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REGISTERED NUMBER: 09260561 (England and Wales)











Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 August 2023

for

OTIUM SERVICES AND FACILITIES LIMITED

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Directors' Responsibilities Statement 6

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


OTIUM SERVICES AND FACILITIES LIMITED

Company Information
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: R L Spence
P R Rafferty
M Robertson
T J Fifield



REGISTERED OFFICE: Unit C2A Comet Studios
De Havilland Court
Penn Street
Amersham
Buckinghamshire
HP7 0PX



REGISTERED NUMBER: 09260561 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Adele Lawton



AUDITORS: Lawton Bradford Accountants Limited
Chartered Certified Accountants
And Statutory Auditors
7 Marconi Gate
Stafford
ST18 0FZ

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Strategic Report
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their strategic report for the year ended 31 August 2023.

REVIEW OF BUSINESS
The results for the year and the financial position of company are shown in the annexed financial statements. The principal activity of the company continues to be commercial contract cleaning throughout the United Kingdom. Most of our contracts continue to be concentrated in our core area of expertise, which is gyms, and nurseries, with a particular focus on the national chains. In addition the company has acquired the trade of a cleaning business within the entertainment sector focused on pubs, clubs & bars. We do have some smaller clients outside of our main focus areas however these represent an insignificant part of the overall revenue for the financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
Customer and credit risk
The company supplies a range of markets and customers in order to avoid reliance on a single customer and the associated risks. The company uses credit insurance with agreed credit limits to minimise its exposure to credit risk.

Supplier and product risk
The company uses a relatively small number of suppliers in order to maintain a reliable supply of products in the quantities required. There are a large number of suppliers available to minimise the risk of product supply.

Liquidity risk
The company forecasts its future cash flows on a daily basis and ensures it has sufficient reserves and facilities to meet all its obligations. The business finances its operations through a mixture of existing working capital, secured bank borrowings and against trade debtors and directors loans.

Interest rate risk
The company maintains close relationships with its bankers and finance providers in order to ensure the interest rate risk is managed effectively.

EMPLOYEES
The company has continued to give full and fair consideration to applications made by persons of all diversities, having regard to their respective aptitudes and abilities, and to ensure that they benefit from training and career development programmes in common with all employees. The company has continued its policy of employee involvement by making information available to employees through the medium of frequent staff meetings, together with personal appraisals and feedback sessions.

PAYMENT OF CREDITORS
The company does not follow any published code or statement on payment practice. However, it is the company's policy to settle all amounts due to its creditors on a timely basis, taking into account the credit terms by each supplier.


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Strategic Report
FOR THE YEAR ENDED 31 AUGUST 2023

LIKELY FUTURE DEVELOPMENTS
Otium Services and Facilities has now recovered from the effects of the COVID-19 pandemic, which had a dramatic affect on this industry.

The turnover for the period is a result of the end of two contracts, however with the trade acquisition made within this year the directors expect to start trending back to previous year turnovers.

During the period the company has increased its gross profit margin by improving performance.

The company continues to look for more customers and is expanding outside of its core market to reduce future risk.

With the company's expanse into medical area cleaning, day nursery cleaning and other educational sites it feels more protected from any future lockdown scenarios.

The new chairman and director of operations have now had time to implement the changes that were required and have seen dramatic increases in performance. The new finance director and accounts director have now taken full control of the finance team and have implemented their required changes, which both of these changes have driven the company forward in these areas.

KEY PERFORMANCE INDICATORS
At Otium Facilities and Services we recognise that we can only deliver excellent standards of service to our clients by having a successful, sustainable and dynamic company.

To enable this, we use two Key Performance Indicators; Revenue and Net Profit. Both of these KPI's have been achieved.

Turnover has reduced by 57% from £28,770,975 (extended period) to £12,298,298 in line with expectations of the loss of two contracts. On a pro rata basis this is a reduction of 39%.

We are exceptionally proud of our commercial performance, especially when combined with our excellent front line services levels.

AUDITORS
Lawton Bradford Accountants Limited

ON BEHALF OF THE BOARD:





M Robertson - Director


30 August 2024

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Report of the Directors
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report with the financial statements of the company for the year ended 31 August 2023.

DIVIDENDS
No dividends will be distributed for the year to 31 August 2023 (2022: £0 dividends were voted).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

R L Spence
P R Rafferty
M Robertson
T J Fifield

RESULTS REVIEW
The company's key performance numbers within the year were (17 month period to 2022):

Year 2023 2022
Turnover 12,298,298 28,770,975
Gross Profit 1,856,360 3,867,393
Net Assets 514,353 311,221
The company aims to continue to grow its client base organically, while expanding into additional target areas.

