IRIS Accounts Production v25.1.0.734 09260561 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities General Cleaning of Buildings true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 09260561 (England and Wales)











Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 August 2024

for

OTIUM SERVICES AND FACILITIES LIMITED

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Directors' Responsibilities Statement 6

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


OTIUM SERVICES AND FACILITIES LIMITED

Company Information
FOR THE YEAR ENDED 31 AUGUST 2024







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



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



REGISTERED NUMBER: 09260561 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Adele Lawton



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

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Strategic Report
FOR THE YEAR ENDED 31 AUGUST 2024

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

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

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

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

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

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

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

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


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Strategic Report
FOR THE YEAR ENDED 31 AUGUST 2024

LIKELY FUTURE DEVELOPMENTS
Otium Services and Facilities is now seeing the benefit of the recent trade acquisitions and this is shown in the turnover increases.

The company is in th process of streamlining the operating process for more efficient management and reduced costs of supply. This will result in an large improvement to the gross margin and incorporating efficiencies and improvements to the client experience.

This is being achieved via internal training and technology implementations.

The company continues to look for more customers and is expanding outside of its core market to reduce future risk. With the strategic acquisition now bedded in the client base has increased and risk of industry disruption has been reduced, therefore growth is easier and less dependent on a small number of clients.

The chairman is pleased with the turnaround in the company and looks forward to a successful 2025 accounting period.

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

To enable this, we use two Key Performance Indicators; Revenue and Net Profit.

Turnover has increased by 26% from £12,298,298 in 2023 to £15,452,472 in 2024 in line with expectations following the trade acquisition over the 2023 and 2024 financial periods.

Net profit has decreased from £304,438 in 2023 to £9,214 in 2024 following a restructuring of the internal management and operations structure within the company. This project was undertaken in order to improve the operational efficiency of the business and therefore also improve the performance and profitability. The project was successfully completed during the financial year ended 31 August 2024 and it has resulted in improved financial performance during the 2025 financial period and this will continue moving forward.

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

AUDITORS
Lawton Bradford Accountants Limited

ON BEHALF OF THE BOARD:





M Robertson - Director


21 August 2025

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Report of the Directors
FOR THE YEAR ENDED 31 AUGUST 2024

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

DIVIDENDS
No dividends will be distributed for the year to 31 August 2024 (2023: £0 dividends were voted).

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

R L Spence
P R Rafferty
M Robertson
T J Fifield

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made charitable donations of £2,973 (2023: £395) none of these were political.

RESULTS REVIEW
The company's key performance numbers for the year were:

Year 2024 2023
Turnover 15,452,472 12,298,298
Gross Profit 1,757,930 1,856,360
Net Assets 663,946 514,353

The company aims to continue to grow its client base organically, while expanding into additional target areas.

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

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

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

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


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Report of the Directors
FOR THE YEAR ENDED 31 AUGUST 2024

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





M Robertson - Director


21 August 2025

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Directors' Responsibilities Statement
FOR THE YEAR ENDED 31 AUGUST 2024

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

Company law requires the directors to prepare the financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with Financial Reporting Standards 102 as adopted for use in the UK and Republic of Ireland. The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these financial statements, the directors are required to

- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the Financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

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

Opinion
We have audited the financial statements of Otium Services And Facilities Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 & The Health and Safety act 1974.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to doubtful debt provisions, inventory valuations & depreciation methods.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Performing a verification of key assets.
- Obtaining third-party confirmation of material bank and loan balances.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

21 August 2025


Lawton Bradford Accountants Limited, Chartered Accountants and Statutory
Auditors

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Income Statement
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 3 15,452,472 12,298,298

Cost of sales 13,694,542 10,441,938
GROSS PROFIT 1,757,930 1,856,360

Administrative expenses 1,653,726 1,521,141
OPERATING PROFIT 5 104,204 335,219

Interest receivable and similar income 3 -
104,207 335,219

Interest payable and similar expenses 6 94,994 30,781
PROFIT BEFORE TAXATION 9,213 304,438

Tax on profit 7 (140,380 ) 101,306
PROFIT FOR THE FINANCIAL YEAR 149,593 203,132

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Other Comprehensive Income
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 149,593 203,132


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

149,593

203,132

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Balance Sheet
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 1,285,769 1,138,000
Tangible assets 9 687,289 391,270
1,973,058 1,529,270

