Company registration number 03070774 (England and Wales)
ACCURO FM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
ACCURO FM LTD
COMPANY INFORMATION
Directors
D G Dickson
(Appointed 3 October 2023)
T E Evans
(Appointed 3 October 2023)
L C Ryan
(Appointed 3 October 2023)
Secretary
L C Ryan
Company number
03070774
Registered office
New Century House
The Havens
Ipswich
Suffolk
England
IP3 9SJ
ACCURO FM LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
ACCURO FM LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 31 December 2023.

Fair review of the business

The principal activities of the company have continued to be the provision of cleaning and maintenance services in the education sector and long term facilities management in the healthcare sector.

 

As shown in the company's profit and loss account on page 9 the company's turnover for the 9 month period was £10,570,599 (Year ended 31 March 2023: £14,580,215) and the profit before tax was £429,909 (Year ended 31 March 2023: £1,064,115).

 

On 3 October 2023, the entire share capital of Accuro Group Holdings Ltd, the parent company of Accuro FM Ltd, was purchased by OCS Group UK Ltd.

Principal risks and uncertainties

The directors have responsibility for the identification, evaluation, management and monitoring of the material risks faced by the company. These risks are reviewed annually, and the directors do not believe there to be any significant risks other than those detailed below:

 

Strategic Risks

The company is exposed to UK market conditions and the directors therefore monitor domestic economic conditions and legislation to identify opportunities and manage the impacts of changing legislation.

 

Operational Risks

The potential harm to employees, clients or the environment is mitigated by an extensive Quality, Health, Safety and Environmental (QHSE) programme that is fully accredited and monitored closely. The company places great importance on the health and safety of its employees, a policy which is fully endorsed by the Board.

 

Financial risk

Appropriate trade terms are negotiated with suppliers and customers. The directors and management team review the terms and relationships with suppliers and customers to manage any exposure. The company prepares regular management accounts, cash flow and liquidity forecasts to monitor the financial strength of the company.

 

Human resources risks

The past few years have seen above inflation wage increases for staff and increased employment legislation which has been beneficial for the industry. While there is some uncertainty about the immediate future of the labour market, the company’s focus on service delivery enables it to compete in a market where commercial pressures are driving clients’ increased focus on costs.

 

IT Risks

To avoid the risks of hardware failure all business systems have been migrated to the cloud and security protocols are regularly reviewed by the management team.

 

Development and performance

The Board of the ultimate parent company has resolved to combine the business and assets of the trading entities in the OCS UK&I Group (of which the company forms part) and any acquired entities into fewer companies, consolidating trading for ease of administration and for efficiency. As such, the Directors of the company have made a decision post year end that they intend to liquidate the company as soon as practicable.

ACCURO FM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The primary KPls for the company and objectives are:

 

 

 

 

On behalf of the board

T E Evans
Director
16 May 2025
ACCURO FM LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the period ended 31 December 2023.

Principal activities

The principal activity of the company in the year under review was that of the provision of cleaning and maintenance services in the education sector and long term facilities management services in the healthcare sector.

 

Results and dividends

The results for the period are set out on page 9.

No dividends were paid during the year.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

G M Gatty
(Resigned 3 October 2023)
N Prothero
(Resigned 2 April 2024)
D Gooch
(Resigned 3 October 2023)
R Brimelow
(Resigned 2 April 2024)
D G Dickson
(Appointed 3 October 2023)
T E Evans
(Appointed 3 October 2023)
L C Ryan
(Appointed 3 October 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees any matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through site based briefings and the company's newsletter which seek to achieve a common awareness on the part of all employees of the financial, economic and operational factors affecting the company's performance.

The directors are very proud of the company’s employees, who deliver great service everyday for our customers and are a key strength for the business.

 

The company operates an employee of the month scheme with nominations from clients, customers, and other staff members. The chosen employee receives a small gift and is featured in the company newsletter. The newsletter is issued quarterly and keeps our staff informed about our successes and news within the company.

 

An annual meeting is held on each site where key business messages are presented to our staff by our Operations Director. The meetings also include information and feedback from the client including how the standards have been reported in Ofsted or CQC reports. These simple measures have a positive impact on our staff and help to make them all feel part of the Accuro family.

 

The company has for several years been operating a bonus scheme that distributes 10% of the company's profits amongst all the staff employed during the year.

