Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 false 267 true true true 2024-01-01 false 366 false 07977934 2024-01-01 2024-12-31 07977934 2023-01-01 2023-12-31 07977934 2024-12-31 07977934 2023-12-31 07977934 2023-01-01 07977934 1 2024-01-01 2024-12-31 07977934 1 2023-01-01 2023-12-31 07977934 2 2023-01-01 2023-12-31 07977934 d:Director1 2024-01-01 2024-12-31 07977934 d:Director1 2024-12-31 07977934 d:Director2 2024-01-01 2024-12-31 07977934 d:Director2 2024-12-31 07977934 d:Director3 2024-01-01 2024-12-31 07977934 d:Director4 2024-01-01 2024-12-31 07977934 d:RegisteredOffice 2024-01-01 2024-12-31 07977934 e:FurnitureFittings 2024-01-01 2024-12-31 07977934 e:FurnitureFittings 2024-12-31 07977934 e:FurnitureFittings 2023-12-31 07977934 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07977934 e:OfficeEquipment 2024-01-01 2024-12-31 07977934 e:OfficeEquipment 2024-12-31 07977934 e:OfficeEquipment 2023-12-31 07977934 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07977934 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 07977934 e:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 07977934 e:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 07977934 e:ComputerSoftware 2024-12-31 07977934 e:ComputerSoftware 2023-12-31 07977934 e:CurrentFinancialInstruments 2024-12-31 07977934 e:CurrentFinancialInstruments 2023-12-31 07977934 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 07977934 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 07977934 e:UKTax 2024-01-01 2024-12-31 07977934 e:UKTax 2023-01-01 2023-12-31 07977934 e:ShareCapital 2024-01-01 2024-12-31 07977934 e:ShareCapital 2024-12-31 07977934 e:ShareCapital 2023-01-01 2023-12-31 07977934 e:ShareCapital 2023-12-31 07977934 e:ShareCapital 2023-01-01 07977934 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 07977934 e:OtherMiscellaneousReserve 2023-12-31 07977934 e:OtherMiscellaneousReserve 2023-01-01 07977934 e:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 07977934 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07977934 e:RetainedEarningsAccumulatedLosses 2024-12-31 07977934 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07977934 e:RetainedEarningsAccumulatedLosses 2023-12-31 07977934 e:RetainedEarningsAccumulatedLosses 2023-01-01 07977934 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 07977934 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 07977934 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07977934 d:OrdinaryShareClass1 2024-01-01 2024-12-31 07977934 d:OrdinaryShareClass1 2024-12-31 07977934 d:FRS102 2024-01-01 2024-12-31 07977934 d:Audited 2024-01-01 2024-12-31 07977934 d:FullAccounts 2024-01-01 2024-12-31 07977934 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07977934 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 07977934 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 07977934 e:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 07977934 e:ShareCapital 2 2023-01-01 2023-12-31 07977934 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2024-01-01 2024-12-31 07977934 e:ComputerSoftware e:OwnedIntangibleAssets 2024-01-01 2024-12-31 07977934 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07977934 ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) COMPANY INFORMATION
Directors | K J O'Neill
| P D Atkinson
Registered number | 07977934
Registered office | 7 Diamond Court Opal Drive,
| Fox Milne
| Milton Keynes
| England
| MK15 0DU
Independent auditors | Hillier Hopkins LLP
| Chartered Accountants & Statutory Auditor
| Ground Floor
| 45 Pall Mall
| London
| SW1Y 5JG
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) CONTENTS
| Page
Strategic report | 1 - 6
Directors' report | 7
Directors' responsibilities statement | 8
Independent auditors' report | 9 - 12
Statement of comprehensive income | 13
Statement of financial position | 14
Statement of changes in equity | 15 - 16
Notes to the financial statements | 17 - 32
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction and Overview
Atlas Workplace Services Limited is a wholly owned subsidiary of Atlas FM Group Limited. In October 2024, Atlas FM Group transitioned to an Employee Ownership Trust (EOT) model, marking a pivotal milestone in our journey and placing the future of the business in the hands of the people who make it what it is. Atlas Workplace Services operates as a TFM service provider in the UK, providing national coverage with strong local presence. This structure allows us to deliver high quality, responsive and consistent services to 30 customers across over 2,000 sites. We are proud to be part of a values driven group with a clear purpose: creating happiness for ourselves and others. Employee Ownership In October 2024, Atlas FM Group became an Employee Ownership Trust. The founders transferred ownership to the employees, ensuring the long term stewardship of the business and giving every colleague a direct stake in our shared future. This move reflects our belief that sustainable success comes when the people delivering our services are trusted, empowered and rewarded. Under the EOT model, Atlas can take a genuinely long term view, focusing on culture, quality and care, rather than short term financial gain. Employee ownership is strengthening engagement, retention and pride, and we are already seeing the cultural and commercial benefits this creates.
