FOR THE PERIOD ENDED 28 FEBRUARY 2023
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ONE FACILITY LIMITED
COMPANY INFORMATION
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ONE FACILITY LIMITED
CONTENTS
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ONE FACILITY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2023
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.
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.
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
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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.
Page 2
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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.
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.
The profit for the period, after taxation, amounted to £576,233 (2022: £367,227).
The directors who served during the period were:
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.
There have been no significant events affecting the company since the period end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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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.
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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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ONE FACILITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED
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 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).
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.
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.
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.
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ONE FACILITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED (CONTINUED)
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.
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.
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ONE FACILITY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE FACILITY LIMITED (CONTINUED)
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
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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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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ONE FACILITY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
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ONE FACILITY LIMITED
REGISTERED NUMBER:05469591
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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ONE FACILITY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2023
Page 12
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ONE FACILITY LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
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
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 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.
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
2.ACCOUNTING POLICIES (continued)
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
2.ACCOUNTING POLICIES (continued)
Amortisation is provided on the following bases:
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.
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
2.ACCOUNTING POLICIES (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:
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.
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.
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
2.ACCOUNTING POLICIES (continued)
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.
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
The whole of the turnover is attributable to sales in the UK.
Page 19
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
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.
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
Page 21
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
Page 22
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
Page 23
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
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.
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ONE FACILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
Page 25
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