IRIS Accounts Production v24.3.0.553 NI037518 Board of Directors 1.4.23 31.3.24 31.3.24 Medium entities true true false true true false false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0375182023-03-31NI0375182024-03-31NI0375182023-04-012024-03-31NI0375182022-03-31NI0375182022-04-012023-03-31NI0375182023-03-31NI037518ns15:NorthernIreland2023-04-012024-03-31NI037518ns14:PoundSterling2023-04-012024-03-31NI037518ns10:Director12023-04-012024-03-31NI037518ns10:CompanySecretary12023-04-012024-03-31NI037518ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI037518ns10:MediumEntities2023-04-012024-03-31NI037518ns10:Audited2023-04-012024-03-31NI037518ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI037518ns10:Medium-sizedCompaniesRegimeForAccounts2023-04-012024-03-31NI037518ns10:FullAccounts2023-04-012024-03-31NI03751812023-04-012024-03-31NI037518ns10:OrdinaryShareClass12023-04-012024-03-31NI037518ns10:Director22023-04-012024-03-31NI037518ns10:Director32023-04-012024-03-31NI037518ns10:Director42023-04-012024-03-31NI037518ns10:Director52023-04-012024-03-31NI037518ns10:Director62023-04-012024-03-31NI037518ns10:RegisteredOffice2023-04-012024-03-31NI037518ns5:CurrentFinancialInstruments2024-03-31NI037518ns5:CurrentFinancialInstruments2023-03-31NI037518ns5:ShareCapital2024-03-31NI037518ns5:ShareCapital2023-03-31NI037518ns5:RetainedEarningsAccumulatedLosses2024-03-31NI037518ns5:RetainedEarningsAccumulatedLosses2023-03-31NI037518ns5:ShareCapital2022-03-31NI037518ns5:RetainedEarningsAccumulatedLosses2022-03-31NI037518ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31NI037518ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31NI03751812023-04-012024-03-31NI037518ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31NI037518ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-31NI037518ns5:PlantMachinery2023-04-012024-03-31NI037518ns5:MotorVehicles2023-04-012024-03-31NI037518ns5:OwnedAssets2023-04-012024-03-31NI037518ns5:OwnedAssets2022-04-012023-03-31NI037518112023-04-012024-03-31NI037518112022-04-012023-03-31NI037518ns10:OrdinaryShareClass12022-04-012023-03-31NI037518ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-31NI037518ns5:PlantMachinery2023-03-31NI037518ns5:MotorVehicles2023-03-31NI037518ns5:PlantMachinery2024-03-31NI037518ns5:MotorVehicles2024-03-31NI037518ns5:PlantMachinery2023-03-31NI037518ns5:MotorVehicles2023-03-31NI037518ns5:CostValuation2023-03-31NI037518ns5:Subsidiary12023-04-012024-03-31NI0375181ns5:Subsidiary12023-04-012024-03-31NI037518ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31NI037518ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31NI037518ns5:WithinOneYear2024-03-31NI037518ns5:WithinOneYear2023-03-31NI037518ns5:BetweenOneFiveYears2024-03-31NI037518ns5:BetweenOneFiveYears2023-03-31NI037518ns5:AllPeriods2024-03-31NI037518ns5:AllPeriods2023-03-31NI037518ns5:Secured2024-03-31NI037518ns5:Secured2023-03-31NI037518ns5:DeferredTaxation2023-03-31NI037518ns5:DeferredTaxation2024-03-31NI037518ns10:OrdinaryShareClass12024-03-31NI037518ns5:RetainedEarningsAccumulatedLosses2023-03-31NI03751812023-04-012024-03-31
REGISTERED NUMBER: NI037518 (Northern Ireland)













COMBINED FACILITIES MANAGEMENT LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


COMBINED FACILITIES MANAGEMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Ms G Gordon
Mr J Keenan
Mrs P M Loughlin
Mr R P McKinney
Ms A McNicholl
Mr R McShane



SECRETARY: Mrs P M Loughlin



REGISTERED OFFICE: 65 Deerpark Road
Leitrim
Castledawson
Co Derry
BT45 8BS



REGISTERED NUMBER: NI037518 (Northern Ireland)



AUDITORS: McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
North Business Centre
1 - 2 Broadway
Ballymena
Co. Antrim
BT43 7AA

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results for the year are set out in the Statement of Comprehensive Income on page 10.

2024 also saw CFM celebrate 50 years in business delivering high quality, sustainable, building services to the Public & Private sectors. Our 50 years heritage and success is testament to the Committed, Focused and Motivated people both past and present who have helped power the CFM business since 1974.

