Amiculum Business Services Limited
Annual Report and Financial Statements
For the year ended 31 May 2025
Company Registration No. 06726671 (England and Wales)
Amiculum Business Services Limited
Company Information
Directors
Dr Richard Allcorn
Dr Jennifer Putin
Ms Jane Smith
Secretary
Claire Gatley
Company number
06726671
Registered office
The Boathouse, Clarence Mill
Clarence Road
Bollington
Cheshire
SK10 5JZ
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Amiculum Business Services Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 23
Amiculum Business Services Limited
Strategic Report
For the year ended 31 May 2025
Page 1

The directors present the strategic report for the year ended 31 May 2025.

Business Model and Strategy

Amiculum Business Services Limited is part of the Amiculum group of companies, a leading independent global health communications and consultancy business which provides a range of services to the international biopharmaceutical and health technology sector.

Our core business is partnering with clients’ cross-functional teams and the wider healthcare community on the communication of complex scientific data to healthcare professionals and patients to support the development and launch of new medical innovations and enable the transformation of health for patients. The services we provide include strategic and digital consultancy, medical education, publications, healthcare marketing, market access programmes and patient engagement assignments. Digital engagement and omnichannel approaches are integral to the support we deliver for clients across these areas.

Since its inception, the Amiculum group has grown steadily primarily as a result of our team’s expertise and experience in medical and scientific communications and a reputation for delivery of high-quality services. We have therefore developed many effective long-term relationships with key clients leading to repeat business and referrals. Whilst this continues substantially to be the pattern for our business, with increasing competition and consolidation within the sector, we have been adapting our business structure, operations and approach to engaging our clients to ensure we attain future growth.

In January 2025, we consolidated our agencies and specialist capabilities under a single Amiculum brand and created a new structure comprised of client partnership teams each focused on delivering our full range of specialist services. We have also increased investment in business development, the experience and expertise of our team as well as in digital and AI technologies and know-how. The latter is designed to enhance our positioning and ability to partner effectively with clients who are also increasingly looking to technology to optimise their operations and engagement with key stakeholders; it will also support improvements in our business operations.

As a result of the business realignment, Amiculum Business Services is now the main trading entity for the Amiculum group.

Amiculum Business Services Limited
Strategic Report (Continued)
For the year ended 31 May 2025
Page 2
Review of the Business

In 2023/24, following a period of evaluation by the Board, Leadership and Management Teams, we took the decision to realign our Amiculum group business, consolidating our network of agencies and specialist capabilities under a single Amiculum brand, and creating a new structure comprised of client partnership teams each focused on delivering our full range of specialist services. This realignment, which was completed in January 2025, brought together the expertise and resources of our UK subsidiaries – 7.4 Limited, Amiculum Consulting Limited, Mudskipper Business Limited, and Delta Kn Limited – under Amiculum Business Services Limited. As a result of the restructuring, the principal activity of Amiculum Business Services Limited changed from providing management and support services to the Amiculum agencies, to operating as a health communications and consultancy business.

The realignment of the business has been successfully achieved with maintenance throughout of continuity and quality of support for our clients, provision of enhanced development opportunities for our team, and implementation of more streamlined and efficient processes. It has also amplified our presence, providing clients with access to all of Amiculum’s expertise and experience under one brand, while simplifying our legal structure. Added to this, by refining our operating model, we are better positioned to respond to evolving client needs, optimise our global platform, and achieve sustainable growth.

As a result of the realignment, revenue for Amiculum Business Services increased by 99% (to £17.4 million) over the previous year with a pre-tax profit increase of 132% (to £1.6 million).

These figures reflect client fees rather than turnover. Third party fees that are directly passed onto clients, which make up cost of sales, are not included.

