ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 05199107

PEOPLE ASSET MANAGEMENT LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

PEOPLE ASSET MANAGEMENT LTD

COMPANY INFORMATION

Directors	A Bones
	N O'Shea
	C Rigg (Appointed 23 September 2024)


Registered number	05199107


Registered office	9 Lakeside Drive (Also known as 820 Mandarin Court)
	Centre Park
	Warrington
	Cheshire
	WA1 1GG


Independent auditors	WR Partners
	Chartered Accountants & Statutory Auditors
	Drake House
	Gadrook Park
	Northwich
	Cheshire
	CW9 7RA

PEOPLE ASSET MANAGEMENT LTD

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 5
Independent auditors' report	6 - 9
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Notes to the financial statements	13 - 27

PEOPLE ASSET MANAGEMENT LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

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

Business review

The Directors are pleased overall with performance of the Company in the year. Turnover has increased by £3.6m to £33.7m, with gross profit margin increasing by £1m to £14.1m.
The company has continued to invest in digital technology to enhance its ability to deliver the service our customers expect.
Another 2023 acquisition, Connect Physio services was fully integrated and we have seen expansion of EBITDA and margins in our Physiotherapy and Ergonomic business.
The Group continues to invest in our Academy and created a new Academy training facility. The Board continues to be focused on hiring and training the best professionals to offer the best services to our customers.
The Directors consider the Company to be in a strong position for future years and remain focused on serving our customers, supporting workers health and transitioning sick employees back to work

Principal risks and uncertainties

The Company is exposed to risk by the current economic conditions in the United Kingdom and globally in a number of ways. Our colleagues are our most important resource, and the Company continues to invest in benefits and packages that enable the Company to remain an attractive employer during a period where the cost of living has increased. The Company has reviewed it’s pricing to ensure that we can continue to operate successfully whilst remaining an attractive employer in a market where the pool of qualified employees remains a limiting factor to the scope and scale of services offered to our customers.
The Company considers that it has limited financial risk as the Company trades in the UK and has no currency exposure.

Financial key performance indicators

The Company’s financial KPI’s continue to be turnover, gross profit and margin and EBITDA, which remain the major areas in shaping the future success of the business.

Other key performance indicators

Non financial KPI’s are numerous but as in previous years they continue to focus on utilisation of both Colleague and Associate Networks, Health & Safety, Compliance and customer delivery metrics.

Directors' statement of compliance with duty to promote the success of the Company

Details of the compliance with the duty to promote the success of the Company and group are detailed in the
consolidated financial statements of its parent company PAM Healthcare Limited.

Page 1

PEOPLE ASSET MANAGEMENT LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 25 September 2025 and signed on its behalf.

A Bones

Director

Page 2

PEOPLE ASSET MANAGEMENT LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to 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.

Principal activity

The principal activity of the company continued to be that occupational health services and wellbeing for the workplace.

Results and dividends

The profit for the year, after taxation, amounted to £312,076 (2023 - £2,332,785).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

A Bones

J Murphy (resigned 8 January 2025)

N O'Shea

C Rigg (appointed 23 September 2024)

Page 3

PEOPLE ASSET MANAGEMENT LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

Our colleagues are our most important resource, and the company continues to invest in benefits and packages that enable the company to remain an attractive employer during a period where the cost of living has increased. The company has reviewed its pricing to ensure that we can continue to operate successfully whilst remaining an attractive employer in a market where the pool of qualified employees remains a limiting factor to the scope and scale of services offered to our customers.

Engagement with employees

Retention and recruitment of colleagues is fundamental to the success of the Company and delivery of the Company’s operating model. The pool of qualified employees is a limiting factor to the scope and scale of the services the Company offers. The Company has invested in colleague benefits and packages to remain an attractive employer, and continues to do so.
The Company engages actively with all colleagues through routine performance appraisal, which enables conversation around career development and opportunities, whilst ensuring that the Company maintains an excellent quality of service to our customers.

