IRIS Accounts Productionv24.1.0.57803184432Board of DirectorsBoard of Directors1.7.2230.6.2330.6.23The principal activity of the company in the year under review was that of an IT based document production facility offering highly technical solutions for intelligent printing and mailing, e-billing/delivery, document archive and retrieval and back office Hybrid Mail. Committed to delivering guaranteed business outcomes through a combination of technology and process expertise, FCS gives its clients the freedom to do more with their business. Innovative technical solutions have allowed customers to manage their own document flows offering significant improvements and long term cost reductions.truetruefalsetruetruefalsefalsefalsetruefalseOrdinary1.00000Ordinary B1.00000 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REGISTERED NUMBER: 03184432 (England and Wales)





















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2023


for



Facilities & Corporate Solutions Limited



Facilities & Corporate Solutions Limited (Registered number: 03184432)








Contents of the Financial Statements

for the year ended 30 June 2023






Page




Company Information  

1




Strategic Report  

2


to


4



Report of the Directors  

5


to


6



Report of the Independent Auditors  

7


to


10



Statement of Comprehensive Income

11




Balance Sheet  

12




Statement of Changes in Equity  

13




Cash Flow Statement  

14




Notes to the Cash Flow Statement  

15


to


16



Notes to the Financial Statements

17


to


30




Facilities & Corporate Solutions Limited



Company Information

for the year ended 30 June 2023









DIRECTORS:

Mr S Beeching


Mr L Mcdonald







REGISTERED OFFICE:

Wood Lane


Erdington


Birmingham


West Midlands


B24 9QL







REGISTERED NUMBER:

03184432 (England and Wales)







AUDITORS:

Clifford Roberts


Chartered Accountants &


Statutory Auditors


Pacioli House


9 Brookfield


Duncan Close


Northampton


Northamptonshire


NN3 6WL



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Strategic Report

for the year ended 30 June 2023


The directors present their strategic report for the year ended 30 June 2023.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an IT based document production facility offering highly technical solutions for intelligent printing and mailing, e-billing/delivery, document archive and retrieval and back office Hybrid Mail. Committed to delivering guaranteed business outcomes through a combination of technology and process expertise, FCS gives its clients the freedom to do more with their business. Innovative technical solutions have allowed customers to manage their own document flows offering significant improvements and long term cost reductions.


REVIEW OF BUSINESS

Turnover for the year under review is £15,036,301 compared to £12,871,664 for the year ended 30 June 2022, an increase of 16.82%. Profit before taxation for the year is £3,424,047 compared to £920,113 for the prior year.


At the year end the company had shareholders funds of £7,505,744 including distributable reserves of £7,504,344. The directors therefore believe the company's position to be satisfactory and are optimistic for the future, especially as the company's current assets exceed its current liabilities by £6,218,902.




Facilities & Corporate Solutions Limited (Registered number: 03184432)



Strategic Report

for the year ended 30 June 2023


PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls, all of which are governed by our adherence to accredited ISO Standards. All policies are subject to Board approval and ongoing review by directors and management. Compliance with regulation, legal and ethical standards is a high priority for the company. The company has developed a framework for identifying the risks it faces and the directors have assessed the main risks to the business as being its dependency on the performance of the UK economy, our reliance on the availability of postal sortation streams, and a concerted effort of businesses to look at digital communications as complimentary method of communication.


Principal risk


Key controls and mitigating factors



Economic


The company could be

affected by national and

international economic

factors outside of its

control, including economic

slowdown, inflation,

increases in interest rates.


The current UK economic downturn, both globally and

locally, is having an adverse effect on the demand for

the Company's services. A more prolonged economic

downturn may lead to an overall decline in the volume of

the Company's activities and sales, restricting the

Company's ability to realise a profit.  However the

Company historically has benefited in difficult economic

times via an increase in the frequency of rate change

mailings, the increase in debt sector volume and the

effect it has on potential clients to find costs savings of

their own by outsourcing their communications to our

services.


Postal streams


Royal Mail Wholesale may

remove their zonal CDA

service


A large proportion of the Company's revenue is realised

through access to wholesale postal services. If access

to these services are restricted then a large proportion

of revenue would be compromised and our ability to

attract new and retain existing clients would diluted. The

Company is considering upgrading our sortation

equipment to maximise efficiencies whilst these

services remain in place and we continue to monitor the

situation with Royal Mail very closely.


