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Registered number: 05469591
















ONE FACILITY LIMITED



ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2023







ONE FACILITY LIMITED

 
COMPANY INFORMATION


DIRECTORS
D A Jones 
C J Dower 
D W Norsworthy 
S O'Shea 
P Dower 




COMPANY SECRETARY
P Dower



REGISTERED NUMBER
05469591



REGISTERED OFFICE
10 Temple Back

Bristol

BS1 6FL




TRADING ADDRESS
4000 Building
Six Hills Way

Stevenage

Hertfordshire

SG1 2DA






INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Barclays Bank Plc
2 Town Square

Stevenage

SG1 1BB






ONE FACILITY LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Statement of cash flows
 
13
Notes to the financial statements
 
14 - 25


ONE FACILITY LIMITED

 
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2023

BUSINESS REVIEW
 
Our Business Model
One Facility has a unique approach that builds lasting relationships with all our customers based on our values which are fundamental to our culture of success. We create value in three simple ways: we identify business focused building services, maintenance and facilities management strategies that are bespoke to our client’s needs; we deliver a fit for purpose, energy efficient, resilient and value for money service that enables our clients to concentrate on their core business activities; we offer a degree of flexibility in conjunction with the passion and enthusiasm to deliver customer satisfaction every time which is unrivalled, we believe within the SME sector.
During the period the Company has lost a key customer contract which has previously made up a significant percentage of revenue. Whilst the Company will still maintain a recurring customer base, the loss of this specific contract will likely result in a substantial reduction in turnover, profits and cash flows in future years. This is discussed further in the Directors' Report. 

FINANCIAL KEY PERFORMANCE INDICATORS
 
Turnover in the period to 28 February 2023 totalled £9.31m, down 37.2% from £14.82m in the prior period. This decrease is mainly driven by a reduced 9 month reporting period compared to 12 months in the prior period and the the loss of a key customer contract which has previously made up a significant percentage of revenue. 

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PRINCIPAL RISKS AND UNCERTAINTIES
 
The directors have reviewed and agreed policies for managing the financial risks, and these are summarised below:
Market Risk
As with most businesses, market risk encompasses three types of risk, being price risk, interest risk and currency risk however we must now consider how the pandemic’s progress, strength or recurrence in different geographies will impact our recovery strategies.
Price risk
The company continues to compete effectively by continually monitoring its service range and responding to activities in the market. A complete re-evaluation of all tender support costs has been completed to ensure absolute competitiveness going forward. 
Raw materials and labour price rises in tangent with skilled resource availability have been closely monitored throughout the period with minimal impact on our ability to service our clients’ requirements with effective programming, rescheduling and communication within our supply chain.
Credit risk
Customer credit risk is addressed through a mixture of credit worthiness checks and a proactive approach to cash collection. Aged debt is effectively managed and controlled.
Liquidity risk
The company has no funding or borrowing costs, we monitor our cash-flow and working capital requirement and have not experienced any sudden unexpected cash outflows so therefore our liquidity risk is minimal.

Page 1


ONE FACILITY LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023


This report was approved by the board on 12 November 2023 and signed on its behalf.



S O'Shea
Director
Page 2


ONE FACILITY LIMITED

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2023

The directors present their report and the financial statements for the period ended 28 February 2023.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

Turnover for the period to February 2023 has decreased by 37%, this decrease is mainly driven by a reduced 9 month reporting period compared to 12 months in the prior period and the the loss of a key customer contract which has previously made up a significant percentage of revenue. However, the gross profit margin has increased to 14.9% (2022: 11.5%). Profits have also remained strong in the 9 month period to February 2023 despite this reduction in turnover. 
Our leadership team has crafted a new set of company values and agreed our 2025 strategic objectives which in line with our enhanced social media and web-development planning will aid our strategic growth plans.
However, we remain vigilant and mindful that we do not dilute the professional service offering to our existing client base or in the search and desire of achieving our strategic growth objectives and remain true to our values at all times. We believe the reputation we have established through our business integrity and being a company people want to work for as well as delivering bespoke, trustworthy and reliable support service will now pay dividends.

RESULTS AND DIVIDENDS

The profit for the period, after taxation, amounted to £576,233 (2022: £367,227).

