Company registration number 11977633 (England and Wales)
AMS ACCOUNTANTS GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
AMS ACCOUNTANTS GROUP LTD
COMPANY INFORMATION
Directors
Mr D L Clegg
Mr E A Sidat
Company number
11977633
Registered office
9 Portland Street
Floor 2
Manchester
Auditor
Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD
Bankers
HSBC Bank UK PLC
2-4 St Ann's Square
Manchester
M2 7HD
Solicitors
Hill Dickinson LLP
50 Fountain Street
Manchester
M2 2AS
AMS ACCOUNTANTS GROUP LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Group profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 42
AMS ACCOUNTANTS GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 1 -

In accordance with Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the directors present the strategic report for the year ended 30 December 2023.

Overview and Strategy

AMS Accountants Group Limited (the “Group”), has a strategy to become the best advisory firm to the Mid-Market within the UK, offering clients a comprehensive suite of professional services.

Within the year, the Group’s primary focus was to build a platform for sustainable organic and inorganic growth and the Group recruited several senior hires into the executive management team to support the growth journey.

Financial Performance

Market-leading Organic Growth

During the year ended 30 December 2023, the Group continued its growth journey with strong organic growth. Reported Turnover for the Group was £9.4m, versus £6.9m in the prior year. This significant growth was largely organic, with a year-on-year organic growth rate of 24%. The underlying growth was substantially higher, but due to the timing differences of engagements and hires, the majority of this growth was achieved in 2024.

The revenue and operating profits detailed in the accounts do not provide a consolidated picture representative of the entire business, by virtue of the minority interests in AMS Accountants Corporate Limited, Signature Tax Limited and MSA Law Limited, A corporate restructure of the wider Group is in progress and will be completed in due course to have a unified Group, trading under one brand.

Strong Margins

The Group has continued to maintain a strong gross profit margin, with an increase from 49% in FY22 to 58% in FY23. This margin efficiency has been achieved through successful integration and centralisation of the prior year acquisitions and several strategic initiatives throughout the group to maximise organic revenue generation off the existing fee earner cost-base. The Group has a target gross profit margin of 55% for future years.

M&A platform

The Group also invested in an M&A team to help originate and integrate the strategic acquisitions from the previous years. The Group made an additional strategic acquisition by acquiring Path Business Recovery Limited, a firm that specialises in Corporate Insolvency and Restructuring in addition to bringing on partner-level lateral hires from leading Insolvency practices to bolster future growth. In addition, the Group established a strong pipeline of M&A which was subsequently transacted on within 2024 (see details below).

Centralised services

The Group has strategically invested in the central services function and infrastructure throughout the year ended 30 December 2023, to provide the necessary platform for its ambitious future growth strategy ahead of the growth curve. As such, administrative expenses have increased by 95% year on year, with the increased margin efficiency realised, fully re-invested back into the Group. This investment has continued into FY24, with the cost-base supporting the wider Group (including associations, not reflected in these results), and expected to normalise by 30th December 2025, based on organic and inorganic growth achieved in FY24 and throughout FY25.

Accolades

The growth and development of the group was recognised in the achievement of ranking 65th place (up from 71st in the prior year) in the Accountancy Age 50+50 rankings, the fastest growing independent (non PE backed) full-service accountancy firm in the UK top 100.

 

AMS ACCOUNTANTS GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
Key Success Measures

The quality of the Group Turnover and Gross Contribution has been maintained based on low client churn on recurring and reoccurring fees (resulting from a high client satisfaction index) and the addition of higher-margin advisory services to the suite of services offered by the Group. This strong performance is underpinned by the clear investment thesis and the underlying operational model which monitors the Group’s value proposition against a number of key performance indicators (KPI’s), including:

The business constantly monitors its performance on KPIs against its peers in the accounting and advisory market as well as setting market-leading targets. The Group consistently scores in the top quartile.

