|
Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2025
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
COMPANY INFORMATION
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
CONTENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Directors present their report and the financial statements for the year ended 30 September 2025.
Pareto Facilities Management Limited (hereafter "the Company" or "Pareto") is a facilities services provider predominantly servicing high end commercial office space, museums and public attractions. The Company delivers technical, mechanical and electrical facilities services and workspace solutions to its clients. Where it is beneficial to the client and the operation of the contract it will also provide a managed service for a range of other facilities services including front of house, cleaning, and security. These services are delivered through a combination of in-house resources and outsourced contractors. The business is based in the UK, however, it has operations in a few international locations, mostly European, where it services customers who already have operations in the UK.
Revenue decreased by 3.5% year on year from £44.6m to £43m. This decrease was the result of the loss of two significant customers in the first half of the financial year which was not fully offset by new contract wins which started later in the second half of the year. Momentum in new sales, particularly in the second half of the year, resulted in second half revenues which were stronger than the first half and means the business is carrying good revenue growth momentum into the next financial year.
EBITDA before exceptionals reduced year on year by £2m to £1.7m from £3.7m reflecting the additional investment in overheads, mainly people, reflecting the need to invest ahead of the growth curve and ambition of the business. This investment has been necessary to ensure there are solid foundations in capability and capacity to win, mobilise and run the number of anticipated new contracts either already won or in the sales pipeline and anticipated to be won.
In addition to this investment, the business also incurred a number of one-off exceptional costs which increased to £2.6m, up by £1.1m from £1.5m in the prior year. Most of this increase was in respect of transformation costs and M&A activities including abortive due diligence fees both legal and accounting, market intelligence reports, capital structuring reports and lending specialists. While this activity resulted in the one completed acquisition of Sowga Limited, there were several other potential targets which did not complete or did not meet our exacting criteria.
As a result of the additional costs in overheads and the increased exceptional costs, the business reported an operating loss of £1.5m which was a reduction in profit of £3.1m from the prior year.
Acquisition of Sowga Limited
During the financial year, in December 2024 we announced the Company’s largest acquisition to date through the acquisition of Sowga Limited (“Sowga”), a specialist building and technical facilities management provider with revenues of more than £20m. The acquisition strengthens Pareto’s technical service delivery capabilities, broadens its client base, particularly within the commercial managed and tenanted office space within London and the Southeast and broadens the range of services it can self-deliver and offer to our customers. Integration activity has begun to bring the two businesses closer together and a number of new customers have been jointly won through the combined expertise and delivery capabilities of the Group.
Retention of key customers
There were several key customer retentions during the year, the largest of which was the retention of ASOS securing annual revenues in excess of £1m. This retention reflects not only the ability to win in the midst of the competitive landscape but reaffirms Pareto’s difference in approach to its people, customer collaboration and focus on the customer experience. The renewal also offers an opportunity to demonstrate our market leading proposition on energy efficiency through remote technologies and engineering to deliver a better working environment for ASOS colleagues as well as cost efficiencies through reduction in consumption.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Recognition and awards
Growth and Market position
During the year ended 30 September 2025, we have seen strong customer growth both in terms of new customers and growth within existing relationships, and recognition from within the marketplace. We were recognized as partners of expert services at the PFM awards, testament to our strong technical services competencies and cost reduction strategies within our partnerships.
Pareto were awarded the accolade of Business of the Year at The Great British Industry 2025, highlighting positive impact on the economy.
ESG and Innovation
Our focus on ESG continued to be central throughout the year evidenced by Pareto being recognised with CSR Initiative of the Year at the FM Awards, testament to our continued commitment to sustainable partnerships. We also won the prestigious accolade of a Gold Green Apple in partnership with Cross Country Trains, a rare accolade and one of the UK's leading honors for environmental excellence.
Social Value and Inclusivity
Social Value and EDI remains a focus, with a newly created role of Culture and Engagement Director to ensure momentum, fulfilled by Colin Kimber. Colin has made a significant impact within the industry, also being named on the INvolve - The Inclusion People – Outstanding LGBTQ+ Executives Role Model List.
The key business risks are set out below. Risks are carefully considered by the board and mitigated appropriately.
Market risk
The principal market risk for the Company continues to be the future of the office workspace and how customers use their space. Many customers are beginning to mandate a return-to-office approach which is changing the demands on their spaces compared to the previous few years. As ever, the Company is well positioned to support clients in this transition thanks to our agile model that allows us to quickly and effectively respond to client needs. Our agility, recognised as a competitive advantage during the pandemic, continues to enable us to gain market share amid further workplace disruptions.
