2023 | 2022 | ||
Note | £’000 | £’000 | |
ASSETS | |||
Non-current assets | |||
Investment in subsidiary undertakings | 25 | 25,620 | 25,474 |
25,620 | 25,474 | ||
Current assets | |||
Trade and other receivables | 18 | 803 | 322 |
Cash and cash equivalents | 19 | 50 | 237 |
853 | 559 | ||
Total assets | 26,473 | 26,033 | |
EQUITY | |||
Equity attributable to equity holders of Personal Group Holdings Plc | |||
Share capital | 20 | 1,562 | 1,562 |
Share premium | 20 | 1,134 | 1,134 |
Capital redemption reserve | 24 | 24 | |
Other reserve | (36) | (55) | |
Share based payment reserve | 575 | 429 | |
Profit and loss reserve | 22,635 | 22,217 | |
Total equity | 25,894 | 25,311 | |
LIABILITIES | |||
Current liabilities | |||
Trade and other payables | 22 | 579 | 722 |
Total liabilities | 579 | 722 | |
Total equity and liabilities | 26,473 | 26,033 |
Capital | |||||||
redemption | Share based | Profit and loss | Total | ||||
Share capital | reserve | Share premium | payment reserve | Other reserve | reserve | equity | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Balance as at 1 January 2023 | 1,562 | 24 | 1,134 | 429 | (55) | 22,217 | 25,311 |
Dividends paid | – | – | – | – | – | (3,482) | (3,482) |
Employee share-based compensation | – | – | – | 146 | – | – | 146 |
Proceeds of SIP share sales | – | – | – | – | – | 22 | 22 |
Cost of SIP shares sold | – | – | – | – | 35 | (35) | – |
Cost of SIP shares purchased | – | – | – | – | (16) | – | (16) |
Transactions with owners | – | – | – | 146 | 19 | (3,495) | (3,330) |
Profit for the year | 3,913 | 3,913 | |||||
Balance as at 31 December 2023 | 1,562 | 24 | 1,134 | 575 | (36) | 22,635 | 25,894 |
Balance as at 1 January 2022 | 1,561 | 24 | 1,134 | 158 | (32) | 22,172 | 25,017 |
Dividends paid | – | – | – | – | – | (3,310) | (3,310) |
Employee share-based compensation | – | – | – | 271 | – | – | 271 |
Proceeds of SIP* share sales | – | – | – | – | – | 11 | 11 |
Cost of SIP shares sold | – | – | – | – | 20 | (20) | – |
Cost of SIP shares purchased | – | – | – | – | (43) | – | (43) |
Shares issued in the year | 1 | – | – | – | – | – | 1 |
Transactions with owners | 1 | – | – | 271 | (23) | (3,319) | (3,070) |
Profit for the year | 3,364 | 3,364 | |||||
Balance as at 31 December 2022 | 1,562 | 24 | 1,134 | 429 | (55) | 22,217 | 25,311 |
2023 | 2022 | ||
Note | £’000 | £’000 | |
Net cash from operating activities (see below) | (1,012) | 10 | |
Investing activities | |||
Dividends received | 4,300 | 3,450 | |
Net cash used in investing activities | 4,300 | 3,450 | |
Financing activities | |||
Proceeds from issue of shares | – | 1 | |
Purchase of own shares by the SIP* | (16) | (54) | |
Proceeds from disposal of own shares by the SIP* | 25 | 21 | |
Dividends paid | 12 | (3,482) | (3,310) |
Net cash used in financing activities | (3,473) | (3,342) | |
Net change in cash and cash equivalents | (187) | 118 | |
Cash and cash equivalents, beginning of year | 19 | 237 | 119 |
Cash and cash equivalents, end of year | 19 | 50 | 237 |
Operating activities | |||
Profit after tax | 3,913 | 3,364 | |
Changes in working capital | |||
Trade and other receivables | (482) | (129) | |
Trade and other payables | (143) | 225 | |
Dividends received | (4,300) | (3,450) | |
Net cash from operating activities | (1,012) | 10 |
IFRS 15 – IT salary sacrifice income (Other Owned Benefits) | |
Performance Obligations | Provision of IT goods to employer companies. Goods are acquired |
by the Group from various suppliers and held as inventory until | |
sold to customers at an agreed price. | |
Transaction Price | Purchase price varies dependant on product purchased |
but is clearly indicated. | |
Allocation of Price | Prices are allocated by product, volumes and values. |
Satisfaction of Obligations | Revenue is recognised on dispatch as Group has met its |
performance obligation as per the contracts in place. |
IFRS 15 – Platform income (Benefits Platform) | |