AMS ACCOUNTANTS GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
Future Developments and Growth

Following on from the platform built in the year ended 30th December 2023, the Group has grown substantially in 2024. This has been achieved through market-leading organic growth, and an acceleration of the acquisitions (as the Group had the managerial bandwidth from the senior hires in 2023). The Group has also been able to build additional service lines, in line with the demands of the Group’s clients.

Most notably, the Group has completed the following acquisitions and established new Revenue streams within the year ended 30 December 2024:

In addition to the above, there is a strong pipeline of further acquisitions, three of which have signed heads of terms, expected to complete in Q2 FY25.

Up to 30 December 2023, the growth of the Group has been funded through working capital and by the shareholders. However, the significant acquisitions throughout the period post 30 December 2023 have been mostly funded through external borrowing by obtaining an acquisition facility from OakNorth Bank plc on 5th July 2024. This Debt facility also included an RCF, to support the Group’s organic growth, especially for lateral hires and acquir-hires.

To provide the appropriate platform to fuel the growth, the Group has continued to invest heavily in the central services function, through strategic senior hires and infrastructure improvements. This includes further investment in the Group’s business development team, as well as the recruitment of several growth partners into the business.

Furthermore, the Group Manchester HQ relocated to a new dedicated flagship building in the heart of Spinningfields (1 Hardman Street). The lease was signed on 5th July 2024, and will be the main hub for the North. Additional city centre offices were opened in Leeds, Birmingham and London acting as hubs for their respective regions.

David Clegg was appointed as Chief Revenue Officer to focus on organic growth and client relations. Ebrahim Sidat was appointed as Chief Operating Officer for the business. There were several advisory board members appointed in the year, and for governance, a Remuneration Committee as well as a Risk Committee was established within the year.

AMS ACCOUNTANTS GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 4 -

Approved by the Board of Directors and is signed on their behalf by D Clegg:

Mr D L Clegg
Director
15 April 2025
AMS ACCOUNTANTS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 5 -

The directors present their annual report and financial statements for the year ended 30 December 2023.

Principal activities

The principal activity of the company continued to be that of a ultimate holding company.

 

The principal activity of the group is that of an accountancy practice.

 

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £180,000 to the shareholders of the group. 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:

Mr D L Clegg
Mr E A Sidat
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, Xeinadin Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

AMS ACCOUNTANTS GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report, Strategic Report, Directors Report and the Group 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.

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 in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

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

On behalf of the board
Mr D L Clegg
Mr E A Sidat
Director
Director
15 April 2025
AMS ACCOUNTANTS GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMS ACCOUNTANTS GROUP LTD
- 7 -
Opinion

We have audited the financial statements of AMS Accountants Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 December 2023 which comprise the group profit and loss account, 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.

Opinions on other matters prescribed by the Companies Act 2006

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

AMS ACCOUNTANTS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMS ACCOUNTANTS GROUP LTD
- 8 -
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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

AMS ACCOUNTANTS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMS ACCOUNTANTS GROUP LTD
- 9 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income and the recoverability of other debtors made up of related party balances. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

AMS ACCOUNTANTS GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMS ACCOUNTANTS GROUP LTD
- 10 -

Audit response to risks identified

 

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

 