The 2023/2024 financial year saw a strong operational performance with a 20% growth in revenue as the business focused on delivering on a number of public sector frameworks.

We were successful in achieving the 2024 targets for our Vivid Vision of Supporting the lives of 1 million PEOPLE by 2031 by maintaining & regenerating PLACES, ensuring our operations create a sustainable PLANET for tomorrow.

However, the financial performance for 2023/2024 was disappointing with falls in both gross and operating profit margins. The company continues to invest in information and technology and its management structure in order to seek to reverse the trend in falling margins.

2024 saw the continued development of the three operational divisions of 'CFM React & Maintain', 'CFM Build & Regenerate' and 'CFM Mechanical & Electrical'.

The company continues to look for opportunities to enhance and improve its services offering. During the year the assets and trading rights of William Coates Ltd, a long established mechanical and electrical engineering business, were acquired. This acquisition strengthens our "CFM Mechanical & Electrical" division and enables us to enhance our service capabilities to new and existing clients.

PRINCIPAL RISKS AND UNCERTAINTIES
The environment in which CFM operates presents several key risks that impact our strategic goals:

Contractual demands and changes introduce complexities in project delivery, particularly with the digital and regulatory requirements now associated with building safety requirements via public sector frameworks. These factors, along with the need to scale staffing levels quickly to meet ever increasing demand, place pressures on productivity and operational efficiency.

Aging Workforce and Skills Shortages: The construction industry faces an aging workforce and a historic underinvestment in apprenticeships. In response, CFM is actively promoting apprenticeship programs and skill-building initiatives aimed at attracting a younger workforce, aligning with our long-term vision for sustainability and industry resilience.

Public Budget Uncertainty: Fluctuations in public sector budgets remain a challenge, as we continue to depend on public funding for a significant portion of our contracts. This uncertainty requires cautious financial planning and diversification into private sector opportunities to mitigate risk.

The directors continue to operate a prudent approach to business operations, along with continued strategic investment in people, systems, digital and innovation, together with improvements to our operational depots.


COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL RISK MANAGEMENT
The Company uses various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the Company's operations.

The existence of these financial instruments exposes the company to a number of financial risks. The company has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

Credit risk
The Company's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures.

Liquidity Risk
The Company finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short- and medium-term liquidity risk.

KEY PERFORMANCE INDICATORS (KPIS)
The Company's directors are of the opinion that detailed analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

FUTURE OUTLOOK
While the directors remain conscious of the current economic conditions and how ongoing pressures on public finance can have an impact on the Company's future performance, they remain confident that their continued policy of prudent financial management will enable the Company to consolidate its position within its existing market; while at the same time developing opportunities when new tenders or contracts arise.

GOING CONCERN
The Company has considerable financial resources and in a strong net asset position. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

ON BEHALF OF THE BOARD:





Mrs P M Loughlin - Secretary


18 December 2024

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company is the delivery of building, mechanical and electrical maintenance, repairs and refurbishment projects to social housing, care homes, education, council's and emergency service clients.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 is set out in note 7 to the financial statements.

RESULTS
The profit for the year, after taxation, amounts to £1,848,632 (2023 - £3,095,031).

FUTURE DEVELOPMENTS
The directors do not forsee any future developments in the forthcoming year outside of normal trading.

POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Ms G Gordon
Mr J Keenan
Mrs P M Loughlin
Mr R P McKinney

Other changes in directors holding office are as follows:

Ms A McNicholl and Mr R McShane were appointed as directors after 31 March 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The Company made charitable donations amounting to £22,475 during the year (2023 - £21,508). No donations for political purposes were made during the year.

DIRECTORS' RESPONSIBILITIES STATEMENT
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.

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs P M Loughlin - Secretary


18 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
COMBINED FACILITIES MANAGEMENT LTD

Opinion
We have audited the financial statements of Combined Facilities Management Ltd (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 March 2024 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
COMBINED FACILITIES MANAGEMENT LTD


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 four, 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
COMBINED FACILITIES MANAGEMENT LTD


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.

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 further 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.

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 that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance including the company's remuneration policies, and performance targets;
- results of our enquiries of management and other key persons about the company's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the company's policies, procedures and internal controls; and
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements;
- design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing.

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
COMBINED FACILITIES MANAGEMENT LTD


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.




