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Registered number: 06883247
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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Ground Floor
45 Pall Mall
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
CONTENTS
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Independent Auditors' Report
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Consolidated Profit and Loss Account
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 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.
The principal activity of the company continues to be that of a non-trading holding company. The principal activity of the subsidiaries continues to be that of providing facilities management services, including cleaning, mechanical and engineering, security and pest services.
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 £276,840,322 (2023 - £229,314,807), 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 the Atlas Group
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 FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial Performance and Resilience
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Turnover for the year increased to £276,840,322 (2023 - £229,314,807). This growth reflects the combined impact of new business wins, acquisitions, price uplifts and expansion of services delivered to existing clients.
Operating profit was £13,685,905 (2023 - £9,195,779), 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 the Atlas FM Group and are excited by the opportunities ahead.
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 we 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
Our ESG team continue to lead meaningful improvements, particularly in environmental and social impact. We have 45 collaborative ESG plans in place with our largest customers and have reviewed all materials and consumables to consolidate on the most environmentally supportive products. We are also 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.
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 14,000 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. In addition, new finance and CRM systems will go live in 2025 to improve operational efficiency and business insight.
6. 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.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Directors' statement of compliance with duty to promote the success of the Group
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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
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
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 14001 and ISO 27001 certifications 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. In 2024 we reviewed all materials and consumables, consolidating to the most environmentally supportive products. We have 45 collaborative ESG plans in place with our largest customers. From 2025 we will begin publishing carbon footprint data and year on year reduction targets as part of our commitment to transparent environmental reporting.
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 4,000 customers to understand their needs, align our services and deliver consistent quality. This approach has earned us exceptional client loyalty and long standing partnerships.
Governance
Each subsidiary company have their own board of directors, which report to the Atlas FM Group board. The Group board oversees strategy, risk and capital allocation across all subsidiaries, while the subsidiaries' boards manage 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.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Key Performance Indicators (KPIs)
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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 site, contract, region, sector 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.
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 at the head of the 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.
The subsidiary trading companies continue to generate positive cash flows from their operations and have access to appropriate financial resources and support from the Group. The Group maintains a prudent approach to cost management and does not carry significant fixed cost obligations or external borrowings.
After reviewing the Group’s forecasts and projections, and having made appropriate enquiries, the directors have
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
a reasonable expectation that the Group and its subsidiaries have 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 24 December 2025 and signed on its behalf.
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P D Atkinson
Director
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS 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
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £6,901,262 (2023 - £5,879,270).
Dividends paid in the year amounted to £Nil (2023 - £Nil).
The directors who served during the year were:
N J Earley (resigned 9 May 2025)
R W Empson (resigned 9 May 2025)
P D Atkinson and E J Bolton were appointed as directors on 9 May 2025.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of carbon emissions in compliance with Streamline Energy and Carbon Reporting ("SECR")
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The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.
2024 2023
kWh kWh
Energy
Vehicle Fuel 3,908,976 4,911,687
Electricity 489,910 335,232
Gas 718,980 360,240
Total energy 5,117,866 5,607,159
tCO2e tCO2e
Emissions
Vehicle Fuel 1,652.36 1,217.1
Electricity 22.07 75.85
Gas 68.12 65.9
Total SECR emissions 1,742.58 1,426.73
The Board is committed to reducing the environmental impact and contribution to climate change of the business. During the reporting year, we have assessed and measured our carbon footprint, including some Scope 3 emissions, and have set up data collation and reporting mechanisms going forward.
Following our initial assessment of our carbon emissions, we have identified that the majority of them arise from Scope 3 activities such as public transport, travel to sites, hotel stays and our supply chain impacts. In the forthcoming reporting year, we plan to:
• Refine our carbon data quality;
• Review the organisation and impact of our operational activities (e.g., travel to sites and hotel stays);
• Implement a 'Carbon Road Map' to outline how we can work toward Net Zero by 2050;
• Consider how we can start to monitor and measure emissions arising from our supply chain.
Future developments
The group continues to be committed to providing the highest possible service standards whilst maximising operating efficiencies.