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Garrett BA FCA ATII (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
15 April 2025
100 Barbirolli Square
Manchester
M2 3BD
AMS ACCOUNTANTS GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 11 -
2023
2022
as restated
Notes
£
£
Turnover
3
9,375,177
6,873,981
Cost of sales
(3,865,453)
(3,546,252)
Gross profit
5,509,724
3,327,729
Administrative expenses
(4,546,474)
(2,311,911)
Other operating income
674,547
398,314
Exceptional item
4
(548,681)
(254,893)
Operating profit
5
1,089,116
1,159,239
Interest receivable and similar income
8
532,404
564,633
Interest payable and similar expenses
9
(118,425)
(119,366)
Gain on disposal of associated undertakings
10
-
250,000
Profit before taxation
1,503,095
1,854,506
Tax on profit
11
(375,972)
(269,401)
Profit for the financial year
28
1,127,123
1,585,105
Profit for the financial year is attributable to:
- Owners of the parent company
727,142
1,329,356
- Non-controlling interests
399,981
255,749
1,127,123
1,585,105
AMS ACCOUNTANTS GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2023
- 12 -
2023
2022
as restated
£
£
Profit for the year
1,127,123
1,585,105
Other comprehensive income
Other comprehensive income of associates accounted for using the equity method
-
0
(183,073)
Total comprehensive income for the year
1,127,123
1,402,032
Total comprehensive income for the year is attributable to:
- Owners of the parent company
727,142
1,146,283
- Non-controlling interests
399,981
255,749
1,127,123
1,402,032
AMS ACCOUNTANTS GROUP LTD
GROUP BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 13 -
30 December 2023
31 December 2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
14
3,249,134
3,741,179
Negative goodwill
14
(47,377)
-
0
Net goodwill
3,201,757
3,741,179
Other intangible assets
14
127,500
60,000
Total intangible assets
3,329,257
3,801,179
Tangible assets
15
646,636
313,229
Investments
16
1,091,505
1,081,525
5,067,398
5,195,933
Current assets
Debtors
20
4,155,523
2,800,864
Cash at bank and in hand
272,254
988,526
4,427,777
3,789,390
Creditors: amounts falling due within one year
21
(3,793,796)
(3,021,772)
Net current assets
633,981
767,618
Total assets less current liabilities
5,701,379
5,963,551
Creditors: amounts falling due after more than one year
22
(2,395,033)
(3,392,212)
Provisions for liabilities
Deferred tax liability
25
184,165
76,050
(184,165)
(76,050)
Net assets
3,122,181
2,495,289
Capital and reserves
Called up share capital
27
10,202
10,202
Profit and loss reserves
28
3,336,621
2,789,479
Equity attributable to owners of the parent company
3,346,823
2,799,681
Non-controlling interests
(224,642)
(304,392)
Total equity
3,122,181
2,495,289
AMS ACCOUNTANTS GROUP LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2023
30 December 2023
- 14 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 15 April 2025 and are signed on its behalf by:
15 April 2025
Mr D L Clegg
Mr E A Sidat
Director
Director
Company registration number 11977633 (England and Wales)
AMS ACCOUNTANTS GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2023
30 December 2023
- 15 -
30 December 2023
31 December 2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
16
6,528,232
6,528,232
Current assets
Debtors
20
1,867,495
849,899
Cash at bank and in hand
16,264
20,178
1,883,759
870,077
Creditors: amounts falling due within one year
21
(1,007,301)
(572,432)
Net current assets
876,458
297,645
Total assets less current liabilities
7,404,690
6,825,877
Creditors: amounts falling due after more than one year
22
(2,180,000)
(3,060,000)
Net assets
5,224,690
3,765,877
Capital and reserves
Called up share capital
27
10,202
10,202
Profit and loss reserves
28
5,214,488
3,755,675
Total equity
5,224,690
3,765,877

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 £1,638,813 (2022 - £1,055,205 profit).