MICHAEL BARNETT (Senior Statutory Auditor)
for and on behalf of McAleer Jackson Ltd
Chartered Accountants & Statutory Auditors
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE

18 December 2024

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 51,569,389 42,825,677

Cost of sales 45,996,043 36,847,590
GROSS PROFIT 5,573,346 5,978,087

Administrative expenses 3,244,560 2,342,260
2,328,786 3,635,827

Other operating income 44,090 107,889
OPERATING PROFIT 5 2,372,876 3,743,716

Income from fixed asset investments - 3,131
Interest receivable and similar income 5,427 (13,401 )
5,427 (10,270 )
PROFIT BEFORE TAXATION 2,378,303 3,733,446

Tax on profit 6 529,671 638,415
PROFIT FOR THE FINANCIAL YEAR 1,848,632 3,095,031

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,848,632

3,095,031

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 1,684,914 1,129,531
Investments 10 300 300
1,685,214 1,129,831

CURRENT ASSETS
Stocks 11 519,345 506,943
Debtors 12 2,277,316 1,499,987
Prepayments and accrued income 8,257,560 6,355,650
Cash at bank 90,946 643,667
11,145,167 9,006,247
CREDITORS
Amounts falling due within one year 13 9,724,593 6,085,014
NET CURRENT ASSETS 1,420,574 2,921,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,105,788

4,051,064

PROVISIONS FOR LIABILITIES 17 415,409 274,317
NET ASSETS 2,690,379 3,776,747

CAPITAL AND RESERVES
Called up share capital 18 20,000 20,000
Retained earnings 19 2,670,379 3,756,747
SHAREHOLDERS' FUNDS 2,690,379 3,776,747

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





Mr J Keenan - Director


COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 20,000 2,661,716 2,681,716

Changes in equity
Dividends - (2,000,000 ) (2,000,000 )
Total comprehensive income - 3,095,031 3,095,031
Balance at 31 March 2023 20,000 3,756,747 3,776,747

Changes in equity
Dividends - (2,935,000 ) (2,935,000 )
Total comprehensive income - 1,848,632 1,848,632
Balance at 31 March 2024 20,000 2,670,379 2,690,379

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Combined Facilities Management Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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 functional currency of the Company and the presentation currency of these financial statements is sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23.
• key management personnel compensation

Critical accounting judgements and key sources of estimation uncertainty
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements.

Performance of long term contracts

Recognised amounts of contract revenues and related receivables reflect the directors' best estimates of contracts outcome and stage of completion. This includes the assessment of the profitability of the contracts. The organisation draws on the expertise of qualified personnel to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required level of accuracy and governance over this class of asset, in order to limit concern over the recoverability of these balances. Costs to complete and contract profitability are subject to significant estimation uncertainty.

Useful lives of depreciable assets

The annual depreciation charge depends primarily on the estimated lives of each type of asset, in certain circumstances, estimated of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on individual changes in assets and the classes of asset impacted.

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is stated net of trade discounts, VAT and similar taxes and derives from the provision of goods and services falling within the Company's ordinary activities. Services are deemed to have been delivered to customers when and to the extent that the Company has met its obligations under its service contracts.

Turnover on contracts is recognised according to the stage reached in the contract by reference to the value of work done. A prudent estimate of the profit attributable to work completed is recognised once the outcome of the contract can be reliably measured and it is probable the customer will approve it. The amount by which turnover exceeds payments on account is shown under prepayments and accrued income as amounts recoverable on contracts. Where payments on account exceed turnover, the excess is classified as payments on account and is separately disclosed within accruals. Provisions are made in respect of future losses on contracts when identified.

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.

An impairment loss has been recognised in the Statement of Comprehensive Income, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Intellectual Property are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant & machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less impairment.

Investments
Publicly traded investments are stated at their fair value.

Stocks
Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred acquiring the stocks, production or conversion costs and other costs in bringing them to their exisiting location and condition. In the case of work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

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.

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments

Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Other financial instruments
Other financial instruments not meeting the definition of Basic Financial Instruments are recognised initially at fair value. Subsequent to initial recognition other financial instruments are measured at fair value with changes recognised in profit or loss except as follows:-

- investments in equity instruments that are not publicly traded and whose fair value cannot otherwise be measured reliably shall be measured at cost less impairment.

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.

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.

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.

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.

