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Registered number: 03445836 SOVEREIGN FM LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SOVEREIGN FM LIMITED COMPANY INFORMATION
Directors | P D Atkinson
| K J O'Neill
Registered number | 03445836
Registered office | Riding Court House
| Riding Court Road
| Datchet
| Slough
| England
| SL3 9JT
Independent auditors | HillIer Hopkins LLP
| Chartered Accountants and Statutory Auditors
| Ground Floor
| 45 Pall mall
| London
| SW1Y 5JG
SOVEREIGN FM LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Independent auditors' report | 3 - 6
Statement of comprehensive income | 7
Statement of financial position | 8 - 9
Notes to the financial statements | 10 - 18
SOVEREIGN FM 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.
Directors' responsibilities statement
The directors are responsible for preparing 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; ∙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.
Directors
The directors who served during the year were:
N J Earley (appointed 1 October 2024, resigned 1 July 2025)
R W Empson (appointed 1 October 2024, resigned 1 July 2025)
S McKeown (resigned 1 July 2025)
A J Rigg (resigned 1 July 2025)
D A Aherne (resigned 18 April 2024)
P D Atkinson was appointed as a director on 1 July 2025. K J O'Neill was appointed a director on 1 September 2025.
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. Page 1
SOVEREIGN FM LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Auditors
During the year, the directors appointed Hillier Hopkins LLP as the auditors and they will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board on 8 December 2025 and signed on its behalf.
P D Atkinson Director
Page 2
SOVEREIGN FM LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOVEREIGN FM LIMITED
Opinion
We have audited the financial statements of Sovereign FM Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position 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.
Emphasis of matter – financial statements prepared on a basis other than going concern
Without qualifying our opinion, we draw attention to basis of preparation set out in note 2.1 in the financial statements. Accounting Standards require that financial statements are drawn up on the going concern basis unless it is considered unlikely that the company will continue operating for the foreseeable future. On the basis that the director considered that it is more likely than not that the company will cease its operations and be dissolved within the forthcoming twelve months, the financial statements have been drawn up on a basis other than going concern as set out in note 2.1. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 3
SOVEREIGN FM LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOVEREIGN FM 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' report has 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 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; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. Page 4
SOVEREIGN FM LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOVEREIGN FM LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 1, 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. Page 5
SOVEREIGN FM LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOVEREIGN FM LIMITED (CONTINUED) 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. 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. Other matters The year ended 31 December 2024 is the first period that has been audited and therefore the comparative period is unaudited. Michael Jacoby (Senior statutory auditor) for and on behalf of HillIer Hopkins LLP Chartered Accountants and Statutory Auditors Ground Floor 45 Pall mall London SW1Y 5JG 8 December 2025 Page 6
SOVEREIGN FM LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | Unaudited 2023
| £ | £
Turnover |  | 6,771,114 | 7,560,648
Cost of sales |  | (5,044,452) | (5,678,608)
Gross profit |  | 1,726,662 | 1,882,040
Administrative expenses |  | (836,408) | (872,326)
Operating profit |  | 890,254 | 1,009,714
Interest receivable and similar income |  | 11,003 | 444
Interest payable and similar expenses |  | (1) | (156)
Profit before tax |  | 901,256 | 1,010,002
Tax on profit |  | (214,570) | (237,704)
Profit for the financial year |  | 686,686 | 772,298
Total comprehensive income for the year |  | 686,686 | 772,298
The notes on pages 10 to 18 form part of these financial statements.
Page 7
SOVEREIGN FM LIMITED REGISTERED NUMBER: 03445836 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | Unaudited 2023
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | - |  | 36,345
Current assets |  |  |  |  |
Fixed assets held for sale |  | 65,204 |  | - |
Stocks | 6 | 13,314 |  | 32,413 |
Debtors: amounts falling due within one year | 7 | 7,081,725 |  | 6,582,107 |
Cash at bank and in hand | 8 | 703,166 |  | 735,824 |
|  | 7,863,409 |  | 7,350,344 |
Creditors: amounts falling due within one year | 9 | (1,208,143) |  | (1,416,962) |
Net current assets |  |  | 6,655,266 |  | 5,933,382
Total assets less current liabilities |  |  | 6,655,266 |  | 5,969,727
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 |  | - |  | (1,147)
Net assets |  |  | 6,655,266 |  | 5,968,580
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 90 |  | 90
Capital redemption reserve |  |  | 30 |  | 30
Profit and loss account |  |  | 6,655,146 |  | 5,968,460
|  |  | 6,655,266 |  | 5,968,580
Page 8
SOVEREIGN FM LIMITED REGISTERED NUMBER: 03445836 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.