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 15 April 2025 and are signed on its behalf by:
15 April 2025
Mr D L Clegg
Mr E A Sidat
Director
Director
Company registration number 11977633 (England and Wales)
AMS ACCOUNTANTS GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2023
- 16 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
10,202
1,823,196
1,833,398
(319,178)
1,514,220
Year ended 31 December 2022:
Profit for the year
-
1,329,356
1,329,356
255,749
1,585,105
Other comprehensive income:
Other comprehensive income of associates and jointly controlled entities
-
(183,073)
(183,073)
-
(183,073)
Total comprehensive income
-
1,146,283
1,146,283
255,749
1,402,032
Dividends
12
-
(180,000)
(180,000)
(240,963)
(420,963)
Balance at 31 December 2022
10,202
2,789,479
2,799,681
(304,392)
2,495,289
Year ended 30 December 2023:
Profit and total comprehensive income
-
727,142
727,142
399,981
1,127,123
Dividends
12
-
(180,000)
(180,000)
(320,231)
(500,231)
Balance at 30 December 2023
10,202
3,336,621
3,346,823
(224,642)
3,122,181
AMS ACCOUNTANTS GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2023
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
10,202
2,880,470
2,890,672
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,055,205
1,055,205
Dividends
12
-
(180,000)
(180,000)
Balance at 31 December 2022
10,202
3,755,675
3,765,877
Year ended 30 December 2023:
Profit and total comprehensive income
-
1,638,813
1,638,813
Dividends
12
-
(180,000)
(180,000)
Balance at 30 December 2023
10,202
5,214,488
5,224,690
AMS ACCOUNTANTS GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 18 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
833,839
1,472,669
Interest paid
(118,425)
(119,366)
Income taxes paid
(323,362)
(531,254)
Net cash inflow from operating activities
392,052
822,049
Investing activities
Purchase of intangible assets
(35,592)
(359,446)
Purchase of tangible fixed assets
(427,748)
(159,468)
Proceeds from disposal of tangible fixed assets
5,000
-
Purchase of associates
-
(100,000)
Proceeds from disposal of associates
-
250,000
Interest received
1,424
475
Other income received from investments
530,980
564,158
Net cash generated from investing activities
74,064
195,719
Financing activities
Repayment of borrowings
(832,500)
(550,000)
Repayment of bank loans
(30,089)
(43,106)
Dividends paid to equity shareholders
(180,000)
(180,000)
Dividends paid to non-controlling interests
(320,231)
(240,963)
Net cash used in financing activities
(1,362,820)
(1,014,069)
Net (decrease)/increase in cash and cash equivalents
(896,704)
3,699
Cash and cash equivalents at beginning of year
988,526
984,827
Cash and cash equivalents at end of year
91,822
988,526
Relating to:
Cash at bank and in hand
272,254
988,526
Bank overdrafts included in creditors payable within one year
(180,432)
-
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

AMS Accountants Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 9 Portland Street, Floor 2, Manchester.

 

The group consists of AMS Accountants Group Ltd 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.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company AMS Accountants Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities other than subsidiary undertakings, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in associates are carried in the group balance sheet at cost less any impairment in value. The carrying values of investments in associates include acquired goodwill.

 

If the group’s share of losses in a associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
33% straight line
1.9
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 improvements
20% reducing balance
Fixtures and fittings
20%, 25% and 33% reducing balance
Computers
25% reducing balance
Motor vehicles
20% reducing balance

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.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
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.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
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.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.19

Subsidiary undertakings exempt from audit

Under Section 479a of the Companies Act 2006 available to subsidiary undertakings, the company provides a guarantee in respect of the below subsidiary undertakings claiming exemption from audit.

 

AMS Accountants (Mcr) Ltd (CRN: 09021051)

AMS Accountants Medical Ltd (CRN: 07662746)

AMS Accountants Central Limited (CRN: 09081291)

Signature Tax Innovations Limited (CRN: 10600176)

Clear Blue Water Limited (CRN: 08798971)

Signature Tax Investigations Limited (CRN:13437585)

The Independent Tax and Forensic Services LLP (CRN: OC381244)

AMS Accountants CF Midco Ltd (CRN: 14385439)

AMS Accountants CF Topco Ltd (CRN: 14404358)

Signature Corporate Finance Limited (CRN: 11898889)

AMS Accountants Midco Ltd (CRN: 13767244)

AMS Insolvency Midco Ltd (CRN: 14417941)

Path Business Recovery Ltd (CRN: 10149403)

1.20

Negative goodwill

Negative goodwill represents the excess of the cost of acquisition of a business under the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, negative goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 27 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible fixed assets

The useful economic life of intangible fixed assets has to be estimated by the directors to ensure an appropriate amortisation charge is recognised in the year. The value of assets ultimately depends on whether economic benefit can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.

Tangible fixed assets

The useful economic life of tangible fixed assets has to be estimated by the directors to ensure an appropriate depreciation charge is recognised in the year. The value of assets ultimately depends on the condition of the asset and whether economic benefit can be derived from the asset. The directors undertake a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.