Loss of customer risk
The Company’s main risks and uncertainties are customer related, such as loss of a key customer. This is mitigated by delivering high quality services, typically through multiple year service contracts.
Financial risk management
Credit risk
Credit risk is managed through appropriate credit checking of our customers and management of customer payments to ensure they are in line with contractual terms.
Liquidity risk
The Company seeks to manage risks to ensure sufficient liquidity is available to meet future needs and ensure loan repayments are made on time. The directors monitor cash flow regularly to identify any potential short-term funding issues early. The Company has structured term borrowing in place as well as access to additional revolving credit facilities should they be needed to manage short-term working capital requirements.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Currency risk
The Company is exposed to foreign exchange risk in connection with its ongoing operating activities, which are transacted in British pounds and Euro. To help minimise foreign exchange risk, the Company operates bank accounts in these currencies.
One of the key indicators which is proactively managed is the business cash position, which the Company has comfortably managed throughout the year, with a cash balance as at 30 September 2025 of £796,976 (2024: £2,644,546).
Other key indicators include revenue noted in the business review, which has decreased by 3.5% during the year reflecting the timing of contracts lost versus contracts which have been won later in the year.
Gross profit has also decreased during the year and has decreased by 24.2% from £5.5m to £4.2m in line with the revenue decrease because of the timing of customer losses.
EBITDA before exceptionals reduced by 54% year on year to £1.7m from £3.7m reflecting the additional investment in overheads, mainly people, reflecting the need to invest ahead of the growth curve and ambition of the business. This investment has been necessary to ensure there are solid foundations in capability and capacity to win, mobilise and run the number of anticipated new contracts either already won or in the sales pipeline and anticipated to be won.
The Company also monitors a range of other performance indicators across Health and Safety including safety conversations, near miss reporting and reportable incidents to ensure the Company can identify any trends in accidents which could be avoided through training and awareness.
Statistics on our employees, including leavers, joiners, gender and diversity, are also regularly monitored to support our commitment to a diverse and balanced workforce.
Operationally we continually monitor our delivery service and where we are maintaining assets which require statutory compliance that we have maintained these to the required standards and ensuring that any follow-up remedial actions are closed out timely.
No ratios have been included as the Company deem these to be commercially sensitive.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Board of Directors (the "Board") of the Company is fully aware of its duties under Section 172 of the Companies Act 2006 to act in a way that, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.
In fulfilling this duty, the Board has taken into consideration, amongst other things, the following factors:
∙Long-term consequences: The Board ensures that decisions consider the potential long-term impacts on the Company's sustainability and growth, rather than prioritizing short-term gains at the expense of future prospects. This involves a careful assessment of risks and opportunities related to market trends, technological developments, and other factors shaping the industry landscape.
∙Interests of employees: The Board recognizes the crucial role of employees in the company's success and strives to foster a positive and inclusive work environment.
∙Business relationships: The Board understands the importance of strong relationships with customers, suppliers and other stakeholders which foster trust and mutual benefit.
∙Impact on the community and environment: The Board is committed to operating responsibly and minimizing the negative impact the Company’s operations have.
∙Reputation for high standards of business conduct: The Board recognizes the value of maintaining a strong reputation and operates with integrity and ethical principles in all aspects of its business dealings.
∙Fairness between members: The Board ensures that decisions are made fairly and equitably between all members of the Company recognizing the importance of transparency and accountability.
∙The Board regularly reviews the Company’s performance against these factors and assess the effectiveness of its approach to stakeholder engagement and responsible business practices. The Board is confident that these measures contribute to the long-term success of the Company and benefit to its members as a whole.
This report was approved by the board and signed on its behalf.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Directors present their report and the financial statements for the year ended 30 September 2025.
The loss for the year, after taxation, amounted to £1,453,275 (2024 - profit £1,441,706).
No dividend was paid during the year (2024: Nil).
The Directors who served during the year were:
The directors anticipate that the business environment will remain competitive, however the Group is in a good financial position and the business risks are being well managed. We will continue to focus on maintaining organic revenue growth through bidding and winning new contracts while retaining our existing customers. Following the change in ownership this is likely to be complemented by carefully considered acquisitions as the opportunity arises. These are likely to be in niches of our service offering that we either currently subcontract or do not offer, and this will continue to enhance the services quality for our customers. Through this careful and considered approach the directors are confident of the continued profitable success of the business.