P D Atkinson
Director
The notes on pages 10 to 18 form part of these financial statements. Page 9
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Sovereign FM Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Riding Court House Riding Court Road, Datchet, Slough, England, SL3 9JT. The company specialises in electrical installation. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. Following a group restructure post year end, the trade of the Company has been transferred into other group companies. As a result, the Directors have no future plans for the Company and will cease operations of the Company. The Directors, therefore, do not consider that the going concern basis is appropriate for these financial statements and have instead prepared the financial statements on a basis other than going concern. This basis included all assets at their recoverable amounts rather than their historical costs and makes provisions for the costs of disposals of the assets. All assets and liabilities are treated as recoverable and payable within one year. The following principal accounting policies have been applied: Page 10
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.2 | 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.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income 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.
| 2.4 | Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
| 2.5 | 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 11
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Borrowing costs
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
| 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 the Statement of comprehensive income 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 the Statement of comprehensive income 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 | 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. Page 12
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (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:
|  |  |  | Plant and machinery | - | 25% | Straight Line, 33% Straight Line and 25% Reducing Balance
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 the Statement of comprehensive income.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
| 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 13
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Statement of comprehensive income.
3. | Employees
| The average monthly number of employees, including directors, during the year was 33 (unaudited 2023 - 40).
4. | Directors' remuneration
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Directors' emoluments | 98,958 | 157,682
|  | 98,958 | 157,682
Page 14
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Tangible fixed assets
|  | Plant and machinery
|  | £
| At 1 January 2024 | 324,202
| Additions | 50,650
| Disposals | (30,646)
| Reclassified to held for sale | (344,206)
| At 31 December 2024 | -
| At 1 January 2024 | 287,857
| Charge for the year | 20,018
| Disposals | (28,873)
| Reclassified to held for sale | (279,002)
| At 31 December 2024 | -
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | 36,345
6. | Stocks
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Work in progress | 13,314 | 32,413
|  | 13,314 | 32,413
Page 15
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Debtors
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Trade debtors | 1,120,079 | 1,669,992
| Amounts owed by group undertakings | 5,922,381 | 4,872,381
| Other debtors | 300 | 300
| Prepayments and accrued income | 38,965 | 39,434
|  | 7,081,725 | 6,582,107
8. | Cash and cash equivalents
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 703,166 | 735,824
|  | 703,166 | 735,824
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Trade creditors | 424,982 | 641,551
| Corporation tax | 114,799 | 101,870
| Other taxation and social security | 214,708 | 237,099
| Other creditors | 6,608 | 6,537
| Accruals and deferred income | 447,046 | 429,905
|  | 1,208,143 | 1,416,962
Page 16
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 1,147
| Credited to Statement of comprehensive income | (1,147)
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | - | 1,147
|  | - | 1,147
11. | Share capital
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 8,000 Ordinary shares of £0.01 each | 80 | 80
|  | 500 Ordinary D shares of £0.01 each | 5 | 5
|  | 500 Ordinary E shares of £0.01 each | 5 | 5
|  |  | 90 | 90
12. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,738 (2023 - £34,296 unaudited). Contributions totalling £6,608 (2023 - £6,537 unaudited) were payable to the fund at the balance sheet date and are included in creditors. Page 17
SOVEREIGN FM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
| Not later than 1 year | - | 71,997
|  | - | 71,997
14. | 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.
15. | Controlling party
The immediate parent company is Mar Facilities (Holdings) Ltd. Up to 1 October 2024, the ultimate parent company was Mar Facilities (Holdings) Ltd. From 1 October 2024, the ultimate parent company is Atlas FM Group Limited (formerly known as Atlas FM Limited), a company incorporated in England and Wales. That company has prepared group accounts for the year ended 31 December 2024. Consolidated accounts for Atlas FM Group Limited are available from the registered office, located at Riding Court House, Riding Court Road, Datchet, Berkshire, SL3 9JT. This is the only company in the group which prepares consolidated accounts. Up to 1 October 2024, the ultimate controlling party was A J Rigg, the former director, by virtue of his shareholding and directorship in the ultimate parent undertaking. From 1 October 2024 to 29 October 2024, the ultimate controlling parties were N J Earley and R W Empson, the former directors. On 29 October 2024, the Atlas FM Group Employee Ownership Trust purchased 100% of the share capital of Atlas FM Group Limited, 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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