3
Turnover and other revenue

For the year ended 30 December 2023, the Group's revenue is disaggregated by class as follows:

2023
2022
£
£
Turnover analysed by class of business
Tax
5,331,139
4,354,753
Accounting
2,672,659
2,195,478
Advisory
1,371,379
323,750
9,375,177
6,873,981
2023
2022
£
£
Other revenue
Interest income
1,424
475
Management charges
674,547
398,314
4
Exceptional item
2023
2022
£
£
Expenditure
Staff recruitment costs
384,158
240,050
Charitable donations
68,352
14,843
Leasehold improvements
96,171
-
548,681
254,893
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 28 -
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(42,398)
2,105
Fees payable to the group's auditor for the audit of the group's financial statements
25,000
25,000
Depreciation of owned tangible fixed assets
99,697
100,386
Amortisation of intangible assets
490,830
469,587
Impairment of intangible assets
16,684
-
0
Operating lease charges
345,217
138,386
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
2
2
2
2
Fee earners and administration
72
69
-
-
Total
74
71
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,350,670
2,357,073
-
0
-
0
Social security costs
338,717
201,796
-
-
Pension costs
72,988
45,145
-
0
-
0
3,762,375
2,604,014
-
0
-
0
7
Directors' remuneration

The directors did not receive remuneration in the form of salary during the current or previous period.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 29 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,424
472
Other interest income
-
3
Total interest revenue
1,424
475
Income from fixed asset investments
Income from participating interests - associates
530,980
564,158
Total income
532,404
564,633
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,424
472
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,219
10,665
Other interest on financial liabilities
106,048
103,950
113,267
114,615
Other finance costs:
Interest on finance leases and hire purchase contracts
86
-
Other interest
5,072
4,751
Total finance costs
118,425
119,366
10
Gain on disposal of associated undertakings
2023
2022
£
£
Gain on disposal of associated undertakings
-
250,000
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
271,345
241,762
Adjustments in respect of prior periods
-
0
(929)
Total current tax
271,345
240,833
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
11
Taxation
2023
2022
£
£
(Continued)
- 30 -
Deferred tax
Origination and reversal of timing differences
104,627
28,568
Total tax charge
375,972
269,401

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:

2023
2022
£
£
Profit before taxation
1,503,095
1,854,506
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
375,774
352,356
Tax effect of expenses that are not deductible in determining taxable profit
18,357
196
Tax effect of income not taxable in determining taxable profit
-
0
(86,441)
Tax effect of utilisation of tax losses not previously recognised
-
0
(24,250)
Unutilised tax losses carried forward
-
0
66,406
Effect of change in corporation tax rate
(20,642)
-
Permanent capital allowances in excess of depreciation
(53,795)
(16,461)
Under/(over) provided in prior years
-
0
(929)
Deferred tax adjustments in respect of prior years
104,627
28,568
Tax at marginal rate
(1,710)
-
0
Amortisation of goodwill on consolidation
126,879
89,222
Share of profits of associates
(132,745)
(107,190)
Adjustment on consolidation
18,283
(292)
Minority interest in LLP
(59,056)
(31,784)
Taxation charge
375,972
269,401
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
180,000
180,000
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 31 -
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Goodwill
14
16,684
-
Recognised in:
Administrative expenses
16,684
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

