Boden Group Facilities Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Profit and Loss Account	10
Balance Sheet	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 27

Boden Group Facilities Limited

Company Information

Directors

Mr A Beagley Mr K Bright

Registered office

Unit B1 Woodside Court Roundswell Business Park Barnstaple Devon EX31 3TJ

Auditors

PKF Francis Clark Statutory AuditorCentenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Boden Group Facilities Limited

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is combined facilities support activities.

Fair review of the business

Turnover decreased by 9% compared with the prior year, primarily due to the loss of a major contract representing around 20% of annual revenue. Cost of sales reduced by 3%, although this did not fully offset the decline in activity levels or the lower margins experienced within a newly entered sector. As a result, gross profit fell by 29%.

Administrative expenses decreased by 8%, excluding exceptional items, reflecting ongoing cost management. Profit before tax reduced from £661k to £56k, driven mainly by the reduction in turnover and margin compression. Despite these challenges, the Company remained financially stable, maintained service performance for clients, and continued to meet its commercial and operational obligations.

The Directors consider the performance to represent a transitional year. The Company has taken steps to stabilise operations and refocus on higher-margin, specialist service lines.

The Company’s key financial performance indicators are turnover, gross profit and retained earnings which are detailed in the profit and loss account and balance sheet. No further KPI analysis is considered necessary for an understanding of the financial development, performance and position of the Company.

Principal risks and uncertainties

The Directors consider, assess and identify risks that the Company is subject to at their regular meetings and seek to implement operating procedures and financial controls to mitigate those risks. Where necessary Directors will seek advice from relevant professional advisors.

The principal risks and uncertainties relate to the group's reliance on a single market, contract retention and narrow client base. This risk is not as high as it might initially appear due to several mitigating factors, such as spreading work between several key customers and a focused effort to diversify the customer base. The essential nature of the works the group conducts within the defence sector ensures that the possibility of significantly reduced government spend in the sector is low.
The Directors continue to monitor these risks and are pursuing diversification into other public-sector markets to improve resilience.

The Company is committed to developing its relationship with other contractors, both within the defence sector and others, in order to increase and diversify its revenue streams. The Company also faces risk from price inflation which directors seek to mitigate through negotiation with suppliers. The other key risk is around staff retainment and recruitment. Directors monitor the market place and benchmark salaries as required.

The Directors are satisfied that the Company has sufficient working capital available to continue trading throughout the 12 months from the date of approval of these accounts.

Boden Group Facilities Limited

Strategic Report for the Year Ended 31 March 2025

Future Developments
The Company intends to expand its specialist hard FM services, with a particular focus on fire door inspections and maintenance and catering equipment servicing, areas that are expected to command stronger margins and support compliance-focused clients.

While the defence sector will continue to be a key market, the Company aims to develop its presence across the broader public-sector environment, diversifying revenue streams and reducing reliance on a small number of clients. Investment in technical capability, compliance systems, and specialist training will support this strategic direction.

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

......................................... Mr A Beagley Director

Boden Group Facilities Limited

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr A Beagley

Mr K Bright

Financial risk management, objectives and policies

The principal financial instruments of the company comprise trade and other debtors and creditors, investments held in a portfolio and cash balances. The board regularly review and agree policies for managing the related risks. The main risk is cashflow risk which arises when there is a delay between the payment of suppliers and money being received from the main customer. The directors continually monitor cash flows to ensure that the company has sufficient funds available to meet debts as they fall due. Price risk is mitigated with the majority of work being fixed price contracts and costs being monitored and controlled through good relationships with suppliers.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

......................................... Mr A Beagley Director

Boden Group Facilities Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 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.

Boden Group Facilities Limited

Independent Auditor's Report to the Members of Boden Group Facilities Limited

Opinion

We have audited the financial statements of Boden Group Facilities Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 March 2025 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Boden Group Facilities Limited

Independent Auditor's Report to the Members of Boden Group Facilities Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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.

Auditor Responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Boden Group Facilities Limited

Independent Auditor's Report to the Members of Boden Group Facilities Limited

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. We identified the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety and General Data Protection Regulation. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as financial reporting legislation (including the Companies Act 2006) and taxation legislation.

We discussed with management how the compliance with these laws and regulations in monitored and discussed the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. We determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates and judgements included in the financial statements.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• Enquiries of management regarding their knowledge of any non compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud, of which there were none.
• We discussed with the compliance officers any certifications that the company holds that could impact on the company’s ability to continue trading. Nothing specific was noted that could impact on trading. There are certifications held in respect of ISO 9001 and gas and electrical safety which we have reviewed.
• Discussed with those responsible for Health and Safety if any incidents have been reported during the year under The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (“RIDDOR”).
• Discussed with management the GDPR policies in place and enquiries as to the occurrence and outcome of any reportable breaches.
• Audited the risk of fraud in revenue recognition by performing sales cut off testing and reconciling key contract income back to signed agreements.
• Audited the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Boden Group Facilities Limited

Independent Auditor's Report to the Members of Boden Group Facilities Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Neil Hitchings (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

17 December 2025

Boden Group Facilities Limited

Profit and Loss Account

Year Ended 31 March 2025

	Note	2025 £	2024 £
Turnover	3	13,725,328	15,044,159
Cost of sales		(11,303,166)	(11,619,812)
Gross profit		2,422,162	3,424,347
Administrative expenses
Administrative expenses excluding exceptional items		(2,353,361)	(2,570,640)
Exceptional items		-	(174,980)
Administrative expenses including exceptional items		(2,353,361)	(2,745,620)
Operating profit including exceptional items	4	68,801	678,727
Gain on financial assets at fair value through profit and loss		1,246	713
Income from other fixed asset investments		468	126
Interest payable and similar expenses	8	(14,944)	(18,616)
		(13,230)	(17,777)
Profit before tax		55,571	660,950
Tax on profit	9	(17,800)	(141,948)
Profit for the financial year		37,771	519,002

Boden Group Facilities Limited

Balance Sheet

31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	11	222,166	138,084
Investments	12	100	100
		222,266	138,184
Current assets
Stocks	13	99,147	102,491
Debtors	14	3,919,734	3,604,881
Other financial assets	15	20,341	33,897
Cash at bank and in hand		39,341	181,844
		4,078,563	3,923,113
Creditors: Amounts falling due within one year	16	(2,909,318)	(2,352,887)
Net current assets		1,169,245	1,570,226
Total assets less current liabilities		1,391,511	1,708,410
Creditors: Amounts falling due after more than one year	16	(37,530)	-
Provisions for liabilities		(7,800)	-
Net assets		1,346,181	1,708,410
Capital and reserves
Called up share capital		100	100
Capital redemption reserve		14	14
Profit and loss account		1,346,067	1,708,296
Shareholders' funds		1,346,181	1,708,410

Approved and authorised by the Board on 11 December 2025 and signed on its behalf by:
 

......................................... Mr A Beagley Director

Company Registration Number: 08330311

Boden Group Facilities Limited

Statement of Changes in Equity

Year Ended 31 March 2025

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2024	100	14	1,708,296	1,708,410
Profit for the year	-	-	37,771	37,771
Dividends	-	-	(400,000)	(400,000)
At 31 March 2025	100	14	1,346,067	1,346,181