Performance Obligations | Ongoing access to Hapi platform with each relevant month access |
is provided being considered a separate performance obligation. | |
Transaction Price | Prices are typically set on a per employee or fixed rate and are |
agreed with each client individually. | |
Allocation of Price | Price allocated evenly to each period/performance obligation. |
Satisfaction of Obligations | Recognised straight-line over period of agreement of service |
as the performance obligation is deemed to be met each month | |
as the contract progresses. |
IFRS 15 – Voucher resale income | |
Performance Obligations | Provision of voucher to individuals/companies. |
Transaction Price | Prices are based on each retailer’s discount on purchase |
into the Group. | |
Allocation of Price | Whole price allocated to the sole performance obligation. |
Satisfaction of Obligations | Recognised on dispatch of voucher as this is the point at which |
the Group has fulfilled its part of the agreed contract. |
IFRS 15 – Consultancy income (Pay and Reward) | |
Performance Obligations | Provision of consultancy services, typically based on an agreed |
number of consultant hours. | |
Transaction Price | Prices are based on each contractual client agreement, |
dependant on the level and duration of consultant hours spent. | |
Allocation of Price | Each chargeable hour will have an agreed price dependant on |
the level and experience of the consultant. | |
Satisfaction of Obligations | Each consultant hour charged is considered a separate |
performance obligation and recognition is recorded periodically | |
(typically monthly) based on chargeable hours in that period. |
Residual value is reviewed annually and amended if material. | |
The rates generally applicable are: | |
Freehold properties | 50 years |
Motor vehicles | 3 – 4 years |
Computer equipment | 2 – 4 years |
Furniture, fixtures and fittings | 5 – 10 years |
Computer software and development | 2 – 4 years |
Internally generated intangibles | 3 – 5 years |
Intangible assets | 3 – 5 years |
Right of Use Assets | Term of Lease |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£’000 |
£’000 |
£’000 |
£’000 |
|
Reinsurance contracts held |
(2) |
42 |
– |
– |
Other receivables |
13,857 |
11,349 |
– |
– |
Accrued interest |
2 |
14 |
– |
– |
Cash and cash equivalents |
17,497 |
16,958 |
50 |
237 |
Equity investments |
1,470 |
1,290 |
– |
– |
Bank deposits |
2,565 |
1,741 |
– |
– |
Total credit risk |
35,389 |
31,394 |
50 |
237 |
Within 6 | 6–12 | Non-cash | |||
months | months | 1–5 years | items* | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Group | |||||
At 31 December 2023 | |||||
Trade and other payables | 14,382 | 174 | 43 | 1,068 | 15,667 |
Insurance contract liabilities | (20) | – | – | 755 | 735 |
Total liquidity risk | 14,362 | 174 | 43 | 1,823 | 16,402 |
At 31 December 2022 | |||||
Trade and other payables | 10,369 | 186 | – | 868 | 11,423 |
Insurance contract liabilities | (71) | – | – | 1,153 | 1,082 |
Total liquidity risk | 10,298 | 186 | – | 2,021 | 12,505 |
Within 6 | 6–12 | Non-cash | |||
months | months | 1–5 years | items* | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Company | |||||
At 31 December 2023 | |||||
Amounts owed to Group | |||||
undertakings | – | – | – | – | – |
Total liquidity risk | – | – | – | – | – |
At 31 December 2022 | |||||
Amounts owed to subsidiary | |||||
undertakings | 431 | – | – | – | 431 |
Total liquidity risk | 431 | – | – | – | 431 |
Surplus |
||||
Capital |
over capital |
|||
resources |
Capital |
resources |
||
requirement |
resources |
requirement |
Relevant |
|
unaudited |
unaudited |
unaudited |
regulatory |
|
£’000 |
£’000 |
£’000 |
body |
|
Company |
||||
Personal Assurance Plc |
3,952 |
10,750 |
6,798 |
FCA, PRA |
Personal Assurance |
||||
Services Limited |
58 |
1,917 |
1,859 |
FCA |
Personal Group Benefits Limited |
52 |