14
Intangible fixed assets
Group
Goodwill
Negative goodwill
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
4,920,451
-
0
60,000
4,980,451
Additions - separately acquired
16,684
-
0
67,500
84,184
Additions - business combinations
-
0
(48,592)
-
0
(48,592)
At 30 December 2023
4,937,135
(48,592)
127,500
5,016,043
Amortisation and impairment
At 1 January 2023
1,179,272
-
0
-
0
1,179,272
Amortisation charged for the year
492,045
(1,215)
-
0
490,830
Impairment losses
16,684
-
0
-
0
16,684
At 30 December 2023
1,688,001
(1,215)
-
0
1,686,786
Carrying amount
At 30 December 2023
3,249,134
(47,377)
127,500
3,329,257
At 31 December 2022
3,741,179
-
0
60,000
3,801,179
The company had no intangible fixed assets at 30 December 2023 or 31 December 2022.
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 32 -
15
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
524,255
-
0
-
0
524,255
Additions
103,170
34,349
199,585
101,000
438,104
Disposals
-
0
(5,000)
-
0
-
0
(5,000)
At 30 December 2023
103,170
553,604
199,585
101,000
957,359
Depreciation and impairment
At 1 January 2023
-
0
211,026
-
0
-
0
211,026
Depreciation charged in the year
-
0
20,695
60,485
18,517
99,697
At 30 December 2023
-
0
231,721
60,485
18,517
310,723
Carrying amount
At 30 December 2023
103,170
321,883
139,100
82,483
646,636
At 31 December 2022
-
0
313,229
-
0
-
0
313,229
The company had no tangible fixed assets at 30 December 2023 or 31 December 2022.
16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
5,258,732
5,258,732
Investments in associates
18
1,091,505
1,081,525
1,269,500
1,269,500
1,091,505
1,081,525
6,528,232
6,528,232
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2023
1,081,525
Additions
9,980
At 30 December 2023
1,091,505
Carrying amount
At 30 December 2023
1,091,505
At 31 December 2022
1,081,525
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
16
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2023 and 30 December 2023
6,528,232
Carrying amount
At 30 December 2023
6,528,232
At 31 December 2022
6,528,232
17
Subsidiaries

Details of the company's subsidiaries at 30 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
AMS Accountants (Mcr) Limited
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
AMS Accountants Medical Limited
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
0
85.00
Signature Tax Innovations Limited
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Ordinary
100.00
-
Clear Blue Water Limited
Floor 2, 9 Portland Street, Manchester, M1 3BE
Oridnary
0
100.00
AMS Accountants Central Limited
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Ordinary
0
100.00
Signature Tax AS
Regus Centre, Filipstad, Brygge 1 0252 Oslo, Norway
Ordinary
0
100.00
AMS Accountants Nominees Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
Signature Tax Investigations Limited
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
The Independent Tax and Forensic Services LLP
Suite 9, Derwent View, Brackenholme, Selby, YO8 6EL
Profit and capital
0
75.00
AMS Accountants Midco Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
AMS Accountants CF Midco Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
AMS Accountants CF Topco Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
0
67.00
AMS Insolvency Midco Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
AMS Corporate Finance Limited
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Ordinary
0
67.00
Path Business Recovery Limited
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
0
67.00
AMS Midco 1 Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
AMS VAT Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
100.00
-
AMS Debt Advisory Limited
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Ordinary
0
100.00
Signature Wealth Consulting Midco Ltd
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Oridnary
100.00
-
Signature Wealth tradeco Ltd
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Oridnary
0
100.00

The investments in subsidiaries are all stated at cost.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
17
Subsidiaries
(Continued)
- 34 -

On 13th September 2023, the Group acquired 67% of the issued share capital of Path Business Recovery Limited, a company specialising in insolvency and business recovery services. Path Business Recovery Limited helps businesses and individuals navigate financial difficulties through solutions such as voluntary liquidation, administration, and bankruptcy. The consideration for the acquisition was £60, with additional acquisition costs amounting to £10,000.

 

The fair value of the identifiable assets and liabilities of Path Business Recovery Limited at the acquisition date were as follows:

 

- Total Assets: £197,452

- Total Liabilities: £138,800

 

The acquisition resulted in negative goodwill of £48,592.

 

18
Associates

Details of associates at 30 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
AMS Accountants Corporate Ltd
Floor 2, 9 Portland Street, Manchester, M1 3BE
Ordinary
10
Signature Tax Limited
1 Hardman Street, Spinningfields, Manchester, M3 3HF
Ordinary
25
MSA Law Limited
The Chambers, 13 Police Street, Manchester, M2 7LQ
Ordinary
50

Investments in associates accounted for in accordance with the equity method, the group's share of the profit or loss is seperately disclosed.