Digitisation

transformation


Reduction in physical

posted items


Transactional mail volume has decreased from 50% of

the total UK mail volume in 2012, to a forecast of 39%

in 2023. A large reason for this is Royal Mail's policy to

increase Business Mail costs unproportionally when

compared to Advertising Mail.  The Company is putting

together a business plan to mitigate this volume

downturn by creating a digital communications offering,

which we hope will alleviate the potential loss of mail

volume.  However Direct Mail has for the past ten years

remained extremely constant and is predicted to remain

at circa 30% of the total postal volume.


Purchasing

trends


How customer buy from

the company


Post Covid, a noticeable change has occurred with

regards to purchasing methods.  More and more

companies are choosing a tender route and relationship

purchasing is fast becoming the exception to the rule.

To mitigate this, FCS is building a tender writing team

within the sales department and we hope this will pay

dividends in the coming months/years.



We would like to express our sincere thanks to our staff and supply chain associates for their dedication and commitment, both delivering outstanding service.


The company finances its business through its shareholder funds and approved lines of credit.




Facilities & Corporate Solutions Limited (Registered number: 03184432)



Strategic Report

for the year ended 30 June 2023


FUTURE DEVELOPMENTS

Our commitment to future investment remains resolute, investment in skilled staff, digital transformation services, MI software and enclosing hardware is being monitored closely.


We expect the current UK economic conditions to be evident for the foreseeable future and we will continue to monitor the situation closely and tailor our response accordingly.


The investment in FCS Software Solutions Limited, which is specifically targeted with the development of web-based solutions for Local Government and Education continues to suffer from economic restrictions imposed by Government on spend. The core software development is virtually complete and the company is now concentrating on supplementary modules to the core offering as well as non-core solutions.Current pipeline suggests that the company will produce tangible returns by the end 2025/2026. This is wholly dependant on cabinet office investment requirements.


KEY PERFORMANCE INDICATORS

We have made significant progress throughout the year in relation to the key elements of our strategy, the board monitors the progress by reference to the following KPI's:



2023


2022




Increase/(decrease) in turnover


16.82%


6.79%




Gross profit percentage


36.43%


28.90%




Operating profit percentage


22.77%


8.99%




Liquidity ratio


2.94


1.96




All of the above ratios are defined in UK Generally Accepted Accounting Practice.


FINANCIAL RISK MANAGEMENT

The company has exposure to two main areas of risk - customer credit exposure and liquidity risk.


Customer credit exposure

Credit terms may be offered to its customers who allow payment of the debt after delivery of the goods or service. The company is at risk to the extent that a customer may be unable to pay the debt on a specific due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.


Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the company has credit facilities available. Given the cash reserves held by the company, the company is in a position to meet its commitments and obligations as they become due.


Foreign currency risk

The company is exposed to foreign currency risk which arise as a result of its operations. Predominantly, the sales and purchases are denominated in Sterling. Due to the small number of foreign currency transactions, the company does not enter into forward currency contracts.


ON BEHALF OF THE BOARD:






Mr S Beeching - Director



1 December 2023



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Report of the Directors

for the year ended 30 June 2023


The directors present their report with the financial statements of the company for the year ended 30 June 2023.  


DIVIDENDS

There were no dividends in the year.


DIRECTORS

Mr S Beeching has held office during the whole of the period from 1 July 2022 to the date of this report.


Other changes in directors holding office are as follows:


Mr L Mcdonald was appointed as a director after 30 June 2023 but prior to the date of this report.


Mr A Biddle , Mr M B Fay , Mr M S Tamburro and Mr K E Williams ceased to be directors after 30 June 2023 but prior to the date of this report.


DISCLOSURE IN THE STRATEGIC REPORT

Principle activities, events occurring after the year end, likely future developments, research and development activities and an assessment of financial risk management exposures are disclosed within the strategic report (as defined by section 414 C (11) of the Companies Act 2006).


STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Report of the Directors

for the year ended 30 June 2023



AUDITORS

The auditors,  Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:




Mr S Beeching - Director



1 December 2023


Report of the Independent Auditors to the Members of

Facilities & Corporate Solutions Limited


Opinion

We have audited the financial statements of Facilities & Corporate Solutions Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

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


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


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


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.


Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Facilities & Corporate Solutions Limited



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 Report of the Directors.


We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page five, 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 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.


