Company registration number 01990614 (England and Wales)
REGENT OFFICE CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
REGENT OFFICE CARE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 9
Directors' responsibilities statement
10
Independent auditor's report
11 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Statement of cash flows
17
Notes to the financial statements
18 - 30
REGENT OFFICE CARE LIMITED
COMPANY INFORMATION
Directors
B Brreach
O Payen
C Roulleau
I Leeding
Company number
01990614
Registered office
Unit 2, Oak Court
Pilgrims Walk
Prologis Park
Coventry
CV6 4QH
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
REGENT OFFICE CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

 

Principal activities

The principal activity of the company continued to be that of contract cleaning and security services to a wide variety of organisations in the public and private sectors, including local authorities, schools, universities, shops, offices and industrial premises.

 

Apart from providing daily cleaning and security services to clients, the company also carries out specialist works either directly or through selected service partners.

Review of the business

The results for the period show a pre-tax profit of £3,776,947 (2023: profit of £3,444,486) and sales for the period of £90,913,078 (2023: £82,007,595).

 

The directors are pleased with the result for the year as 2024 has been a challenging year for many businesses. The directors, as a result of market trends and client requests, believe there is a real growth opportunity by developing a multi-service offering and offering clients housekeeping services, rather than cleaning once a day service to clients.

 

The recent changes to the national minimum wage thresholds will result in an increase in our operating costs. This is particularly relevant in our sector as 75 % of our employees are minimum wage workers.

 

With the changes to the national insurance threshold, this will mean difficult conversation with clients as currently employees could work 15 hours without attracting national insurance. However from April 2025 an employee on national minimum wage will attract national insurance if they work 7.8 hours a week. This will have a large impact on our customers as 60% of our clients have employees who were part time and did not attract national insurance.

Key performance indicators

In order to assist the Board in monitoring the control of the risks that the company is facing, a number of key performance indicators (‘KPIs’) are used, both financial and non-financial. Amongst the KPIs used are:

 

 

 

 

 

REGENT OFFICE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

 

Competition

 

The outsourcing market in the UK is one of the most mature markets in Europe and as a result there continues to be intense pulling pressure on margins.

 

Foreign currency risk

 

The company has no operations outside of the United Kingdom but has transactions with other group members in currencies other than Sterling. As a result the value of the company's non-Sterling costs, liabilities and cash flows can be affected significantly by movements in exchange rates in general.

 

The company's transactional currency exposure arises from costs in currencies other than its functional currency. It is the company's policy not to enter into forward contracts.

 

Liquidity risk

 

The company mitigates liquidity risk by managing cash generated by its operations and applying cash collection targets, including a policy that requires appropriate credit checks on potential customers before work is undertaken. The company has a policy of maintaining sufficient cash levels. The company's funding is reliant on external finance some of which is provided by group funds.

 

Price risk

 

The company does not enter into swap or option contracts. No trading in derivative financial instruments has been undertaken in the year.

Climate and social impact

As a a company we recognise that climate change poses some risks for the business. We are committed to continue to use the most environmentally friendly products and processes.

Socially, we recognise the importance of fair employment engagement. We are a national minimum wage employer and we invest in training and development programmes to upskill our workforce.

Reputational risk

We operate in a sector where trust and perception are crucial to client retention. Key reputational risks include service delivery failures, employment practices and environmental concerns. To mitigate these we continue implement quality assurance measures, strong internal training on health and safety and maintaining robust GDPR compliant data handling processes to protect client and employee information.

REGENT OFFICE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Promoting the success of the company

 

Directors' Section 172 Statement

This statement by the Board of Directors describes how the responsibilities under s172 (1) (a) to (f) of the Companies Act 2006 have been approached. These responsibilities are managed by the board of directors of Regent Office Care Limited.

 

The Directors consider that they have acted in good faith to promote the success of the company on behalf of the stakeholders, in relation to matters set out in s172 of the Act.

 

The stakeholders of the business include the employees, clients, suppliers of the business.

 

(a) the likely consequences of any decision in the long term

 

The Board of Directors monitor and review strategic objectives of the business by regular board meetings and departmental reviews. Areas which are reviewed include retention of business by employee engagements, employee engagement, and the company financial performance. The group's ambition for the UK is to bring more services in-house and to be at £130M turnover in the next 4 Years, to achieve this it is we are continually reviewing our objectives.

 

The Directors are confident for the future of the business, based on 2024 results we do not see why the business will not continue to grow.

 

Operational and financial models have been used throughout 2024 and will continue to be used in 2025 to ensure we are a robust business in the marketplace.