19
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,881,085
2,768,517
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,989,221
5,113,329
n/a
n/a
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 35 -
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,851,448
2,337,155
-
0
-
0
Amounts owed by group undertakings
-
-
1,503,760
599,899
Amounts owed by undertakings in which the company has a participating interest
100,000
110,376
-
-
Other debtors
503,768
320,986
363,735
250,000
Prepayments and accrued income
700,307
32,347
-
0
-
0
4,155,523
2,800,864
1,867,495
849,899
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
23
286,399
45,000
-
0
-
0
Obligations under finance leases
24
5,135
-
0
-
0
-
0
Other borrowings
23
550,000
302,500
550,000
302,500
Trade creditors
595,961
384,367
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
122,950
201
Corporation tax payable
320,738
376,243
-
0
-
0
Other taxation and social security
878,870
924,412
-
-
Other creditors
896,680
804,681
334,351
269,731
Accruals and deferred income
260,013
184,569
-
0
-
0
3,793,796
3,021,772
1,007,301
572,432
22
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
23
45,557
136,613
-
0
-
0
Obligations under finance leases
24
5,221
-
0
-
0
-
0
Other borrowings
23
1,180,000
2,260,000
1,180,000
2,260,000
Other creditors
1,164,255
995,599
1,000,000
800,000
2,395,033
3,392,212
2,180,000
3,060,000
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 36 -
23
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
151,524
181,613
-
0
-
0
Bank overdrafts
180,432
-
0
-
0
-
0
Other loans
1,730,000
2,562,500
1,730,000
2,562,500
2,061,956
2,744,113
1,730,000
2,562,500
Payable within one year
836,399
347,500
550,000
302,500
Payable after one year
1,225,557
2,396,613
1,180,000
2,260,000

Bank overdrafts and CBILS loan are secured by a fixed and floating charge over assets.

 

Other loans are secured by a fixed and floating charge over group assets.

Bounce back bank loans are unsecured, capital repayment with a fixed interest rate of 2.5% per annum repayable by May 2026.

 

CBILS bank loan is capital repayment with a floating interest rate of 3.19% over Bank of England Base rate. The loan is repayable by December 2026.

 

Other loans are capital repayment with a fixed interest rate of 3% per annum repayable by April 2030.

 

24
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
5,135
-
0
-
0
-
0
In two to five years
5,221
-
0
-
0
-
0
10,356
-
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 37 -
25
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
184,165
76,050
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
76,050
-
Charge to profit or loss
108,115
-
Liability at 30 December 2023
184,165
-
26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,988
45,145

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.

27
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,202
10,202
10,202
10,202
28
Reserves
Profit and loss reserves

Retained earnings represent accumulated comprehensive income for the current year and prior years less dividends paid.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 38 -
29
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
2023
2022
2023
2022
£
£
£
£
Within one year
366,643
469,272
-
-
Between two and five years
236,625
461,336
-
-
603,268
930,608
-
-
30
Events after the reporting date

Following the reporting date, the Group has completed several acquisitions to enhance its strategic position and operational capabilities:

 

- Elect Capital Allowances Limited was acquired on 26th March 2024

- Cranedale Tax Limited was acquired on 14th October 2024

- Chadwick & Company (Manchester) Limited was acquired by AMS Accountants Corporate Limited (associate) on 5th July 2024

- Trade and assets of Harrison Salmon Associated Limited was acquired by AMS Accountants Corporate Limited (associate) on 28th January 2025

 

These acquisitions are expected to contribute positively to Group's growth and expansion strategy.

 

On 5th July 2024, the Group successfully refinanced its existing debt facilities. The new arrangement includes a Revolving Credit Facility (RCF), which is designed to support the Group's organic growth. This refinancing is expected to improve Group's liquidity and financial stability.

