff turnover.

The group’s financial instruments comprise bank balances, credit card facilities, trade debtors and creditors. Although costs are predominantly in sterling, a significant proportion of revenue is denominated in US Dollars and Euros. The inevitable currency risk requires management through advanced budgeting for anticipated exchange rate movements and maintaining adequate cash reserves to absorb exchange rate fluctuations. AMICULUM manages its working capital by matching cash flows wherever possible through interim billings in the case of projects that are of more than one month’s duration. AMICULUM’s liquidity risk is managed as part of its overall financial control facilitated by regular management reporting to include monthly rolling profit and cashflow forecasts.

Development and performance

Having demonstrated the resilience and flexibility of our business again during 2023/24, we are looking forward with a high level of confidence and expect much greater growth in the future.

 

AMICULUM initiated plans in 2023/24 to consolidate its family of agencies under the AMICULUM brand, starting in 2024/25. This realignment will enhance the range of specialized services we offer, increase our agility in meeting client needs in a dynamic sector, and position us for continued success in the future.

AMICULUM Limited
Strategic Report (Continued)
For the year ended 31 May 2024
Page 3
Key performance indicators

The key financial indicators we focus on are client fee income, staff costs and operating margins.

Client fee income (gross profit per the group statement of comprehensive income) increased by 12% to £35,469,636 in the year to 31 May 2024, from £31,874,357 in the prior year.

AMICULUM staff costs, excluding directors of the parent company and subsidiary companies, increased by 4% to £23,360,810, from £22,551,819 in the prior year.

AMICULUM’s operating margin increased to 11% from 6% in the prior year.

S172 Statement

This statement is in line with the section 172 statement requirements contained in section 414CZA of the Companies Act 2006. It focuses on how the directors have acted, in good faith, to promote the success of AMICULUM for the benefits of its members. This includes considering their duties under Section 172(1) (a) to (f) of the Companies Act 2006, amongst other matters.

The AMICULUM culture is based on five core values: individuals, fairness, integrity, enterprise, and collaboration. These values guide how AMICULUM conducts its business, emphasizing high standards of professional and ethical conduct in all its interactions with its employees, clients, suppliers, and other third parties. AMICULUM values diversity and recognises the strength that comes from it. Our goal is to create a culture where everyone feels a strong sense of belonging and is valued for their contributions.

Employees

A key priority for the AMICULUM board has been to ensure that we offer fair, generous and competitive rewards and benefits that provide financial stability for our employees and incentivize performance.

During 2023/24, we established a dedicated wellbeing programme, with 80% of our employees confirming their understanding and adherence to our health and safety best practices. In 2024/25, we aim to achieve 100% engagement. We also continue to support our employees in balancing working lives with their wider responsibilities through an operating model that allows location (office or home) and work pattern flexibility around core hours

Our management and leadership teams actively engage with employees through various company-wide activities and programmes, such as one-on-one and team meetings, annual events, regular surveys, and quarterly newsletters. We encourage employees to regularly provide open and constructive feedback. Additionally, we offer a wide range of learning, development, and career support through our internal learning platform, Curriculum. In 2023/24, we implemented more bespoke and advanced training, increasing awareness and upskilling our employees on important business ethics, data protection and security, and sustainability issues. In 2024/25 our aim is to continue our collaborative efforts to develop learning resources, promote the well-being of our members and to encourage employee interaction and knowledge-sharing, while promoting the consistent use of best practices.

We remain committed to upholding the highest standards of integrity and transparency, and to maintain our record of zero cases of allegations, investigations, or convictions (2023/24: zero, 2022/23: zero). All employees will continue to undergo comprehensive anti-corruption training to ensure a thorough understanding of our policies and the importance of ethical conduct.

More information on the directors’ engagement with the Company’s members is provided on pages 6 and 7 of our directors’ report.

AMICULUM Limited
Strategic Report (Continued)
For the year ended 31 May 2024
Page 4
Engagements with clients, suppliers, and other third parties

We collaborate closely with our clients and the global medical community to meet their needs. By actively engaging with our clients and monitoring changes within the health sector, AMICULUM continues to refine its business and strategies to remain responsive and agile in addressing our clients’ changing requirements.

