IRIS Accounts Production v24.3.2.46 03184432 Board of Directors Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities 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. true true false true true false false false true true 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 Ordinary B 1.00000 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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 2024

for

Facilities & Corporate Solutions Limited

Facilities & Corporate Solutions Limited (Registered number: 03184432)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Strategic Report 2 to 5

Report of the Directors 6 to 7

Report of the Independent Auditors 8 to 11

Statement of Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15 to 26


Facilities & Corporate Solutions Limited

Company Information
for the year ended 30 June 2024







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 2024

The directors present their strategic report for the year ended 30 June 2024.

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 £17,147,125 compared to £15,036,301 for the year ended 30 June 2023, an increase of 14.04%. Profit before taxation for the year is £3,268,592 compared to £3,424,047 for the prior year.

At the year end the company had shareholders funds of £5,552,961 including distributable reserves of £5,351,561. 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 £4,545,389.


Facilities & Corporate Solutions Limited (Registered number: 03184432)

Strategic Report
for the year ended 30 June 2024

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,
overseas conflicts etc.
The UK is currently in a state of change and companies
appear to be adopting a "wait and see" policy to
spending. Inflation and interest rates could be affected
by the Chancellors Budget, however the Company has
a strong backbone of financial clients, so the downturn
in "adhoc" contribution mailings should be suitably
compensated by the financial sector producing interest
rate mailings.

Changes to
postal USO
Royal Mail are intimating
sweeping changes to the
Universal Service
Obligation
The universal postal service is essentially the 'one price
goes anywhere' principle of affordable postal services to
all UK addresses. It requires Royal Mail (the universal
service provider) to deliver letters to every address in
the UK, six days a week, at a uniform price, and parcels
five days a week. The legal basis for the universal
service is the Postal Services Act 2011 and the
Universal Postal Service Order. The Universal Postal
Service Order also sets out the minimum requirements
which the universal service provider, Royal Mail, must
deliver.FCS is keeping close to these changes via our
involvement and participation with the Strategic Mailing
Partnership (SMP), and the fact we have a staff
member sitting on their Board - this ensures we have
clarity, understanding and can contribute to the
proposed changes.

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 2024. 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 communication 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. The Company
has and will continue to invest in both proprietary
"in-house" built solutions and specialist composition
software in order to grow our digital solutions.


Facilities & Corporate Solutions Limited (Registered number: 03184432)

Strategic Report
for the year ended 30 June 2024

Purchasing
trends
How customer buy from us Since Covid, a noticeable change has occurred with
regards to purchasing methods and communication.
Where previously sales staff would build and grow
relationships, this form of sales is becoming rare,
replaced by Teams meetings and Tenders. The
Company will persist with relationship building but has
also assembled a team of Tender writers to form a
two-pronged approach to sales.

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.

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.

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, without which, over the past 12 months has principally financed the business.

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:

2024 2023

Increase/(decrease) in turnover 14.04% 16.82%

Gross profit percentage 32.43% 36.43%

Operating profit percentage 19.06% 22.77%

Liquidity ratio 2.33 2.94

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


Facilities & Corporate Solutions Limited (Registered number: 03184432)

Strategic Report
for the year ended 30 June 2024

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.

ON BEHALF OF THE BOARD:





Mr S Beeching - Director


12 December 2024

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Report of the Directors
for the year ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
An interim dividend of £23.75 (2023: £Nil) per share was paid during the year.

The total distribution of dividends for the year ended 30th June 2024 will be £4,394,156 (2023: £Nil).

DIRECTORS
Mr S Beeching has held office during the whole of the period from 1 July 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr M B Fay - resigned 17 August 2023
Mr K E Williams - resigned 17 August 2023
Mr M S Tamburro - resigned 17 August 2023
Mr A Biddle - resigned 17 August 2023
Mr L Mcdonald - appointed 17 August 2023

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 2024


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


12 December 2024

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 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 30 June 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
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 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
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

12 December 2024

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Statement of Comprehensive
Income
for the year ended 30 June 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 17,147,125 15,036,301

Cost of sales 11,586,328 9,557,930
GROSS PROFIT 5,560,797 5,478,371

Distribution costs 246,544 205,415
Administrative expenses 2,097,992 1,844,441
2,344,536 2,049,856
OPERATING PROFIT 6 3,216,261 3,428,515

