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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
COMPANY INFORMATION
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
CONTENTS
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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).
The directors who served during the year were:
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.
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
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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.
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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)
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).
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.
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.
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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)
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.
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.
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.
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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)
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: 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.
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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.
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.
for and on behalf of
Chartered Accountants & Statutory Auditor
Ground Floor
45 Pall Mall
SW1Y 5JG
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
REGISTERED NUMBER: 07977934
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 32 form part of these financial statements.
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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..
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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)
Functional and presentation currency
Transactions and balances
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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)
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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)
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.
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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)
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:
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.
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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)
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.
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.
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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)
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
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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)
transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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.
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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)
There are no other significant factors that may materially affect future tax charges.
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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)
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024 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 2023 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.
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.
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ATLAS WORKPLACE SERVICES LIMITED (FORMERLY KNOWN AS SALISBURY WORKPLACE SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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