AMICULUM conducts thorough due diligence on its new suppliers to ensure that they have sustainable and environmentally friendly strategies that align with the sector where we operate. AMICULUM strives to work with suppliers and third parties who uphold good employment and ethical practices, and who aim to achieve the same high standards in their business operations as AMICULUM. Therefore, in 2023/24, AMICULUM finalised and released its supplier code of conduct, which outlines the expected behaviours from our suppliers and other third parties to foster a fair, trusting, collaborative, and constructive business relationship.

Our community and environment

We continue to acknowledge the importance for AMICULUM to develop strong relationships within the communities where we operate. AMICULUM donates to charitable causes it wishes to support and has also regularly matched employee donations to increase the total amount raised. During 2023/24, AMICULUM donated £19,765 (2022/23: £15,000). These donations related to local or global initiatives, including those in the healthcare field.

AMICULUM is actively involved in various academic outreach projects. For example, it has partnered with the University of Dundee to develop, launch and co-deliver a Masters’ course in Science and Health Communication, with the aim of raising awareness of the importance of scientific communications as a key component of healthcare and to provide career support and guidance to students who are interested in joining our field. We have also founded and continue to fund the Emily Travis Scholarship to support a student on this programme. AMICULUM also provides pro-bono support to other organisations aligned with the health communications sector.

During 2023/24, AMICULUM’s employees hosted a roundtable event at the annual meeting of the International Society for Medical Publication Professionals. This event involved congress organisers, client stakeholders, and ISMPP delegates who discussed the environmental issues facing the industry and pledged actions to make a difference.

Using our social media presence and influence, we encourage our clients to think about the downstream impact of printed items (for example congress materials), and work with them to suggest items that have longevity and impact. Our dedicated Viva Engage community provides a forum for sharing of ideas on sustainability issues at both global and local levels.

 

AMICULUM Limited
Strategic Report (Continued)
For the year ended 31 May 2024
Page 5
Streamlined Energy and Carbon Reporting (SECR)

Limiting the impact that AMICULUM and its operations have on the environment is at the centre of our environmental strategy. We continue to work with our office landlords to provide appropriate recycling facilities and to introduce ‘green tariffs’ for our energy to help reduce AMICULUM’s GHG emissions. During 2024/25, we aim to continue to review our office space needs and expect to see a decrease in energy consumption and GHG emissions relating to our offices as a result.

As part of this commitment, AMICULUM continues to disclose its carbon emissions annually via Carbon Disclosure Project (CDP). Emissions of carbon dioxide equivalent and the aggregate kWh of energy consumed in 2023/24 for UK operations are set out below. The Greenhouse Gas Protocol Corporate Accounting and Reporting Standard has been used to calculate our emissions:

Aggregate energy consumption (kWh)

 

2023/24

2022/23

 

 

 

 

Energy consumed in the UK used to calculate emissions from purchase of electricity

 

106,772

84,622.08

Energy consumed in the UK used to calculate emissions from the consumption of fuel – car

 

 

23,491.71

43,314.09

Emissions of carbon dioxide

Scope

2023/24 (CO2 tonnes)

2022/23 (CO2 tonnes)

Combustion of F gas

1

5.92

5.92

 

 

 

 

Purchase of electricity for UK operations

2

22.11

17.52

Consumption of fuel for the purpose of UK business travel - car

3

5.67

10.50

 

 

 

 

Total

 

33.7

33.94

Number of UK employees per year

 

275

276

Intensity ratio (CO2e tonnes per employee)

 

0.123

0.123

 

On behalf of the board

Dr Jennifer Putin
Director
28 November 2024
AMICULUM Limited
Directors' Report
For the year ended 31 May 2024
Page 6

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the subsidiaries of AMICULUM Limited continued to be that of providing healthcare communications services and consultancy to the international pharmaceutical industry. The principal activity of the Company continued to be that of a holding company.

Branches

AMICULUM has maintained its overseas branch in New Zealand to support the subsidiaries of AMICULUM in the delivery of services to our international clients.