655 |
603 |
FCA |
Berkeley Morgan Limited |
25 |
451 |
426 |
FCA |
Personal Assurance |
||||
(Guernsey) Limited |
732 |
3,545 |
2,813 |
GFSC |
Restated | ||
2023 | 2022 | |
£’000 | £’000 | |
Revenue by segment | ||
Affordable Insurance | 28,708 | 25,406 |
Other Owned Benefits | 11,081 | 16,800 |
Benefits Platform | 9,445 | 7,833 |
Benefits Platform – Group Elimination | (2,760) | (2,627) |
Pay & Reward | 2,246 | 2,008 |
Other income | ||
Other | 139 | 237 |
Investment income | 807 | 145 |
Total Revenue | 49,666 | 49,802 |
Adjusted EBITDA* contribution by segment | ||
Affordable Insurance | 11,226 | 9,032 |
Other Owned Benefits | 369 | 664 |
Benefits Platform | 3,837 | 2,887 |
Pay & Reward | 493 | 495 |
Other | 1,033 | 139 |
Group admin and central costs** | (8,732) | (7,107) |
Charitable donations | (100) | (100) |
Adjusted EBITDA* | 8,126 | 6,010 |
Interest | (79) | (20) |
Depreciation** | (1,135) | (1,052) |
Amortisation** | (770) | (786) |
Goodwill impairment | – | (10,575) |
Corporate acquisition costs | – | (46) |
Restructuring costs** | (639) | – |
Share based payments expenses | (169) | (291) |
Profit before tax | 5,334 | (6,760) |
2023 | Restated 2022 | |||
Assets | Liabilities | Assets | Liabilities | |
£’000 | £’000 | £’000 | £’000 | |
Insurance | 24,227 | 8,191 | 22,635 | 5,974 |
Other Owned Benefits | 7,585 | 2,509 | 9,608 | 4,794 |
Benefits Platform | 7,995 | 6,471 | 2,410 | 1,325 |
Pay & Reward | 1,100 | 21 | 1,190 | 17 |
Other | 8,280 | – | 8,321 | 1,076 |
Total segment assets and liabilities | 49,187 | 17,192 | 44,164 | 13,186 |
Restated | ||
2023 | 2022 | |
£’000 | £’000 | |
Other Owned Benefits | 11,081 | 16,800 |
Benefits Platform | 9,445 | 7,833 |
Benefits Platform Group elimination* | (2,760) | (2,627) |
Pay & Reward | 2,246 | 2,008 |
Total employee benefits and service income | 20,012 | 24,014 |
2023 | 2022 | |
£’000 | £’000 | |
Operating expenses | 17,353 | 16,301 |
Group elimination* | (2,760) | (2,627) |
Total insurance operating expenses | 14,593 | 13,674 |
2023 | Restated 2022 | |||||
Cost of | Operating | Total | Cost of | Operating | Total | |
sales | expenses | expenses | sales | expenses | expenses | |
£’000 £’000 £’000 £’000 | £’000 | £’000 | ||||
Other Owned | ||||||
Benefits | 9,441 | 1,274 | 10,715 | 14,502 | 1,639 | 16,141 |
Benefits Platform | 2,225 | 3,384 | 5,609 | 1,777 | 3,171 | 4,948 |
Pay & Reward | 35 | 1,718 | 1,753 | 29 | 1,484 | 1,513 |
Total employee | ||||||
benefits and | ||||||
services expenses | 11,701 | 6,376 | 18,077 | 16,308 | 6,294 | 22,602 |
2023 | 2022 | |
£’000 | £’000 | |
Interest income from cash on deposit | 807 | 145 |
Total investment income | 807 | 145 |
2023 | 2022 | |
£’000 | £’000 | |
Outward reinsurance premium | (105) | (149) |
Reinsurer’s share of claims paid | (30) | 65 |
Net expenses from reinsurance contracts held | (135) | (84) |
2023 | 2022 | |
£’000 | £’000 | |
Claims paid | 6,799 | 6,353 |
Claims handling expenses paid | 763 | 570 |
Claims Incurred | 7,562 | 6,923 |
Changes to liabilities for claims | 117 | 132 |
Net change in claims provision | 117 | 132 |
Incurred acquisition costs | 5,488 | 5,078 |
Administration expenses | 1,426 | 1,541 |
Total Insurance operating expenses | 6,914 | 6,619 |
Total insurance service expenses | 14,593 | 13,674 |
2023 | 2022 | |
£’000 | £’000 | |
Wages and salaries | 12,693 | 11,289 |
Share-based payments expense | 169 | 291 |
Social security costs | 1,609 | 1,450 |
Other pension costs | 636 | 561 |
Total staff costs | 15,107 | 13,591 |
2023 | 2022 | |
Number | Number | |
Administration | 180 | 161 |
Sales and marketing | 89 | 101 |
Total number of employees | 269 | 262 |
2023 | 2022 | |
£’000 | £’000 | |
Emoluments | 1,111 | 916 |
Gain on exercise of options | – | 79 |
Termination payment | 185 | – |
Pension contributions to Group and self-invested personal | ||
pension schemes | 33 | 29 |
Total Director’s remuneration | 1,329 | 1,024 |