Business Review
The directors are pleased to report a year of strong growth and continued progress during the year ended 31 December 2024. Turnover increased to £35.7m (2023 - £31.7m), reflecting the strength of our customer relationships and the effectiveness of our growth strategy. Growth was achieved through all four of our strategic channels: • securing significant new contracts across multiple sectors • delivering organic growth from our existing client base • implementing annual price increases in line with National Living Wage and inflationary pressures • successfully integrating acquired businesses into Atlas Workplace Services Limited These achievements demonstrate the resilience and adaptability of the business in a challenging external environment. We have maintained a strong financial position, underpinned by robust cost management and operational discipline, while continuing to invest in our people, systems and culture. The transition to employee ownership has reinforced our long term outlook and strengthened our sense of shared accountability, purpose and pride. Page 1
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial Performance and Resilience Turnover for the year increased to £35.7m (2023 - £31.7m). This growth reflects the combined impact of new business wins, acquisitions, price uplifts and expansion of services delivered to existing clients. Operating profit was £419k (2023 - £65k), demonstrating that the company has continued to deliver healthy margins despite wage inflation and wider economic pressures. The company has maintained a conservative financial model, operating with minimal fixed cost commitments, disciplined working capital management and strong cash generation. We have well established processes for negotiating statutory wage uplifts, including National Living Wage and employer National Insurance changes, into client contracts, protecting the long term sustainability of the business. The directors consider turnover and gross margin to be the primary key performance indicators used to monitor the company’s performance. These are reviewed regularly alongside complementary operational measures including contract retention, client satisfaction and staff retention. Future Developments and Strategy The directors are confident about the future of Atlas Workplace Services Limited and are excited by the opportunities ahead as part of the wider Atlas FM Group. Our strategy for 2025 and beyond is focused on five key areas: 1. Accelerating growth through acquisitions We have become industry leaders in our ability to identify, transact, integrate and create value, culturally and financially, from acquisitions. This capability has become a key differentiator for Atlas. We will continue to pursue strategic acquisitions where we can add scale, capability and cultural alignment. 2. Unlocking growth within our existing customer base We have built an outstanding growth plan which includes realising opportunities for additional services and sites across the 4,000 customers the wider group currently partner with. Alongside this, we are targeting new business within our key sectors, where our reputation for quality, performance and cultural alignment continues to give us a competitive edge. 3. Embedding a culture of high performance Our focus on culture and performance is becoming a defining strength of Atlas. We have created business plans across all areas of the business that clearly define our vision, strategies and success measures to track our journey of high performance and operational excellence. In 2025, we are introducing one to one Work Chats for all management and administration roles to develop capability, support wellbeing, and drive accountability. 4. Driving progress on ESG and social impact At Atlas Workplace Services, we are embedding ESG and sustainability into the way we operate and deliver services. Our initiatives focus on environmental improvements, social value, and responsible supply chain management. We are working with clients to align our activities to their sustainability goals through collaborative workshops, performance tracking, and transparent reporting. We have introduced multi-use and closed-loop cleaning products, reduced delivery volumes by over 30% through supplier engagement, and transitioned to chemical-free, ethical product ranges. On the social impact side, we contribute to international cookstove projects that directly support the UN Sustainable Development Goals. These projects not only reduce carbon emissions but also improve health outcomes, reduce fuel poverty, and create opportunities for education and employment in disadvantaged communities. This ensures our environmental commitments are matched with meaningful and measurable social value. Page 2