Directors

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

Dr Richard Allcorn
Dr Jennifer Putin
Ms Jane Smith
Ms Rebecca Thomas
Results and dividends

The results for the year, after taxation, amounted to £2,850,926 (2023: £1,472,756)

 

The interim dividends paid are in respect of the financial year ended 31 May 2024 are £4,670,474 (2023: £nil).

Disabled persons

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

Employee involvement

AMICULUM employs nearly 330 highly qualified individuals worldwide and ensuring an appropriate level of employee engagement in key aspects of our business has been critical to the successful growth of our company. The business is led by the Board and Management Team, supported by a wider Business Strategy Team and Leadership Team, the latter of which comprises the heads of all of our agencies, business units and support teams. The members of these teams relay information from colleagues within the business to those in leadership positions (ultimately the Board) and are also charged with helping to ensure that policy decisions made by the business leaders are clearly communicated to the wider company. The business structure adopted by AMICULUM means that there are very few ‘layers’ of management, which also aids communication. In addition to line-management communication channels, every employee is supported by a HR business partner working in our People Team and so has the ability to raise, in confidence, any issue or concern. Issues which cannot be easily resolved locally can be escalated to the Board – the leader of the People Team meets the Chair of the Board on a weekly basis to discuss any such issues.

AMICULUM Limited
Directors' Report (Continued)
For the year ended 31 May 2024
Page 7

The AMICULUM management team presents the Company’s plans and details of performance to all team members on a regular basis – we hold annual meetings of all staff in addition to more frequent team meetings. During the last year we introduced a quarterly business update newsletter which is distributed to all staff. We also make extensive use of an internal ‘social and professional networking platform’ which is used both for the collection and dissemination of information relating to our business, plus other topics of interest to our team. While some information is restricted on the basis of commercial confidentiality, all members of staff have access to key financial and other information relating to the operation of our business. The company also actively communicates with staff on matters about the business environment to create awareness of both internal and external factors which might impact our performance. We have a long-standing culture of fairness and collaboration and team members are actively encouraged to ask questions of our business leaders at any time. All employees who are not members of the AMICULUM Management Team are entitled to participate in a global profit-sharing scheme which makes payments on the basis of the overall success of the business in the previous year. We believe that this supports a high level of employee engagement.

 

AMICULUM has introduced a sophisticated tool designed to solicit and capture feedback from all team members relating to the performance of their peers and other colleagues. This information helps to inform individual performance appraisals and career development conversations which take place at least annually (more frequently for colleagues during their probationary period). Finally, in addition to the communications directed to employees and feedback solicited from them, all leavers are interviewed on a confidential basis by a member of our People Team and the results of such conversations are communicated appropriately to senior managers.

 

The success of AMICULUM’s efforts to engage positively with employees at all levels in the business is evidenced by our very low staff turnover, by the overwhelmingly positive feedback provided even by those leaving the company and our employee-based rating (www.glassdoor.com) where AMICULUM currently scores 4.5 out of a maximum of 5 with 90% of reviewers stating that they would recommend the Company to a friend.

Business relationships

A statement on how AMICULUM fosters business relationships with clients, suppliers and other third parties is provided in the strategic report.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

AMICULUM has consumed more than 40,000 kWh of energy and is required to report on its aggregate carbon dioxide emissions and kWh of energy. This is included in the Strategic report.

Statement of disclosure to auditor

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

AMICULUM Limited
Directors' Report (Continued)
For the year ended 31 May 2024
Page 8
On behalf of the board
Dr Jennifer Putin
Director
28 November 2024
AMICULUM Limited
Directors' Responsibilities Statement
For the year ended 31 May 2024
Page 9

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AMICULUM Limited
Independent Auditor's Report
To the Members of AMICULUM Limited
Page 10
Opinion

We have audited the financial statements of AMICULUM Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

AMICULUM Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Limited
Page 11

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

AMICULUM Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Limited
Page 12
Auditor's responsibilities for the audit of the financial statements

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

AMICULUM Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Limited
Page 13

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

The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

 