The refinancing arrangement was completed after the balance sheet date and therefore has not been reflected in the financial statements as at 30 December 2023. However, the directors believe that this event will have a positive impact on the Group's future financial performance and position.

31
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
715,792
369,858
Transactions with related parties

During the year the group entered into the following transactions with related parties:

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
31
Related party transactions
(Continued)
- 39 -
Services provided
Services purchased
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
647,790
398,314
326,391
403,527

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
253,753
110,376

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
528,148
289,511
Other information

The group has taken advantage of the exemptions under FRS 102 for related party transactions from disclosing transactions with other members of the group included within the consolidated financial statements.

32
Directors' transactions

Dividends totalling £180,000 (2022 - £180,000) were paid in the year in respect of shares held by the company's directors.

At the year end, a balance of £1,322,783 (2022: £1,067,699) was due to the directors.

 

The above balance is interest free with £322,783 repayable on demand. £1,000,000 (2022: £800,000) of the above balance is repayable after one year.

33
Controlling party

The directors are the ultimate controlling parties by virtue of their equal ownership of the entire issued share capital of the company.

AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 40 -
34
Cash generated from group operations
2023
2022
£
£
Profit after taxation
1,127,123
1,585,105
Adjustments for:
Taxation charged
375,972
269,401
Finance costs
118,425
119,366
Investment income
(532,404)
(564,633)
Non- cash income from associated undertakings
(9,980)
(136,652)
Amortisation and impairment of intangible assets
507,514
469,587
Depreciation and impairment of tangible fixed assets
99,697
100,386
Gain on sale of investments
-
(249,950)
Other gains and losses
-
(50)
Movements in working capital:
(Increase)/decrease in debtors
(1,354,659)
167,915
Increase/(decrease) in creditors
502,151
(287,806)
Cash generated from operations
833,839
1,472,669
35
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
30 December 2023
£
£
£
£
Cash at bank and in hand
988,526
(716,272)
-
272,254
Bank overdrafts
-
0
(180,432)
-
(180,432)
988,526
(896,704)
-
91,822
Borrowings excluding overdrafts
(2,744,113)
862,589
-
(1,881,524)
Obligations under finance leases
-
-
(10,356)
(10,356)
(1,755,587)
(34,115)
(10,356)
(1,800,058)
36
Prior period adjustment
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
36
Prior period adjustment
(Continued)
- 41 -
Reconciliation of changes in equity - group
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Accrued income
-
(375,632)
Corporation tax charge for year
-
71,370
Share of profits of associated undertakings
-
(145,850)
Total adjustments
-
(450,112)
Equity as previously reported
1,514,220
2,945,401
Equity as adjusted
1,514,220
2,495,289
Analysis of the effect upon equity
Profit and loss reserves
-
(450,112)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Accrued income
(375,632)
Corporation tax charge for year
71,370
Share of profits of associated undertakings
(145,850)
Total adjustments
(450,112)
Profit as previously reported
2,035,217
Profit as adjusted
1,585,105
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
1,055,205
Profit as adjusted
1,055,205
AMS ACCOUNTANTS GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
36
Prior period adjustment
(Continued)
- 42 -
Notes to reconciliation
Accrued income adjustment

The financial statements for the year ended 31 December 2022 included accrued income that was identified post submission of the financial statements to be irrecoverable.

 

As a result, the comparative for accrued income asset has decreased by £375,632 and associated corporation tax liability has decreased by £71,370 at 31 December 2022.

 

The impact of this prior year adjustment decreased reserves by £304,262.

Share of profits of associates adjustment

The financial statements of an associated undertaking for the year ended 31 December 2022 included income that was identified post submission of the financial statements to be irrecoverable.

 

As a result, the comparative for share of profits from associated undertakings has decreased by £145,850 at 31 December 2022.

 

The impact of this prior year adjustment decreased reserves by £145,850.

Re- profiling of classification of expenditure

Administrative expenditure incurred in prior years has been re- profiled as cost of sales. There has not been a change in profit or equity as a result of these changes.

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