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 5. Investing in technology and digital capability We continue to invest in software and technology to support growth and engagement. In 2025 we will roll out our new MyAtlas App to all 265 employees. The app will act as an internal communications platform with built in recognition and survey tools, and will include language preferences to ensure accessibility and engagement for our diverse workforce. A new CRM system will go live in 2025 to improve operational efficiency and business insight. Our focus on culture as the foundation of growth While we work with detailed budgets and forecasts internally, we do not publicly disclose financial growth targets. Our unwavering focus is on nurturing an outstanding culture, grounded in our purpose and values. We believe that when our people feel connected, trusted and supported to perform at their best, both personal development and financial growth will follow. This philosophy underpins every part of our strategy and remains central to our long term vision. Principal risks and uncertainties The directors regularly review the risks facing the business and have established systems and controls to monitor and manage these effectively. The company operates in a competitive, low margin industry and is exposed to external and operational risks. The principal risks and uncertainties faced by the company are set out below. Wage inflation and legislative change The National Living Wage has continued to rise and remains a significant cost pressure in our industry. We have robust processes to track wage movements, model their impact and engage early with clients to negotiate price adjustments. We also monitor wider legislative changes, including the forthcoming changes to employer National Insurance from April 2025, to ensure that any financial impact is anticipated and mitigated. Credit risk As a labour intensive business, maintaining strong cash flow is critical. We have a disciplined approach to credit control, supported by close collaboration between our operational and finance teams. We maintain clear credit limits, actively monitor payment terms and ensure swift action on any emerging debtor issues. Technology and cyber risk Our reliance on digital systems is increasing as we continue to invest in technology. We manage cyber risk through robust security protocols, regular system testing, staff training, and business continuity planning. We also work closely with external IT security specialists to ensure our controls remain current and effective. Competitive pricing pressure We continue to see some competitors bidding at unsustainably low prices within tender processes. While this does not align with our values or long term approach, it can create short term pricing pressure in parts of the market. We mitigate this risk by focusing on the value we deliver through quality, culture and long term partnership, which supports high client retention and reduces exposure to price led competition. Labour availability Labour availability and recruitment are not currently considered principal risks due to our low staff turnover and the high proportion of introductions and referrals from our existing colleagues. Page 3
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Section 172 Statement and ESG The directors are fully aware of their duty under section 172 of the Companies Act 2006 to act, in good faith, in a way they consider would most likely promote the success of the company for the benefit of its members as a whole, while having regard to the interests of employees, customers, suppliers, the community and the environment, and the long term consequences of their decisions. This statement sets out how the board has fulfilled these responsibilities during the year ended 31 December 2024. Our People and Employee Voice The Atlas FM Group employs more than 14,000 people across the UK. In 2024 we appointed a Director of Culture and Engagement to lead our cultural journey and ensure every colleague feels connected, valued and supported. We launched Wagestream, which allows colleagues to access a portion of their earned pay, build savings and access financial wellbeing tools, helping to reduce stress and improve financial resilience. We also rolled out Work Chats across the organisation. These are structured one to one conversations between managers and their team members, powered by the OpenBlend platform, that focus on wellbeing, values and performance. They build trust, strengthen relationships and embed our culture in the pursuit of high performance. We celebrate colleagues through our Stars of Atlas recognition programme and actively track engagement through internal communications analytics and twice yearly employee Net Promoter Score surveys. In 2025 we will launch the MyAtlas app to all employees to further support engagement, recognition and communication, with language preferences to support our diverse workforce. Culture and Values Culture is our superpower. Our purpose is creating happiness for ourselves and others, and our values shape how we serve our customers and treat each other. We are implementing a Culture Belt framework to help every colleague become a Culture Black Belt, championing our values and inspiring others. Environment and Sustainability We hold ISO 14001certification and are proud to be Ecovadis Committed and FuturePlus Impact Certified. We track and manage our ESG progress through both Ecovadis and FuturePlus, ensuring continuous improvement and transparency. Since 2021, we have maintained independently verified Carbon Neutral status across Scopes 1 and 2. In 2024, we enhanced this commitment further by offsetting 125% of our residual emissions, achieving Carbon Neutral Plus status and making a positive contribution beyond neutrality. 