Company's policy for payment of creditors
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The group agrees terms and conditions under which the business transactions with suppliers are conducted. It is the group's policy that payments to suppliers are made in accordance with these terms, provided that the supplier is also complying with all relevant business terms and conditions. The group's major suppliers are settled within 30 days and the balance paid within 60 days.
The group recognises the importance of good communications with its employees and considers the most effective form of communication regarding its activities, performance and plans is by way of informal discussions between management and other employees at a local level.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
It is the group's policy to give disabled people full and fair consideration for all job vacancies for which they offer themselves as suitable candidates, having regard to their particular aptitudes and abilities. Training and career development opportunities are available to all employees and the group endeavours to retrain any member of staff who develops a disability while in the employment of the group.
Matters covered in the Group Strategic Report
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The company has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies within the strategic reports.
Disclosure of information to auditors
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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 and the Group'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 and the Group's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end other than those matters referred to in the strategic report.
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 24 December 2025 and signed on its behalf.
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P D Atkinson
Director
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
We have audited the financial statements of Atlas FM Group Limited (formerly known as Atlas FM Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group the Statement of comprehensive income account, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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.
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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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 FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company 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.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED) (CONTINUED)
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement on page 7, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED) (CONTINUED)
a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Jacoby FCA (Senior Statutory Auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditors
Ground Floor
45 Pall Mall
London
SW1Y 5JG
Date: 24 December 2025
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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Exceptional administrative expenses
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Income from other fixed asset investments
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Amounts written off investments
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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The notes on pages 23 to 58 form part of these financial statements.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
REGISTERED NUMBER: 06883247
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Fixed assets held for sale
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
REGISTERED NUMBER: 06883247
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.
................................................
P D Atkinson
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The notes on pages 23 to 58 form part of these financial statements.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
REGISTERED NUMBER: 06883247
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Capital redemption reserve
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Profit and loss account brought forward
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.
................................................
P D Atkinson
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The notes on pages 23 to 58 form part of these financial statements.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital redemption reserve
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Comprehensive income for the year
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Surplus on revaluation of freehold property
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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The notes on pages 23 to 58 form part of these financial statements.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 23 to 58 form part of these financial statements.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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(Increase)/decrease in fixed assets held for sale
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Decrease/(increase) in stocks
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Net fair value (gains) recognised in P&L
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Sale of intangible assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Purchase of investment properties
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Fixed asset held for sale
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Acquisition of subsidiaries
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Cash acquired from acquisition
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Net cash from investing activities
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 23 to 58 form part of these financial statements.
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|
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
The notes on pages 23 to 58 form part of these financial statements.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Atlas FM Group 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, Berkshire, England, SL3 9JT.
On 27th February 2024, a resolution was passed to change the company's name from Atlas FM Limited to Atlas FM Group Limited. The certificate of incorporation on change of name was issued by Registrar on 28th February 2024.
The group specialises in the provision of office cleaning services and facilities management.
2.Accounting policies
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Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
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 Group 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.
Turnover is recognised on the date the service is supplied.
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|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to the Consolidated statement of comprehensive income on a straight-line basis over the lease term.
Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method.
Finance costs are charged to the Consolidated statement of comprehensive income 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.
All borrowing costs are recognised in the Consolidated statement of comprehensive income in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 and the Group operate and generate 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
|
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life of 3 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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 Consolidated statement of comprehensive income.
No depreciation is provided on freehold property. This is contrary to Companies Act 2006, which requires that fixed assets should be depreciated. In the opinion of the directors, this accounting treatment is necessary in order to show a true and fair view of the position of the group.
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by internal valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 Consolidated statement of comprehensive income.
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.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
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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 profit or loss.
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group'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.
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
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
|
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 payments 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 Group 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 transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
In preparing these financial statements, the directors have had to make the following judgments in applying the above accounting policies that have had the most significant effect on the amount recognised in the financial statements:
1.Determine whether there are indicators of impairment of the company’s tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets.
2.Determine whether other debtors which mainly consist of amounts due from connected companies are recoverable.
3.Tangible and intangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Analysis of turnover by country of destination:
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|
All turnover relates to the principal activity of the group.