Principal Risks and Uncertainties

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

Amiculum Business Services has an established risk mitigation strategy and our client partnership teams deliver services relating to a number of compounds at different stages of development for a range of client companies. In instances where drugs have been stopped in development we have, to date, been able to replace the revenue with other projects from our existing or new clients. Amiculum’s teams have established effective long-term relationships with their key clients and have historically grown primarily through repeat business and referral. However with increasing competition and consolidation within the sector we are adapting our business development and client engagement approach. This includes investment in digital and AI technologies and know-how to enhance our positioning and ability to partner effectively with clients.

The ability to recruit and retain high calibre staff with the requisite qualifications for our industry has always been challenging. This risk is managed by provision of an excellent working environment and a carefully designed, competitive benefits package to both encourage staff retention and ensure we can attract the best talent. Amiculum has, as a consequence, a record of high employee satisfaction and low staff turnover.

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

Amiculum Business Services Limited
Strategic Report (Continued)
For the year ended 31 May 2025
Page 3
Key Performance Indicators

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

Amiculum Business Services’ headcount increased to nearly 165 in the year ending 31 May 2025, up from an average of 85 the previous year. This growth reflects the change in our organisational structure and the consolidation of UK subsidiaries into Amiculum Business Services Limited.

Amiculum Business Service’s staff costs increased by 134% to £12.1 million from £5.2 million in the prior year.

Amiculum Business Services’ operating margin increased to 9% (2024: 7%).

On behalf of the board

Dr Jennifer Putin
Director
14 January 2026
Amiculum Business Services Limited
Directors' Report
For the year ended 31 May 2025
Page 4

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company changed from providing management and support services to Amiculum agencies to operating as an international healthcare communications and consultancy business, specialising in the provision of services to pharmaceutical, biotechnology and medical device industry clients worldwide.

Results and dividends

The profit for the year, after taxation, amounted to £1,266,955 (2024: £454,850).

No dividend was paid during the year or recommended as a final dividend by the directors.

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

Directors

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

Dr Richard Allcorn
Dr Jennifer Putin
Ms Jane Smith
Auditor

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

Statement of disclosure to auditor

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

On behalf of the board
Dr Jennifer Putin
Director
14 January 2026
2026-01-14
Amiculum Business Services Limited
Directors' Responsibilities Statement
For the year ended 31 May 2025
Page 5

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

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Amiculum Business Services Limited
Independent Auditor's Report
To the Members of Amiculum Business Services Limited
Page 6
Opinion

We have audited the financial statements of Amiculum Business Services Limited (the 'company') for the year ended 31 May 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

Amiculum Business Services Limited
Independent Auditor's Report (Continued)
To the Members of Amiculum Business Services Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the Strategic Report and the Directors' R eport 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 identifie d material misstatements in the Strategic Report or the Directors' R eport.

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' R esponsibilities S tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Amiculum Business Services Limited
Independent Auditor's Report (Continued)
To the Members of Amiculum Business Services Limited
Page 8
Auditor's responsibilities for the audit of the financial statements

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

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

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

Amiculum Business Services Limited
Independent Auditor's Report (Continued)
To the Members of Amiculum Business Services Limited
Page 9

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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

Use of our report

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

Esther Carder
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
15 January 2026
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Amiculum Business Services Limited
Statement of Comprehensive Income
For the year ended 31 May 2025
Page 10
2025
2024
Notes
£
£
Turnover
3
18,042,640
9,529,033
Cost of sales
(601,261)
(755,083)
Gross profit
17,441,379
8,773,950
Administrative expenses
(15,866,826)
(8,094,039)
Operating profit
4
1,574,553
679,911
Interest receivable and similar income
7
4,501
-
0
Profit before taxation
1,579,054
679,911
Tax on profit
8
(312,099)
(225,061)
Profit for the financial year
1,266,955
454,850