2024 also marked the conclusion of our first five-year short-term carbon reduction plan. Against our original target, we achieved more than double the planned reduction in carbon intensity, a milestone that demonstrates the effectiveness of our strategy and our drive to deliver lasting environmental impact. From 2025, we will publish our carbon footprint data alongside year-on-year reduction targets, reinforcing our commitment to transparency and continuous improvement on the pathway to net zero by 2040. Social Impact and Communities We are working with multiple UK charities to offer employment opportunities to disadvantaged groups including people who are homeless, refugees and those leaving the care or prison systems. This reflects our belief that business has a vital role to play in creating opportunities and lifting communities. Suppliers and Customers We select values aligned suppliers, build long term relationships and pay suppliers promptly. We work closely with our 30 customers to understand their needs, align our services and deliver consistent quality. This approach has earned us exceptional client loyalty and long standing partnerships. Page 4
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Governance Atlas Workplace Services Limited has its own board of directors, which reports to the Atlas FM Group board. The Group board oversees strategy, risk and capital allocation across all subsidiaries, while Atlas Workplace Services’ board manages operational delivery, people and customer experience. The Group board operates under the Wates Corporate Governance Principles for large private companies. An independent EOT Trustee Board holds a controlling interest in Atlas FM Group and represents the interests of all employee owners. This governance structure ensures a balance of entrepreneurial drive, cultural stewardship and financial discipline. Key Performance Indicators (KPIs) The directors monitor a balanced set of financial and non-financial indicators to measure the company’s performance, ensure the delivery of its strategy and support long term decision making. Our KPI framework reflects our belief that outstanding culture drives high performance. We track progress across three core pillars, loyalty, growth and wastage avoidance, supported by a broader set of operational and cultural metrics. Loyalty • Staff retention rates • Client retention rates • Employee Net Promoter Score, measured every six months • Client Net Promoter Score, measured annually Social Value and ESG • Social value delivered using the TOMS framework • Environmental progress tracked through Ecovadis and FuturePlus • Stars of Atlas nominations Health, Safety and Wellbeing • Full health and safety reporting, including near misses and RIDDOR incidents • Work Chat participation levels Culture and Engagement • Internal communication data, including number of posts and engagement levels • Engagement with the MyAtlas app from 2025 onwards Growth • Growth from within, additional services and sites from existing customers • New business growth, including pipeline size and conversion rates • Monthly client audits, measuring service standards and overall perception Financial Performance • Results tracked at contract and group level, with regular reporting on turnover, margin and profitability These KPIs are reviewed regularly by the directors and senior leadership team. They provide insight into the health and trajectory of the business, ensuring that decisions are informed by both cultural and commercial performance. Page 5
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Going Concern The directors have considered the company’s current financial position, forecasts and cash flow projections, taking into account reasonably possible changes in trading performance and the wider economic environment. The business operates within the wider Atlas FM Group, which transitioned to employee ownership in October 2024. The Group has a strong balance sheet, a diversified customer base and a proven record of delivering sustainable growth. Atlas Workplace Services Limited continues to generate positive cash flows from its operations and has access to appropriate financial resources and support from the Group. The company maintains a prudent approach to cost management and does not carry significant fixed cost obligations or external borrowings. After reviewing the company’s forecasts and projections, and having made appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. This report was approved by the board on 14 October 2025 and signed on its behalf.
P D Atkinson Director
Page 6
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Principal risks and uncertainties
The details of the Company's financial risks and uncertainties are set out in the Strategic report on page 2.
Results and dividends
The profit for the year, after taxation, amounted to £252 thousand (2023 - £53 thousand). The Directors recommend the payment of a dividend of £Nil for the year ended 31 December 2024 (2023 - £8,000,000).