2023 | 2022 | |
£’000 | £’000 | |
Emoluments | 348 | 332 |
Gain on exercise of options | – | 79 |
Termination payment | 185 | – |
Pension contributions to Group and self-invested personal | ||
pension schemes | 10 | 10 |
Total | 543 | 421 |
2023 | 2022 | |
£’000 | £’000 | |
Short-term employee benefits: | ||
Salaries including bonuses | 1,630 | 1,443 |
Social security costs | 225 | 199 |
Gain on exercise of options | – | 79 |
1,855 | 1,721 | |
Post-employment benefits: | ||
Defined contribution pension plans | 60 | 62 |
Total remuneration | 1,915 | 1,783 |
2023 | 2022 | |
£’000 | £’000 | |
Profit before tax is stated after: | ||
Auditor’s remuneration (inclusive of non-recoverable VAT): | ||
Audit services: | ||
Audit of Company financial statements – Current Year | 180 | 158 |
Audit of subsidiary undertakings | 135 | 139 |
Non-audit services: | – | – |
Depreciation of property, plant and equipment | 1,135 | 1,052 |
Amortisation | 770 | 786 |
Rental income receivable | – | 94 |
2023 | 2022 | |
£’000 | £’000 | |
Profit before tax | 5,334 | (6,760) |
Tax rate | 23.5% | 19% |
Expected tax expense | 1,253 | (1,284) |
Adjustment for non-deductible expenses | 22 | 122 |
Adjustment for non-deductible expenses – Goodwill | ||
impairment | – | 2,009 |
Adjustment for tax exempt revenues | (458) | (254) |
Other adjustments | ||
Effect of tax rate changes on deferred tax | – | – |
Tax credit in respect of prior years | 193 | (100) |
Adjustment for previously non-deductible expenses | – | – |
Actual tax expense | 1,010 | 493 |
Continuing operations | 1,010 | 493 |
Current tax expense | 708 | 471 |
In respect of prior years | 193 | (100) |
Deferred tax | ||
Origination and reversal of temporary differences | 109 | 122 |
Effect of tax rate changes | – | – |
Total tax | 1,010 | 493 |
2023 |
2022 |
|||||
Weighted |
Weighted |
|||||
average |
Pence |
average |
Pence |
|||
Earnings |
number of |
per |
Earnings |
number of |
per |
|
£’000 |
shares |
share |
£’000 |
shares |
share |
|
Basic |
4,324 |
31,226,632 |
13.8 |
(7,253) |
31,214,765 |
(23.2) |
Dilutive effect |
||||||
of shares in |
||||||
0.0 |
750,552 |
(0.3) |
0.0 |
755,224 |
0.0 |
|
Employee Share |
||||||
Ownership Plan |
||||||
Diluted |
4,324 |
31,977,184 |
13.5 |
(7,253) |
31,969,989 |
(23.2) |
2023 |
2022 |
|||
Pence per |
Pence per |
2023 |
2022 |
|
share |
share |
£’000 |
£’000 |
|
Equity dividends |
||||
Q2 |
5.300 |
5.300 |
1,655 |
1,655 |
Q4 |
5.850 |
5.300 |
1,829 |
1,657 |
11.150 |
10.600 |
3,484 |
3,312 |
|
Less: amounts paid on own shares |
(2) |
(2) |
||
Total dividends |
11.150 |
10.600 |
3,482 |
3,310 |
Let’s |
Pay & |
||
Connect |
Reward |
Total |
|
£’000s |
£’000s |
£’000s |
|
Cost |
|||
At 1 January 2023 |
10,575 |
2,684 |
13,259 |
Additions in the year |
– |
– |
563 |
At 31 December 2023 |
10,575 |
2,684 |
13,259 |
Amortisation and impairment |
|||
At 1 January 2023 |
10,575 |
– |
10,575 |
Impairment charge for year |
– |
– |
– |
At 31 December 2023 |
10,575 |
– |
10,575 |
Net book value at 31 December 2023 |
– |
2,684 |
2,684 |
Let’s |
||||
Connect |
Innecto |
QCG |
Total |
|
£’000s |
£’000s |
£’000s |
£’000s |
|
Cost |
||||
At 1 January 2022 |
10,575 |
2,121 |
– |
12,696 |
Additions in the year |
– |
– |
563 |
563 |
Disposal |
– |
– |
– |
– |
At 31 December 2022 |
10,575 |
2,121 |
563 |
13,259 |
Impairment charged |
||||
At 1 January 2022 |
– |
– |
– |
– |
Impairment charge for year |
10,575 |
– |
– |
10,575 |
At 31 December 2022 |
– |
– |
– |
– |
Net book value at 31 December 2022 |
– |
2,121 |
563 |
2,684 |
- % | Base | + % | |
Sensitivity Analysis – Impact on headroom | £’000s | £’000s | £’000s |
Discount Rate (+/- 5%) | 1,732 | 371 | – |
Terminal Growth Rate (+/- 0.5%) | 308 | 371 | 437 |
Computer | Internally | ||||||
Let’s Connect | Pay & Reward | software | generated | ||||
customer | customer book | Innecto | and website | computer | |||