DIRECTORS

The directors who served during the period were:

D A Jones 
C J Dower 
D W Norsworthy 
S O'Shea 
P Dower 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are
unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the period end. 

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


ONE FACILITY LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
This report was approved by the board and signed on its behalf.
 






S O'Shea
Director

Date: 12 November 2023

10 Temple Back
Bristol
BS1 6FL
Page 4


ONE FACILITY LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 FEBRUARY 2023

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

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

make 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5


ONE FACILITY LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED
OPINION


We have audited the financial statements of One Facility Limited (the 'company') for the period ended 28 February 2023, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6


ONE FACILITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7


ONE FACILITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

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

The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Revenue recognition cut off; and
Valuation of amounts recoverable on long term contracts.

In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Challenging assumptions and judgments made by management in their significant accounting estimates;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes; and
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that
Page 8


ONE FACILITY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED (CONTINUED)

represented a risk of material misstatement due to fraud.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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.


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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Simon Morrison FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 November 2023
Page 9


ONE FACILITY LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,308,401
14,818,333

Cost of sales
  
(7,921,291)
(13,121,588)

GROSS PROFIT
  
1,387,110
1,696,745

Administrative expenses
  
(674,679)
(1,238,567)

OPERATING PROFIT
  
712,431
458,178

Interest receivable and similar income
 8 
3,631
964

PROFIT BEFORE TAX
  
716,062
459,142

Tax on profit
 9 
(139,829)
(91,915)

PROFIT AFTER TAX
  
576,233
367,227

  

  

Retained earnings at the beginning of the period
  
1,317,505
1,285,278

  
1,317,505
1,285,278

Profit for the period
  
576,233
367,227

Dividends declared and paid
  
(300,000)
(335,000)

RETAINED EARNINGS AT THE END OF THE PERIOD
  
1,593,738
1,317,505
The notes on pages 14 to 25 form part of these financial statements.

Page 10


ONE FACILITY LIMITED
REGISTERED NUMBER:05469591

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

28 February
31 May
2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 11 
3,359
4,012

Tangible assets
 12 
10,711
26,170

  
14,070
30,182

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 13 
526,879
2,864,993

Cash at bank and in hand
 14 
2,073,941
634,576

  
2,600,820
3,499,569

Creditors: amounts falling due within one year
 15 
(920,189)
(2,111,112)

NET CURRENT ASSETS
  
 
 
1,680,631
 
 
1,388,457

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,694,701
1,418,639

PROVISIONS FOR LIABILITIES
  

Deferred tax
 16 
(963)
(1,134)

  
 
 
(963)
 
 
(1,134)

NET ASSETS
  
1,693,738
1,417,505


CAPITAL AND RESERVES
  

Called up share capital 
 17 
100,000
100,000

Profit and loss account
  
1,593,738
1,317,505

  
1,693,738
1,417,505


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





S O'Shea
Director

Date: 12 November 2023

The notes on pages 14 to 25 form part of these financial statements.
Page 11


ONE FACILITY LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 June 2021
100,000
1,285,278
1,385,278



Profit for the year
-
367,227
367,227

Dividends: Equity capital
-
(335,000)
(335,000)



At 1 June 2022
100,000
1,317,505
1,417,505



Profit for the period
-
576,233
576,233

Dividends: Equity capital
-
(300,000)
(300,000)


AT 28 February 2023
100,000
1,593,738
1,693,738


The notes on pages 14 to 25 form part of these financial statements.
Page 12


ONE FACILITY LIMITED


STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

28 February
31 May
2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

576,233
367,227

ADJUSTMENTS FOR:

Amortisation of intangible assets
653
338

Depreciation of tangible assets
3,851
13,008

Loss on disposal of tangible assets
12,757
20,027

Interest received
(3,631)
(964)

Taxation charge
139,829
91,915

Decrease/(increase) in debtors
2,338,114
(405,976)

(Decrease) in creditors
(1,330,923)
(437,158)

Corporation tax received/(paid)
-
(76,206)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,736,883
(427,789)


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
-
(4,350)

Purchase of tangible fixed assets
(1,149)
(15,825)

Interest received
3,631
964

NET CASH FROM INVESTING ACTIVITIES

2,482
(19,211)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid
(300,000)
(335,000)

NET CASH USED IN FINANCING ACTIVITIES
(300,000)
(335,000)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
1,439,365
(782,000)

Cash and cash equivalents at beginning of period
634,576
1,416,576

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD
2,073,941
634,576


CASH AND CASH EQUIVALENTS AT THE END OF PERIOD COMPRISE:

Cash at bank and in hand
2,073,941
634,576

2,073,941
634,576


The notes on pages 14 to 25 form part of these financial statements.