AMICULUM Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Limited
Page 14

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Esther Carder (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
29 November 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
AMICULUM Limited
Group Statement of Comprehensive Income
For the year ended 31 May 2024
Page 15
2024
2023
Notes
£
£
Turnover
3
38,177,388
33,951,059
Cost of sales
(2,836,422)
(2,076,702)
Gross profit
35,340,966
31,874,357
Administrative expenses
(31,616,734)
(29,946,439)
Other operating income
53,480
-
Operating profit
6
3,777,712
1,927,918
Interest receivable and similar income
8
131,639
65,047
Interest payable and similar expenses
9
(3,599)
-
0
Profit before taxation
3,905,752
1,992,965
Tax on profit
10
(1,054,826)
(520,209)
Profit for the financial year
25
2,850,926
1,472,756
Other comprehensive income
Currency translation gain/(loss) arising in the year
130,892
(11,052)
Total comprehensive income for the year
2,981,818
1,461,704
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
AMICULUM Limited
Group Balance Sheet
As at 31 May 2024
Page 16
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
316,839
370,416
Tangible assets
13
443,158
844,610
759,997
1,215,026
Current assets
Debtors
17
9,826,824
8,429,296
Cash at bank and in hand
6,998,929
8,588,445
16,825,753
17,017,741
Creditors: amounts falling due within one year
18
(9,422,783)
(8,303,321)
Net current assets
7,402,970
8,714,420
Total assets less current liabilities
8,162,967
9,929,446
Provisions for liabilities
Provisions
19
(100,000)
(100,000)
Deferred tax liability
20
(148,308)
(226,131)
(248,308)
(326,131)
Net assets
7,914,659
9,603,315
Capital and reserves
Called up share capital
23
10,379
10,379
Share premium account
25
440
440
Foreign exchange reserve
25
(193,128)
(324,020)
Other reserves
25
4,828
4,828
Merger reserve
25
919
919
Profit and loss reserves
26
8,091,221
9,910,769
Total equity
7,914,659
9,603,315
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
28 November 2024
Dr Jennifer Putin
Director
AMICULUM Limited
Company Balance Sheet
As at 31 May 2024
31 May 2024
Page 17
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
117,985
117,985
Current assets
Debtors
17
927,068
2,178,475
Cash at bank and in hand
2,868,782
5,449,492
3,795,850
7,627,967
Creditors: amounts falling due within one year
18
(702,080)
(2,111,385)
Net current assets
3,093,770
5,516,582
Net assets
3,211,755
5,634,567
Capital and reserves
Called up share capital
23
10,379
10,379
Share premium account
25
440
440
Other reserves
25
4,828
4,828
Profit and loss reserves
26
3,196,108
5,618,920
Total equity
3,211,755
5,634,567

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,247,662 (2023: £2,021,380).

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
28 November 2024
Dr Jennifer Putin
Director
Company Registration No. 05521206 (England and Wales)
AMICULUM Limited
Group Statement of Changes in Equity
For the year ended 31 May 2024
Page 18
Share capital
Share premium account
Merger reserve
Other reserves
Foreign exchange reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 June 2022
10,379
440
919
4,828
(312,968)
8,438,013
8,141,611
Year ended 31 May 2023:
Profit for the year
-
-
-
-
-
1,472,756
1,472,756
Other comprehensive income:
Currency translation differences
-
-
-
-
(11,052)
(11,052)
Total comprehensive income for the year
-
-
-
-
(11,052)
1,472,756
1,450,652
Balance at 31 May 2023
10,379
440
919
4,828
(324,020)
9,910,769
9,603,315
Year ended 31 May 2024:
Profit for the year
-
-
-
-
-
2,850,926
2,850,926
Other comprehensive income:
Currency translation differences
-
-
-
-
130,892
-
0
130,892
Total comprehensive income for the year
-
-
-
-
130,892
2,850,926
2,981,818
Dividends
11
-
-
-
-
-
(4,670,474)
(4,670,474)
Balance at 31 May 2024
10,379
440
919
4,828
(193,128)
8,091,221
7,914,659
AMICULUM Limited
Company Statement of Changes in Equity
For the year ended 31 May 2024
Page 19
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
10,379
440
4,828
3,597,540
3,613,187
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
2,021,380
2,021,380
Balance at 31 May 2023
10,379
440
4,828
5,618,920
5,634,567
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
2,247,662
2,247,662
Dividends
11
-
-
-
(4,670,474)
(4,670,474)
Balance at 31 May 2024
10,379
440
4,828
3,196,108
3,211,755
AMICULUM Limited
Group Statement of Cash Flows
For the year ended 31 May 2024
Page 20
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
3,909,964
3,300,165
Interest paid
(3,599)
-
0
Income taxes paid
(549,176)
(704,186)
Net cash inflow from operating activities
3,357,189
2,595,979
Investing activities
Purchase of intangible assets
(258,160)
(219,824)
Purchase of tangible fixed assets
(149,858)
(423,939)
Proceeds from disposal of tangible fixed assets
148
-
Interest received
131,639
65,047
Net cash used in investing activities
(276,231)
(578,716)
Financing activities
Dividends paid to equity shareholders
(4,670,474)
-
0
Net cash used in financing activities
(4,670,474)
-
Net (decrease)/increase in cash and cash equivalents
(1,589,516)
2,017,263
Cash and cash equivalents at beginning of year
8,588,445
6,571,182
Cash and cash equivalents at end of year
6,998,929
8,588,445
AMICULUM Limited
Notes to the Group Financial Statements
For the year ended 31 May 2024
Page 21
1
Accounting policies
Company information