CURRENT ASSETS
Stocks 10 236,185 129,020
Debtors 11 2,499,786 1,913,465
Cash at bank 36,271 116,055
2,772,242 2,158,540
CREDITORS
Amounts falling due within one year 12 3,700,754 2,560,271
NET CURRENT LIABILITIES (928,512 ) (401,731 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,044,546

1,127,539

CREDITORS
Amounts falling due after more than
one year

13

(371,304

)

(527,784

)

PROVISIONS FOR LIABILITIES 17 (9,296 ) (85,402 )
NET ASSETS 663,946 514,353

CAPITAL AND RESERVES
Called up share capital 18 1,350 1,350
Share premium 19 249,650 249,650
Retained earnings 19 412,946 263,353
SHAREHOLDERS' FUNDS 663,946 514,353

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2025 and were signed on its behalf by:





M Robertson - Director


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 AUGUST 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 1,350 60,221 249,650 311,221

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

Changes in equity
Total comprehensive income - 149,593 - 149,593
Balance at 31 August 2024 1,350 412,946 249,650 663,946

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Cash Flow Statement
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 986,470 528,494
Interest paid (94,994 ) (30,781 )
Additional lending - 127,785
Tax paid (25,194 ) 102,173
Net cash from operating activities 866,282 727,671

Cash flows from investing activities
Purchase of intangible fixed assets (295,076 ) (1,178,000 )
Purchase of tangible fixed assets (505,753 ) (104,669 )
Sale of tangible fixed assets 1,266 -
Interest received 3 -
Net cash from investing activities (799,560 ) (1,282,669 )

Cash flows from financing activities
Loan repayments in year (118,939 ) -
Capital repayments in year 70,746 -
Amount introduced by directors - 190,440
Amount withdrawn by directors (98,313 ) (190,440 )
Net cash from financing activities (146,506 ) -

Decrease in cash and cash equivalents (79,784 ) (554,998 )
Cash and cash equivalents at
beginning of year

2

116,055

671,053

Cash and cash equivalents at end of
year

2

36,271

116,055

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 9,213 304,438
Depreciation charges 357,041 176,618
Profit on disposal of fixed assets (1,266 ) -
Finance costs 94,994 30,781
Finance income (3 ) -
459,979 511,837
(Increase)/decrease in stocks (107,165 ) 72,596
(Increase)/decrease in trade and other debtors (477,966 ) 1,605,939
Increase/(decrease) in trade and other creditors 1,111,622 (1,661,878 )
Cash generated from operations 986,470 528,494

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31/8/24 1/9/23
£    £   
Cash and cash equivalents 36,271 116,055
Year ended 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 116,055 671,053


OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 AUGUST 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/9/23 Cash flow At 31/8/24
£    £    £   
Net cash
Cash at bank 116,055 (79,784 ) 36,271
116,055 (79,784 ) 36,271
Debt
Finance leases - (70,746 ) (70,746 )
Debts falling due within 1 year (100,000 ) (37,541 ) (137,541 )
Debts falling due after 1 year (527,784 ) 156,480 (371,304 )
(627,784 ) 48,193 (579,591 )
Total (511,729 ) (31,591 ) (543,320 )

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

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

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

Registered number: 09260561

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

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

2. ACCOUNTING POLICIES

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

Judgements in applying accounting policies and key sources of uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

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

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with acquisition of a business in 2023 and 2024, is being amortised evenly over its estimated useful life of ten years.

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

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

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

Depreciation is provided on the following basis:

- Plant and machinery - 25% reducing balance/8 years of ownership
- Motor vehicles - 25% reducing balance
- Fixtures and fittings - 3 years of ownership
- Office equipment - 1 - 3 years of ownership

The depreciation on plant and machinery has been changed to 8 years of ownership for a group of assets that have a different useful economic life to the other assets in this category.

