Proximo Holdings Limited
Annual report and financial statements
For the year ended 30 June 2024
Proximo Holdings Limited
Company information
Directors
Mr T P Newbery
Mrs E M Chadwick
Miss G Von Doneck
Mr C J Bird
Company number
08185503
Registered office
Park House
Chantry Court
Sovereign Way
Chester
Cheshire
CH1 4QN
Auditor
DJH Audit Limited
St George's House
56 Peter Street
Manchester
M2 3NQ
Proximo Holdings Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 9
Independent auditor's report
10 - 12
Income statement
13 - 14
Group statement of comprehensive income
15
Group statement of financial position
16
Company statement of financial position
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 45
Proximo Holdings Limited
Strategic report
For the year ended 30 June 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

 

Company Overview:

Proximo is the UK’s leading provider of specialist vehicles, enabling major fleets and insurance providers to source the right temporary replacement vehicles and ensure their customers stay mobile and operational. Since its formation in 2003, Proximo has grown into a nationwide “One Stop Shop,” offering replacement vehicles, bespoke claims management, legal support services, and vehicle repairs. The company’s strategic focus on the accessible vehicle market underscores its commitment to bridging the ‘transport accessibility gap’ for customers with disabilities.

 

Proximo operates the largest replacement fleet of adapted and wheelchair-accessible vehicles (WAVs) in the UK, supported by over 300 skilled colleagues. Over the years, the Group has developed deep technological and operational capabilities to meet the highly complex and unique needs of disabled customers. Award-winning customer service is backed by advanced digital tools, robust data analytics, and real-time reporting systems. These investments ensure that we consistently deliver industry-leading solutions.

 

Our advanced logistics framework supports same-day delivery of accessible vehicles across the UK, with a dedicated team of over 100 specialist drivers and branch operatives. This infrastructure reflects our commitment to keeping customers mobile, irrespective of their unique needs.

 

Proximo’s customer-centric culture remains at the core of its operations. The company holds the prestigious ICS ServiceMark Accreditation, a testament to its dedication to exceptional service. To further enhance customer experience, Proximo has balanced a digital-first approach with personalised advisor interactions, ensuring tailored solutions for every client. Notably, we have invested heavily in proprietary technology designed to address the complex requirements of our diverse customer base. This ongoing innovation is complemented by an inclusive workplace culture that empowers our people to excel and contribute meaningfully to our mission.

Review of business

Proximo achieved strong growth over the past 12 months, driven by robust demand in the wheelchair-accessible and adapted vehicle markets. In FY23, we secured new clients and established a highly collaborative partnership with a leading UK insurance provider, further cementing our leadership position.

 

Our repair management division (CVS) also performed exceptionally well in FY24, supported by strategic partnerships with fleet operators and insurers. Our expertise in electric vehicle (EV) repair management has allowed us to meet rising industry demand and strengthen our position as a market leader in this area.

 

Customer satisfaction remains a cornerstone of our success, reflected in our Trustpilot rating of 4.9/5 and Google review score of 4.5/5. These results highlight the exceptional service, honesty, and respect we provide to our customers.

 

Following a period of post-COVID financial preservation, the continued growth of the business has enabled us to make key investments in our people and infrastructure. We are undertaking office refurbishments, enhancing our branch network, and reviewing reward packages to ensure we retain our multi-award-winning status and remain an employer of choice. These investments reaffirm our commitment to fostering an inclusive and dynamic workplace while maintaining industry-leading standards.

 

Our technology strategy remains central to our operations. We continue to invest in cutting-edge tools, including AI-driven text and speech analytics, to enhance customer interactions. Our telephony systems set industry benchmarks, answering 98% of calls with over 80% answered within 20 seconds. Improved complaint handling and ongoing training ensure we stay responsive to customer needs.

 

Looking forward, we are committed to advancing our technological capabilities to address the complex and evolving requirements of our disabled customer base. By combining innovative technology, infrastructure enhancements, and a focus on our people, we aim to lead the market in accessibility solutions and maintain our reputation for excellence.

 

Proximo Holdings Limited
Strategic report (continued)
For the year ended 30 June 2024
- 2 -
Principal risks and uncertainties

We regularly monitor the key risks to the business, with a focus on managing sustained growth over the months ahead whilst maintaining excellent delivery with a clear focus on our customer.