 

(b) the interest of the company's employees

 

The company has an equal opportunities policy and is committed to the principles within the policy in respect of all stakeholders.

 

Business investment and improvement plans will continue to enhance operational performance, customer experience and the health and safety of our employees.

 

(c) the need to foster the company's business relationships with suppliers, customers and others

 

The company enjoy good relationships with suppliers in relation to credit arrangements and takes a firm approach to debtor management. Payment terms and credit reviews reduce the risk to the business whilst the process for debt-collection minimises the risk of non-payments.

 

(d) the impact of the company's operations on the community and the environment

 

The Directors have overall responsibility for delivering the company strategy and values, and for ensuring high standards of governance. Our values are integrity, innovation, responsibility for the environment, and quality. For us to achieve our goals the values need to be incorporated in to all the business day to day activities.

 

(e) the desirability of the company maintaining a reputation for high standard of business conduct

 

Regent Office Care Limited remains dedicated to its mission of delivering exceptional office cleaning and facility management services. With a robust strategic plan in place, we are well-positioned to capitalize on opportunities, overcome challenges, and continue our upward trajectory in the industry.

 

(f) the need to act fairly as between members of the company

 

As a board of directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally so they too benefit from the successful delivery of our plan.

 

REGENT OFFICE CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

On behalf of the board

B Brreach
Director
20 May 2025
REGENT OFFICE CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £999,998 (2023: £1,999,999). The directors do not recommend payment of a final dividend.

Directors

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

B Brreach
O Payen
C Roulleau
I Leeding
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes 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, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

 

Employee engagement

Regent Office Care Limited is a subsidiary of Samsic V. Employee engagement for Samsic V is important, Our employees represent the face of Regent Office Care Limited, we are continually training our employees so they are able to offer a service to the expectation we want to deliver to client.

 

We are in the process of introducing an employee portal, which will help us as a business to share training videos with our workforce.

 

REGENT OFFICE CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

Staff Wellbeing

Staff wellbeing is a critical aspect of our organisation to ensure success and sustainability. When employees are healthy, both physically and mentally, they are more engaged, productive, and likely to stay with the company long-term. The areas we consider and strategies to promote staff wellbeing:

 

Mental Health Support:

Work-Life Balance:

Communication and Feedback:

Professional Development:

Recognition and Appreciation:

Workload Management:

Inclusive and Diverse Culture:

Leadership and Role Modelling:

 

To ensure we are investing in the right areas for staff wellbeing we have created a works council committee in 2024, this give employees a platform to inform the business which areas require improvement this is represented by all level employees who have direct access to the board.

 

REGENT OFFICE CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Business relationships

Effective communication and engagement with stakeholders is considered paramount in maintaining the company's reputation and success.

 

Regular updates on performance (financial and non-financial) are shared with all employees and are considered to be of great importance as they engage in delivering customer service and overall company objectives. In addition to the forums mentioned in respect to s172 compliance, the group also communicates through regular Managing Director email updates, its intranet, online videos and notice boards.

Post reporting date events

There are no post balance sheet events to disclose.

Future developments

For us to grow our security division as a business we feel we can do this by organic growth, but also by an acquisition into a system business, the sectors seem to be moving away from static guards to more IT monitoring systems.

 

We have strengthened all departments: sales, operations, finance and administration, bringing improvements in performance in all areas, and giving us confidence for the coming year.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

 

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

Corporate governance

In line with good practice, the Directors and senior management team adhere to the highest standards of corporate governance which are reflected in the way the group is managed in terms of its purpose and engagement with all stakeholders.

 

The strategy of the business is in line with the group strategy which is to invest in:

 

 

The board and senior management team constitute an appropriate blend of professionals who come from industry with over 100 years of experience within the facilities industry, however we are continually investing in the future and bringing through young talent through to management level.

 

We are accredited members of the following:

 

REGENT OFFICE CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Energy and carbon report

This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2024 to 31 December 2024 and the period 1 January 2023 to 31 December 2023, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.

2024
2023 (restated)
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,637,940
2,744,631
2024
2023 (restated)
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
12.90
16.90
- Fuel consumed for owned transport
437.20
442.20
450.10
459.10
Scope 2 - indirect emissions
- Electricity purchased
43.60
46.40
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
58.40
77.00
Total gross emissions
552.10
582.50
Intensity ratio
Tonnes CO2 equivalent per £M turnover
6.10
7
The 2023 figures have been restated due to a calculation reclassification advised by SERCO due to changes in the model used.
Quantification and reporting methodology

The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. The 2022 UK Government GHG Conversion Factors for Company Reporting published by the UK Department for Environment Food & Rural Affairs (DEFRA) are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and the Group’s internal systems. For transport data where actual usage data (e.g. litres) was unavailable conversions were made using average fuel consumption factors to estimate the usage.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of turnover, the recommended ratio for the sector.

