ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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People Asset Management Limited
Company Information
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People Asset Management Limited
Contents
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People Asset Management Limited
Strategic Report
For the Year Ended 31 December 2019
The director presents the strategic report for the year ended 31 December 2019.
The Director is satisfied with the performance of the Company with continued substantial growth throughout 2019 of both its revenue and continued investment in its infrastructure to build a platform for future growth.
Turnover for the Company increased to £19.1m from £17.2m in the previous year, representing a growth of £1.9m and 11%. However, Profit before Tax increased by 72% over the prior year, demonstrating that the investments made in prior years are now starting to show a return on that investment. The Company continues to increase its range of services and customers, aiming to become a single place for client organisations to procure their Occupational Health needs. The market place is a competitive environment especially in the public sector as cost control continues to be a key driver. The Company has a balanced portfolio of both private and public sector organisations, and takes a proactive approach with all its customers to understand their key business requirements. As in previous years the Company wishes to acknowledge the key and significant part played by its Colleagues in growing the business. The increased volume and variety of services resulting in increased turnover are only possible with the commitment and dedication of the staff employed both directly and through its Associates. The Company continues to recruit at substantial levels which has been the case over a number of years now. The Company invests heavily at the start of each new Colleagues’ employment but views this as an essential ingredient to attract and retain good people. In addition, we also develop existing Colleagues through enhanced training and development programmes agreed on an individual basis. Gross margin has increased slightly to 47.4% which is pleasing and is a reflection of better utilisation rates being achieved through the year which has been a major focus. The Company continued its policy of meeting the pension contributions of Auto Enrolment which again increased in April 2019. This is recognition of their continued work and commitment throughout the year. Overheads and depreciation charges also increased in the year in line with the business growth and the continued investment in the Company’s infrastructure. The Company continues to invest in further clinics around the UK which is viewed as critical in being able to deliver to an ever increasing and dispersed customer base. Major clinics have been opened in both Manchester and Newcastle.
The Company considers that it has limited exposure to the aspects of financial risk. All of the Company’s revenues are invoiced in Sterling and collected as close to trading terms as possible.
Business risks are exactly the same as for many other businesses within both the Occupational Health sector and throughout the UK. These are the financial pressures that customers themselves are continually under. The Company seeks to mitigate and manage these risks by developing strong and long term relationships with its customers. In this way the Company is able to proactively work with its customers in order to try and achieve mutually beneficial outcomes. We seek to understand the business drivers and deliver an agreed programme of services that directly benefits the customer. The Company has long term contracts in place for which contract extensions are regularly agreed.
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People Asset Management Limited
Strategic Report (continued)
For the Year Ended 31 December 2019
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.
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.
This report was approved by the board and signed on its behalf.
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People Asset Management Limited
Director's Report
For the Year Ended 31 December 2019
The director presents his report and the financial statements for the year ended 31 December 2019.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £1,467,372 (2018 - £501,454).
Ordinary dividends were paid amounting to £70,000 (2018: £45,000). The director does not recommend payment of further dividend.
The director who served during the year was:
The Company continues to grow its range of services throughout 2019 and works with client organisations to identify other value add services that can be delivered for the benefit of both organisations.
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People Asset Management Limited
Director's Report (continued)
For the Year Ended 31 December 2019
The Company’s operating system OHIO is market leading and unique software that again continues in its advancement. The new year has seen a number of developments and initiatives undertaken for both internal (within the Company) and external use by the client base. Examples of internal use are centre around algorithmic scoring of some of the confidential services to enable the most suitable signposting and treatment path being provided to the client’s employees. As well as OHIO providing an operational solution to clients, developments have been made enabling access of key financial data to be extracted with the enhanced security and safeguards regarding confidentiality.
The PAM Group terms its employees as colleagues and, as the Strategic Report has stated, our colleagues are a key and integral part of the business. We aim for everyone to be involved in the Company’s development and growth.
Regular communication is achieved from the Board of Directors to all staff through Board, Senior Manager Meetings and down to Team Meetings. In addition Colleagues are given annual reviews with their line managers in order to develop performance and involvement further. The reviews are held with a strong focus on the “Everyday Things That Matter” which is attributable to all colleagues whether they be direct customer facing positions or not. We have designed this policy to make sure that no job applicant or employee receives less favourable treatment because of their race, sex, religion/belief, disability, marital status, age, maternity/pregnancy, sexual orientation, gender identity, gender expression or caring responsibilities, or is disadvantaged by conditions or requirements which cannot be shown to be justifiable. It is our policy to develop and maintain positive measures so we recruit, develop and hold on to people with disabilities, keep to the law and encourage best practice. Our guiding principles: • Equal opportunities and diversity cover all aspects of working life. The understanding and views of people on related issues are shown through their behaviour • You must not discriminate against any person or group when recruiting, choosing, training, promoting or paying people • Harassment is also a type of discrimination, and we will treat it as such under the terms of this policy. We will not tolerate any type of harassment or bullying, including offensive remarks, at work • We will encourage you to tell us about any disability you may have and your ethnic background • We will take positive measures (which are allowed by legislation for suitably qualified people) so that we recruit and employ any under-represented minority group, for example, the Government’s Disability Confident Policy for registered disabled people • We will follow the Disability Discrimination Act and will make reasonable adjustments for people with disabilities. If you become disabled while working for us, we will do everything possible to make sure you can keep working for us • You must keep to this policy. If you do not, we may take disciplinary action against you • If you consider that you are suffering from harassment or have been discriminated against, you should make your complaint in line with our grievance procedure.