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

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

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

3. TURNOVER

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

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

2024 2023
£    £   
Services 15,452,472 12,298,298
15,452,472 12,298,298

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 15,452,472 12,298,298
15,452,472 12,298,298

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 12,749,110 8,960,813
Social security costs 623,189 458,474
Other pension costs 180,872 195,643
13,553,171 9,614,930

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. EMPLOYEES AND DIRECTORS - continued

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

Management 34 23
Operations 1,096 946
1,130 969

2024 2023
£    £   
Directors' remuneration 77,575 62,096
Directors' pension contributions to money purchase schemes 766 2,827

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 112,725 192,880
Depreciation - owned assets 209,734 136,619
Profit on disposal of fixed assets (1,266 ) -
Goodwill amortisation 147,307 40,000
Auditors' remuneration 15,000 15,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 4,570
Bank loan interest 58,312 -
Invoice finance costs 36,682 26,211
94,994 30,781

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (64,274 ) 89,468

Deferred tax (76,106 ) 11,838
Tax on profit (140,380 ) 101,306

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

2024 2023
£    £   
Profit before tax 9,213 304,438
Profit multiplied by the standard rate of corporation tax in the
UK of 19% (2023 - 25%)

1,750

76,110

Effects of:
Expenses not deductible for tax purposes 1,861 5,296
Depreciation in excess of capital allowances - 21,023
Adjustments to tax charge in respect of previous periods (67,885 ) -
enhanced expenditure
Marginal rate relief - (1,123 )

Deferred tax adjustment (76,106 ) -
Total tax (credit)/charge (140,380 ) 101,306

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023 1,178,000
Additions 295,076
At 31 August 2024 1,473,076
AMORTISATION
At 1 September 2023 40,000
Amortisation for year 147,307
At 31 August 2024 187,307
NET BOOK VALUE
At 31 August 2024 1,285,769
At 31 August 2023 1,138,000

Goodwill represents the amount paid in connection with the aquisition of the trade and assets of a company during the financial periods 2023 and 2024.It is being amortised evenly over its estimated useful life of ten years which is considered appropriate based on the contractual terms and the historical relationship with its clients.

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 1,103,171 6,422 108,849 78,506 1,296,948
Additions 503,093 - - 2,660 505,753
Disposals - - (88,647 ) - (88,647 )
At 31 August 2024 1,606,264 6,422 20,202 81,166 1,714,054
DEPRECIATION
At 1 September 2023 738,356 6,422 86,867 74,033 905,678
Charge for year 199,290 - 5,495 4,949 209,734
Eliminated on disposal - - (88,647 ) - (88,647 )
At 31 August 2024 937,646 6,422 3,715 78,982 1,026,765
NET BOOK VALUE
At 31 August 2024 668,618 - 16,487 2,184 687,289
At 31 August 2023 364,815 - 21,982 4,473 391,270

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. STOCKS
2024 2023
£    £   
Stocks 236,185 129,020

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,092,843 1,453,407
Other debtors 15,184 221,475
Directors' current accounts 288,753 190,440
Tax 10,042 -
Prepayments and accrued income 92,964 48,143
2,499,786 1,913,465

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14)
137,541

100,000
Finance leases (see note 15) 70,746 -
Trade creditors 261,396 233,567
Tax 10,042 89,468
Social security and other taxes 191,739 268,188
VAT 1,535,678 829,826
Other creditors 1,455,012 1,024,222
Accruals and deferred income 38,600 15,000
3,700,754 2,560,271

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 371,304 527,784

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 137,541 100,000

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

14. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 371,304 527,784

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 70,746 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 26,406 50,207
Between one and five years 4,250 -
30,656 50,207

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 508,845 627,784
Invoice financing 1,422,036 885,297
1,930,881 1,513,081

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

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

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

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 9,296 85,402

Deferred
tax
£   
Balance at 1 September 2023 85,402
Credit to Income Statement during year (76,106 )
Balance at 31 August 2024 9,296

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,350 Ordinary £1 1,350 1,350

19. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 263,353 249,650 513,003
Profit for the year 149,593 149,593
At 31 August 2024 412,946 249,650 662,596

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £180,872 (2023 - £195,653).

OTIUM SERVICES AND FACILITIES LIMITED (REGISTERED NUMBER: 09260561)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 AUGUST 2024

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
R L Spence
Balance outstanding at start of year 190,440 190,440
Amounts advanced 19,313 -
Amounts repaid (20,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 189,753 190,440

M Robertson
Balance outstanding at start of year - -
Amounts advanced 44,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 44,000 -

P R Rafferty
Balance outstanding at start of year - -
Amounts advanced 55,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,000 -

The Directors remuneration of £77,575 represents total remuneration paid to key management personel.

22. RELATED PARTY DISCLOSURES

During the year management fees totalling £114,093 were paid to three of the directors.

23. ULTIMATE CONTROLLING PARTY

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