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
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|
|
The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets
|
|
|
|
|
Amortisation of intangible assets, including goodwill
|
|
|
|
|
Profit on sale of tangible fixed assets
|
|
|
|
|
Defined contribution pension cost
|
|
|
|
|
Operating lease rentals - land and buildings
|
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Operating lease rentals - others
|
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|
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During the year, the Group obtained the following services from the Company's auditors and their associates:
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Fees payable to the Group's auditors and their associates for the audit of the Group's annual financial statements
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Fees payable to the Group's auditors and their associates in respect of:
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|
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution pension scheme
|
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|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
The average monthly number of employees, including the directors, during the year were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year, the directors received emoluments of £Nil (2023 - £Nil).
During the year, retirement benefits were accruing to directors of £Nil (2023 - £Nil) in respect of defined benefit contribution pension schemes.
|
|
|
Dividends received from unlisted investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan interest payable
|
|
|
|
|
Finance leases and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
|
|
Factors affecting tax charge for the year
|
|
|
The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
|
|
|
|
|
|
|
|
|
|
Non-tax deductible amortisation of goodwill and impairment
|
|
|
|
|
Capital allowances for year in excess of depreciation
|
|
|
|
|
Other timing differences leading to an increase/(decrease) in taxation
|
|
|
|
|
|
|
|
|
|
Prior year over provision
|
|
|
|
|
|
|
|
|
|
Unrelieved tax losses carried forward
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total tax charge for the year
|
|
|
|
|
Factors that may affect future tax charges
|
The group has approximately £940,279 (2023 - £993,784) of non-trading loan relationship losses available for offset against future trading profits arising in that company.
The group has approximately £999,106 (2023 - £Nil) of trading losses available for offset against future trading profits arising in that company.
The group has approximately £353,915 (2023 - £353,915) of capital losses available for offset against future capital gains arising in that company.
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
The directors had an interest in dividends of £Nil (2023 - £Nil).
|
|
|
Exceptional items relate to stamp duty costs associated with the buy-out of the company by the Employee Ownership Trust.
|
|
|
Parent company profit for the year
|
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassified to held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassified to held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Goodwill arising on consolidation is being amortised over the directors’ estimate of its useful life of 3 years. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
Long-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of subsidiary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassified to held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of subsidiary
|
|
|
|
|
|
|
Reclassified to held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
17.Tangible fixed assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of subsidiary
|
|
|
|
|
|
|
|
|
|
Reclassified to held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
Acquisition of subsidiary
|
|
|
|
|
Reclassified to held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
17.Tangible fixed assets (continued)
|
|
The net book value of land and buildings may be further analysed as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
The following were subsidiary undertakings of the Company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Contractors Limited
|
|
|
|
|
|
|
Atlas Managed Integrated Services Limited *
|
|
|
|
|
|
|
Enterprise Support Services UK Limited *
|
|
|
|
|
|
|
Clientcare Cleaning Limited *
|
|
|
|
|
|
|
Clientcare Group Limited *
|
|
|
|
|
|
|
Green Sky Cleaning Limited *
|
|
|
|
|
|
|
Atlas Commercial Property Investments Limited
|
|
|
Property investment and real estate services
|
|
|
|
Atlas Facilities Management Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sussex Cleaning and Care Limited *
|
|
|
|
|
|
|
Team Contract (Scotland) Limited*
|
|
|
|
|
|
|
|
|
|
Private security services
|
|
|
|
Ultima Cleaning Limited *
|
|
|
|
|
|
|
Ryeford Cleaning Services Limited *
|
|
|
|
|
|
|
City West Support Services *
|
|
|
|
|
|
|
Lewis & Graves Partnership Limited
|
|
|
|
|
|
|
Lewis & Graves Management Services Company Limited *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salisbury Holdings Limited *
|
|
|
|
|
|
|
Salisbury Engineering and Compliance Limited *
|
|
|
|
|
|
|
Atlas Workplace Services Limited *
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)
|
|
|
|
|
|
|
|
|
Salisbury Integrated Services Limited *
|
|
|
|
|
|
|
Salisbury Security Services Limited *
|
|
|
|
|
|
|
Petra’s Cleaning Company Limited
|
|
|
|
|
|
|
Ecoserve FM Group Limited*
|
|
|
|
|
|
|
Petra’s Cleaning Company Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Two Counties Cleaning Services Limited*
|
|
|
|
|
|
|
Atlas CPI Benfleet Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bespoke Cleaning Services Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geoffery Furber Services Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allied Facilities Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All subsidiaries other than those listed below have a registered office at Riding Court House, Riding Court Road, Datchet, Berkshire, England, SL3 9JT.