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

Amiculum Business Services Limited
Balance Sheet
As at 31 May 2025
Page 11
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
334,350
316,703
Tangible assets
10
257,275
333,919
591,625
650,622
Current assets
Debtors
11
6,336,221
2,704,275
Cash at bank and in hand
2,776,996
908,086
9,113,217
3,612,361
Creditors: amounts falling due within one year
12
(7,606,201)
(3,384,417)
Net current assets
1,507,016
227,944
Total assets less current liabilities
2,098,641
878,566
Provisions for liabilities
Deferred tax liability
13
(98,209)
(145,089)
(98,209)
(145,089)
Net assets
2,000,432
733,477
Capital and reserves
Called up share capital
16
1
1
Profit and loss reserves
18
2,000,431
733,476
Total equity
2,000,432
733,477
The financial statements were approved by the board of directors and authorised for issue on 14 January 2026 and are signed on its behalf by:
Dr Jennifer Putin
Director
Company Registration No. 06726671
Amiculum Business Services Limited
Statement of Changes in Equity
For the year ended 31 May 2025
Page 12
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
1
278,626
278,627
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
454,850
454,850
Balance at 31 May 2024
1
733,476
733,477
Year ended 31 May 2025:
Profit and total comprehensive income for the year
-
1,266,955
1,266,955
Balance at 31 May 2025
1
2,000,431
2,000,432
Amiculum Business Services Limited
Notes to the Financial Statements
For the year ended 31 May 2025
Page 13
1
Accounting policies
Company information

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

1.1
Accounting convention

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

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

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

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

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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

1.2
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.true

The company recorded a profit for the year ended of £1,266,955 (2024: £454,850) and had a cash balance of £2,776,996 (2024: £908,086) at the year end. The company is forecasting continued operating profit moving forward.

The directors completed a restructure in January 2025 within the UK subsidiaries of Amiculum Limited in order to simplify the legal structure and to provide clients with access to all of Amiculum’s expertise and experience under one brand. All of the healthcare communications and consulting revenue and employees in Amiculum Consulting Limited, Mudskipper Business Limited, Delta Kn Limited and 7.4 Limited were transferred to the company in January 2025. As such, the company is now the main UK trading entity.

1.3
Turnover

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

Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
Page 14

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

- 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.

1.4
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 if the fair value can be measured reliably.

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

Software
3 years
1.5
Tangible fixed assets

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

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

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

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

1.6
Cash and cash equivalents

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

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

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.

Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
Page 15
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 company 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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 th r ough 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 company’s contractual obligations expire or are discharged or cancelled.

1.8
Taxation

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

Current tax

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

Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
Page 16
Deferred tax

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

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

1.9
Employee benefits

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

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

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

1.10
Retirement benefits

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

1.11
Leases

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

1.12
Foreign exchange

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

Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
Page 17
2
Judgements and key sources of estimation uncertainty

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

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

Depreciation and amortisation

The annual depreciation and amortisation charges for tangible and intangible assets are based on the directors' best estimate of their useful economic lives and residual values. These estimates are reviewed annually, considering historical experience and the intended use of the assets. Impairment reviews are also conducted annually to ensure that the carrying values of the assets remain appropriate. Any changes to these estimates could result in adjustments to the depreciation and amortisation charges in future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
8,752,890
8,704,076
Rest of Europe
5,651,481
65,938
Rest of the World
3,638,269
759,019
18,042,640
9,529,033
2025
2024
£
£
Other significant revenue
Interest income
4,501
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
45,334
47,486
Fees payable to the company's auditor for the audit of the company's financial statements
144,334
61,953
Depreciation of owned tangible fixed assets
250,145
436,264
Amortisation of intangible assets
307,631
311,737
Operating lease charges
207,179
281,596
Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
Page 18
5
Employees

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

2025
2024
Number
Number
164
85

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
9,857,146
3,993,046
Social security costs
1,153,520
616,283
Pension costs
1,065,397
560,777
12,076,063
5,170,106
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
725,668
739,480
Company pension contributions to defined contribution schemes
57,086
119,667
782,754
859,147