Engagement with suppliers, customers and others

The Directors aim to continuously deliver a high-quality service to clients. Acknowledging that the Group operates in a competitive sector, we provide a high level of service whilst striving to deliver value for money through the provision of sector-based insight that enables our customers to benchmark, and through diversification of our services.

The Group’s suppliers contribute to the success of the Group, and the Directors’ recognise the importance of building and maintaining robust, long-term relationships to ensure the best experience for our customers.

Disabled employees

As a leading healthcare services provider, there are many ways that we work with people with disabilities who for whatever reason can feel excluded. As part of our inclusion plan within our Do the Right Thing programme, the Group aims to promote to our colleagues, our clients, our suppliers and in our communities on how we can support all people in an inclusive manner.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Energy and carbon reporting

Reporting under the Streamlined Energy and Carbon Reporting framework is included with the consolidated financial statements of PAM Healthcare Limited.

Page 4

PEOPLE ASSET MANAGEMENT LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 September 2025 and signed on its behalf.

A Bones

Director

Page 5

PEOPLE ASSET MANAGEMENT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE ASSET MANAGEMENT LTD

Opinion

We have audited the financial statements of People Asset Management LTD (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of 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:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Page 6

PEOPLE ASSET MANAGEMENT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE ASSET MANAGEMENT LTD (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

Page 7

PEOPLE ASSET MANAGEMENT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE ASSET MANAGEMENT LTD (CONTINUED)

Auditors' 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 Auditors' 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.

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 audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations and UK General Data Protection Regulation. We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures.
The audit team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, consideration of management bias in relation to key estimates, and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recorded in the year and either side of the year end to determine whether revenue had been recorded correctly and in the correct period, as well as analytical review procedures, and procedures to obtain reasonable assurance that revenue was free from material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 8

PEOPLE ASSET MANAGEMENT LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE ASSET MANAGEMENT LTD (CONTINUED)

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 Auditors' 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.

Chris Speakman FCCA (Senior statutory auditor)

for and on behalf of

WR Partners

Chartered Accountants

Statutory Auditors

Drake House

Gadrook Park

Northwich

Cheshire

CW9 7RA

26 September 2025

Page 9

PEOPLE ASSET MANAGEMENT LTD

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	33,663,059	30,070,450
Cost of sales		(19,523,669)	(16,994,403)
Gross profit		14,139,390	13,076,047
Administrative expenses		(13,041,139)	(10,373,764)
Exceptional administrative expenses	6	(471,011)	(117,848)
Other operating income	5	-	44,924
Operating profit	7	627,240	2,629,359
Interest payable and similar expenses	11	(264,479)	(193,812)
Profit before tax		362,761	2,435,547
Tax on profit	12	(50,685)	(102,762)
Profit for the financial year		312,076	2,332,785

Other comprehensive income for the year
Total comprehensive income for the year		312,076	2,332,785

The notes on pages 13 to 27 form part of these financial statements.

Page 10

PEOPLE ASSET MANAGEMENT LTD

REGISTERED NUMBER: 05199107

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		1,384,077		1,623,356
Tangible assets	14		829,846		840,018
Investments	15		179,771		179,771
			2,393,694		2,643,145
Current assets
Stocks	16	70,446		80,116
Debtors: amounts falling due within one year	17	30,211,925		26,961,716
Cash at bank and in hand	18	5,402		114,158
		30,287,773		27,155,990
Creditors: amounts falling due within one year	19	(19,410,329)		(16,822,800)
Net current assets			10,877,444		10,333,190
Total assets less current liabilities			13,271,138		12,976,335
Provisions for liabilities
Deferred tax	20	(81,329)		(98,602)
			(81,329)		(98,602)
Net assets			13,189,809		12,877,733

Capital and reserves
Called up share capital	21	2	2
Profit and loss account		13,189,807	12,877,731
		13,189,809	12,877,733

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.

A Bones

Director

The notes on pages 13 to 27 form part of these financial statements.