Page 13


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

1.


GENERAL INFORMATION

One Facility limited is a private company, limited by shares, registered and incorporated in England and Wales within the United Kingdom.
Its registered number is 05469591.
Its registered office 10 Temple Back, Bristol, BS1 6FL.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

During the period the Company has lost a key customer contract which has previously made up a significant percentage of revenue. Whilst the Company will still maintain a recurring customer base, the loss of this specific contract will likely result in a substantial reduction of turnover, profits and cash flows in future years. 
The Directors have taken robust steps to mitigate the financial impact of losing this key customer contract, including exploring the use of a staff TUPE scheme to reduce future staff costs and an ownership restructure to help guide the business in future years. Some of the shareholders have reduced their shareholdings in the Company and management will take on a greater interest in the streamlined Company going forward. 
The Directors have prepared a business plan including cashflow forecasts for a period of 24 months from the year end to determine future trading requirements and ongoing viability. These forecasts indicate that the Company will be able to sufficiently operate and continue as a going concern for the foreseeable future with positive cash balances without the need to obtain additional funding. 
The Company is also continuing to tender for new work and has recently been awarded a new multi-million pound long-term contract with a customer based within the life-sciences sector, which will result in additional future recurring annual income. Management believe that continuing to tender for new work, allied with a refreshed marketing philosophy amidst a future period of right-sizing should ensure business stability in future years. 

Page 14


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.ACCOUNTING POLICIES (continued)

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

OPERATING LEASES: LESSEE

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

 
2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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

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

Page 15


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.ACCOUNTING POLICIES (continued)

 
2.6

CURRENT AND DEFERRED TAXATION

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.7

INTANGIBLE ASSETS

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


 Amortisation is provided on the following bases:

Computer Software
-
25%
straight line basis

 
2.8

TANGIBLE FIXED ASSETS

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

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

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 16


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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

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

 
2.9

DEBTORS

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

 
2.10

CASH AND CASH EQUIVALENTS

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

 
2.11

CREDITORS

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

 
2.12

PROVISIONS FOR LIABILITIES

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 profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of financial position.

 
2.13

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is
Page 17


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.ACCOUNTING POLICIES (continued)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 
2.14

DIVIDENDS

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.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. 
We deem there to be no critical judgements the directors have made in the process of applying the Company’s accounting policies and that have a significant effect on the amounts recognised in the financial statements. The directors note no key sources of estimation uncertainty that are likely to have a material effect on the financial statements in the current year or in future periods.
Page 18


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

4.


TURNOVER

The whole of the turnover is attributable to sales in the UK.


5.


AUDITORS' REMUNERATION

During the period, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
10,000
8,000

6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,539,329
4,169,936

Social security costs
240,189
377,553

Cost of defined contribution scheme
56,770
261,319

2,836,288
4,808,808


The average monthly number of employees, including directors, during the period was 118 (2022: 167).


7.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
65,089
76,402

Company contributions to defined contribution pension schemes
33,216
43,659

98,305
120,061


During the period retirement benefits were accruing to no directors (2022: NIL) in respect of defined contribution pension schemes.


8.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
3,631
964

3,631
964

Page 19


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

9.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
140,000
96,194


140,000
96,194


TOTAL CURRENT TAX
140,000
96,194

DEFERRED TAX


Origination and reversal of timing differences
(3,865)
(4,302)

Changes to tax rates
3,694
23

TOTAL DEFERRED TAX
(171)
(4,279)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
139,829
91,915

FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

The tax assessed for the period/year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
716,062
459,142


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022: 19%)
136,052
87,237

EFFECTS OF:


Expenses not deductible for tax purposes
3,883
6,607

Other fixed asset differences
-
(1,911)

Short term timing difference leading to an increase (decrease) in taxation
(66)
(18)

Remeasurement of deferred tax for changes in tax rates
(40)
-

TOTAL TAX CHARGE FOR THE PERIOD/YEAR
139,829
91,915


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

As enacted by the Government on 24 May 2021, the corporation tax rate will be increased from 19% to 25% with effect from 1 April 2023. Accordingly, this rate will be used to measure any deferred tax assets and liabilities. 