Report of the Independent Auditors to the Members of

Facilities & Corporate Solutions Limited



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 a Report of the Auditors 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:


-


We obtained an understanding of the legal and regulatory framework applicable to the company and

the sector in which they operate. We determined that the following laws and regulations were most

significant: the Data Protection Act 2018, Companies Act 2006, UK Generally Accepted Accounting

Practice and UK corporate taxation laws.


-


We obtained an understanding of how the company is complying with those legal and regulatory

frameworks by making inquiries to the management and by observing the oversight of management,

the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud

prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which

could persuade individuals not to commit fraud in the first instance . We corroborated our inquiries

through our review of all relevant available audit information.


-


We assessed and understood the susceptibility of the company's financial statements to material

misstatement, including how fraud might occur. Based on this understanding we designed our audit

procedures to identify non-compliance with such laws and regulations. The audit procedures

performed by the engagement team included:



>


Identifying and assessing the design and effectiveness of controls management has in place to

prevent and detect fraud;



>


Understanding of how senior management considered and addressed the potential for override of

controls or other inappropriate influence over the financial reporting process;



>


Challenging assumptions and judgements made by management in its significant accounting

estimates;



>


Performing audit work over the risk of management override of controls, including testing of journal

entries and other adjustments for appropriateness, evaluating the business rationale of significant

transactions outside the normal course of business and reviewing accounting estimates for bias;

and,



>


Assessing the extent of compliance with relevant laws and regulations.



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Report of the Auditors.


Report of the Independent Auditors to the Members of

Facilities & Corporate Solutions Limited



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.





Adam Billingham BA (Hons) FCA BFP (Senior Statutory Auditor)

for and on behalf of Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL


1 December 2023



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Statement of Comprehensive

Income

for the year ended 30 June 2023



2023

2022



Notes

£   

£   

£   

£   



TURNOVER

3

15,036,301


12,871,664




Cost of sales

9,557,930


9,151,527



GROSS PROFIT

5,478,371


3,720,137




Distribution costs

205,415


297,046



Administrative expenses

1,844,441


2,304,710



2,049,856

2,601,756

3,428,515


1,118,381




Other operating income

-


38,692



OPERATING PROFIT

6

3,428,515


1,157,073




Income from fixed asset investments

12,378


20,544



Interest receivable and similar income

37,678


5,026



50,056

25,570

3,478,571


1,182,643



Gain/loss on revaluation of investments

(45,799

)

(245,725

)


3,432,772


936,918




Interest payable and similar expenses

7

8,725


16,805



PROFIT BEFORE TAXATION

3,424,047


920,113




Tax on profit

8

674,124


236,700



PROFIT FOR THE FINANCIAL YEAR

2,749,923


683,413




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

2,749,923


683,413





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Balance Sheet

30 June 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

10

98,270


122,687



Tangible assets

11

1,422,361


1,662,671



Investments

12

5,380


5,380



1,526,011


1,790,738




CURRENT ASSETS

Stocks

13

126,567


99,425



Debtors

14

3,687,977


2,378,115



Investments

15

-


1,573,891



Cash at bank

5,609,752


3,065,594



9,424,296


7,117,025



CREDITORS

Amounts falling due within one year

16

3,205,394


3,645,527



NET CURRENT ASSETS

6,218,902


3,471,498



TOTAL ASSETS LESS CURRENT

LIABILITIES

7,744,913


5,262,236




CREDITORS

Amounts falling due after more than one

year

17

-


(198,605

)



PROVISIONS FOR LIABILITIES

22

(239,169

)

(307,810

)


NET ASSETS

7,505,744


4,755,821




CAPITAL AND RESERVES

Called up share capital

23

185,925


185,925



Capital redemption reserve

24

15,475


15,475



Fair value reserve

24

-


38,551



Retained earnings

24

7,304,344


4,515,870



SHAREHOLDERS' FUNDS

7,505,744


4,755,821




The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2023 and were signed on its behalf by:





Mr S Beeching - Director




Mr L Mcdonald - Director




Facilities & Corporate Solutions Limited (Registered number: 03184432)



Statement of Changes in Equity

for the year ended 30 June 2023



Called up


Capital


Fair



share


Retained


redemption


value


Total


capital


earnings


reserve


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 July 2021

185,925


4,081,531


15,475


239,477


4,522,408




Changes in equity

Profit for the year

-


683,413


-


-


683,413



Other comprehensive income

-


200,926


-


(200,926

)

-



Total comprehensive income

-


884,339


-


(200,926

)