Team Contract (Scotland) Limited has a registered office at 6-8 The Anderston Centre, Glasgow, G2 7PH.
Salisbury Holdings Limited, Salisbury Engineering and Compliance Limited, Salisbury Workplace Services Limited, Salisbury Esco Limited, Salisbury Integrated Services Limited and Salisbury Security Services Limited has registered office at 7 Diamond Court Opal Drive, Fox Milne, Milton Keynes, England, MK15 0DU.
* Companies which are indirectly controlled by Atlas FM Group Limited.
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2024 valuations were made by directors, on an open market value for existing use basis.
|
|
|
|
|
|
|
Work in progress (goods to be sold)
|
|
|
|
|
Finished goods and goods for resale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The difference between purchase price or production cost of stocks and their replacement cost is not material.
|
|
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.Debtors (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Called up share capital not paid
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
Obligations under finance lease and hire purchase contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The company has given a mortgage debenture, dated 5 November 2014, to Natwest Bank PLC. The debenture is secured by a fixed and floating charge over all current and future assets of the company.
Bank loans and overdrafts are additionally secured by a cross guarantee dated 30 July 1993 (refer to note 27 for further details).
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net obligations under finance leases and hire purchase contracts
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
The company has given a mortgage debenture, dated 5 November 2014, to Natwest Bank PLC. The debenture is secured by a fixed and floating charge over all current and future assets of the company.
Bank loans and overdrafts are additionally secured by a cross guarantee dated 30 July 1993 (refer to note 30 for further details).
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets that are debt instruments measured at amortised cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities measured at amortised cost
|
|
|
|
|
|
|
Financial assets measured that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.
|
|
|
Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, amounts owed to group undertakings and other creditors.
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
27.Deferred taxation (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credited to the Consolidated statement of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances
|
|
|
|
|
Potential capital gain on revalued investment property
|
|
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
20 Ordinary A shares of £1 each
|
|
|
|
|
|
20 Ordinary B shares of £1 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The declaration of a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of the other class of share.
The Ordinary 'A' and 'B' shares rank pari passu in all other respects.
|
Revaluation reserve
Revaluation reserve includes all revaluations gains arising on freehold land and buildings. It is non-distributable and disclosed separately for clarity.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares repurchased.
Merger Reserve
Reserves relate to issuance of shares at premium and redeeming during the year at par value.
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Acquisition of Bespoke Cleaning Services Limited on 28 June 2024
|
|
|
Recognised amounts of identifiable assets acquired and liabilities assumed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Identifiable net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
Cash outflow on acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase consideration settled in cash, as above
|
|
|
|
Net cash outflow on acquisition
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
30.Business combinations (continued)
|
|
The results of Bespoke Cleaning Services Limited on 28 June 2024 since acquisition are as follows:
|
|
|
|
|
|
Current period since acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period since acquisition
|
|
|
|
Acquisition of Office Care FM Ltd on 01 September 2024
|
|
|
Recognised amounts of identifiable assets acquired and liabilities assumed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Identifiable net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
30.Business combinations (continued)
|
|
|
|
|
|
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Total purchase consideration
|
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Cash outflow on acquisition
|
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|
|
|
|
|
|
|
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|
|
|
Purchase consideration settled in cash, as above
|
|
|
|
Net cash outflow on acquisition
|
|
|
|
The results of Office Care FM Ltd on 01 September 2024 since acquisition are as follows:
|
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Current period since acquisition
|
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Result for the period since acquisition
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ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
30.Business combinations (continued)
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|
Acquisition of Geoffrey Furber Services Limited on 11 October 2024
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|
Recognised amounts of identifiable assets acquired and liabilities assumed
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|