Page 11

PEOPLE ASSET MANAGEMENT LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	2	10,544,946	10,544,948
Comprehensive income for the year
Profit for the year	-	2,332,785	2,332,785

At 1 January 2024	2	12,877,731	12,877,733
Comprehensive income for the year
Profit for the year	-	312,076	312,076
At 31 December 2024	2	13,189,807	13,189,809

The notes on pages 13 to 27 form part of these financial statements.

Page 12

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

People Asset Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9 Lakeside Drive (Also Known As 820 Mandarin Court), Centre Park, Warrington, England, WA1 1GG.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of PAM Healthcare Limited as at 31 December 2024 and these financial statements may be obtained from 9 Lakeside Drive (Also Known As 820 Mandarin Court), Centre Park, Warrington, England, WA1 1GG..

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

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.

Page 13

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue 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. Revenue 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:

Rendering of services

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:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.8

Finance costs

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

Page 14

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

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

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

The estimated useful lives range as follows:

				App development	-	7	years
				Goodwill	-	10	years

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements	-	20%	straight line
Plant and machinery	-	20%	straight line
Motor vehicles	-	25%	straight line
Fixtures and fittings	-	20%	reducing balance
Office equipment	-	33%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies 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.
Critical judgments and estimates
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
Useful life of intangible fixed assets
Management exercises judgement in estimating the useful life of the development costs of its software is 7 years. The net book value of intangible fixed assets at the year end totalled £928,881 (2023: £1,136,086).
Recoverability of trade debtors
Management exercises judgement in providing for impairment provision on trade debtors. The value of trade debtors at the year end totalled £5,027,505 (2023: £5,903,251).

4.	Turnover
		2024	2023
		£	£

Occupational healthcare	33,663,059	30,070,450
	33,663,059	30,070,450

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	33,663,059	30,070,450
	33,663,059	30,070,450

Page 18

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Other operating income
		2024	2023
		£	£

RDEC Fee Claimed	-	44,924
	-	44,924

6.	Exceptional items
		2024	2023
		£	£

	Restructure and redundancy costs	471,011	117,848
		471,011	117,848

Other operating lease rentals	594,154	294,358
Depreciation of owned tangible assets	304,223	276,187
Amortisation of intangible assets	308,085	251,101

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

16,760

15,995

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 19

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	17,612,728	14,632,480
Social security costs	1,788,548	1,465,087
Cost of defined contribution scheme	1,427,043	1,107,318
	20,828,319	17,204,885

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	529	478

10.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	125,297	108,895
Company contributions to defined contribution pension schemes	15,505	13,368
	140,802	122,263

During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	31,841	19,395
Interest on invoice finance arrangements	232,638	174,417
	264,479	193,812

Page 20

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Adjustments in respect of previous periods	67,958	139,176
	67,958	139,176

Total current tax	67,958	139,176

Deferred tax
Origination and reversal of timing differences	(17,273)	(36,414)
Total deferred tax	(17,273)	(36,414)


	Taxation on profit on ordinary activities	50,685	102,762

Profit on ordinary activities before tax

362,761

2,435,547

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	90,690	608,888
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	174	-
Capital allowances for year in excess of depreciation	4,072	(3,923)
Adjustments to tax charge in respect of prior periods	67,958	139,176
Other timing differences leading to an increase (decrease) in taxation	-	(23,036)
Other tax charge (relief) on exceptional items	72,399	(24,607)
Group relief	(184,608)	(593,736)
Total tax charge for the year	50,685	102,762

Page 21

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Intangible assets

	App development	Goodwill	Total
	£	£	£
Cost
At 1 January 2024	3,062,995	539,750	3,602,745
Additions	48,400	20,406	68,806
At 31 December 2024	3,111,395	560,156	3,671,551
Amortisation
At 1 January 2024	1,926,909	52,480	1,979,389
Charge for the year on owned assets	255,605	52,480	308,085
At 31 December 2024	2,182,514	104,960	2,287,474
Net book value
At 31 December 2024	928,881	455,196	1,384,077
At 31 December 2023	1,136,086	487,270	1,623,356