683,413



Dividends

-


(450,000

)

-


-


(450,000

)


Balance at 30 June 2022

185,925


4,515,870


15,475


38,551


4,755,821




Changes in equity

Profit for the year

-


2,749,923


-


-


2,749,923



Other comprehensive income

-


38,551


-


(38,551

)

-



Total comprehensive income

-


2,788,474


-


(38,551

)

2,749,923



Balance at 30 June 2023

185,925


7,304,344


15,475


-


7,505,744





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Cash Flow Statement

for the year ended 30 June 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

2,199,377


1,473,849



Interest element of hire purchase

payments paid

(8,725

)

(16,805

)


Coronavirus support grants

-


30,223



Tax paid

(277,174

)

(13,256

)


Net cash from operating activities

1,913,478


1,474,011




Cash flows from investing activities

Purchase of tangible fixed assets

(339,252

)

(113,619

)


Sale of tangible fixed assets

5,750


1,667



Purchase of current asset investments

(271,614

)

(1,266,828

)


Sale of current asset investments

1,898,986


1,360,823



Interest received

37,678


5,026



Dividends received

12,378


20,544



Net cash from investing activities

1,343,926


7,613




Cash flows from financing activities

Loans to associates

(35,000

)

-



Capital repayments in year

(232,556

)

(312,726

)


Equity dividends paid

(300,000

)

(300,000

)


Net cash from financing activities

(567,556

)

(612,726

)



Increase in cash and cash equivalents

2,689,848


868,898



Cash and cash equivalents at

beginning of year

2

2,919,904


2,051,006




Cash and cash equivalents at end of

year

2

5,609,752


2,919,904





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Cash Flow Statement

for the year ended 30 June 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


2023


2022

£   

£   



Profit before taxation

3,424,047


920,113




Depreciation charges

603,257


587,620




Profit on disposal of fixed assets

(104,308

)

(49,395

)



Loss on revaluation of fixed assets

45,799


245,725




Government grants

-


(30,223

)



Finance costs

8,725


16,805




Finance income

(50,056

)

(25,570

)


3,927,464


1,665,075




Increase in stocks

(27,142

)

(23,394

)



Increase in trade and other debtors

(1,274,862

)

(37,524

)



Decrease in trade and other creditors

(426,083

)

(130,308

)



Cash generated from operations

2,199,377


1,473,849




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 30 June 2023


30.6.23


1.7.22

£   

£   



Cash and cash equivalents

5,609,752


3,065,594




Bank overdrafts

-


(145,690

)


5,609,752


2,919,904




Year ended 30 June 2022


30.6.22


1.7.21

£   

£   



Cash and cash equivalents

3,065,594


2,051,006




Bank overdrafts

(145,690

)

-



2,919,904


2,051,006






Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Cash Flow Statement

for the year ended 30 June 2023


3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.7.22

Cash flow

At 30.6.23

£   

£   

£   



Net cash



Cash at bank

3,065,594


2,544,158


5,609,752




Bank overdrafts

(145,690

)

145,690


-



2,919,904


2,689,848


5,609,752





Liquid resources



Current asset investments

1,573,891


(1,573,891

)

-



1,573,891


(1,573,891

)

-




Debt


Finance leases

(431,161

)

232,556


(198,605

)


(431,161

)

232,556


(198,605

)



Total

4,062,634


1,348,513


5,411,147





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements

for the year ended 30 June 2023


1.

PRINCIPLE PLACE OF BUSINESS



Facilities & Corporate Solutions Limited is a private company, limited by shares, incorporated and domiciled in England and has its registered office and principle place of business at Wood Lane, Erdington, Birmingham, B24 9QL.The company's registered number and registered office address can be found on the company information page.



Facilities & Corporate Solutions Limited has a second place of business, Unit 10, Lows Lane, Langham Park, Stanton by Dale, Derbyshire, DE7 4RJ.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



The financial statements are presented in Sterling (£), and are prepared to 30th June each year.



Preparation of consolidated financial statements

The financial statements contain information about Facilities & Corporate Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from requirements to prepare consolidated financial statements.

Section 402 states that a parent company is exempt from the requirement to prepare group accounts if under section 405 all of its subsidiary undertakings could be excluded from consolidation in Companies Act group accounts. Under Section 405 (2) a subsidiary undertaking may be excluded from consolidation if its inclusion is not material for the purposes of giving a true and fair view (but two or more undertakings may be excluded only if they are not material taken together). The two dormant subsidiary undertakings combined are not deemed to be material for the purposes of giving a true and fair view.


Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

(a) Fair value of listed investments
The fair value of the listed investments has been determined on the basis of the price quoted on the London Stock Exchange as at the closing rate on the 30th June 2023 and 30th June 2022. Listed investments held at fair value totalled £Nil (2022: £1,573,891) at the year end.

(b) The determination of the useful life of assets
In determining the the useful life of assets, management estimate both the residual value and useful economic lives of assets. Both judgements rely on the experience of management.



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


2.

ACCOUNTING POLICIES - continued



Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The goodwill is amortised over the 10 years of its useful economic life.

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in profit or loss in the periods expected to be benefitted.


Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows;


Improvements to leasehold
property

-

straight line over 15 years
Plant and machinery -between 2 and 5 years straight line, 15% reducing balance
Fixtures, fittings and equipment -straight line over 5 years or 15% reducing balance
Motor vehicles -straight line over 3 years or 25% reducing balance
Computer equipment -between 1 and 4 years straight line


Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.


Investments in subsidiaries and associates


Investments in subsidiary and associate undertakings are recognised at cost.



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the income statement.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


Provisions for liabilities


Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made on the amount of the obligation.



The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.



Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.



The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period. The provision is measured as the salary cost payable for the expected annual leave utilization to date, less the actual utilization as at the year end.



Investments


Investments comprise of unquoted shares in subsidiaries at cost less impairment and quoted shares held at fair value. Impairment losses are recognised immediately in the statement of income. Changes in fair value are recognised in profit or loss. Investments in shares (other than shares of a subsidiary, associate or joint venture) are required to be carried at fair value through profit or loss, provided that they are publicly traded, or fair value can be measured reliably, for example by using a valuation technique. Where fair value cannot be measured reliably, then the investment is carried at cost less impairment.



Investment income


Income from investments is included in the statement of comprehensive income in the accounting period in which it is received.


3.

TURNOVER


Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


4.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

1,815,986


2,224,091




Social security costs

185,478


231,010




Other pension costs

45,704


48,767



2,047,168


2,503,868





The average number of employees during the year was as follows:


2023


2022



Administration

5


6




Sales

5


6




Production

47


55



57


67




5.

DIRECTORS' EMOLUMENTS


2023


2022

£   

£   



Directors' remuneration

417,142


611,087




Directors' pension contributions to money purchase schemes  

17,903


15,607





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

127,780


184,475




6.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



2023


2022

£   

£   



Other operating leases

346,280


356,071




Depreciation - owned assets

384,459


344,793




Depreciation - assets on hire purchase contracts

194,382


218,286




Profit on disposal of fixed assets

(104,308

)

(49,395

)



Goodwill amortisation

24,417


24,416




Auditors' remuneration

8,700


8,800




Government grants  

-


(30,222

)



7.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Hire purchase

8,725


16,805





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

742,765


277,089




Corporation tax interest

-


44




Total current tax

742,765


277,133





Deferred tax

(68,641

)

(40,433

)



Tax on profit

674,124


236,700





Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022

£   

£   



Profit before tax

3,424,047


920,113




Profit multiplied by the standard rate of corporation tax in the UK of

20.496% (2022 - 19%)  

701,793


174,821





Effects of:


Expenses not deductible for tax purposes

683


790




Income not taxable for tax purposes

(14,534

)

33,391




Depreciation in excess of capital allowances

45,931


68,087




Adjustments to tax charge in respect of previous periods

-


44




Chargeable gains  

8,892


-





Adjustments to deferred tax in respect of a change in tax rate

-


73,874




Adjustment to deferred tax in respect of timing differences  

(68,641

)

(114,307

)





Total tax charge

674,124


236,700




9.

DIVIDENDS


2023


2022

£   

£   



Ordinary shares of £1 each


Interim

-


112,500




Ordinary B shares of £1 each


Interim

-


337,500



-


450,000





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


10.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 July 2022


and 30 June 2023

324,036




AMORTISATION


At 1 July 2022

201,349




Amortisation for year

24,417




At 30 June 2023

225,766




NET BOOK VALUE


At 30 June 2023

98,270




At 30 June 2022

122,687




11.