Total Identifiable net assets
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|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
Cash outflow on acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase consideration settled in cash, as above
|
|
|
|
Net cash outflow on acquisition
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
30.Business combinations (continued)
|
|
The results of Geoffrey Furber Services Limited on 11 October 2024 since acquisition are as follows:
|
|
|
|
|
|
Current period since acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period since acquisition
|
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|
|
Acquisition of Tudor Group Limited on 17 February 2024
|
|
|
Recognised amounts of identifiable assets acquired and liabilities assumed - Nil
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|
|
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Capital redemption reserve
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
|
|
|
|
Purchase consideration settled in cash, as above
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
30.Business combinations (continued)
|
|
Acquisition of Allied Facilities Limited on 29 October 2024
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
|
|
Cash outflow on acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase consideration settled in cash, as above
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Acquisition of Hardy Group Limited on 3 September 2025
Recognised amounts of identifiable assets acquired and liabilities assumed
Fair value
Book Value adjustments Fair value
£ £ £
Fixed assets
Share Capital & Reserves
|
|
|
|
|
|
|
|
|
|
|
Capital Redemption Reserve
|
|
|
|
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|
|
|
|
|
|
|
|
|
Acquisition of Sovereign Group Limited on 1 October 2024
Recognised amounts of identifiable assets acquired and liabilities assumed
Fair value
Book Value adjustments Fair value
£ £ £
Fixed assets
Share Capital & Reserves
|
|
|
|
|
|
Capital Redemption Reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has provided an intercompany guarantee covering Atlas Cleaning Limited, Atlas Contractors Limited, Atlas Managed Integrated Services Limited, Atlas Facilities Management Limited and Atlas FM Limited. At the year end the potential liability of Atlas Cleaning Limited was £Nil (2023 - £Nil).
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge for the year is shown in note 7. The amount outstanding to the pension fund at the year was £946,492 (2023 - £245,317).
|
|
Commitments under operating leases
|
|
|
At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
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|
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Later than 1 year and not later than 5 years
|
|
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|
|
|
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|
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Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
Transactions with directors
|
At the year end, the Company and Group was owed £9,791,270 (2023 - £5,461,815) by the directors, which is included in other debtors.
At the year end, the Company and Group owed a director and their spouse £Nil (2023 - £388,280), which is included in other creditors.
|
|
Related party transactions
|
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|
The group has taken advantage of the exemption allowed by FRS102, not to disclose any transactions with other wholly owned subsidiaries that are included in the consolidated financial statements of Atlas FM Group Limited.
During the year, the group made rental payments of £126,000 (2023 - £128,000) for the rent of the properties owned by the Directors.
Atlas New Homes Limited
The group has advanced funds to Atlas New Homes Limited, a company owned and controlled by the former directors, N J Earley and R W Empson. The amount due from Atlas New Homes Limited at the year end was £3,805,945 of which £852,395 has been provided for as a bad debt (2023 - £3,416,948 of which £852,395 was been provided for as a bad debt).
Deeprose Developments Limited
The group has made loans to Deeprose Developments Limited, a company in which the former directors have a beneficial interest. The balance owing to the company at the year end was £2,139,068 of which £2,139,068 has been provided for as a bad debt (2023 - £2,139,068 of which £2,139,068 has been provided as a bad debt).
Earley Developments Limited
The group has made loans to and received loans from Earley Developments Limited, a company in which
N J Earley, a former director, has a beneficial interest. The balance owing from the company at the year
end was £79,583 (2023 - £79,583).
Atlas Commercial Property Limited
The group has made loans to Atlas Commercial Property Limited, a company in which N J Earley, a
former director, has a beneficial interest. The balance owing to the company at the year end was
£1,027,249 (2023 - £1,135,643). During the year, the group was also charged rent of £126,600 (2023 -
£126,600) by Atlas Commercial Property Limited.
Atlas Living Limited
The group has made loans to Atlas Living Limited, a company in which N J Earley, a former director, has
a beneficial interest. The balance owing to the company at the year end was £140,027 (2023 - £151,854).
|
|
|
ATLAS FM GROUP LIMITED (FORMERLY KNOWN AS ATLAS FM LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Upto 29 October 2024, N J Earley and R W Empson the former directors, were the ultimate controlling parties.
After the year end, on 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.
|