Page 22

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets

	Leasehold property improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	343,001	151,506	321,627	664,182	1,856,185	3,336,501
Additions	99,168	-	-	168,733	143,666	411,567
Disposals	-	(149,677)	(56,220)	(446,792)	(959,303)	(1,611,992)
At 31 December 2024	442,169	1,829	265,407	386,123	1,040,548	2,136,076
Depreciation
At 1 January 2024	331,167	150,477	256,993	421,491	1,336,355	2,496,483
Charge for the year on owned assets	18,800	366	16,221	68,123	200,706	304,216
Disposals	-	(149,440)	(56,220)	(378,664)	(910,145)	(1,494,469)
At 31 December 2024	349,967	1,403	216,994	110,950	626,916	1,306,230
Net book value
At 31 December 2024	92,202	426	48,413	275,173	413,632	829,846
At 31 December 2023	11,834	1,029	64,634	242,691	519,830	840,018

15.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	179,771
	At 31 December 2024	179,771

Page 23

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Premier Occupational Healthcare Limited	1	Ordinary	100%
	Medprotect Limited	1	Ordinary	100%

1 - 9 Lakeside Drive (Also Known As 820 Mandarin Court), Centre Park, Warrington, England, WA1 1GG.

16.	Stocks
		2024	2023
		£	£

Finished goods and goods for resale	70,446	80,116
	70,446	80,116

17.

Debtors

					2024	2023
					£	£


Trade debtors	5,027,505	5,903,251
Amounts owed by group undertakings	24,660,142	20,281,833
Other debtors	50,732	46,983
Prepayments and accrued income	473,546	729,649
	30,211,925	26,961,716

18.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	5,402	114,158
Less: bank overdrafts	(831,314)	(896,319)
	(825,912)	(782,161)

Page 24

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	831,314	896,319
Trade creditors	442,586	871,243
Amounts owed to group undertakings	13,395,210	9,817,226
Corporation tax	85,451	90,297
Other taxation and social security	1,462,177	1,534,534
Other creditors	2,211,146	2,950,308
Accruals and deferred income	982,445	662,873
	19,410,329	16,822,800

Included within other creditors is £1,769,543 (2023: £2,630,720) due to HSBC Invoice Financing. This balance is secured against the trade debtors.
LDC (Managers) Limited hold a fixed and floating charge over the assets of the company dated 25 June 2021.
HSBC UK Bank Plc hold a fixed and floating charge over the assets of the company dated 11 October 2016 and 16 January 2017.
HSBC UK Bank Plc hold a legal assignment of contract monies over the assets of the company and a negative pledge dated 2 February 2024.

Page 25

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Deferred taxation

		2024
		£

	At beginning of year	(98,602)
	Charged to profit or loss	17,273
	At end of year	(81,329)

					2024	2023
					£	£

Accelerated capital allowances	(162,310)	(152,107)
Pension surplus	80,981	53,505
	(81,329)	(98,602)

21.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2 (2023 - 2) Ordinary shares of £1.00 each	2	2

22.	Pension commitments

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. At
31 December 2024 the company owed £323,924 (2023: £214,020) from the pension scheme.

Not later than 1 year	260,710	221,040
Later than 1 year and not later than 5 years	255,233	79,718
	515,943	300,758

Page 26

PEOPLE ASSET MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Related party transactions
	During the year the company entered into the following transactions with related parties:

		2024	2023
		£	£

Purchase of services from other related parties	256,226	230,050
Amounts due to other related parties	28,429	26,821
Amounts due from other related parties	-	92,501
Key management personnel	103,097	122,014

25.	Controlling party

PAM Occupational Health Solutions Limited is the immediate parent company. PAM Healthcare Limited is the ultimate parent company and the largest and smallest group in which People Asset Management Ltd is a member and for which consolidated financial statements are prepared and publicly available. A copy of the group financial statements can be obtained from PAM Healthcare Limited, 9 Lakeside Drive (Also Known As 820 Mandarin Court), Centre Park, Warrington, England, WA1 1GG.

Page 27