The company has the structure in place and operational scope to grow in these target areas.

ENGAGEMENT WITH EMPLOYEES
The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. During the year, the policy of providing employees with information about the company has continued through the Company's website and interactive employee applications. Regular meetings are held between local management and employees to allow free flow of information and ideas. Employees participate directly in the success of the business through bonus mechanisms.

DISABLED EMPLOYEES
The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or and alternative position and to provide appropriate training to achieve this aim.

STREAMLINED ENERGY AND CARBON REPORTING
The Company is subject to report greenhouse gas (""GHG") emissions and energy usage in the Directors' Report in line with the Companies (Directors' Report) and the Limited Liability Partnerships (Energy and Carbon) Regulations 2018.

Methodology
The Company is committed to specific environmental-based targets, including using sustainable paper products, electric vehicles and efficient route planning. All of these creating a reducing carbon emissions over the next five years.

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Report of the Directors
FOR THE YEAR ENDED 31 AUGUST 2023


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.

AUDITORS
The auditors, Lawton Bradford Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Robertson - Director


30 August 2024

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Directors' Responsibilities Statement
FOR THE YEAR ENDED 31 AUGUST 2023

The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare the financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Financial Reporting Standards 102 as adopted for use in the UK and Republic of Ireland. The financial statements are required by law to 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 year. In preparing these financial statements, the directors are required to

- select suitable accounting policies and then apply them consistently;
- make judgements and 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 which 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 responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of corporate and financial information on the company's website.

Report of the Independent Auditors to the Members of
Otium Services And Facilities Limited

Opinion
We have audited the financial statements of Otium Services And Facilities Limited (the 'company') for the year ended 31 August 2023 which comprise the Income Statement, Other 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 31 August 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.

The directors review the on going working capital of the company to that there are sufficient reserves to meet its financial liabilities to continue trading in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Report of the Independent Auditors to the Members of
Otium Services And Facilities Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, 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.

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 Directors' Responsibilities Statement set out on page six, 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
Otium Services And Facilities 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtain an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

We obtain an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.

Identify which laws and regulations are of significance in the context of the entity;

We obtain an understanding of the entity’s risk assessment process, including the risk of fraud;

We assess the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

Identify and test unusual or unexpected journal entries;

Use Data Analytics to review the client data for unusual trends/anomalies;

Evaluate the assumptions and judgements used by management within significant accounting estimates and assess if these indicate evidence of management bias;

Test significant transactions, in particular evaluate the business rationale for any which appear unusual or outside the company’s normal course of business;

Review the financial statements and test the disclosures against supporting documentation;

Communicate relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.
In order to ascertain the above and relative to the specific risks identified, the procedures followed included:

Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

Review of financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations.

Perform 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.

Report of the Independent Auditors to the Members of
Otium Services And Facilities Limited


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.

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.




Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Limited
Chartered Certified Accountants
And Statutory Auditors
7 Marconi Gate
Stafford
ST18 0FZ

30 August 2024


Lawton Bradford Accountants Limited, Chartered Accountants and Statuatory
Auditors

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Income Statement
FOR THE YEAR ENDED 31 AUGUST 2023

Period
1/4/21
Year ended to
31/8/23 31/8/22
Notes £    £   

TURNOVER 3 12,298,298 28,770,975

Cost of sales 10,441,938 24,903,582
GROSS PROFIT 1,856,360 3,867,393

Administrative expenses 1,521,141 3,451,780
335,219 415,613

Other operating income - 318,357
OPERATING PROFIT 5 335,219 733,970


Interest payable and similar expenses 6 30,781 44,861
PROFIT BEFORE TAXATION 304,438 689,109

Tax on profit 7 101,306 8,571
PROFIT FOR THE FINANCIAL YEAR 203,132 680,538

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Other Comprehensive Income
FOR THE YEAR ENDED 31 AUGUST 2023

Period
1/4/21
Year ended to
31/8/23 31/8/22
Notes £    £   

PROFIT FOR THE YEAR 203,132 680,538


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

203,132

680,538

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Balance Sheet
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1,138,000 -
Tangible assets 9 391,270 423,220
1,529,270 423,220

CURRENT ASSETS
Stocks 10 129,020 201,616
Debtors 11 1,913,465 3,621,577
Cash at bank 116,055 671,053
2,158,540 4,494,246
CREDITORS
Amounts falling due within one year 12 2,560,271 4,132,681
NET CURRENT (LIABILITIES)/ASSETS (401,731 ) 361,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,127,539