TANGIBLE FIXED ASSETS


Improvements


Fixtures


to


Plant and


and


property


machinery


fittings

£   

£   

£   



COST


At 1 July 2022

593,327


7,612,154


218,116




Additions

-


120,558


8,887




Disposals

-


-


-




At 30 June 2023

593,327


7,732,712


227,003




DEPRECIATION


At 1 July 2022

427,320


6,205,802


186,771




Charge for year

16,424


456,385


6,940




Eliminated on disposal

-


-


-




At 30 June 2023

443,744


6,662,187


193,711




NET BOOK VALUE


At 30 June 2023

149,583


1,070,525


33,292




At 30 June 2022

166,007


1,406,352


31,345





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


11.

TANGIBLE FIXED ASSETS - continued



Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 July 2022

259,139


655,624


9,338,360




Additions

203,490


6,317


339,252




Disposals

(15,000

)

-


(15,000

)



At 30 June 2023

447,629


661,941


9,662,612




DEPRECIATION


At 1 July 2022

248,044


607,752


7,675,689




Charge for year

63,747


35,345


578,841




Eliminated on disposal

(14,279

)

-


(14,279

)



At 30 June 2023

297,512


643,097


8,240,251




NET BOOK VALUE


At 30 June 2023

150,117


18,844


1,422,361




At 30 June 2022

11,095


47,872


1,662,671





Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Plant and


machinery

£   



COST


At 1 July 2022


and 30 June 2023

971,908




DEPRECIATION


At 1 July 2022

244,438




Charge for year

194,382




At 30 June 2023

438,820




NET BOOK VALUE


At 30 June 2023

533,088




At 30 June 2022

727,470




12.

FIXED ASSET INVESTMENTS


Shares in


Interest



group


in



undertakings


associate


Totals

£   

£   

£   



COST


At 1 July 2022


and 30 June 2023

5,100


280


5,380




NET BOOK VALUE


At 30 June 2023

5,100


280


5,380




At 30 June 2022

5,100


280


5,380





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


12.

FIXED ASSET INVESTMENTS - continued



The company's investments at the Balance Sheet date in the share capital of companies include the following:



Perspektiv Limited


Registered office: FCS Laser Mail Wood Lane, Erdington, Birmingham, West Midlands, B24 9QL


Nature of business: Print management


%


Class of shares:

holding



Ordinary Shares

100.00


2023

2022


£   

£   



Aggregate capital and reserves

4,975


4,975





Secure Mailing Limited


Registered office: FCS Laser Mail, Wood Lane, Erdington, Birmingham, England, B24 9QL


Nature of business: Print management


%


Class of shares:

holding



Ordinary Shares

100.00


2023

2022


£   

£   



Aggregate capital and reserves

100


100





FCS Software Solutions Limited


Registered office: FCS Lasermail Wood Lane, Erdington, Birmingham, England, B24 9QL


Nature of business: Business and domestic software development


%


Class of shares:

holding



Ordinary Shares

28.00


2023

2022


£   

£   



Aggregate capital and reserves

(335,701

)

(739,128

)



Profit/(loss) for the year

403,427


(303,523

)



All of the above entities share the same registered office, are incorporated in the United Kingdom and operate principally therein.

13.

STOCKS

2023

2022


£   

£   



Stocks

126,567


99,425





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

2,255,321


1,736,045




Bad Debt Provision

-


(27,631

)



Amounts owed by associates

375,744


340,744




Broker account 1

-


9,703




Broker account 2

-


1,730




Fusion cash accounts

720,957


122,657




Prepayments

335,955


194,867



3,687,977


2,378,115




15.

CURRENT ASSET INVESTMENTS




2023  



2022  





£    



£    





-



1,573,891



Listed investments



Listed investments consists of three investment portfolios, and fair value has been estimated with reference to the market value as at 30th June, 2023. As of the year end, the cost of the investments was £Nil (2022: £1,522,489).


16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts (see note 18)

-


145,690




Hire purchase contracts  (see note 19)

198,605


232,556




Trade creditors

1,229,285


1,206,702




Amounts owed to group undertakings

5,075


5,075




Tax

742,680


277,089




Social security and other taxes

42,917


81,334




VAT

606,152


396,289




Proposed dividends

-


300,000




Other creditors

35,414


44,327




Wages and salaries control

12,361


11,157




Accruals

332,905


945,308



3,205,394


3,645,527




17.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2023

2022


£   

£   



Hire purchase contracts  (see note 19)

-


198,605




18.