REGENT OFFICE CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Measures taken to improve energy efficiency

During the reporting period, new energy efficiency actions which have been taken is to calculate the Energy Consumption on clients sites and then offering them options on how to reduce their Carbon Consumption down to zero. Our energy management programme is ongoing, we continue to monitor and target energy consumption on a daily basis at the majority of sites. Through the service provided by our energy consultants, the energy management programme we run enables us to identify and address any consumption issues as and when they arrive, allowing us to eliminate unnecessary energy waste.

 

We are deploying our Low Carbon trajectory strategy alongside our group-wide program, Planet 2030. This includes several sustainable and carbon reduction initiatives such as:

 

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and disclosure regarding financial instruments.

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
B Brreach
Director
20 May 2025
REGENT OFFICE CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -

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, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

REGENT OFFICE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REGENT OFFICE CARE LIMITED
- 11 -
Opinion

We have audited the financial statements of Regent Office Care Limited (the 'company') for the year ended 31 December 2024 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 ethical responsibilities in accordance with those 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.

Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:

 

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 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.

REGENT OFFICE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REGENT OFFICE CARE LIMITED
- 12 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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.

Matters on which we are required to report by exception

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 (set out on page 9), 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.

REGENT OFFICE CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REGENT OFFICE CARE LIMITED
- 13 -
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.

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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

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 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.

Use of our audit 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.

Paul Spencer BSc(Hons) FCA
Senior Statutory Auditor
20 May 2025
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
Richard House
9 Winckley Square
.........................
PR1 3HP
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
REGENT OFFICE CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
Turnover
90,913,078
82,007,595
Cost of sales
(74,051,064)
(66,529,294)
Gross profit
16,862,014
15,478,301
Administrative expenses
(13,088,830)
(12,066,100)
Operating profit
4
3,773,184
3,412,201
Interest receivable and similar income
8
3,763
33,381
Interest payable and similar expenses
9
-
0
(1,096)
Profit before taxation
3,776,947
3,444,486
Tax on profit
10
(1,064,679)
(952,444)
Profit for the financial year
2,712,268
2,492,042

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REGENT OFFICE CARE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
3,435,143
3,872,324
Tangible assets
13
2,405,786
2,085,908
5,840,929
5,958,232
Current assets
Debtors
15
15,723,836
15,636,319
Cash at bank and in hand
7,074,561
4,853,535
22,798,397
20,489,854
Creditors: amounts falling due within one year
16
(8,610,872)
(8,158,611)
Net current assets
14,187,525
12,331,243
Total assets less current liabilities
20,028,454
18,289,475
Provisions for liabilities
Deferred tax liability
17
234,689
207,980
(234,689)
(207,980)
Net assets
19,793,765
18,081,495
Capital and reserves
Called up share capital
19
834
834
Capital redemption reserve
250
250
Profit and loss reserves
19,792,681
18,080,411
Total equity
19,793,765
18,081,495
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
B Brreach
Director
Company registration number 01990614 (England and Wales)
REGENT OFFICE CARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
834
250
17,588,368
17,589,452
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,492,042
2,492,042
Dividends
11
-
-
(1,999,999)
(1,999,999)
Balance at 31 December 2023
834
250
18,080,411
18,081,495
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,712,268
2,712,268
Dividends
11
-
-
(999,998)
(999,998)
Balance at 31 December 2024
834
250
19,792,681
19,793,765
REGENT OFFICE CARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
5,616,822
6,422,028
Interest paid
-
0
(1,096)
Income taxes paid
(905,147)
(263,319)
Net cash inflow from operating activities
4,711,675
6,157,613
Investing activities
Purchase of tangible fixed assets
(1,772,745)
(1,400,318)
Proceeds from disposal of tangible fixed assets
278,331
42,124
Interest received
3,763
33,381
Net cash used in investing activities
(1,490,651)
(1,324,813)
Financing activities
Dividends paid
(999,998)
(1,999,999)
Net cash used in financing activities
(999,998)
(1,999,999)
Net increase in cash and cash equivalents
2,221,026
2,832,801
Cash and cash equivalents at beginning of year
4,853,535
2,020,734
Cash and cash equivalents at end of year
7,074,561
4,853,535
REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Regent Office Care Limited is a private company limited by shares incorporated in England and Wales and domiciled in the United Kingdom. The registered office is Unit 2, Oak Court, Pilgrims Walk, Prologis Park, Coventry, CV6 4QH.