784,785

CREDITORS
Amounts falling due after more than
one year

13

(527,784

)

(400,000

)

PROVISIONS FOR LIABILITIES 17 (85,402 ) (73,564 )
NET ASSETS 514,353 311,221

CAPITAL AND RESERVES
Called up share capital 18 1,350 1,350
Share premium 19 249,650 249,650
Retained earnings 19 263,353 60,221
SHAREHOLDERS' FUNDS 514,353 311,221

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





M Robertson - Director


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 AUGUST 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2021 1,350 (620,317 ) 249,650 (369,317 )

Changes in equity
Total comprehensive income - 680,538 - 680,538
Balance at 31 August 2022 1,350 60,221 249,650 311,221

Changes in equity
Total comprehensive income - 203,132 - 203,132
Balance at 31 August 2023 1,350 263,353 249,650 514,353

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Cash Flow Statement
FOR THE YEAR ENDED 31 AUGUST 2023

Period
1/4/21
Year ended to
31/8/23 31/8/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 528,494 524,281
Interest paid (30,781 ) (44,861 )
Additional lending 127,785 -
Tax paid 102,173 (102,173 )
Net cash from operating activities 727,671 377,247

Cash flows from investing activities
Purchase of intangible fixed assets (1,178,000 ) -
Purchase of tangible fixed assets (104,669 ) (106,858 )
Grants received - 318,357
Net cash from investing activities (1,282,669 ) 211,499

Cash flows from financing activities
New loans in year - 145,914
Amount introduced by directors 190,440 -
Amount withdrawn by directors (190,440 ) (190,440 )
Net cash from financing activities - (44,526 )

(Decrease)/increase in cash and cash equivalents (554,998 ) 544,220
Cash and cash equivalents at
beginning of year

2

671,053

126,833

Cash and cash equivalents at end of
year

2

116,055

671,053

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 AUGUST 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Profit before taxation 304,438 689,109
Depreciation charges 176,618 85,886
Government grants - (318,357 )
Finance costs 30,781 44,861
511,837 501,499
Decrease/(increase) in stocks 72,596 (79,416 )
Decrease/(increase) in trade and other debtors 1,605,939 (1,458,656 )
(Decrease)/increase in trade and other creditors (1,661,878 ) 1,560,854
Cash generated from operations 528,494 524,281

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 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 116,055 671,053
Period ended 31 August 2022
31/8/22 1/4/21
£    £   
Cash and cash equivalents 671,053 126,833


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 AUGUST 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/9/22 Cash flow At 31/8/23
£    £    £   
Net cash
Cash at bank 671,053 (554,998 ) 116,055
671,053 (554,998 ) 116,055
Debt
Debts falling due within 1 year (100,000 ) - (100,000 )
Debts falling due after 1 year (400,000 ) (127,784 ) (527,784 )
(500,000 ) (127,784 ) (627,784 )
Total 171,053 (682,782 ) (511,729 )

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Otium Services and Facilities Ltd is a private company, limited by shares, registered in England and Wales.

Registered Office:
Unit C2A Comet Studios
De Havilland Court, Penn Street
Amersham
Buckinghamshire
HP7 0PX

Registered number: 09260561

Head Office:
Unit C2A Comet Studios
De Havilland Court, Penn Street
Amersham
Buckinghamshire
HP7 0PX

The presentation currency of the financial statements is the Pound Sterling (£)

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 ("FRS 102"), the financial reporting standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

Judgements in applying accounting policies and key sources of uncertainty
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.

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales.

The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
In determining estimated residual values and depreciation rates on vehicles, management considers many factors, including used car market conditions, anticipated holding periods, fleet mix, buyback guarantees and historic experience. Management regularly monitors residual values and the need, if any, to adjust depreciation rates.

The annual depreciation and amortisation charge on tangible fixed assets, goodwill and tangible assets are sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values of the assets are amended when necessary to reflect current estimates.

Depreciation is provided on the following basis:

- Plant and machinery - 1 - 3 years of usage
- Motor vehicles - 3 years of ownership
- Fixtures and fittings - 3 years of ownership
- Office equipment - 1 - 3 years of ownership

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

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
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.

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

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.