value | and trade name | technology | development | software | WIP | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | |||||||
At 1 January 2023 | 1,648 | 1,063 | 298 | 2,678 | 506 | 1,003 | 7,196 |
Transfers | – | – | – | – | – | – | – |
Additions in the year | – | – | – | 95 | – | 1,945 | 2,040 |
Disposals | – | – | – | – | – | – | – |
At 31 December 2023 | 1,648 | 1,063 | 298 | 2,773 | 506 | 2,948 | 9,236 |
Amortisation and impairment | |||||||
At 1 January 2023 | 1,648 | 590 | 230 | 1,838 | 506 | – | 4,812 |
Amortisation charge for year | – | 213 | 60 | 497 | – | – | 770 |
Disposals | – | – | – | – | – | – | – |
At 31 December 2023 | 1,648 | 803 | 290 | 2,335 | 506 | – | 5,582 |
Net book amount at 31 December 2023 | – | 260 | 8 | 438 | – | 2,948 | 3,654 |
Net book amount at 31 December 2022 | – | 473 | 68 | 840 | – | 1,003 | 2,384 |
Computer | Internally | ||||||
Let’s Connect | Pay & Reward | software | generated | ||||
customer | customer value | Innecto | and website | computer | |||
value | and trade name | technology | development | software | WIP | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | |||||||
At 1 January 2022 | 1,648 | 726 | 298 | 2,287 | 506 | 198 | 5,663 |
Acquisitions | – | 337 | – | – | – | – | 337 |
Additions | – | – | – | 201 | – | 995 | 1,196 |
Transfers | – | – | – | 190 | – | (190) | – |
Disposals | – | – | – | – | – | – | – |
At 31 December 2022 | 1,648 | 1,063 | 298 | 2,678 | 506 | 1,003 | 7,196 |
Amortisation | |||||||
At 1 January 2022 | 1,648 | 411 | 170 | 1,293 | 504 | – | 4,026 |
Provided in the year | – | 179 | 60 | 545 | 2 | – | 786 |
Eliminated on disposal | – | – | – | – | – | – | – |
At 31 December 2022 | 1,648 | 590 | 230 | 1,838 | 506 | – | 4,812 |
Net book amount at 31 December 2022 | – | 473 | 68 | 840 | – | 1,003 | 2,384 |
Net book amount at 31 December 2021 | – | 315 | 128 | 994 | 2 | 198 | 1,637 |
Furniture | |||||||
Freehold land | Motor | Computer | fixtures & | Lease | Right of use | ||
and properties | vehicles | equipment | fittings | improvements | assets | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | |||||||
At 1 January 2023 | 5,037 | 157 | 1,443 | 2,318 | 38 | 1,139 | 10,132 |
Acquisitions | – | – | – | – | – | – | – |
Additions | – | – | 127 | 30 | – | 1,446 | 1,603 |
Disposals | – | (104) | – | (54) | – | (324) | (482) |
At 31 December 2023 | 5,037 | 53 | 1,570 | 2,294 | 38 | 2,261 | 11,253 |
Depreciation | |||||||
At 1 January 2023 | 1,916 | 134 | 1,058 | 1,474 | 38 | 873 | 5,493 |
Acquisition | – | – | – | – | – | – | – |
Provided in the year | 86 | 11 | 242 | 213 | – | 583 | 1,135 |
Eliminated on disposals | – | (104) | – | (54) | – | (237) | (395) |
At 31 December 2023 | 2,002 | 41 | 1,300 | 1,633 | 38 | 1,219 | 6,233 |
Net book amount at 31 December 2023 | 3,035 | 12 | 270 | 661 | – | 1,042 | 5,020 |
Net book amount at 31 December 2022 | 3,121 | 23 | 385 | 844 | – | 266 | 4,639 |
Furniture | |||||||
Freehold land | Motor | Computer | fixtures & | Lease | Right of use | ||
and properties | vehicles | equipment | fittings | improvements | assets | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Cost | |||||||
At 1 January 2022 | 5,037 | 157 | 1,112 | 2,310 | 38 | 1,204 | 9,858 |
Acquisitions | – | – | 7 | – | – | – | 7 |
Additions | – | – | 324 | 8 | – | 371 | 703 |
Disposals | – | – | – | – | – | (436) | (436) |
At 31 December 2022 | 5,037 | 157 | 1,443 | 2,318 | 38 | 1,139 | 10,132 |
Depreciation | |||||||
At 1 January 2022 | 1,828 | 125 | 786 | 1,265 | 37 | 784 | 4,825 |
Acquisition | – | – | 2 | – | – | – | 2 |
Provided in the year | 88 | 9 | 270 | 209 | 1 | 475 | 1,052 |
Eliminated on disposal | – | – | – | – | – | (386) | (386) |
At 31 December 2022 | 1,916 | 134 | 1,058 | 1,474 | 38 | 873 | 5493 |
Net book amount at 31 December 2022 | 3,121 | 23 | 385 | 844 | – | 266 | 4,639 |
Net book amount at 31 December 2021 | 3,209 | 32 | 326 | 1,045 | 1 | 420 | 5,033 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£’000 |