ACCURO FM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
T E Evans
Director
16 May 2025
ACCURO FM LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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:

 

 

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.

ACCURO FM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ACCURO FM LTD
- 6 -
Opinion

We have audited the financial statements of Accuro FM Ltd (the 'company') for the period ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.3 to the financial statements which explains that the board has resolved to combine the business and assets of the company in the OCS UK & I Group and intend to liquidate the company as soon as practicable and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.3.

 

Our opinion is not modified in this matter.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ACCURO FM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACCURO FM LTD
- 7 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ACCURO FM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ACCURO FM LTD
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rebecca Boys
Senior Statutory Auditor
For and on behalf of Azets Audit Services
16 May 2025
2025-05-16
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
ACCURO FM LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
Period
Year
ended
ended
31 December
31 March
2023
2023
Notes
£
£
Turnover
3
10,570,599
14,580,215
Cost of sales
(7,858,867)
(11,239,066)
Gross profit
2,711,732
3,341,149
Administrative expenses
(2,258,848)
(2,235,744)
Operating profit
4
452,884
1,105,405
Interest receivable and similar income
8
14,666
-
0
Interest payable and similar expenses
9
(37,641)
(41,290)
Profit before taxation
429,909
1,064,115
Tax on profit
10
(154,280)
(150,278)
Profit for the financial period
275,629
913,837

The profit and loss account has been prepared on the basis that all operations are discontinued after the year end.

ACCURO FM LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
112,528
141,528
Current assets
Debtors
13
3,230,948
4,578,749
Cash at bank and in hand
1,421,251
191,951
4,652,199
4,770,700
Creditors: amounts falling due within one year
14
(1,642,804)
(2,058,834)
Net current assets
3,009,395
2,711,866
Total assets less current liabilities
3,121,923
2,853,394
Provisions for liabilities
Deferred tax liability
15
27,700
34,800
(27,700)
(34,800)
Net assets
3,094,223
2,818,594
Capital and reserves
Called up share capital
17
12,513
12,513
Share premium account
10,598
10,598
Profit and loss reserves
3,071,112
2,795,483
Total equity
3,094,223
2,818,594
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
T E Evans
Director
Company Registration No. 03070774
ACCURO FM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
12,513
10,598
1,881,646
1,904,757
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
913,837
913,837
Balance at 31 March 2023
12,513
10,598
2,795,483
2,818,594
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
275,629
275,629
Balance at 31 December 2023
12,513
10,598
3,071,112
3,094,223
ACCURO FM LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
2023
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,472,854
515,780
Interest paid
(37,641)
(41,290)
Income taxes paid
(180,696)
(199,415)
Net cash inflow from operating activities
1,254,517
275,075
Investing activities
Purchase of tangible fixed assets
(52,800)
(114,015)
Proceeds from disposal of tangible fixed assets
12,917
-
0
Interest received
14,666
-
0
Net cash used in investing activities
(25,217)
(114,015)
Financing activities
Repayment of borrowings
-
0
(153,663)
Net cash used in financing activities
-
(153,663)
Net increase in cash and cash equivalents
1,229,300
7,397
Cash and cash equivalents at beginning of period
191,951
184,554
Cash and cash equivalents at end of period
1,421,251
191,951
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Accuro FM Ltd is a private company limited by shares incorporated in England and Wales. The registered office is New Century House, The Havens, Ipswich, Suffolk, England, IP3 9SJ.

1.1
Reporting period

Due to a change in reporting date, the period of financial reporting covers 9 months from 1 April 2023 to 31 December 2023. The prior year covers 12 months to 31 March 2023. The differing length in accounting periods will have an impact on the comparability of certain numbers within these financial statements.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

The Board of the ultimate parent company has resolved to combine the business and assets of the trading entities in the OCS UK&I Group (of which the company forms part) and any acquired entities into fewer companies, consolidating trading for ease of administration and for efficiency.  As such, the Directors of the company have made a decision post year end that they intend to liquidate the company as soon as practicable.  As a result, the Directors consider that it is not applicable to prepare the financial statements on a going concern basis.true

For this reason, the Directors have adopted a basis other than going concern in preparing the financial statements.  No adjustments have arisen from adopting a basis other than going concern.

1.4
Turnover

Turnover represents facilities managements fees and recharged costs, excluding Value Added Tax and is recognised in the month that the service is delivered.