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Going concern
The directors review the on going working capital of the company to ensure that there are sufficient reserves to meet its financial liabilities to continue trading in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Services 12,298,298 28,770,975
12,298,298 28,770,975

An analysis of turnover by geographical market is given below:

Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
United Kingdom 12,298,298 28,770,975
12,298,298 28,770,975

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. EMPLOYEES AND DIRECTORS
Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Wages and salaries 8,960,813 21,554,149
Social security costs 458,474 932,770
Other pension costs 195,643 221,533
9,614,930 22,708,452

The average number of employees during the year was as follows:
Period
1/4/21
Year ended to
31/8/23 31/8/22

Management 23 40
Operations 946 1,361
969 1,401

Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Directors' remuneration 62,096 73,060
Directors' pension contributions to money purchase schemes 2,827 -

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Hire of plant and machinery 192,880 158,113
Depreciation - owned assets 136,619 85,885
Goodwill amortisation 40,000 -
Auditors' remuneration 15,000 12,000

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Bank interest 4,570 10,747
Invoice finance costs 26,211 34,114
30,781 44,861

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Current tax:
UK corporation tax 89,468 -

Deferred tax 11,838 8,571
Tax on profit 101,306 8,571

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/4/21
Year ended to
31/8/23 31/8/22
£    £   
Profit before tax 304,438 689,109
Profit multiplied by the standard rate of corporation tax in the
UK of 25% (2022 - 19%)

76,110

130,931

Effects of:
Expenses not deductible for tax purposes 5,296 3,098
Depreciation in excess of capital allowances 21,023 3,525
Utilisation of tax losses - (32,159 )
Research and development enhanced expenditure - (96,824 )
Marginal rate relief (1,123 ) -
Total tax charge 101,306 8,571

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 1,178,000
At 31 August 2023 1,178,000
AMORTISATION
Amortisation for year 40,000
At 31 August 2023 40,000
NET BOOK VALUE
At 31 August 2023 1,138,000

Goodwill represents the amount paid in connection with the aquisition of the trade and assets of a company on 1st May 2023

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 1,021,735 6,422 86,849 77,273 1,192,279
Additions 81,436 - 22,000 1,233 104,669
At 31 August 2023 1,103,171 6,422 108,849 78,506 1,296,948
DEPRECIATION
At 1 September 2022 616,751 6,422 79,539 66,347 769,059
Charge for year 121,605 - 7,328 7,686 136,619
At 31 August 2023 738,356 6,422 86,867 74,033 905,678
NET BOOK VALUE
At 31 August 2023 364,815 - 21,982 4,473 391,270
At 31 August 2022 404,984 - 7,310 10,926 423,220

10. STOCKS
2023 2022
£    £   
Stocks 129,020 201,616

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,453,407 3,085,323
Other debtors 221,475 167,222
Directors' current accounts 190,440 190,440
Tax - 102,173
Prepayments and accrued income 48,143 76,419
1,913,465 3,621,577

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14)
100,000

100,000
Trade creditors 233,567 1,478,285
Tax 89,468 -
Social security and other taxes 268,188 248,151
VAT 829,826 1,507,402
Other creditors 1,024,222 720,188
Accruals and deferred income 15,000 78,655
2,560,271 4,132,681

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 527,784 400,000

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 100,000 100,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 527,784 400,000

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 50,207 16,800
Between one and five years - 16,800
50,207 33,600

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 627,784 500,000
Invoice financing 885,297 1,104,093
1,513,081 1,604,093

These loans are secured by way of a fixed and floating charge over the assets of the company.

The CBIL's loan is repayable by monthly instalments ending July 2027, the interest rate is 3.99% over the Bank Of England base rate.

The additional bank loans repayable by monthly instalments ending August 2028, the interest rate is 15% over the Bank Of England base rate.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 85,402 73,564

Deferred
tax
£   
Balance at 1 September 2022 73,564
Provided during year 11,838
Balance at 31 August 2023 85,402

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,350 Ordinary £1 1,350 1,350

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2023

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2022 60,221 249,650 309,871
Profit for the year 203,132 203,132
At 31 August 2023 263,353 249,650 513,003

20. 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 and amounted to £195,653 (2022 - £221,533). Contributions totalling £22,129 were payable at the year end and are included in creditors.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 August 2023 and the period ended 31 August 2022:

2023 2022
£    £   
R L Spence
Balance outstanding at start of year 190,440 104,831
Amounts advanced - 85,609
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 190,440 190,440

The Directors remuneration of £62,096 represents total remuneration paid to key management personel.

22. RELATED PARTY DISCLOSURES

During the year management fees totalling £144,864 were paid to three of the directors. £2400
was outstanding at the year end.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the directors and shareholders of the company.