£’000 |
£’000 |
£’000 |
|
Bank deposits |
2,565 |
1,741 |
– |
– |
Equity investments |
1,470 |
1,290 |
– |
– |
Total financial investments |
4,035 |
3,031 |
– |
– |
Restated |
||
2023 |
2022 |
|
£’000 |
£’000 |
|
Finished Goods – Salary Sacrifice |
272 |
699 |
Total Inventories |
272 |
699 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£’000 |
£’000 |
£’000 |
£’000 |
|
Loans and receivables: |
||||
Other receivables due within one year |
13,857 |
11,348 |
– |
– |
Amounts due from |
||||
subsidiary undertakings |
– |
– |
611 |
41 |
Accrued interest |
2 |
14 |
– |
– |
Other prepayments and accrued |
||||
income |
2,156 |
2,109 |
192 |
281 |
Total trade and other receivables |
16,015 |
13,471 |
803 |
322 |
2023 | 2022 | |||||
Trade/ | Credit | Trade/ | Credit | |||
Insurance | Weighted | Loss | Insurance | Weighted | Loss | |
Debtor | Average | Provision | Debtor | Average | Provision | |
£’000 | Provision | £’000 | £’000 | Provision | £’000 | |
Not Invoiced | 3,700 | 0.3% | 9 | 2,565 | 0.3% | 6 |
Current | 8,687 | 0.1% | 6 | 7,896 | 0.1% | 10 |
30 Days | 1,000 | 1.0% | 10 | 619 | 0.8% | 5 |
60 Days | 275 | 1.9% | 5 | 168 | 1.6% | 3 |
90 Days | 212 | 5.7% | 12 | 45 | 4.1% | 2 |
150 Days | 73 | 66.1% | 48 | 106 | 23.7% | 25 |
Total | 13,947 | 0.6% | 90 | 11,399 | 0.4% | 51 |
2023 | 2022 | |
£’000 | £’000 | |
Stage 1 | – | – |
Stage 2 | 90 | 51 |
Stage 3 | – | – |
Total | 90 | 51 |
2023 | 2022 | |
£’000 | £’000 | |
At 1 January | 51 | 84 |
Provision for expected credit losses | 90 | 51 |
Provision release | (51) | (84) |
At 31 December | 90 | 51 |
2023 | 2022 | 2023 | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Cash at bank and in hand | 15,571 | 11,746 | 50 | 237 |
Short-term deposits | 1,926 | 5,212 | – | – |
Total cash and cash equivalents | 17,497 | 16,958 | 50 | 237 |
2023 | 2022 | |||
Weighted | Weighted | |||
average | average | |||
exercise | exercise | |||
price | price | |||
Number | Pence | Number | Pence | |
Outstanding at 1 January | 209,251 | 387.6 | 226,743 | 384.1 |
Options granted in year | 124,993 | 216.0 | – | – |
Options exercised in year | – | – | – | – |
Options cancelled or lapsed | (67,483) | 311.2 | (17,492) | 343.0 |
Outstanding at 31 December | 266,761 | 326.5 | 209,251 | 387.6 |
2023 | 2022 | |||
Deferred | Deferred | |||
Deferred | Tax | Deferred | Tax | |
Tax Assets | Liabilities | Tax Assets | Liabilities | |
£’000 | £’000 | £’000 | £’000 | |
Non-current assets and liabilities | ||||
Property, plant and equipment | 16 | 826 | 19 | 664 |
Intangible Assets | – | 57 | – | 102 |
Share Options | 77 | – | 66 | – |
93 | 883 | 85 | 766 | |
Offset | (93) | (93) | (85) | (85) |
Total deferred tax | – | 790 | – | 681 |
2023 | 2022 | |
£’000 | £’000 | |
At 1 January | (681) | (478) |
Business Acquisition | – | (81) |
Movement in provisions (debited)/credited to income statement | (109) | (122) |
Movement in provisions due to tax rate changes | – | – |
At 31 December | (790) | (681) |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Current | £’000 | £’000 | £’000 | £’000 |
Financial liabilities measured | ||||
at amortised cost: | ||||
Amounts owed to subsidiary | ||||
undertakings | – | – | 311 | 431 |
Other creditors | 10,466 | 8,053 | 37 | 80 |
Accruals | 2,717 | 1,964 | – | – |
Right of use creditor | 559 | 148 | 231 | 211 |
Deferred income | 1,358 | 1,128 | – | – |
Total trade and other payables | 15,100 | 11,293 | 579 | 722 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Non-Current | £’000 | £’000 | £’000 | £’000 |
Right of use creditor over 1 year | 567 | 130 | – | – |
Total | 567 | 130 | – | – |
Liabilities for remaining coverage | Liabilities for incurred claims | ||||
Estimates of the | |||||
Excluding Loss | Loss | value of future | Risk | ||
Component | Component | cash flows | Adjustment | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Insurance contract liabilities at 1 January 2023 | (1,239) | – | 2,203 | 118 | 1,082 |