AMICULUM Limited (“the parent company”) is a private limited company guarenteed by shares, domiciled and incorporated in England and Wales. The registered office is The Boathouse, Clarence Mill, Clarence Road, Bollington, Chesire, SK10 5JZ. .

 

The group consists of AMICULUM Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.2
Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the

Group") as if they form a single entity. Intercompany transactions and balances between group

companies are therefore eliminated in full.

 

The consolidated financial statements incorporate the results of business combinations using the

purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and

contingent liabilities are initially recognised at their fair values at the acquisition date. The results of

acquired operations are included in the Consolidated Statement of Comprehensive Income from the

date on which control is obtained. They are deconsolidated from the date control ceases.

 

In accordance with the transitional exemption available in FRS 102, the group has chosen not to

retrospectively apply the standard to business combinations that occurred before the date of transition to

FRS 102, being 01 June 2014. Therefore, the Group continues to recognise a merger reserve which

arose on a past business combination that was accounted for as a merger in accordance with UK GAAP

as applied at that time.

 

The parent Company has taken the permitted exemptions of not presenting a statement of cash flow.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future.

 

The group recorded a profit for the year ended of £2,850,926 (2023: £1,472,756). The operating profit for the year was £3,777,712 (2023: £1,927,918) and the group is forecasting continued operating profit moving forward.

 

The group has a cash balance of £6,998,929 at the year end. These are cash resources available for the use and the group was cash generative in the year and post year end. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 22
1.4
Turnover

Turnover is recognised to the extent that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met to ensure that turnover is correctly recognised:

 

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Where a service is not completed and invoiced, revenue will be recognised based on the value agreed in advance with clients for any completed activities and the percentage completed based on timesheets for any uncompleted activities.

1.5
Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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

Software
3 years
1.6
Tangible fixed assets

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

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

Leasehold land and buildings
Over the useful life of the lease
Fixtures and fittings
20% per annum
Office equipment
20% per annum
Computer equipment
33% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 23
1.7
Fixed asset investments

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiaries are measured at cost, less any impairment.

1.8
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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

1.9
Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

Fair value measurement of financial instruments

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

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

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 24
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 25
1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.16
Foreign exchange

 

Functional and presentation currency

The Company’s functional and presentational currency is GBP, rounded to the nearest pound.

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 the Consolidated Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within ‘Other operation (expenses)/income’.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

1.17

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.18

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods measured at the undiscounted salary cost of the future holiday entitlement.

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 26
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue Recognition

The main area of judgement is in revenue recognition where projects are not completed in a single financial year. Estimates of revenue are based on the percentage completion of a project with reference to any milestones on the project. Where a service is not completed and invoiced, revenue will be recognised based on the value agreed in advance with clients for any completed activities and the percentage completed based on timesheets for any uncompleted activities. Any material change to these estimates would affect revenue recognised in the Consolidated Statement of Comprehensive Income and the level of deferred or accrued revenue on the balance sheet.

