AMICULUM Consulting Limited
Annual Report and Financial Statements
For the year ended 31 May 2024
Company Registration No. 08476405 (England and Wales)
AMICULUM Consulting Limited
Company Information
Directors
Dr Richard Allcorn
Dr Jennifer Putin
Secretary
Claire Gatley
Company number
08476405
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 Consulting Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 21
AMICULUM Consulting 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 Consulting and its respective divisions continue to develop as a leading independent global Health communications and consultancy business as part of AMICULUM Limited. Fee income increased by 27% (to £14.5 million) over the previous year with a pre-tax profit increase of 108% (to £1.5 million).

AMICULUM Access, our market access agency, achieved £1.3 million in revenue in its third year up from £1.1 million in the previous year. Cogent achieved £2.4 million in revenue in its third year from its second year at £1.7 million, while Seques, our cell and gene therapy agency, achieved a fee income of £2.3 million. The combined revenues of Cogent and Seques showed a year-on-year increase of 39%.

Comradis, AMICULUM’s rare disease agency, had an increase of 27% in revenue versus the previous year (£3.6 million versus £2.8 million in 2022/23).

Our pharmaceutical industry consulting team Evida also had a growth in year on year revenue of 5%. Cence, AMICULUM’s specialist publications team, achieved a 6% increase in revenue during the year to £2.7 million due mainly to account growth within long-term partnerships with clients.

There was an increase in AMICULUM Consulting’s digital team revenue to £0.9 million from £0.8 million the previous year, and other AMICULUM teams have also seen growing revenue from digital and omnichannel activities as part of their wider service offerings. This trend highlights the rising demand for more integrated, multidisciplinary health communications programs.

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

We continued to refine and optimize our global platform in preparation for revenue growth in the next 5 years which will be driven by enhanced business development activities to open up opportunities with new clients and strengthen our pipeline.

AMICULUM Consulting Limited
Strategic Report (Continued)
For the year ended 31 May 2024
Page 2
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 quickly replace the revenue with new projects from our existing clients. There is active competition within the health communications and consulting market. AMICULUM’s agencies have established effective long-term relationships with their key clients and have grown primarily through repeat business and referral although an increasing amount of coordinated business development activity is being undertaken to support future growth.

The ability to recruit and retain high calibre staff with the requisite qualifications for our industry is also challenging. This risk is managed by provision of an excellent working environment and a carefully designed benefits package to encourage staff retention. AMICULUM’s agencies have, as a consequence, a low rate of staff turnover. During the year the company invested in enhanced in-house recruitment activities. The Board anticipates that this will reduce the overall cost of recruitment on a per-head basis whilst enabling us to create a pipeline of potential candidates in all key locations.

The company’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

AMICULUM Consulting Limited’s headcount remained at an average of 97 in the year ending 31 May 2024 from an average of 99 the previous year. Recruitment continues to be driven by our in-house careers team which enables significant recruitment cost-saving combined with enhanced candidate experience.

Successful business development activities by our agencies with strategic client engagement and external communications support from our business opportunities team are expected to generate further leads resulting in significant growth of AMICULUM in future years.

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.

Key performance indicators

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

Client fee income (gross profit per the statement of comprehensive income) increased by 27% to £14.5 million in the year to 31 May 2024, from £11.4m in the prior year.

AMICULUM Consulting’s staff costs increased by 25% to £8.1 million from £6.4m in the prior year.

AMICULUM Consulting’s operating margin increased to 11% from 7% in the prior year.

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

On behalf of the board

Dr Jennifer Putin
Director
27 November 2024
AMICULUM Consulting Limited
Directors' Report
For the year ended 31 May 2024
Page 4

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

Principal activities

The Company is an international healthcare communications and consultancy business, specialising in the provision of services to pharmaceutical, biotechnology and medical device industry clients worldwide.

Results and dividends

The profit for the year, after taxation, amounted to £1,090,870 (2023: £560,107).