 

The Company provides contract cleaning and security services to a wide variety of organisations in the public and private sectors, including local authorities, schools, universities, shops, offices and industrial premises.

 

Apart from providing daily cleaning and security services to clients, the Company also carries out specialist works either directly or through selected service partners.

1.1
Accounting convention

These financial statements has been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law). There were no material departures from that standard.

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.

The company has taken the section 402 exemption from the requirement to prepare group accounts as under section 405 all of its subsidiary undertakings could be excluded from consolidation in Companies Act group accounts. The financial statements present information about the company as an individual entity and not about its group. The subsidiary company is dormant.

 

The Company has taken the exemption from the requirements of paragraphs 29.28(b) and 29.29, relating to Pillar Two tax disclosures as a qualifying entity, on the basis that equivalent disclosures to those required by FRS 102  are included in the consolidated financial statements in which this company is included.

 

Regent Office Care Limited is a wholly owned subsidiary of its immediate parent undertaking, SAMSIC V (previously FIGJI Sari). The ultimate parent undertaking is Groupe Samsic, a company incorporated in France. The results of Regent Office Care Limited are included in the consolidated financial statements of Groupe Samsic which are available from 6, rue de Chatillon, La Rigourdière, 35577 Cesson-Sevigne, France.

1.2
Going concern

The company has no loans from group companies or external finance providers and has not needed to usetrue

the overdraft facility. The business has been stable throughout 2024 and currently has a healthy bank

account, which again places it well to minimise any impact of a reduced cashflow that any disruption may

cause.

 

The directors have considered a period of 12 months from the signing date of the financial statements and

have a reasonable expectation that the company has adequate resources to continue for the foreseeable

future. As a result the directors continue to adopt the going concern basis of accounting in preparing the

financial statements.

1.3
Turnover

Each of the income streams, detailed in note 3 of these financial statements, is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Goodwill impairments are not reversed in future periods.

1.5
Tangible fixed assets

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

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

Freehold land and buildings
Nil
Leasehold land and buildings
Over the life of the lease
Plant and equipment
20-33% per annum on cost
Fixtures and fittings
20-33% per annum on cost
Motor vehicles
20-33% per annum on cost

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.

 

No depreciation is currently being provided on freehold land and buildings as the useful economic life is so long and the estimated residual value so similar to the carrying value that depreciation would be insignificant.

1.6
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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.

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.

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

In the opinion of the directors, no judgements have a significant effect on amounts recognised in the financial statements and no estimates or assumptions have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Cleaning sales
71,207,839
63,576,173
Security sales
14,230,139
12,252,201
One-off sales
3,414,691
3,961,935
Janitorial sales
2,060,409
2,217,286
90,913,078
82,007,595

All turnover is generated from UK customers.

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
15,315
39,051
Depreciation of owned tangible fixed assets
1,128,282
935,095
Loss/(profit) on disposal of tangible fixed assets
46,254
(6,047)
Amortisation of intangible assets
437,181
437,180
Operating lease charges
426,431
306,456
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,095
31,000
6
Employees

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

2024
2023
Number
Number
Management and support staff
135
145
Cleaners
3,358
3,188
Security staff
293
268
Total
3,786
3,601

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
62,808,341
56,583,628
Social security costs
4,892,369
4,235,161
Pension costs
877,200
775,674
68,577,910
61,594,463
REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
297,729
352,016
Company pension contributions to defined contribution schemes
101,525
65,982
399,254
417,998

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

 

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
183,161
198,220
Company pension contributions to defined contribution schemes
52,100
40,000

Key management personnel

 

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals for 2024 is £649,694 (2023: £819,457).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
257
-
0
Other interest income
3,506
33,381
Total income
3,763
33,381
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
257
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
1,096
REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,037,970
827,212
Deferred tax
Origination and reversal of timing differences
26,709
125,232
Total tax charge
1,064,679
952,444

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

2024
2023
£
£
Profit before taxation
3,776,947
3,444,486
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
944,237
810,143
Tax effect of expenses that are not deductible in determining taxable profit
10,630
25,218
Change in unrecognised deferred tax assets
-
0
903
Effect of change in corporation tax rate
-
0
7,358
Permanent capital allowances in excess of depreciation
-
0
(5,606)
Depreciation on assets not qualifying for tax allowances
517
11,581
Amortisation on assets not qualifying for tax allowances
109,295
102,825
Other adjustments
-
0
22
Taxation charge for the year
1,064,679
952,444

The deferred tax balance was calculated through applying a corporation tax rate of 25% (2023: 25%) by reference to future taxation rates which are substantively enacted at the balance sheet date, the expectation as to when the various timing differences may unwind and with due regard to prudence.