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
334,603
281,000
Company pension contributions to defined contribution schemes
10,000
49,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
4,501
-
0
Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
Page 19
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
324,360
277,939
Adjustments in respect of prior periods
34,619
-
0
Total current tax
358,979
277,939
Deferred tax
Origination and reversal of timing differences
(16,861)
(52,878)
Adjustment in respect of prior periods
(30,019)
-
0
Total deferred tax
(46,880)
(52,878)
Total tax charge
312,099
225,061

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:

2025
2024
£
£
Profit before taxation
1,579,054
679,911
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
394,764
169,978
Tax effect of expenses that are not deductible in determining taxable profit
39,890
55,083
Adjustments in respect of prior years
34,619
-
0
Group relief
(127,785)
-
0
Deferred tax adjustments in respect of prior years
(30,019)
-
0
Fixed asset differences
630
-
0
Taxation charge for the year
312,099
225,061
Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
Page 20
9
Intangible fixed assets
Software
£
Cost
At 1 June 2024
976,470
Additions
325,278
At 31 May 2025
1,301,748
Amortisation and impairment
At 1 June 2024
659,767
Amortisation charged for the year
307,631
At 31 May 2025
967,398
Carrying amount
At 31 May 2025
334,350
At 31 May 2024
316,703
10
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computer equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 June 2024
318,787
107,321
1,223,536
76,143
1,725,787
Additions
19,274
3,388
148,163
2,676
173,501
Disposals
-
0
-
0
(134,663)
-
0
(134,663)
At 31 May 2025
338,061
110,709
1,237,036
78,819
1,764,625
Depreciation and impairment
At 1 June 2024
316,661
96,006
939,226
39,975
1,391,868
Depreciation charged in the year
3,878
4,911
230,672
10,684
250,145
Eliminated in respect of disposals
-
0
-
0
(134,663)
-
0
(134,663)
At 31 May 2025
320,539
100,917
1,035,235
50,659
1,507,350
Carrying amount
At 31 May 2025
17,522
9,792
201,801
28,160
257,275
At 31 May 2024
2,126
11,315
284,310
36,168
333,919
Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
Page 21
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,552,726
731,651
Corporation tax recoverable
52,574
-
0
Amounts owed by group undertakings
569,958
1,220,253
Other debtors
53,364
15,772
Prepayments and accrued income
3,107,599
736,599
6,336,221
2,704,275
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
275,268
350,420
Amounts owed to group undertakings
969,894
576,583
Corporation tax
-
0
277,939
Other taxation and social security
544,185
736,870
Other creditors
203,357
200,926
Accruals and deferred income
5,613,497
1,241,679
7,606,201
3,384,417
13
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
129,915
145,880
Short term timing differences
(31,706)
(791)
98,209
145,089
Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
13
Deferred taxation
(Continued)
Page 22
2025
Movements in the year:
£
Liability at 1 June 2024
145,089
Credit to profit or loss
(46,880)
Liability at 31 May 2025
98,209
14
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,065,397
560,777

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 year end, the amounts outstanding in respect of pension contributions payable is £20 3,357 (2024: £200,926).

15
Share-based payment transactions

The Company's parent company operates an Enterprise Management Incentive share option plan. On 11 May 2018, 2,400,000 (1,200,000 each) options over the B shares of the parent company were granted to two employees of the Company at an exercise price of 0.1p per share. The options can be exercised on 11 May 2028, or earlier if certain circumstances are met. The impact of the share option scheme on the Company’s financial statements is immaterial, and no further disclosure is deemed necessary.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1

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

18
Reserves
Profit and loss reserves

This account represents the cumulative recognised profits and losses.

Amiculum Business Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2025
Page 23
19
Financial commitments, guarantees and contingent liabilities

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

Amiculum Limited

Delta Kn Limited

Mudskipper Business Limited

7.4 Limited

At the balance sheet date, the group's indebtedness to its bankers was £nil (2024: £nil).

20
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
174,659
70,710
Between two and five years
-
0
64,704
174,659
135,414
21
Related party transactions

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

22
Ultimate controlling party

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

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

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

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