Section 5.4 · Northgate Facilities Services Ltd
Three-year financials
Extracted from filed accounts where filed accounts exist. Every line carries the provenance of its source, and every derived ratio is marked as derived.
Extraction basis. FY2023 and FY2024 come from full filed accounts. FY2025 comes from the filed accounts to 31 March 2025 plus a seller-supplied detailed P&L for the lines that small-company filing does not disclose. Where the two disagree the filed figure wins and the difference is logged.
Profit and loss
Years to 31 March. GBP.
| Line | FY2023 | FY2024 | FY2025 | 3yr CAGR | Provenance |
|---|---|---|---|---|---|
| Revenue | 3,410,000 | 3,780,000 | 4,120,000 | 9.92% | Filed accounts |
| Cost of sales | 2,183,000 | 2,391,000 | 2,580,000 | 8.71% | Seller P&L |
| Gross profit | 1,227,000 | 1,389,000 | 1,540,000 | 12.03% | Derived |
| Gross margin | 35.98% | 36.75% | 37.38% | — | Derived |
| Administrative expenses | 835,000 | 934,000 | 1,019,000 | 10.45% | Seller P&L |
| Operating profit | 304,000 | 361,000 | 420,000 | 17.54% | Seller P&L |
| Depreciation and amortisation | 88,000 | 94,000 | 101,000 | 7.14% | Filed accounts |
| Reported EBITDA | 392,000 | 455,000 | 521,000 | 15.28% | Derived |
| Reported EBITDA margin | 11.50% | 12.04% | 12.65% | — | Derived |
| Interest payable | 31,000 | 36,000 | 34,000 | 4.75% | Filed accounts |
| Profit before tax | 273,000 | 325,000 | 386,000 | 18.90% | Filed accounts |
Operating profit is stated after depreciation. Reported EBITDA restores it, so the two rows differ by the depreciation line above. Both are shown because the seller's marketing pack quotes the higher number without saying which basis it uses. The small company exemption means the abridged filing does not disclose the expense breakdown, so the gross profit, administrative expense and operating profit rows come from the seller's P&L and are marked accordingly. Revenue, depreciation, interest and profit before tax are on the face of the filing.
Balance sheet extract
| Line | FY2024 | FY2025 | Provenance |
|---|---|---|---|
| Cash at bank | 118,000 | 145,000 | Filed |
| Trade debtors | 561,000 | 628,000 | Filed |
| Trade creditors | 294,000 | 312,000 | Filed |
| Bank loans | 356,000 | 312,000 | Filed |
| Hire purchase obligations | 104,000 | 88,000 | Filed |
| Net tangible assets | 341,000 | 402,000 | Derived |
| Net working capital | 385,000 | 379,000 | Derived |
| Dilapidations provision | not disclosed | not disclosed | Missing |
The dilapidations line stays blank. The EV bridge carries a £35,000 platform estimate against it, tagged as an estimate, and the gap is listed on the overview.
Cash conversion
| Metric | FY2025 | Read |
|---|---|---|
| Free cash flow | 369,910 | EBITDA less maintenance capex less working capital movement less tax |
| FCF / EBITDA | 63.2% | Healthy |
| Maintenance capex | 62,520 | 10.7% of normalised EBITDA |
| Working capital / revenue | 9.2% | Watch |
| Debtor days | 55.6 | Above sector norm |
| Creditor days | 44.2 | Normal |
Cash conversion feeds the quality score at a weight of 10 and the DSCR test on the funding screen. Debtor days above the sector norm drive the working capital stress on the stress screen.
Revenue and EBITDA trajectory
Revenue, GBP 000
Reported EBITDA, GBP 000
Reported EBITDA margin
EBITDA grows faster than revenue in each of the three years. The reason recorded against the opportunity is contract mix, not cost cutting, and it is corroborated by the gross margin trend rather than asserted.
Extraction quality
Years available
3 of 3
Mandate requires 3
Filed coverage
78%
Of lines used in the model
Seller-only lines
5
Each flagged for verification
Filed vs seller conflicts
1
Filed figure retained
Conflict log. The seller pack states FY2025 administrative expenses of £1,004,000. The filed accounts state £1,019,000. The model uses £1,019,000 and the £15,000 difference is carried into the quality-of-earnings challenge list rather than reconciled away.
Where fewer than three years exist the opportunity is not rejected. It routes to Verification required with the specific missing years named, and the CAGR fields render as Not available rather than being computed off a shorter base.
AcquiScope produces analysis and modelling, not regulated investment advice. Northgate Facilities Services Ltd is an invented business. The figures on this screen are illustrative and were not extracted from any real filing.