Insurance revenue | (28,708) | – | – | – | (28,708) |
Incurred claims | – | – | 6,799 | – | 6,799 |
Insurance operating and claims handling expenses | – | – | 7,677 | – | 7,677 |
Changes to liabilities for incurred claims | – | – | 80 | 37 | 117 |
Total insurance service expenses | – | – | 14,556 | 37 | 14,593 |
Insurance service result | (28,708) | – | 14,556 | 37 | (14,115) |
Premiums received | 28,238 | – | – | – | 28,238 |
Claims and other expenses paid | – | – | (6,799) | – | (6,799) |
Insurance operating expense cash flows | – | – | (7,671) | – | (7,671) |
Total cash flows | 28,238 | – | (14,470) | – | 13,768 |
Insurance contract liabilities at 31 December 2023 | (1,709) | – | 2,289 | 155 | 735 |
Liabilities for remaining coverage | Liabilities for incurred claims | ||||
Estimates of the | |||||
Excluding Loss | Loss | value of future | Risk | ||
Component | Component | cash flows | Adjustment | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Insurance contract liabilities at 1 January 2022 | (766) | – | 2,011 | 177 | 1,422 |
Insurance revenue | (25,406) | – | – | – | (25,406) |
Incurred claims | – | – | 6,353 | – | 6,353 |
Insurance operating and claims handling expenses | – | – | 7,189 | – | 7,189 |
Changes to liabilities for incurred claims | – | – | 191 | (59) | 132 |
Total insurance service expenses | – | – | 13,733 | (59) | 13,674 |
Insurance service result | (25,406) | – | 13,733 | (59) | (11,732) |
Premiums received | 24,933 | – | – | – | 24,933 |
Claims and other expenses paid | – | – | (6,353) | – | (6,353) |
Insurance operating expense cash flows | – | – | (7,188) | – | (7,188) |
Total cash flows | 24,933 | – | (13,541) | – | 11,392 |
Insurance contract liabilities at 31 December 2022 | (1,239) | – | 2,203 | 118 | 1,082 |
Impact on | |||
Change in | profit | Impact on | |
Assumption | before tax | equity | |
Expected loss | +5% | (108) | (81) |
Risk adjustment | +5% | (78) | (58) |
Inflation rate | +1% | (3) | (2) |
Shares in subsidiary | ||
undertakings | ||
2023 | 2022 | |
£’000 | £’000 | |
Cost | ||
At 1 January | 38,372 | 38,101 |
Share-based expenses | 146 | 271 |
At 31 December | 38,518 | 38,372 |
Amounts written off | ||
At 1 January | 12,898 | 12,898 |
Impairment provision in year | – | – |
At 31 December | 12,898 | 12,898 |
Net book amount at 31 December | 25,620 | 25,474 |
Subsidiary undertaking | Nature of business |
Personal Group Limited | Intermediate holding Company |
Personal Assurance Plc* | General insurance |
Personal Assurance Services Limited* # | Administration services |
Personal Group Benefits Limited* # | Employee benefits sales and marketing |
Personal Group Trustees Limited* | Trustee for employee share options |
Personal Management Solutions Limited* | Employee benefits sales and marketing |
Berkeley Morgan Group Limited* # | Berkeley Morgan Group Holding Company |
Berkeley Morgan Limited + | Independent financial advisers |
Personal Assurance (Guernsey) Limited* | Death insurance underwriting services |
Let’s Connect IT Solutions Limited* | Employee benefits salary sacrifice |
technology products | |
Innecto People Consulting Limited* | HR consultancy and technology providers |
Quintige Consulting Group Limited* # | HR consultancy |
Multiplelisting Limited | Dormant |
Mutual Benefit Limited | Dormant |
Partake Services Limited | Dormant |
Personal Assurance Financial Services Plc | Dormant |
Berkeley Morgan Healthcare Limited + | Dormant |
B M Agency Services Limited + | Dormant |
Berkeley Morgan Property Limited + | Dormant |
Summit Financial Solutions Limited + | Dormant |
Summit Financial Holdings Plc + | Dormant |
Berkeley Morgan Trustees Limited + | Dormant |
Personal Group Mobile Limited* | Dormant |
Universal Provident Limited + | Dormant |
Net Book Value | Lease | |
of Assets | Liability | |
£000 | £000 | |
Motor vehicles | 948 | 1,012 |
Buildings | 94 | 114 |