LOANS



An analysis of the maturity of loans is given below:


2023

2022


£   

£   



Amounts falling due within one year or on demand:


Bank overdrafts

-


145,690





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


19.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts


2023

2022


£   

£   



Net obligations repayable:


Within one year

198,605


232,556




Between one and five years

-


198,605



198,605


431,161





Non-cancellable

operating leases


2023

2022


£   

£   



Within one year

342,000


342,000




Between one and five years

1,368,000


1,368,000




In more than five years

430,500


772,500



2,140,500


2,482,500





During the period non-cancellable operating lease payments of £342,000 have been recognised as an expense.


20.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank overdraft

-


145,690




Hire purchase contracts

198,605


431,161



198,605


576,851





The company's borrowings are secured by way of a debenture, in favour of Lloyds Bank Plc, dated 12th August 2002, which was satisfied after the year end. A further charge, in favour of Lloyds Bank Plc, dated 14th January 2015, was satisfied during the year.



A new charge, in favour of Mr. K. Williams, as the security trustee on behalf of himself and others, was registered after the year end.



Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


21.

FINANCIAL INSTRUMENTS



The carrying value of the group's financial assets and liabilities are summarised by category below:




2023


2022




Financial assets


See note


£


£





Measured at fair value through profit or loss




- Investments in listed equity instruments


15


-


1,573,891





Measured at undiscounted amount receivable




- Debtors falling due within one year


14


3,687,977


2,378,115




- Debtors falling due after more than one year



-


-





3,687,977


3,952,006





Financial liabilities




Measured at undiscounted amount payable




- Bank loans and overdrafts and other loans


18


-


145,690




- Creditors falling due within one year


16


3,205,394


3,499,837




- Creditors due after more than one year


17


-


198,605





3,205,394


3,844,132






2023


2022




Financial gains/(losses) measured at fair value


£


£




Total expense for assets measured at fair value through profit or loss


45,799


245,725




Total income for assets measured at fair value through profit or loss


-


-





Movements to the fair value reserve are all in respect of the investment in listed equity instruments. The transfers between the fair value reserve and retained earnings are detailed within note 24.


22.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax


Other timing differences

-


12,850




Deferred tax

239,169


294,960



239,169


307,810





Deferred



tax


£   



Balance at 1 July 2022

307,810




Provided during year

(55,791

)



Fair value on investments

(12,850

)



Balance at 30 June 2023

239,169





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


23.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



185,000

Ordinary

£1

185,000


185,000




925

Ordinary B

£1

925


925



185,925


185,925




Called up share capital
This represents the nominal value of the shares that have been issued.

24.

RESERVES


Capital


Fair



Retained


redemption


value



earnings


reserve


reserve


Totals

£   

£   

£   

£   




At 1 July 2022

4,515,870


15,475


38,551


4,569,896




Profit for the year

2,749,923


-


-


2,749,923




Movement for fair value

(12,850

)

-


12,850


-




Movement in deferred tax

51,401


-


(51,401

)

-




At 30 June 2023

7,304,344


15,475


-


7,319,819




Retained earnings
This reserve includes all current and prior period retained profit and losses.

Fair value reserve
This reserve includes all current and prior period gains and losses on revaluing the listed investments to fair value. The amounts taken to the fair value reserve have been subject to deferred tax. At the balance sheet date the balance on this account had been released as the investments it related to had all been realised.

Capital redemption reserve
This reserve relates to the company's own shares which have been redeemed. The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

25.

CONTINGENT LIABILITIES



As at both 30 June, 2023 and 30 June, 2022, there were no contingent liabilities.


26.

CAPITAL COMMITMENTS


As at both 30 June, 2023 and 30 June, 2022, there were no capital commitments.

27.

RELATED PARTY DISCLOSURES



Entities over which the entity has control, joint control or significant influence

2023

2022


£   

£   



Amount due from related party  

5,075


340,744




Amount due to related party  

375,744


5,075





Facilities & Corporate Solutions Limited (Registered number: 03184432)



Notes to the Financial Statements - continued

for the year ended 30 June 2023


27.

RELATED PARTY DISCLOSURES - continued



Key management personnel of the entity or its parent (in the aggregate)

2023

2022


£   

£   



Compensation  

480,525


757,029




Dividends  

-


156,162





Key management are considered to be the Directors of Facilities and Corporate Solutions Limited.



Other related parties

2023

2022


£   

£   



Rent and service charges  

636,395


343,763




Dividends  

-


145,824




Sundry recharges  

-


3,000




Amount due to related party  

573


22,727