Recoverability of Intercompany Loans

The group makes an estimate of the recoverability of intercompany loans. When assessing recoverability of intercompany loans, management considers factors including their judgement of future expected revenue and profits of trading subsidiaries and their individual strategies for repayment. Management continue to monitor recoveries closely and will consider providing for debts should there be further uncertainties over recoveries. Any material change to these estimates would affect the Company Statement of Comprehensive Income and the Amounts due from group undertakings on the Company Balance Sheet.

3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,795,868
10,246,506
Rest of Europe
10,710,624
8,639,161
Rest of the world
16,670,896
15,065,392
38,177,388
33,951,059
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 27
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
24,975
26,000
Audit of the financial statements of the company's subsidiaries
64,547
59,780
89,522
85,780
For other services
Taxation compliance services
37,434
26,405
All other non-audit services
17,272
15,975
54,706
42,380
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
7
7
-
-
Administration
48
50
-
-
Healthcare communications consultants
272
283
-
-
Total
327
340
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
21,510,330
20,417,486
-
0
-
0
Social security costs
2,204,875
2,124,284
-
-
Pension costs
1,728,180
1,597,856
-
0
-
0
25,443,385
24,139,626
-
0
-
0
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 28
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
259,410
2,365
Depreciation of owned tangible fixed assets
529,945
525,448
Loss on disposal of tangible fixed assets
19,028
-
Amortisation of intangible assets
311,737
214,590
Operating lease charges
1,756,547
1,832,262
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
916,395
905,497
Company pension contributions to defined contribution schemes
151,825
126,515
1,068,220
1,032,012
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
281,000
330,372
Company pension contributions to defined contribution schemes
49,000
28,000

During the year retirement benefits were accruing to 4 directors (2023: 4) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
131,639
65,047
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
3,599
-
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 29
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,179,230
443,156
Adjustments in respect of prior periods
(68,765)
72,615
Double tax relief
(442)
(7,540)
Total UK current tax
1,110,023
508,231
Foreign current tax on profits for the current period
134
7,540
Total current tax
1,110,157
515,771
Deferred tax
Origination and reversal of timing differences
(55,331)
4,438
Total tax charge
1,054,826
520,209