 

Interest income

Interest income is recognised on an amortised costs using the effective interest method.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 year straight line
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Federated Pension Scheme

A number of the employees belong to a Federated Pension Scheme, which is a defined benefit scheme. Pursuant to section 28.11 of FRS 102 there is not sufficient information available to use defined benefit accounting, contributions are charged to the income statement as they are paid or accrued.

 

Local Government Pension Scheme (LGPS)

A number of the employees in relation to specific contracts in the education sector belong to Local Government Pension Schemes, which are defined benefit schemes. As part of the Deed with the clients in education sector and the LPGS admissions agreement, the clients in the education sector have indemnified the company in full, if the company ceases to participate in the LGPS. Pursuant to section 28.11 of FRS 102 there is not sufficient information available to use defined benefit accounting, contributions are charged to the income statement as they are paid or accrued.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and useful economic lives

Determine whether there are indicators of impairment of the company's intangible and tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

 

Intangible and tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Bad Debt Provision

Bad debts are provided for specific debts when required, using the latest available information of the counterparty.

Pension contingency provision

A number of employees in relation to specific contracts in the education sector belong to Local Government Pension Schemes (LPGS). Admittance to the scheme can take up to two years from the start of the contract and there is an estimation uncertainty over the contribution rates required by the employer for each LGPS. Contributions are accrued based on current disclosed contributions for each LPGS Scheme and a provision for any increases in contributions, until they are admitted to the schemes.

3
Turnover

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

 

All turnover originates in the United Kingdom.

 

All turnover relates to services provided under facilities management services.

 

4
Operating profit
2023
2023
Operating profit for the period is stated after charging:
£
£
Depreciation of owned tangible fixed assets
68,883
100,169
Operating lease charges
12,349
14,254
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 18 -
5
Auditor's remuneration
2023
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,000
12,000
For other services
Taxation compliance services
3,500
2,600
All other non-audit services
-
12,338
3,500
14,938

During the period, the company met audit fee expenditure totalling £nil (Year ended 31 March 2023: £3,500) on behalf of Accuro Group Holdings Limited, the parent company and £nil (Year ended 31 March 2023: £3,500) on behalf of Accuro Support Services Group Limited, a fellow subsidiary company.

 

6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2023
Number
Number
Direct staff
682
713
Administrative staff
14
20
Management
5
4
Total
701
737

Their aggregate remuneration comprised:

2023
2023
£
£
Wages and salaries
6,419,605
8,390,970
Social security costs
318,106
571,947
Pension costs
287,630
442,296
7,025,341
9,405,213
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 19 -
7
Directors' remuneration
2023
2023
£
£
Remuneration for qualifying services
566,772
673,916
Company pension contributions to defined contribution schemes
19,298
28,190
586,070
702,106

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (Year ended 31 March 2023: 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2023
£
£
Remuneration for qualifying services
470,211
386,770
Company pension contributions to defined contribution schemes
8,435
6,229
8
Interest receivable and similar income
2023
2023
£
£
Interest income
Interest on bank deposits
14,666
-
0
2023
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
14,666
-
0
9
Interest payable and similar expenses
2023
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
37,641
41,290
10
Taxation
2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
161,380
180,767
Adjustments in respect of prior periods
-
0
(34,089)
Total current tax
161,380
146,678
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10
Taxation
2023
2023
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
(7,100)
3,600
Total tax charge
154,280
150,278

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2023
2023
£
£
Profit before taxation
429,909
1,064,115
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
107,477
202,182
Tax effect of expenses that are not deductible in determining taxable profit
79,828
7,121
Adjustments in respect of prior years
-
0
(34,089)
Permanent capital allowances in excess of depreciation
3,919
(11,707)
Deferred tax adjustments in respect of prior years
(7,100)
3,600
Pension provisons adjustment
(29,844)
(16,829)
Taxation charge for the period
154,280
150,278
11
Intangible fixed assets
Software
£
Cost
At 1 April 2023 and 31 December 2023
21,750
Amortisation and impairment
At 1 April 2023 and 31 December 2023
21,750
Carrying amount
At 31 December 2023
-
0
At 31 March 2023
-
0
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 21 -
12
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023
589,289
Additions
52,800
Disposals
(23,250)
At 31 December 2023
618,839
Depreciation and impairment
At 1 April 2023
447,761
Depreciation charged in the period
68,883
Eliminated in respect of disposals
(10,333)
At 31 December 2023
506,311
Carrying amount
At 31 December 2023
112,528
At 31 March 2023
141,528
13
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
1,588,121
2,973,171
Amounts owed by group undertakings
1,393,743
1,393,743
Other debtors
3,285
3,308
Prepayments and accrued income
245,799
208,527
3,230,948
4,578,749
14
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
239,757
498,065
Amounts owed to group undertakings
742
742
Corporation tax
161,455
180,771
Other taxation and social security
457,186
505,496
Other creditors
682,686
715,338
Accruals and deferred income
100,978
158,422
1,642,804
2,058,834
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 22 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2023
Balances:
£
£
Accelerated capital allowances
27,700
34,800
2023
Movements in the period:
£
Liability at 1 April 2023
34,800
Credit to profit or loss
(7,100)
Liability at 31 December 2023
27,700