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Assumptions and Methodology
The estimate is based on the certified emissions reported in the Planet Mark Certification Report for the period 1 October 2022 to 30 September 2023 (FY23), and an assumption that emissions will scale linearly with employee headcount.
∙Emissions are assumed to scale linearly with employee headcount
∙Per-employee emissions for scope 1 and scope 2 were calculated based on the 2022-23 data and applied to the average headcount for 2024-25.
We used the latest conversion factors provided by the UK Department for Business, Energy & Industrial Strategy (BEIS) to convert energy consumption from kWh to CO2e. The specific factors applied are as follows:
Electricity: 0.20705 kg CO2e/kWh
Natural Gas: 0.20264 kg CO2e/kWh
Formula Used: CO2e Emissions = Energy Consumption (kWh) x Emissions Factor (kg CO2e/kWh).
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Energy Efficiency Actions
∙In order to continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets:
∙Move from head office premises to shared workspace locations thus reducing head office emissions further.
∙Reduce commuter car usage by introducing cycle to work scheme.
∙Invest in a three-acre forest of 1600 trees in the UK to begin the long-term investment in carbon storage.
∙Where applicable, transition client site based vehicles to electric.
∙Partnering with Planet Mark to become certified in 2024 beginning the transition to Net Zero.
Intensity Metrics
In this section, we present the intensity metrics used to evaluate the efficiency and sustainability of our energy use and greenhouse gas (GHG) emissions. These metrics are crucial for assessing our performance relative to our operational scale and for benchmarking against industry standards. Below, we outline the key intensity metrics calculated for this report.
Carbon Intensity: Carbon intensity measures the amount of CO2e emissions produced per employee. This metric helps us understand the carbon footprint of our economic activities.
Carbon Intensity = 22,080 CO2e / 539 = 40.82 (2024: 40.95) CO2e per employee.
There were no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARETO FACILITIES MANAGEMENT LIMITED
We have audited the financial statements of Pareto Facilities Management Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARETO FACILITIES MANAGEMENT LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PARETO FACILITIES MANAGEMENT LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxfordshire
OX2 9PJ
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
REGISTERED NUMBER: 09070750
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Pareto Facilities Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Juran Midco Limited as at 30 September 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
Page 15
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
The Company has generated an EBITDA before exceptionals of £1,740,493 (2024: £3,685,484) during the year ended 30 September 2025, has net current liabilities as at 30 September 2025 of £5,528,798 (2024: net current assets of £3,745,699) and net assets of £5,289,155 (2024: £6,742,430).
Forecasts have been prepared using what the directors consider to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of a period of least 12 months from the signing of the financial statements which show the Company to have sufficient liquidity to meet its financial obligations as they fall due. The Company is reliant on group borrowings not being called in for repayment for a period of at least 12 months from the signing of the financial statements unless the Company has sufficient resources to do so. The Company has obtained confirmation that these borrowings will not be recalled unless there are sufficient financial resources to do so. The Group has bank borrowings subject to various covenants. During the year, the ultimate parent company invested £6 million of equity in the Group which was used to repay £4m of the bank borrowings and the facilities were amended. The forecasts prepared show that Group will meet its financial covenants for at least 12 months from the signing of the financial statements. The Group has considered the expected financial performance, current financial position, existing financial resources and compliance with borrowing covenants for a period of at least 12 months from the date of signing of the financial statements which show the Group and Company to be a going concern. Based on the above, The directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.
Functional and presentation currency
Transactions and balances
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Page 17
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
Amortisation is provided on the following bases:
Goodwill is amortised over its useful economic life which is deemed to be between 6 and 10 years.
Page 18
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 19
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
Page 20
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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.
Page 21
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company 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 Company's contractual obligations expire or are discharged or cancelled.
Page 22
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Analysis of turnover by country of destination:
Page 23
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 25
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
There were no factors that may affect future tax charges.
Page 26
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 27
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 28
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 29
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Page 30
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Share premium account
Other reserves
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £377,788 (2024 - £360,734). Contributions totalling £153,418 (2024 - £204,035) were payable to the fund at the balance sheet date and are included in creditors.
Page 31
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PARETO FACILITIES MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
In the opinion of the directors, the directors believe the ultimate controlling party is Pictet Private Equity Feeder Fund, SICAV-RAIF, incorporated in Luxembourg. The registered office is Avenue J.F. Kennedy 15a, Lucembourg, 1855, Luxembourg.
The largest and smallest group in which the results of the Company are consolidated is that headed by Juran Midco Limited, incorporated in Great Britain. The consolidated accounts of this Company are available to the public and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the Company.
Page 32
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||