Total | 1,042 | 1,126 |
Net Book Value | Lease | |
of Assets | Liability | |
£000 | £000 | |
Motor vehicles | 114 | 111 |
Buildings | 152 | 167 |
Total | 266 | 278 |
Depreciation | Interest | |
Charge | Expense | |
£000 | £000 | |
Motor vehicles | 524 | 76 |
Buildings | 59 | 2 |
Total | 583 | 78 |
2023 | 2022 | |
£’000 | £’000 | |
Total lease payments falling due: | ||
Within one year | 593 | 167 |
Within one to two years | 482 | 66 |
Within two to five years | 128 | 62 |
Total | 1,203 | 295 |
2023 | 2022 | |
£’000 | £’000 | |
Future minimum lease payments: | ||
Within one year | – | – |
Within one to two years | – | – |
Within two to five years | – | – |
Total | – | – |
1 January | Cash | New | 31 December | ||
2023 | Flows | leases | Other | 2023 | |
£’000 | £’000 | £’000 | £’000 | £’000 | |
Current lease liabilities | 190 | (530) | 940 | (41) | 559 |
Non-current lease liabilities | 130 | – | – | 437 | 567 |
Total liabilities from | |||||
financing activities | 320 | (530) | 940 | 396 | 1,126 |
Previous | IFRS 17 | Voucher | Restated | |
2022 | Reclass | Income Reclass | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Gross premiums written | 25,660 | (25,660) | – | – |
Outward reinsurance premiums | (138) | 138 | – | – |
Change in unearned premiums | (254) | 254 | – | – |
Change in reinsurers’ share of unearned premiums | (11) | 11 | – | – |
Earned premiums net of reinsurance | 25,257 | (25,257) | – | – |
Insurance Revenue | – | 25,406 | – | 25,406 |
Employee benefits and services income | 23,627 | – | 387 | 24,014 |
Voucher resale income | 37,389 | – | (37,389) | – |
Other income | 237 | – | – | 237 |
Investment income | 145 | – | – | 145 |
Group revenue | 86,655 | 149 | (37,002) | 49,802 |
Claims incurred | (6,990) | 6,990 | – | – |
Insurance operating expenses | (6,619) | 6,619 | – | – |
Insurance Service Expenses | – | (13,674) | – | (13,674) |
Net expenses from reinsurance contracts held | – | (84) | – | (84) |
Employee benefits and services expenses | (22,236) | – | (366) | (22,602) |
Voucher resale expenses | (37,368) | – | 37,368 | – |
Other expenses | (33) | – | – | (33) |
Group administration expenses | (8,973) | – | – | (8,973) |
Share based payments expenses | (291) | – | – | (291) |
Unrealised losses on equity investments | (210) | – | – | (210) |
Charitable donations | (100) | – | – | (100) |
Group expenses | (82,820) | (149) | 37,002 | (45,967) |
Operating profit | 3,835 | – | – | 3,835 |
Finance costs | (20) | – | – | (20) |
Goodwill impairment | (10,575) | – | – | (10,575) |
Loss before tax | (6,760) | – | – | (6,760) |
Taxation | (493) | – | – | (493) |
Loss for the year | (7,253) | – | – | (7,253) |
Previous | IFRS 17 | Voucher | Restated | |
2022 | Reclass | Reclass | 2022 | |
£’000 | £’000 | £’000 | £’000 | |
Trade & other receivables | 15,863 | (2,392) | 27 | 13,498 |
Reinsurance contracts held | 95 | (53) | – | 42 |
Inventories | 726 | – | (27) | 699 |
Total assets | 46,609 | (2,445) | – | 44,164 |
Insurance contract liabilities | 3,474 | (2,392) | – | 1,082 |
Trade and other payables | 11,476 | (53) | – | 11,423 |
Total liabilities | 15,631 | (2,445) | – | 13,186 |
Total equity and liabilities | 46,609 | (2,445) | – | 44,146 |
2023 | 2022 | |||
Receivable | Payable | Receivable | Payable | |
£’000 | £’000 | £’000 | £’000 | |
Personal Assurance Plc | 145 | – | – | – |
Personal Assurance Services Limited | – | 31 | 11 | – |
Personal Group Benefits Limited | – | 31 | – | 1 |
Personal Assurance Financial | ||||
Services Plc | – | 137 | – | 137 |
Multiplelisting Limited | – | 100 | – | 100 |
Personal Management | ||||
Solutions Limited | 27 | – | 7 | – |
Mutual Benefit Limited | – | 12 | – | 12 |
Partake Services Limited | 3 | – | 3 | – |
Personal Group Limited | 381 | – | – | 178 |
Berkeley Morgan Group Limited | 13 | – | 4 | – |
Innecto People Group | ||||
Consulting Limited | 42 | – | 16 | – |
Total | 611 | 311 | 41 | 428 |