Directors
The directors who served during the year were:
N J Earley (resigned 1 September 2025)
R W Empson (resigned 1 September 2025)
On 1 September 2025, P D Atkinson was appointed as a director. On 1 September 2025, K J O'Neill was appointed as a director.
Debt financing
Information on the Company's borrowings and financial risk management objectives and policies is set out in note 18 to the financial statements.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 14 October 2025 and signed on its behalf.
P D Atkinson Director
Page 7
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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. Page 8
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
Opinion
We have audited the financial statements of Atlas Workplace Services Limited (formerly known as Salisbury Workplace Services Limited) (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 December 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 United Kingdom, including the Financial Reporting Council'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. Page 9
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report 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 Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙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. Page 10
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 8, 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. 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 an Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management; ∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; ∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: °identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; °detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; °the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; ∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Page 11
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) (CONTINUED) We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Michael Jacoby FCA (Senior statutory auditor) for and on behalf of Hillier Hopkins LLP Chartered Accountants & Statutory Auditor Ground Floor 45 Pall Mall London SW1Y 5JG 14 October 2025 Page 12
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Turnover |  | 35,713 | 31,732
Cost of sales |  | (29,097) | (25,257)
Gross profit |  | 6,616 | 6,475
Administrative expenses |  | (6,197) | (6,410)
Operating profit | 4 | 419 | 65
Interest payable and similar expenses | 7 | - | (12)
Profit before tax |  | 419 | 53
Tax on profit | 8 | (167) | -
Profit for the financial year |  | 252 | 53
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 252 | 53
The notes on pages 17 to 32 form part of these financial statements.
Page 13
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) REGISTERED NUMBER: 07977934 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
| 2024 | 2024 | 2023 | 2023
Note | £000 | £000 | £000 | £000
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 48 |  | 63
Tangible assets | 11 |  | 17 |  | 57
|  |  | 65 |  | 120
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 8,206 |  | 12,962 |
Cash at bank and in hand | 13 | 2,492 |  | 1,482 |
|  | 10,698 |  | 14,444 |
Creditors: amounts falling due within one year | 14 | (9,341) |  | (13,394) |
Net current assets |  |  | 1,357 |  | 1,050
Total assets less current liabilities |  |  | 1,422 |  | 1,170
Net assets |  |  | 1,422 |  | 1,170
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 1,422 |  | 1,170
|  |  | 1,422 |  | 1,170
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 October 2025.
P D Atkinson
Director
The notes on pages 17 to 32 form part of these financial statements. Page 14
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2024 | - | 1,170 | 1,170
Comprehensive income for the year |  |  |
Profit for the year | - | 252 | 252
Total comprehensive income for the year | - | 252 | 252
Total transactions with owners | - | - | -
At 31 December 2024 | - | 1,422 | 1,422
| The notes on pages 17 to 32 form part of these financial statements.
Page 15
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £000 | £000 | £000 | £000
At 1 January 2023 | 8,000 | 26 | 1,091 | 9,117
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 53 | 53
Total comprehensive income for the year | - | - | 53 | 53
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (8,000) | (8,000)
Shares cancelled during the year | - | (26) | 26 | -
Employee share option cancellation | (8,000) | - | 8,000 | -
Total transactions with owners | (8,000) | (26) | 26 | (8,000)
At 31 December 2023 | - | - | 1,170 | 1,170
| The notes on pages 17 to 32 form part of these financial statements.