The deferred tax liability set out above related to accelerated capital allowances.

16
Retirement benefit schemes
2023
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
287,630
441,133

The company operates defined contribution pension schemes for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered funds.

ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
16
Retirement benefit schemes
(Continued)
- 23 -

The majority of the company's employees and directors have access to a defined contribution pension scheme and 112 (Year ended 31 March 2023: 112) employees participate in defined benefit contribution schemes. Pursuant to section 28.11 of FRS 102 there is not sufficient information to use defined benefit accounting. The schemes are treated as a defined contribution schemes. Contributions to these schemes charged during the year and the amount owing at the end of the year were as follows:

2023
2023
£
£
Local Government Pension Schemes
Premiums charged to the scheme in the year
177,831
237,108
Amount due to pension scheme at the year end
60,958
172,551
Federated Pension Scheme
Premiums charged to the scheme in the year
-
1,163
Amount due to pension scheme at the year end
-
2,000
17
Share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
12,513
12,513
12,513
12,513
18
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2023
£
£
Within one year
2,065
21,623
Between two and five years
17,930
16,791
19,995
38,414
ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
19
Events after the reporting date

Post year end, the Board of the ultimate parent company resolved to combine the business and assets of the trading entities in the OCS UK&I Limited Group (of which the company forms part) and any acquired entities into fewer companies, consolidating trading for ease of administration and for efficiency.

As a result of this decision, effective 1 May 2024, the trade and assets of this company were sold to OCS Group UK Limited for consideration equal to net book value.

On 24 April 2025, the intermediate parent company Accuro Group Holdings Ltd sold its shareholding to OCS Group UK Ltd.

20
Related party transactions
Transactions with related parties

During the period the company entered into the following transactions with related parties:

Facilities management fees
Recharges
2023
2023
2023
2023
£
£
£
£
Entities with which the Group has common directors
2,048,251
2,571,699
297,914
528,469
2023
2023
Amounts due to related parties
£
£
Entities with which the Group has common directors
-
3,784

The following amounts were outstanding at the reporting end date:

2023
2023
Amounts due from related parties
£
£
Entities with which the Group has common directors
-
778,989
Other information

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.

ACCURO FM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
21
Ultimate controlling party

The company is a wholly owned subsidiary of Accuro Group Holdings Limited, a company registered in England and Wales.

At 31 December 2023 the immediate controlling party and immediate parent company was Accuro Group Holdings Limited whose registered office is New Century House, The Havens, Ipswich, Suffolk, IP3 9SJ. At 31 December 2023 the ultimate controlling party was CD&R Associates XI, L.P., the ultimate parent company was CD&R Investments Associates XI Ltd and the parent company of the largest group for which group financial statements are prepared was OCS Group Topco Limited whose registered office is Second Floor, 81 Gracechurch Street, London, EC3V 0AU. Copies of the financial statements of OCS Group Topco Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

22
Cash generated from operations
2023
2023
£
£
Profit for the period after tax
275,629
913,837
Adjustments for:
Taxation charged
154,280
150,278
Finance costs
37,641
41,290
Investment income
(14,666)
-
0
Depreciation and impairment of tangible fixed assets
68,883
100,169
Movements in working capital:
Decrease/(increase) in debtors
1,347,801
(716,637)
(Decrease)/increase in creditors
(396,714)
26,843
Cash generated from operations
1,472,854
515,780
23
Analysis of changes in net funds
1 April 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
191,951
1,229,300
1,421,251
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