Mudskipper Business Limited
Annual Report and Financial Statements
For the year ended 31 May 2024
Company Registration No. 04232850 (England and Wales)
Mudskipper Business Limited
Company Information
Directors
Dr Richard Allcorn
Dr Jennifer Putin
Secretary
Claire Gatley
Company number
04232850
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
Mudskipper Business Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
Mudskipper Business Limited
Directors' Report
For the year ended 31 May 2024
Page 1

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 £1,453,216 (2023: £1,160,305).

 

The Company declared a dividend of £1,500,000 (2023: £1,500,000) 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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Dr Jennifer Putin
Director
28 November 2024
Mudskipper Business Limited
Directors' Responsibilities Statement
For the year ended 31 May 2024
Page 2

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.

Mudskipper Business Limited
Independent Auditor's Report
To the Members of Mudskipper Business Limited
Page 3
Opinion

We have audited the financial statements of Mudskipper Business 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.

Mudskipper Business Limited
Independent Auditor's Report (Continued)
To the Members of Mudskipper Business Limited
Page 4

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 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.

Mudskipper Business Limited
Independent Auditor's Report (Continued)
To the Members of Mudskipper Business Limited
Page 5
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.

 

 

Mudskipper Business Limited
Independent Auditor's Report (Continued)
To the Members of Mudskipper Business Limited
Page 6

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
Mudskipper Business Limited
Statement of Comprehensive Income
For the year ended 31 May 2024
Page 7
2024
2023
Notes
£
£
Turnover
3
8,137,978
6,905,207
Cost of sales
(741,978)
(1,251,427)
Gross profit
7,396,000
5,653,780
Administrative expenses
(5,523,930)
(4,377,336)
Profit before taxation
1,872,070
1,276,444
Tax on profit
6
(418,854)
(116,139)
Profit for the financial year
1,453,216
1,160,305

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

Mudskipper Business Limited
Balance Sheet
As at 31 May 2024
Page 8
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
1,985,328
2,373,593
Cash at bank and in hand
877,183
500,344
2,862,511
2,873,937
Creditors: amounts falling due within one year
10
(1,834,991)
(1,799,633)
Net current assets
1,027,520
1,074,304
Capital and reserves
Called up share capital
13
15,097
15,097
Share premium account
14
919
919
Profit and loss reserves
1,011,504
1,058,288
Total equity
1,027,520
1,074,304

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

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:
Dr Jennifer Putin
Director
Company Registration No. 04232850
Mudskipper Business Limited
Statement of Changes in Equity
For the year ended 31 May 2024
Page 9
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
15,097
919
1,397,983
1,413,999
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
1,160,305
1,160,305
Dividends
7
-
-
(1,500,000)
(1,500,000)
Balance at 31 May 2023
15,097
919
1,058,288
1,074,304
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
1,453,216
1,453,216
Dividends
7
-
-
(1,500,000)
(1,500,000)
Balance at 31 May 2024
15,097
919
1,011,504
1,027,520
Mudskipper Business Limited
Notes to the Financial Statements
For the year ended 31 May 2024
Page 10
1
Accounting policies
Company information

Mudskipper Business 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where disclosure is required to show a true and fair view.

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
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. 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:

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.

Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 11
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 useful life of the lease
Office equipment
20% per annum
Fixtures and fittings
20% 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 has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

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.

Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
1
Accounting policies
(Continued)
Page 12
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.

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.

Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 13
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.

3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
3,075,087
3,186,075
Rest of Europe
491,374
520,243
Rest of the world
4,571,517
3,198,889
8,137,978
6,905,207
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
30,949
(23,152)
Operating lease charges
97,431
97,431
Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 14
5
Employees

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

2024
2023
Number
Number
38
35
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
416,667
117,586
Deferred tax
Origination and reversal of timing differences
2,187
(1,447)
Total tax charge
418,854
116,139

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
1,872,070
1,276,444
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
468,018
255,324
Tax effect of expenses that are not deductible in determining taxable profit
8,996
26
Adjustments in respect of prior years
-
0
(1,802)
Group relief
(59,962)
(137,388)
Remeasurement of deferred tax for changes in tax rates
-
0
93
Movement in deferred tax not recognised
1,802
(114)
Taxation charge for the year
418,854
116,139
7
Dividends
2024
2023
£
£
Dividend to AMICULUM Limited
1,500,000
1,500,000
Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 15
8
Tangible fixed assets
Leasehold land and buildings
Office equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
6,217
2,964
9,456
18,637
Depreciation and impairment
At 1 June 2023 and 31 May 2024
6,217
2,964
9,456
18,637
Carrying amount
At 31 May 2024
-
0
-
0
-
0
-
0
At 31 May 2023
-
0
-
0
-
0
-
0
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,337,225
940,352
Corporation tax recoverable
130,219
373,699
Amounts owed by group undertakings
47,284
565,560
Prepayments and accrued income
468,846
490,041
1,983,574
2,369,652
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 11)
1,754
3,941
Total debtors
1,985,328
2,373,593
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,483
25,867
Amounts owed to group undertakings
370,154
532,940
Other creditors
-
0
1,246
Accruals and deferred income
1,434,354
1,239,580
1,834,991
1,799,633
Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 16
11
Deferred taxation

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

Assets
Assets
2024
2023
Balances:
£
£
Timing difference
1,754
3,941
2024
Movements in the year:
£
Asset at 1 June 2023
(3,941)
Charge to profit or loss
2,187
Asset at 31 May 2024
(1,754)
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
184,822
166,216

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.

13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
15,097,000
15,097,000
15,097
15,097

Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company.

14
Reserves

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

 

Profit and loss account                     

This account represents the cumulative recognised profits and losses.

Mudskipper Business Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2024
Page 17
15
Financial commitments, guarantees and contingent liabilities

The Company has entered into a composite guarantee 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 Group companies listed below:

 

 

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

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
-
0
92,791
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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