The company declared a dividend of £1,000,000 (2023: £500,000) to AMICULUM Limited during the year. The directors do not recommend payment of a further dividend.

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
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

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

On behalf of the board
Dr Jennifer Putin
Director
27 November 2024
2024-11-27
AMICULUM Consulting Limited
Directors' Responsibilities Statement
For the year ended 31 May 2024
Page 5

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

 

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

 

 

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

AMICULUM Consulting Limited
Independent Auditor's Report
To the Members of AMICULUM Consulting Limited
Page 6
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

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

 

We have nothing to report in this regard.

AMICULUM Consulting Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Consulting Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

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

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AMICULUM Consulting Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Consulting Limited
Page 8
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 Consulting Limited
Independent Auditor's Report (Continued)
To the Members of AMICULUM Consulting Limited
Page 9

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.

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.

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 Consulting Limited
Statement of Comprehensive Income
For the year ended 31 May 2024
Page 10
2024
2023
Notes
£
£
Turnover
3
16,184,043
13,045,136
Cost of sales
(1,662,025)
(1,598,505)
Gross profit
14,522,018
11,446,631
Administrative expenses
(13,061,662)
(10,745,018)
Operating profit
4
1,460,356
701,613
Interest payable and similar expenses
7
(3,599)
-
0
Profit before taxation
1,456,757
701,613
Tax on profit
8
(365,887)
(141,506)
Profit for the financial year
1,090,870
560,107

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

AMICULUM Consulting Limited
Balance Sheet
As at 31 May 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
43,116
64,430
Current assets
Debtors
10
4,091,164
3,930,707
Cash at bank and in hand
548,078
238,654
4,639,242
4,169,361
Creditors: amounts falling due within one year
11
(3,982,770)
(3,620,256)
Net current assets
656,472
549,105
Total assets less current liabilities
699,588
613,535
Provisions for liabilities
Deferred tax liability
12
(8,451)
(13,268)
(8,451)
(13,268)
Net assets
691,137
600,267
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
691,037
600,167
Total equity
691,137
600,267
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Dr Jennifer Putin
Director
Company Registration No. 08476405
AMICULUM Consulting Limited
Statement of Changes in Equity
For the year ended 31 May 2024
Page 12
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
100
540,060
540,160
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
560,107
560,107
Dividends
-
(500,000)
(500,000)
Balance at 31 May 2023
100
600,167
600,267
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
1,090,870
1,090,870
Dividends
-
(1,000,000)
(1,000,000)
Balance at 31 May 2024
100
691,037
691,137
AMICULUM Consulting Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 13
1
Accounting policies
Company information

AMICULUM Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Boathouse, Clarence Mill, Clarence Road, Bollington, Cheshire, SK10 5JZ.

1.1
Accounting convention

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

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

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

 

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

 

 

The financial statements of the company are consolidated in the financial statements of Amiculum Limited. These consolidated financial statements are available from its registered office, The Boathouse, Clarence Mill, Clarence Road, Bollington, Cheshire, SK10 5JZ.

1.2
Going concern

The directors have initiated planning for a restructure in January 2025 within the UK subsidiaries of AMICULUM in order to simplify the legal structure and to provide access to all of AMICULUM’s expertise and experience to clients under one brand. The likely outcome of the process is that the majority or all of the revenue, assets, liabilities and employees in the company will be transferred to AMICULUM Business Services Limited and this will not impact the company’s ability to meet its debts as they fall due. The directors do not anticipate that this will have any negative impact on existing current relationships or client service continuity. The New Zealand branch will be unaffected by the changes. true

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue 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 before revenue is recognised:

AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 14

Revenue 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.

1.4
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 life of the lease
Fixtures and fittings
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 credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company 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 Statement of Comprehensive Income.

AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 15
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 company 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.

1.7
Equity instruments

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

1.8
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 company’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 when the company has 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.

AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 16
1.9
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.

1.10
Retirement benefits

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

1.11
Leases

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

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Revenue recognition

The main area of judgement is in the 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 changes to these estimates would affect revenue recognised in the Statement of Comprehensive Income and the level of deferred or accrued revenue on the balance sheet.

AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 17
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,305,693
4,657,323
Rest of Europe
4,457,676
2,873,167
Rest of the World
6,420,674
5,514,646
16,184,043
13,045,136
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
22,658
7,590
Fees payable to the company's auditor for the audit of the company's financial statements
23,900
12,027
Depreciation of owned tangible fixed assets
22,236
16,180
Operating lease charges
235,891
165,556
5
Employees

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

2024
2023
Number
Number
93
99

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
6,909,901
5,358,474
Social security costs
615,976
579,175
Pension costs
531,931
498,523
8,057,808
6,436,172
6
Directors' remuneration
All directors are remunerated through a different group company.
AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 18
7
Interest payable and similar expenses
2024
2023
£
£
Other interest
3,599
-
0
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
370,570
129,261
Foreign current tax on profits for the current period
134
-
0
Total current tax
370,704
129,261
Deferred tax
Origination and reversal of timing differences
(4,817)
12,245
Total tax charge
365,887
141,506

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
1,456,757
701,613
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
364,189
140,342
Tax effect of expenses that are not deductible in determining taxable profit
1,698
10
Permanent capital allowances in excess of depreciation
-
0
(1,293)
Remeasurement of deferred tax for changes in tax rates
-
0
2,448
Other adjustments, reliefs and transfers
-
0
(1,023)
Movement in deferred tax not recognised
-
0
1,022
Taxation charge for the year
365,887
141,506
AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 19
9
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 June 2023
36,800
6,660
53,890
97,350
Additions
-
0
445
477
922
Disposals
-
0
-
0
(14,349)
(14,349)
At 31 May 2024
36,800
7,105
40,018
83,923
Depreciation and impairment
At 1 June 2023
2,166
825
29,929
32,920
Depreciation charged in the year
6,145
1,547
14,544
22,236
Eliminated in respect of disposals
-
0
-
0
(14,349)
(14,349)
At 31 May 2024
8,311
2,372
30,124
40,807
Carrying amount
At 31 May 2024
28,489
4,733
9,894
43,116
At 31 May 2023
34,634
5,835
23,961
64,430
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,354,695
1,119,984
Amounts owed by group undertakings
457,949
1,803,713
Other debtors
79,428
76,626
Prepayments and accrued income
1,199,092
930,384
4,091,164
3,930,707
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,347
71,793
Amounts owed to group undertakings
970,962
1,007,910
Corporation tax
369,949
129,261
Accruals and deferred income
2,601,512
2,411,292
3,982,770
3,620,256
AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 20
12
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
8,451
13,268
2024
Movements in the year:
£
Liability at 1 June 2023
13,268
Credit to profit or loss
(4,817)
Liability at 31 May 2024
8,451

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
531,931
498,523

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
15
Reserves

Profit and loss account

This account represents the cumulative recognised profits and losses.

AMICULUM Consulting Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 21
16
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
202,097
202,106
Between two and five years
520,600
542,718
In over five years
-
0
80,921
722,697
825,745
17
Related party transactions

The Company is a wholly owned subsidiary of AMICULUM Limited and as such has taken advantage of the exemption permitted under Section 33 'Related party disclosures' not to provide disclosures of the transactions entered into with wholly owned members of the group.

18
Ultimate controlling party

The Company's immediate and ultimate parent company is AMICULUM Limited, a company registered in England and Wales.

 

AMICULUM Limited is the parent undertaking of the smallest and the largest group, that prepares financial statements that include the Company. Copies can be obtained from The Boathouse, Clarence Mill, Clarence Road, Bollington, Macclesfield, SK10 5JZ.

 

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

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