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Contract debtors
Contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date less progress billings. Variations are included in contract revenue when they are reliably measurable, and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable, and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the Company's contract activities based on normal operating capacity. Contract debtors are presented as part of prepayments and accrued income in the balance sheet. If payments received from customers exceed the income recognised, then the difference is presented as accruals in the balance sheet.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Comprehensive Income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. TURNOVER

Turnover has been derived from the company's principal activity, carried out within Northern Ireland.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 8,339,883 7,074,982
Social security costs 735,400 591,093
Other pension costs 174,339 132,976
9,249,622 7,799,051

The average number of employees during the year was as follows:
2024 2023

Management 22 24
Administration 59 33
Operations 198 171
279 228

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. EMPLOYEES AND DIRECTORS - continued

20242023
£ £
Directors' remuneration124,508159,833
Directors' social security 19,93620,636
Directors' pension38,93542,644
183,379223,113


5. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 144,900 144,004
Depreciation - owned assets 423,835 282,983
Profit on disposal of fixed assets (23,420 ) (21,516 )
Auditors' remuneration 14,552 16,333
Government grants (44,090 ) (107,889 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 388,579 577,244

Deferred tax 141,092 61,171
Tax on profit 529,671 638,415

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 2,378,303 3,733,446
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

594,576

709,355

Effects of:
Expenses not deductible for tax purposes 10,805 (568 )
Income not taxable for tax purposes (650 ) (594 )
Adjustments to tax charge in respect of previous periods (32,232 ) -
Impact of change in tax rates - 16,070
Research and development (42,828 ) (73,068 )
Enhanced capital allowances - (17,027 )
Chargeable gains - 4,247
Total tax charge 529,671 638,415

7. DIVIDENDS
2024 2023
£    £   
Interim 2,935,000 2,000,000

8. INTANGIBLE FIXED ASSETS
Intellectual
Property
£   
COST
Additions 40,000
Impairments (40,000 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. TANGIBLE FIXED ASSETS
Plant & Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 688,123 2,070,384 2,758,507
Additions 118,906 883,110 1,002,016
Disposals (17,673 ) (156,258 ) (173,931 )
At 31 March 2024 789,356 2,797,236 3,586,592
DEPRECIATION
At 1 April 2023 498,249 1,130,727 1,628,976
Charge for year 65,013 358,822 423,835
Eliminated on disposal (16,541 ) (134,592 ) (151,133 )
At 31 March 2024 546,721 1,354,957 1,901,678
NET BOOK VALUE
At 31 March 2024 242,635 1,442,279 1,684,914
At 31 March 2023 189,874 939,657 1,129,531

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 300
NET BOOK VALUE
At 31 March 2024 300
At 31 March 2023 300

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

Keenan Heating Limited
Registered office: 65 Deerpark Road, Castledawson, BT45 8BS
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

11. STOCKS
2024 2023
£    £   
Materials and consumables 519,345 506,943

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,977,205 1,152,673
Amounts owed by group undertakings 268,879 -
Other debtors 31,232 347,314
2,277,316 1,499,987

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 386,332 -
Trade creditors 5,574,945 2,481,020
Amounts owed to group undertakings - 127,813
Corporation tax 71,289 248,178
Social security and other taxes 1,906,127 1,417,305
Other creditors 72,256 51,353
Accruals 1,713,644 1,759,345
9,724,593 6,085,014

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 386,332 -

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 144,900 144,004
Between one and five years 579,600 576,016
724,500 720,020

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 386,332 -

Bank overdraft is secured by way of a floating charge over the company's assets.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 415,409 274,317

Deferred
tax
£   
Balance at 1 April 2023 274,317
Movement during year 141,092
Balance at 31 March 2024 415,409

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,000 Ordinary £1 20,000 20,000

19. RESERVES
Retained
earnings
£   

At 1 April 2023 3,756,747
Profit for the year 1,848,632
Dividends (2,935,000 )
At 31 March 2024 2,670,379

20. CONTINGENT LIABILITIES

The directors confirm that the company has no contingent liabilities at the year end. (2023 - £Nil)

21. CAPITAL COMMITMENTS

At 31 March 2024 the company had no capital commitments. (2023 - £Nil)

COMBINED FACILITIES MANAGEMENT LTD (REGISTERED NUMBER: NI037518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, £Nil was owed to the directors. (2023 - £Nil).

23. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under FRS102 Section 33 'Related Party Disclosures' not to disclose transactions with its group undertakings.

Mr McKinney and Ms Gordon, directors of the company, were engaged as consultants over the course of the year and charged the company on an arms length basis for their services.

24. POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Keenan by virtue of his shareholding in the parent company.

The largest group in which the results of the Company are consolidated is that headed by Leitrim Holdings Limited, whose registered office is 65 Deerpark Road, Leitrim, Castledawson, Magherafelt, Co. Derry, BT45 8BS.