Page 16
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Atlas Workplace Services Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 7 Diamond Court, Opal Drive, Fox Milne, Milton Keynes, MK15 0DU. The Company provides facilities management services to fellow group undertakings and third parties. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Atlas FM Group Limited (formerly known as Atlas FM Limited) as at 31 December 2024 and these financial statements may be obtained from the Companies House website and the company's registered office address: Riding Court House, Riding Court Road, Datchet, Slough, England, SL3 9JT.. Page 17
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 18
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 19
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 20
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 4-8 years
|  |  |  | Computer equipment | - | 2-4 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | 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.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 21
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefits, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Page 22
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the Page 23
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Significant accounting judgements, estimates and assumptions
The preparation of the financial statements in accordance with FRS 102 requires estimates and assumptions to be made that affect the value at which certain assets and liabilities are held at the balance sheet date and also the amounts of revenue and expenditure recorded in the period. The Directors believe the accounting policies chosen are appropriate to the circumstances and that the estimates, judgements and assumptions involved in its financial reporting are reasonable. Accounting estimates made by the Company's Directors are based on historical experience and on information available to them at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions and conditions. The accounting policies that are subject to significant estimates and assumptions are set out below. Intangible Assets Costs incurred in obtaining the facilities management contract from which the Company derives its revenue have been capitalised as an intangible asset. The Company assesses, at each reporting date, whether there is any indication this asset may be impaired. In assessing the assets value in use, the future cash flows of the contract are forecast over its term. These cash flows are based upon estimates and subjective judgements and rnay vary from actual income generated and expenses incurred. The cash flows are driven from the Company's core business management systems and property databases which reflect the Director's best expectations of the likely outcome of the contract as modelled at the year-end date. The forecast cash flows are then discounted using a risk free rate to reflect the Company's time value of money.
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Depreciation | 40 | 55
| Amortisation | 37 | 94
| Other operating lease rentals | 364 | 256
| Audit fees | 28 | 26
Page 24
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Wages and salaries | 11,871 | 12,494
| Social security costs | 676 | 686
| Cost of defined contribution scheme | 347 | 357
|  | 12,894 | 13,537
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Staff | 265 | 364
|  |  | 267 | 366
6. | Directors' remuneration
| The directors received no remuneration during the year (2023 - £Nil).
7. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Other interest payable | - | 12
|  | - | 12
Page 25
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 141 | -
| Adjustments in respect of previous periods | 26 | -
|  | 167 | -
| Total current tax | 167 | -
| Deferred tax |  |
| Total deferred tax | - | -
|  | 167 | -
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 419 | 53
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | 105 | 12
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4 | 4
| Capital allowances for year in excess of depreciation | (2) | (2)
| Adjustments to tax charge in respect of prior periods | 26 | -
| Other timing differences leading to a (decrease) in taxation | 34 | (20)
| Unrelieved tax losses carried forward | - | 6
| Total tax charge for the year | 167 | -
Page 26
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8.Taxation (continued)
| Factors that may affect future tax charges
There are no other significant factors that may materially affect future tax charges.
9. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Dividends | - | 8,000
|  | - | 8,000
10. | Intangible assets
|  | Software | Mobilisation costs | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 January 2024 | 1,456 | 7,799 | 9,255
| Additions | 23 | - | 23
| At 31 December 2024 | 1,479 | 7,799 | 9,278
| Amortisation |  |  |
| At 1 January 2024 | 1,394 | 7,799 | 9,193
| Charge for the year on owned assets | 37 | - | 37
| At 31 December 2024 | 1,431 | 7,799 | 9,230
| Net book value |  |  |
| At 31 December 2024 | 48 | - | 48
| At 31 December 2023 | 63 | - | 63
Page 27
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Intangible assets (continued)
| Mobilisation costs represent the costs of negotiating and obtaining the service contract which was successfully secured during the period ending 31 December 2012. Costs associated with this contract are capitalised and will be amortised evenly (over eight years from 1 January 2013) until the end of the current service contract. Software costs represent the development of software for use in the trade of the Company. Software costs are amortised over 5 years from the date the system entered into use in the business. The directors have reviewed the balance for impairment as at 31 December 2024, taking into account forecast future profits resulting from the service contract, no impairment is deemed required (2023 - £Nil).
11. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £000 | £000 | £000
| Cost or valuation |  |  |
| At 1 January 2024 | 115 | 477 | 592
| At 31 December 2024 | 115 | 477 | 592
| Depreciation |  |  |
| At 1 January 2024 | 80 | 455 | 535
| Charge for the year on owned assets | 20 | 20 | 40
| At 31 December 2024 | 100 | 475 | 575
| Net book value |  |  |
| At 31 December 2024 | 15 | 2 | 17
| At 31 December 2023 | 35 | 22 | 57
Page 28
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade debtors | 5,658 | 4,911
| Amounts owed by group undertakings | - | 5,015
| Other debtors | 21 | 12
| Prepayments and accrued income | 2,459 | 2,956
| Deferred taxation | 68 | 68
|  | 8,206 | 12,962
13. | Cash and cash equivalents
| Cash and short-term deposits earn interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and one month depending on the immediate cash requirements of the Company and earn interest at the respective short-term deposit rates. The fair value of cash and short-term deposits at 31 December are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 2,492 | 1,482
|  | 2,492 | 1,482
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade creditors | 942 | 1,100
| Amounts owed to group undertakings | 3,667 | 8,390
| Corporation tax | 141 | 164
| Other taxation and social security | 1,053 | 882
| Other creditors | 247 | 170
| Accrued expenses | 3,291 | 2,688
|  | 9,341 | 13,394
| Accruals and deferred income include an amount of £31,000 (2023 - £40,000) in respect of deferred income.
Page 29
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Deferred taxation
|  | 2024
|  | £000
| At beginning of year | 68
| At end of year | 68
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Accelerated capital allowances | 68 | 68
|  | 68 | 68
16. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1 Ordinary share of £1 | - | -
17. | Pension commitments
The company operates a defined pension scheme. The assets of the scheme are held separately from from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £347,413 (2023 - £357,138). At the year end an amount of £231,142 (2023 - £156,066) was included within creditors in relation to pension costs still payable. Page 30
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Financial risk management objectives and policies and capital management
The Company's principal financial instruments comprise only of cash. The main purpose of these financial instruments is to finance the Company's trading requirements. The Company has various other financial instruments such as trade receivables and trade payables, which arise directly from its operations. Credit risk In addition to its trade with other group undertakings, the Company only trades with recognised, creditworthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Company's exposure to bad debt is not significant. With respect to credit risk arising from the other financial assets of the Company, which comprise cash and cash equivalents, the Company's exposure to credit risk arises from any default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. Liquidity risk The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of intergroup borrowings from fellow group undertakings. The table below summarises the maturity profile of the Company's financial liabilities as at 31 December based upon contractual undiscounted payments: Year ended 31 December 202 4 Less than Total 1 month £000 £000 Other payables 5,674 5,674 Amount owed to other group undertakings 3,667 3,667 Year ended 31 December 202 3 Less than Total 1 month £000 £000 Other payables 5,003 5,003 Amount owed to other group undertakings 8,390 8,390 The above analysis is based upon contractual undiscounted payments. Trade and other payables exclude deferred income and VAT payable.
19. | Financial instruments
Fair values As permitted under FRS 102 the Company has chosen to apply the recognition and measurement criteria of IFRS 9 Financial Instruments, accordingly, all financial assets and liabilities of the Company have been classified as being held at amortised cost. Page 31
ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Related party transactions
| The Company has taken advantage of the exemption in FRS 102 Section 33: Related party disclosures from the requirement to disclose transactions with other wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
21. | Controlling party
Up to 11 February 2025, the immediate parent company was Salisbury Holdings Limited. From 11 February 2025, the immediate parent company is Atlas FM Group Limited. The ultimate parent company throughout the current and prior period is Atlas FM Group Limited (formerly known as Atlas FM Limited), incorporated in England & Wales. Atlas FM Group Limited has prepared consolidated, group accounts for the year ended 31 December 2024, which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ and the parent company's registered office: Riding Court House, Riding Court Road, Datchet, Slough, England, SL3 9JT. This is the only company in the group which prepares consolidated accounts. Up to 29 October 2024, the directors of Atlas FM Group Limited were of the opinion that N J Earley and R W Empson, the former directors, were the ultimate controlling parties of the Company. From 29 October 2024, the Atlas FM Group Employee Ownership Trust purchased 100% of the share capital to become the controlling party. The ultimate controlling party subsequently became Zedra Trust Company (Guernsey) Limited, which is the Trustee of the Atlas FM Group Employee Ownership Trust.
Page 32