 

The company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective in 2024. 29.28 (a) Under the legislation, the group is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect. The group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.

 

 

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Dividends
2024
2023
£
£
Interim paid
999,998
1,999,999
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
8,380,655
Amortisation and impairment
At 1 January 2024
4,508,331
Amortisation charged for the year
437,181
At 31 December 2024
4,945,512
Carrying amount
At 31 December 2024
3,435,143
At 31 December 2023
3,872,324
REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
69,000
728,042
2,158,489
957,839
2,033,531
5,946,901
Additions
-
0
6,609
660,459
61,770
1,043,907
1,772,745
Disposals
-
0
-
0
(605,330)
(313,831)
(653,366)
(1,572,527)
At 31 December 2024
69,000
734,651
2,213,618
705,778
2,424,072
6,147,119
Depreciation and impairment
At 1 January 2024
-
0
518,418
1,482,152
809,948
1,050,475
3,860,993
Depreciation charged in the year
-
0
69,768
535,202
100,429
422,883
1,128,282
Eliminated in respect of disposals
-
0
-
0
(430,533)
(313,830)
(503,579)
(1,247,942)
At 31 December 2024
-
0
588,186
1,586,821
596,547
969,779
3,741,333
Carrying amount
At 31 December 2024
69,000
146,465
626,797
109,231
1,454,293
2,405,786
At 31 December 2023
69,000
209,624
676,337
147,891
983,056
2,085,908
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
J.P.C Cleaning Services Limited
Unit 2 Oak Court Pilgrims Walk, Prologis Park, Coventry, England, CV6 4QH
Dormant
Ordinary
100.00
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,655,462
15,203,212
Corporation tax recoverable
-
0
74,549
Other debtors
58,901
44,846
Prepayments and accrued income
1,009,473
313,712
15,723,836
15,636,319
REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,192,075
2,241,493
Amounts owed to group undertakings
774,405
664,981
Corporation tax
58,274
-
0
Other taxation and social security
4,128,992
3,842,699
Other creditors
89,059
115,449
Accruals and deferred income
1,368,067
1,293,989
8,610,872
8,158,611
17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
247,798
220,931
Short term timing differences
(13,109)
(12,951)
234,689
207,980
2024
Movements in the year:
£
Liability at 1 January 2024
207,980
Charge to profit or loss
26,709
Liability at 31 December 2024
234,689

Of the deferred tax liability set out above, £234,689 relates to accelerated capital allowances and short term timing differences that are expected to mature within 12 months.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
877,201
775,674

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

 

 

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary A shares of £1 each
750
750
750
750
ordinary B shares of £1 each
84
84
84
84
834
834
834
834

The A ordinary shares and the B ordinary shares carry equal rights to dividends.

 

Included in other reserves is a non-distributable reserve relating to a previous redemption of shares.

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases in respect of buildings and motor vehicles, which fall due as follows:

2024
2023
£
£
Within one year
353,926
333,240
Between two and five years
812,830
1,047,646
In over five years
83,560
100,833
1,250,316
1,481,719
21
Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 Section 33.11 'Disclosure of related party transactions', not to disclose transactions with any subsidiaries of the company that are wholly owned.

 

At 31 December 2024, the company owed £774,405 (2023: £664,981) in respect of licence and assistance fees to the parent company, SAMSIC V. The company is not charged any interest on this balance. During the year, the company was charged management fees of £1,392,590 (2023: £1,233,087) from SAMSIC V.

 

During the year, the company declared dividends of £1,000,000 to SAMSIC V.

22
Ultimate controlling party

The immediate parent company of Regent Office Care Limited is SAMSIC V (previously FIGJI Sari), a company incorporated in France.

 

The smallest and largest group into which Regent Office Care Limited is consolidated is that of Groupe Samsic, the ultimate parent company. Groupe Samsic, is a company registered in France and the group financial statements can be obtained from 6, rue de Chatillon, La Rigourdière, 35577 Cesson-Sevigne, France.

REGENT OFFICE CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
23
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,712,268
2,492,042
Adjustments for:
Taxation charged
1,064,679
952,444
Finance costs
-
0
1,096
Investment income
(3,763)
(33,381)
Loss/(gain) on disposal of tangible fixed assets
46,254
(6,047)
Amortisation and impairment of intangible assets
437,181
437,180
Depreciation and impairment of tangible fixed assets
1,128,282
935,095
Movements in working capital:
(Increase)/decrease in debtors
(162,066)
429,371
Increase in creditors
393,987
1,214,228
Cash generated from operations
5,616,822
6,422,028
24
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,853,535
2,221,026
7,074,561
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