Income from fixed asset investments - 12,378
Interest receivable and similar income 67,134 37,678
67,134 50,056
3,283,395 3,478,571
Gain/loss on revaluation of investments - (45,799 )
3,283,395 3,432,772

Interest payable and similar expenses 7 14,803 8,725
PROFIT BEFORE TAXATION 3,268,592 3,424,047

Tax on profit 8 827,219 674,124
PROFIT FOR THE FINANCIAL YEAR 2,441,373 2,749,923

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,441,373

2,749,923

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 73,853 98,270
Tangible assets 11 1,478,066 1,422,361
Investments 12 5,380 5,380
1,557,299 1,526,011

CURRENT ASSETS
Stocks 13 130,758 126,567
Debtors 14 3,368,174 3,687,977
Cash at bank 4,459,325 5,609,752
7,958,257 9,424,296
CREDITORS
Amounts falling due within one year 15 3,412,868 3,205,394
NET CURRENT ASSETS 4,545,389 6,218,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,102,688

7,744,913

CREDITORS
Amounts falling due after more than one
year

16

(252,660

)

-

PROVISIONS FOR LIABILITIES 19 (297,067 ) (239,169 )
NET ASSETS 5,552,961 7,505,744

CAPITAL AND RESERVES
Called up share capital 20 185,925 185,925
Capital redemption reserve 21 15,475 15,475
Retained earnings 21 5,351,561 7,304,344
SHAREHOLDERS' FUNDS 5,552,961 7,505,744

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 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 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 July 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

Changes in equity
Profit for the year - 2,441,373 - - 2,441,373
Total comprehensive income - 2,441,373 - - 2,441,373
Dividends - (4,394,156 ) - - (4,394,156 )
Balance at 30 June 2024 185,925 5,351,561 15,475 - 5,552,961

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements
for the year ended 30 June 2024

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.

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 requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

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 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its material subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, FCS Corporation Limited.

FCS Corporation Limited shares the same registered office as Facilities & Corporate Solutions Limited.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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) 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.

(b) Accruals
In determining some of the accrual provisions, management have applied judgement and estimation which could be significant to the financial statements. Management have utilised all available information and their knowledge to determine judgements and estimations applied.

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

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 2024

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 2024

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 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,847,803 1,815,986
Social security costs 184,151 185,478
Other pension costs 56,636 45,704
2,088,590 2,047,168

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

Administration 8 5
Sales 5 5
Production 44 47
57 57

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 254,891 417,142
Directors' pension contributions to money purchase schemes 25,466 17,903

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:
2024 2023
£    £   
Emoluments etc 149,269 127,780
Pension contributions to money purchase schemes 23,808 -

6. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 342,000 346,280
Depreciation - owned assets 305,399 384,459
Depreciation - assets on hire purchase contracts 274,191 194,382
Profit on disposal of fixed assets (18,274 ) (104,308 )
Goodwill amortisation 24,417 24,417
Auditors' remuneration 9,100 8,700

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 14,803 8,725

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

8. 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 769,324 742,765

Deferred tax 57,895 (68,641 )
Tax on profit 827,219 674,124

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:

2024 2023
£    £   
Profit before tax 3,268,592 3,424,047
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 20.496%)

817,148

701,793

Effects of:
Expenses not deductible for tax purposes 2,289 683
Income not taxable for tax purposes (5,018 ) (14,534 )
Capital allowances in excess of depreciation (45,095 ) -
Depreciation in excess of capital allowances - 45,931
Chargeable gains - 8,892

respect of a change in tax
Adjustment to deferred tax in respect of timing differences 57,895 (68,641 )


Total tax charge 827,219 674,124

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 4,394,156 -

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 324,036
AMORTISATION
At 1 July 2023 225,766
Amortisation for year 24,417
At 30 June 2024 250,183
NET BOOK VALUE
At 30 June 2024 73,853
At 30 June 2023 98,270