Page 20


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

10.


DIVIDENDS

28 February
31 May
2023
2022
£
£


Dividends on equity capital
300,000
335,000

300,000
335,000


11.


INTANGIBLE ASSETS






Computer software

£



COST


At 1 June 2022
4,350



At 28 February 2023

4,350



AMORTISATION


At 1 June 2022
338


Charge for the period on owned assets
653



At 28 February 2023

991



NET BOOK VALUE



At 28 February 2023
3,359



At 31 May 2022
4,012



Page 21


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

12.


TANGIBLE FIXED ASSETS







Motor vehicles
Office equipment
Total

£
£
£



COST OR VALUATION


At 1 June 2022
27,714
31,636
59,350


Additions
-
1,149
1,149


Disposals
(27,714)
(10,371)
(38,085)



At 28 February 2023

-
22,414
22,414



DEPRECIATION


At 1 June 2022
18,205
14,975
33,180


Charge for the period on owned assets
1,017
2,834
3,851


Disposals
(19,222)
(6,106)
(25,328)



At 28 February 2023

-
11,703
11,703



NET BOOK VALUE



At 28 February 2023
-
10,711
10,711



At 31 May 2022
9,509
16,661
26,170


13.


DEBTORS

28 February
31 May
2023
2022
£
£


Trade debtors
338,561
1,898,606

Prepayments and accrued income
188,318
966,387

526,879
2,864,993


Page 22


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

14.


CASH AND CASH EQUIVALENTS

28 February
31 May
2023
2022
£
£

Cash at bank and in hand
2,073,941
634,576

2,073,941
634,576



15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28 February
31 May
2023
2022
£
£

Trade creditors
156,346
829,960

Corporation tax
236,193
96,193

Other taxation and social security
246,014
495,328

Other creditors
14,998
39,767

Accruals and deferred income
266,638
649,864

920,189
2,111,112



16.


DEFERRED TAXATION






2023
2022


£

£






At beginning of year
(1,134)
(5,413)


Charged to profit or loss
171
4,279



AT END OF YEAR
(963)
(1,134)

The provision for deferred taxation is made up as follows:

28 February
31 May
2023
2022
£
£


Fixed asset timing differences
(2,678)
(6,543)

Short term timing differences
1,715
5,409

(963)
(1,134)

Page 23


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

17.


SHARE CAPITAL

28 February
31 May
2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



30,000 (2022: 30,000) Ordinary A shares of £1.00 each
30,000
30,000
30,000 (2022: 30,000) Ordinary B shares of £1.00 each
30,000
30,000
30,000 (2022: 30,000) Ordinary C shares of £1.00 each
30,000
30,000
10,000 (2022: 10,000) Ordinary D shares of £1.00 each
10,000
10,000

100,000

100,000

All shares have voting rights.



18.


PENSION COMMITMENTS

The company operates a defined contribution 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 £56,770 (2022: £261,319). Contributions totalling £6,859 (2022: £28,894) were payable to the fund at the reporting date and are included in other creditors.


19.


COMMITMENTS UNDER OPERATING LEASES

At 28 February 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 February
31 May
2023
2022
£
£


Not later than 1 year
61,881
56,581

Later than 1 year and not later than 5 years
68,645
94,280

130,526
150,861

Page 24


ONE FACILITY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

20.


RELATED PARTY TRANSACTIONS

Below is a summary of the related party transcations that were entered into in the year. All charges were for services rendered.


28 February
31 May
2023
2022
£
£

Sales to companies under common directorship
-
-
Purchases from companies under common directorship
1,113,050
1,110,029
Amounts owed from companies under common directorship
-
-
Amounts owed to companies under common directorship
354,642
442,235
1,467,692
1,552,264

Key Management Personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation (including remuneration and social security contributions) in respect of these individuals is £443,607 (2022: £588,045).
Purchases totalling £39,500 (2022: £Nil) were made to a company directed by a family member of a shareholder.


21.


CONTROLLING PARTY

As at the year end there was no ultimate controlling party. Since the year end a management buy-out took place and Simon O'Shea is now considered to be the ultimate controlling party. 

Page 25