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

2024
2023
£
£
Profit before taxation
3,905,752
1,992,965
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
976,438
398,648
Tax effect of expenses that are not deductible in determining taxable profit
210,563
20,553
Adjustments in respect of prior years
(74,495)
71,416
Permanent capital allowances in excess of depreciation
2,315
(4,074)
Adjustments to brought forward values
(371)
-
0
Foreign tax credits
8,784
-
0
Foreign tax - other
(70,982)
-
0
Marginal relief
(500)
-
0
Effect of overseas tax rates
-
32,614
Adjustments in respect of prior periods (deferred tax)
-
0
(2,517)
Remeasurement of deferred tax changes in tax rates
2,259
(1,383)
Movement in deferred tax not recognised
1,802
5,404
Other tax adjustments, reliefs and transfers
(987)
(452)
Taxation charge
1,054,826
520,209
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 30
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
4,670,474
-
12
Intangible fixed assets
Group
Software
£
Cost
At 1 June 2023
874,900
Additions
258,160
Disposals
(155,608)
Exchange adjustments
(10)
At 31 May 2024
977,442
Amortisation and impairment
At 1 June 2023
504,484
Amortisation charged for the year
311,737
Disposals
(155,608)
Exchange adjustments
(10)
At 31 May 2024
660,603
Carrying amount
At 31 May 2024
316,839
At 31 May 2023
370,416
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 31
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and    fittings
Computer equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
990,769
275,747
1,480,380
135,688
2,882,584
Additions
2,220
1,335
119,437
26,866
149,858
Disposals
(374,316)
(50,786)
(203,117)
(43,434)
(671,653)
Exchange adjustments
(4,145)
(1,489)
(5,981)
(1,211)
(12,826)
At 31 May 2024
614,528
224,807
1,390,719
117,909
2,347,963
Depreciation and impairment
At 1 June 2023
813,450
222,568
899,399
102,557
2,037,974
Depreciation charged in the year
92,031
29,150
394,208
14,556
529,945
Eliminated in respect of disposals
(370,000)
(47,380)
(197,063)
(38,034)
(652,477)
Exchange adjustments
(3,987)
(1,161)
(4,489)
(1,000)
(10,637)
At 31 May 2024
531,494
203,177
1,092,055
78,079
1,904,805
Carrying amount
At 31 May 2024
83,034
21,630
298,664
39,830
443,158
At 31 May 2023
177,319
53,179
580,981
33,131
844,610
The company had no tangible fixed assets at 31 May 2024 or 31 May 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
117,985
117,985
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
117,985
Carrying amount
At 31 May 2024
117,985
At 31 May 2023
117,985
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 32
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Indirect
Mudskipper Business Limited
1
Healthcare communications and consultancy
Ordinary
100.00
-
Delta Kn Limited
1
Healthcare learning consultancy
Ordinary
100.00
-
7.4 Limited
1
Healthcare communications and consultancy
Ordinary
100.00
-
AMICULUM Business Services Limited
1
Management and support services for AMICULUM
Ordinary
100.00
-
AMICULUM Digital Limited
1
No longer trading
Ordinary
100.00
-
AMICULUM Consulting Limited
1
Healthcare communications and consultancy
Ordinary
100.00
-
AMICULUM (Hong Kong) Limited
2
Holding company
Ordinary
100.00
-
Mudskipper Inc
3
Healthcare communications and consultancy
Ordinary
100.00
-
Seques Limited
1
Dormant
Ordinary
100.00
-
AMICULUM (Singapore) Private Limited
4
Healthcare communications and consultancy
Ordinary
100.00
-
Comradis Limited
1
Dormant
Ordinary
100.00
-
AMICULUM (Switzerland) GmbH
5
Healthcare communications and consultancy
Ordinary
100.00
-
Mudskipper Business Consulting (Shanghai) Limited
6
No longer trading
Ordinary
-
100.00
Amiculum MENA DMCC
7
No longer trading
Ordinary
100.00
-
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
15
Subsidiaries
(Continued)
Page 33

1 - The Boathouse, Clarence Mill, Bollington, England, SK10 5JZ

 

2 - Unit 608, 6/F., Laford Centre, 838 Lai Chi Kok Road, Kowloon, Hong Kong

 

3 - 1 N. State Street, 15th Floor, Chicago, IL 60602

 

4 - 1 North Bridge Road, #19-09 High Street Centre, Singapore 179094

 

5 - Hirschgaesslein 11, P.O. Box 257, CH-4010 Basel, Switzerland

 

6 - Room B313, 3rd Floor, 1359 Zhonghua Road, Huangpu District, Shanghai

 

7 - Reef Tower, Jumeirah Lakes Towers, Dubai, United Arab Emirates

 

 

AMICULUM Digital Limited is exempt from audit by virtue of s479A of Companies Act 2006.

16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,756,828
7,713,438
927,068
2,178,475
Carrying amount of financial liabilities
Measured at amortised cost
(4,626,732)
(4,145,341)
(700,200)
(2,100,200)
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 34
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,899,064
4,462,769
-
0
-
0
Corporation tax recoverable
130,219
75,046
-
0
-
0
Amounts owed by group undertakings
-
-
927,068
2,178,475
Other debtors
292,011
383,428
-
0
-
0
Prepayments and accrued income
3,503,634
3,508,053
-
0
-
0
9,824,928
8,429,296
927,068
2,178,475
Amounts falling due after more than one year:
Deferred tax asset (note 20)
1,896
-
0
-
0
-
0
Total debtors
9,826,824
8,429,296
927,068
2,178,475
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
516,070
293,230
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
700,200
2,100,200
Corporation tax payable
760,793
120,251
1,880
11,185
Other taxation and social security
801,111
878,732
-
-
Other creditors
208,555
192,392
-
0
-
0
Accruals and deferred income
7,136,254
6,818,716
-
0
-
0
9,422,783
8,303,321
702,080
2,111,385
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Dilapidations provision
100,000
100,000
-
-
Deferred tax liabilities
20
148,308
226,131
-
0
-
0
248,308
326,131
-
0
-
0
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 35
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
149,099
232,038
Short term timing differences
(791)
-
Adjustments in respect of prior years
-
(1,802)
Effect of changes in tax rates
-
(4,105)
148,308
226,131
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 June 2023
226,131
-
Credit to profit or loss
(79,719)
-
Liability at 31 May 2024
146,412
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,728,180
1,597,856