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 593,327 7,732,712 227,003
Additions 16,913 562,157 -
Disposals - - -
At 30 June 2024 610,240 8,294,869 227,003
DEPRECIATION
At 1 July 2023 443,744 6,662,187 193,711
Charge for year 16,612 479,504 7,144
Eliminated on disposal - - -
At 30 June 2024 460,356 7,141,691 200,855
NET BOOK VALUE
At 30 June 2024 149,884 1,153,178 26,148
At 30 June 2023 149,583 1,070,525 33,292

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 447,629 661,941 9,662,612
Additions 125,877 23,145 728,092
Disposals (193,108 ) - (193,108 )
At 30 June 2024 380,398 685,086 10,197,596
DEPRECIATION
At 1 July 2023 297,512 643,097 8,240,251
Charge for year 58,519 17,811 579,590
Eliminated on disposal (100,311 ) - (100,311 )
At 30 June 2024 255,720 660,908 8,719,530
NET BOOK VALUE
At 30 June 2024 124,678 24,178 1,478,066
At 30 June 2023 150,117 18,844 1,422,361

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023 971,908
Additions 556,813
Transfer to ownership (971,908 )
At 30 June 2024 556,813
DEPRECIATION
At 1 July 2023 438,820
Charge for year 274,191
Transfer to ownership (633,201 )
At 30 June 2024 79,810
NET BOOK VALUE
At 30 June 2024 477,003
At 30 June 2023 533,088

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

12. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 5,100 280 5,380
NET BOOK VALUE
At 30 June 2024 5,100 280 5,380
At 30 June 2023 5,100 280 5,380

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
2024 2023
£    £   
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
2024 2023
£    £   
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
2024 2023
£    £   
Aggregate capital and reserves (244,428 ) (335,701 )
Profit for the year 91,273 403,427

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

13. STOCKS
2024 2023
£    £   
Stocks 130,758 126,567

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,605,465 2,255,321
Amounts owed by associates 375,777 375,744
Fusion cash accounts - 720,957
Prepayments 386,932 335,955
3,368,174 3,687,977

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 137,888 198,605
Trade creditors 1,687,304 1,229,285
Amounts owed to group undertakings 5,075 5,075
Tax 379,324 742,680
Social security and other taxes 46,876 42,917
VAT 560,522 606,152
Other creditors 34,117 35,414
Wages and salaries control 13,149 12,361
Accruals 548,613 332,905
3,412,868 3,205,394

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 17) 252,660 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 137,888 198,605
Between one and five years 252,660 -
390,548 198,605

Non-cancellable operating leases
2024 2023
£    £   
Within one year 342,000 342,000
Between one and five years 1,344,000 1,368,000
In more than five years 112,500 430,500
1,798,500 2,140,500

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

17. LEASING AGREEMENTS - continued

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

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 390,548 198,605

The company's borrowings were secured by way of a debenture, in favour of Lloyds Bank Plc, dated 12th August 2002, this was satisfied during the year.

A new charge, in favour of Mr. K. Williams, as the security trustee for the secured parties, was raised on 17th August 2023. The charge contains a negative pledge, floating charges and fixed charges over all freehold property, leasehold property or undertaking of the company.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 297,067 239,169

Deferred
tax
£   
Balance at 1 July 2023 239,169
Provided during year 57,898
Balance at 30 June 2024 297,067

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
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.

Facilities & Corporate Solutions Limited (Registered number: 03184432)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

21. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 7,304,344 15,475 7,319,819
Profit for the year 2,441,373 - 2,441,373
Dividends (4,394,156 ) - (4,394,156 )
At 30 June 2024 5,351,561 15,475 5,367,036

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

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.

22. ULTIMATE PARENT COMPANY

The directors consider that the ultimate parent company is FCS Corporation Limited, which owns 100% of the issued ordinary share capital. FCS Corporation Limited is a company registered in England that shares the same registered office as Facilities & Corporate Solutions Limited.

FCS Corporation Limited's consolidated financial statements are available at Companies House.

23. CONTINGENT LIABILITIES

As at both 30 June, 2024 and 30 June, 2023, there were no contingent liabilities.

24. CAPITAL COMMITMENTS

As at both 30 June, 2024 and 30 June, 2023, there were no capital commitments.

25. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Amount due from related party 375,777 375,744
Amount due to related party 5,075 5,075

Other related parties
2024 2023
£    £   
Rent and service charges 343,433 636,395
Amount due to related party 21,600 573