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People Asset Management Limited
Director's Report (continued)
For the Year Ended 31 December 2019
The director at the time when this Director's Report is approved has confirmed that:
The biggest post balance sheet event, as with many business’s, has been the impact of the COVID-19 pandemic. From late March onwards the Company saw its volumes significantly affected. However, the Company has taken swift action in utilising the the support provided by the Government incluing the Coronavirus Job Retention Scheme, as well as significantly reducing it’s use of Associate Labour in favour of it’s employed Colleagues. The volume measures along with constant management of utilisation across the whole country have minimised the impact of COVID-19.
The Company continues to meet all of its obligations with respect to both PAYE and VAT, both of which are significant in size.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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People Asset Management Limited
Independent Auditors' Report to the Members of People Asset Management Limited
We have audited the financial statements of People Asset Management Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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:
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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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People Asset Management Limited
Independent Auditors' Report to the Members of People Asset Management Limited (continued)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's 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:
As explained more fully in the Director's Responsibilities Statement on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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.
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.
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People Asset Management Limited
Independent Auditors' Report to the Members of People Asset Management Limited (continued)
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
Cheshire
SK1 1TD
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People Asset Management Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2019
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People Asset Management Limited
Registered number: 05199107
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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People Asset Management Limited
Statement of Changes in Equity
For the Year Ended 31 December 2019
Statement of Changes in Equity
For the Year Ended 31 December 2018
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
People Asset Management Limited is a private company limited by share capital incorporated in England & Wales, company number 05199107. The address of the registered office and the principal place of business is Holly House, 73-75 Sankey Street, Warrington, WA1 1SL.
The nature of the company's operation and its principal activity is that of the provision of occupational health advisory services.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
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).
This information is included in the consolidated financial statements of PAM Occupational Health Solutions Limited as at 31 December 2019 and these financial statements may be obtained from the Registrar of Companies.
The biggest post balance sheet event, as with many business’s, has been the impact of the COVID-19 pandemic. From late March onwards the Company saw its volumes significantly affected. However, the Company has taken swift action in utilising the the support provided by the Government incluing the Coronavirus Job Retention Scheme, as well as significantly reducing it’s use of Associate Labour in favour of it’s employed Colleagues. The volume measures along with constant management of utilisation across the whole country have minimised the impact of COVID-19.
The Company continues to meet all of its obligations with respect to both PAYE and VAT, both of which are significant in size.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
2.Accounting policies (continued)
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:
Revenue is principally recognised at the date of invoicing, which is after an appointment has been undertaken and a report issued to the customer.
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
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.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income 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.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
2.Accounting policies (continued)
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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
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 balance sheet date.
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.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods as below.
Depreciation is provided on the following basis:
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 the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet 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.
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.
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.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
2.Accounting policies (continued)
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.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on the amounts recognised in the financial statements.
Provision for impairment loss on trade receivables Management exercises judgement in providing for impairment loss on trade receivables. The value of trade debtors at the year end totalled £3,678,864 (2018 - £4,016,451). Useful life of tangible fixed assets Management also exercises judgement in estimating the useful life of property, plant and equipment. The net book value of tanigble fixed assets at the year end totalled £813,387 (2018 - £840,188).
The whole of the turnover is attributable to the principal activity of occupational health services.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
12.Taxation (continued)
There were no factors that may affect future tax charges.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
Profit and loss account
The profit and loss reserve includes all current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £755,245 (2018 - £455,27). Contributions totalling £145,700 (2018 - £52,450) were payable to the fund at the balance sheet date
Included within other debtors due within one year is a loan to the director, Mr J Murphy, amounting to £191,960 (2018: £191,960). The maximum amount outstanding during the year was £191,960 (2018: £191,960). The loan has been provided interest free and there is no scheduled repayment date.
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People Asset Management Limited
Notes to the Financial Statements
For the Year Ended 31 December 2019
People Asset Management Limited is 100% owned by PAM Occupational Health Solutions Limited, a company incorporated in England and Wales. Mr J D Murphy is the ultimate controlling party, by virtue of his shareholding in PAM Occupational Health Solutions Limited.
The company is exempt from the obligation to produce consolidated accounts. The next most senior parent to produce consolidated accounts is PAM Occupational Health Solutions Limited, which holds 100% of the share capital of People Asset Management Limited.
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