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the balance sheet date, contributions totalling £205,900 (2023: £185,155) were payable to the fund.

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 36
22
Share-based payment transactions

The company has an Enterprise Management Incentive share options plan. Under the scheme, on 11 May 2018, 2,400,000 (1,200,000 each) options over the B shares of the Company were granted to two employees of the Group at an exercise price of 0.1p per share. The options can be exercised on 11 May 2028, or earlier if certain circumstances are met. The cost is calculated using the valuation of the options. The impact of the share option scheme on the Group’s financial statements is immaterial.

Number
Weighted average exercise price
2024
2023
2024
2023
Number
Number
Pence
Pence
Outstanding at the beginning of the year
2,400,000
2,400,000
0.1
0.1
Outstanding at the end of the year
2,400,000
2,400,000
0.1
0.1
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.1p each
10,378,831
10,378,831
10,379
10,379
24
Contingent Liabilities

A composite guarantee has been given to the Company's bankers in respect of any debts or liabilities owing to the bank by any party to the guarantee. The other parties to the guarantee are the companies listed below:


AMICULUM Limited

AMICULUM Business Services Limited

Delta Kn Limited

Mudskipper Business Limited

7.4 Limited

 

At the balance sheet date, the Group's indebtedness to its bankers was £nil (2023: £nil).

AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
Page 37
25
Non-Distributable Reserves

Share premium account

The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs.

 

Foreign exchange reserves

The foreign exchange reserve results from the exchange differences relating to the translation of the results and net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency. These are recognised directly in other comprehensive income and accumulated in the foreign exchange reserve.

 

Other reserves

The other reserve results from the grant of share options by the Company and capital redemption reserve from the repurchase of the Company's own shares.

 

Merger reserve

The merger reserve results from the difference on consolidation resulting from the application of merger accounting.

26
Distributable Reserves

Profit and loss account

This account represents the cumulative realised profits and losses.

27
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
508,244
1,427,138
-
-
Between two and five years
1,220,707
1,225,649
-
-
In over five years
34,738
254,612
-
-
1,763,689
2,907,399
-
-
28
Events after the reporting date

A decision was made in the year to close down the operations of AMICULUM MENA DMCC. The liquidation of AMICULUM MENA DMCC will result in the cessation of its operations and the winding-up of its affairs and the process is ongoing post year end.

 

29
Related party transactions
AMICULUM Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 May 2024
29
Related party transactions
(Continued)
Page 38

The Company had related party transactions with wholly owned subsidiaries and as such has taken advantage of the exemption permitted under section 33.1A not to provide disclosures of transactions entered into with other wholly owned members of the group.

30
Directors' transactions

During the year, AMICULUM Business Services Limited incurred consultancy fees of £nil (2023: £11,288) payable to M Putin.

31
Controlling party

By virtue of shareholdings, Dr Richard Allcorn is identified as the ultimate controlling party.

32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,850,926
1,472,756
Adjustments for:
Taxation charged
1,054,826
520,209
Finance costs
3,599
-
0
Investment income
(131,639)
(65,047)
Loss on disposal of tangible fixed assets
19,028
-
Amortisation and impairment of intangible assets
311,737
214,590
Depreciation and impairment of tangible fixed assets
529,945
525,448
Foreign exchange gains on cash equivalents
133,081
(13,851)
Movements in working capital:
(Increase)/decrease in debtors
(1,340,459)
360,538
Increase in creditors
478,920
285,522
Cash generated from operations
3,909,964
3,300,165
33
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
8,588,445
(1,589,516)
6,998,929
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