 

The principal risks identified which could have a material adverse effect on implementing the Company strategy are:

 

Economic environment risks

The business continues to monitor the volume and diversity of the UK transport network and understand its impact on our business demands. Our volume forecasting model collates a wide range of qualitative and quantitative data and accurately predicts volume outcomes across the business, consistently operating within a very low margin of error.

 

During FY24, the Group has seen a return to normality as the depressed supply of new vehicles and availability of components post-Covid returned to more normal levels. The Group now has the continued operational challenge of demand unwinding as market conditions normalise. In order to mitigate this risk, the Group will utilise its dynamic forecasting model to closely monitor hire starts and hire lengths and adapt its approach to fleet acquisitions and operational resources accordingly.

 

Whilst we have seen a continued reduction in inflation rates, this was not reflected in interest rates during the year, which in turn impacts the Group acquisition costs and borrowing rates. Linked to this, increases in the National Living Wage continues to put additional pressure on colleague retention across the sector and increased overheads. Proximo has mitigated against the negative impacts of this risk through focusing on being an employer of choice, with a best-in-class people culture and an inclusive and supportive approach to recruitment and retention.

 

 

Financial Risks

 

Liquidity risks

The company aims to manage liquidity risk by careful management of cash generated by its operations and negotiating terms with its key customers and suppliers. A key part of our strategy is financial efficiency, and our extensive business intelligence and forecasting tools enable the business to manage performance against forecasts. This enables pre-emptive action to variances from expectations in terms of profitability and the availability of working capital which is required to support our robust growth plans.

 

Interest rate risks

The company finances its operations through a mixture of retained profits and external borrowings. External borrowings are generally acquired for purchasing new vehicles to add to our fleet, which is a key part of our growth strategy. External finance is obtained at fixed interest rates to allow us to manage risk while accurately forecast profitability and cash impacts of funding.

 

Climate Risk

Climate change and sustainability are key issues for UK businesses, and specifically the UK Government regulation to stop production of petrol and diesel vehicles by 2035. This could impact the Group directly, through a reduction in our customers where an Electric Vehicle (EV) may not be practical or suit their mobility. We believe that no one should be left behind and while wheelchair users present a unique challenge to the EV market, we are dedicated to supporting our customers through the transition and ensuring they are at the forefront of the conversation with developing innovation. We have invested in growing our electric accessible vehicle fleet and are committed to working with our key partners to ensure that end customers have access to, and are fully informed about, the transition to electric.

 

 

 

Proximo Holdings Limited
Strategic report (continued)
For the year ended 30 June 2024
- 3 -
Business objectives

During the year, the Group continued to implement its planned strategic initiatives:

 

 

The directors review the business objectives regularly and communicate these with the senior leadership team to ensure the business is aligned on focus and direction.

Financial review of business

The table below summarises the key performance metrics for 2024 and 2023 (£000):

 

 

2024

2023

Turnover

£38,997

£36,055

Gross profit

£19,097

£16,234

Profit after tax

£5,370

£6,878

EBITDA

£13,234

£11,760

Net assets

£10,000

£12,671

 

For the period ended 30 June 2024, turnover increased by 8% over the 12 months. Gross profit of £19.1m was up over the 12 months in comparison to FY2023, with a gross margin percentage of 49%, representing a 4% increase. This was in line with the business’s expectations resulting from a continued focus on business efficiency to support increasing demands and a diversification of our client base.

 

The Groups net asset position decreased during the year to £10m. Retained profits generated from operating activities in the year were £5.4m. A key element of the Groups net assets is how we manage our capital expenditure. To maximise the return on investment, the vast majority of our fleet are financed over 5 years. The Groups policy is to retain vehicles of this nature over a period of up to 8 years, resulting in a reduction in capital outlay during the intervening years, reflected in the reduction of debt to asset ratio which reduced from 83% in 2023 to 81%.

 

The table below summarises the key performance indicators for 2024 and 2023:

 

 

2024

2023

Annualised sales growth

8%

30%

Gross margin

49%

45%

Net profit margin

14%

19%

Return on capital employed (ROCE)

99%

78%

Total fleet size

1,685

1,251

Vehicle - debt to asset ratio

81%

83%

Number of hire days

444,576

468,584

 

Proximo Holdings Limited
Strategic report (continued)
For the year ended 30 June 2024
- 4 -

Our key performance indicators explained:

Number of hire starts is calculated from our Business Intelligence for all hires starting in the period.

Future developments

To mitigate ongoing risks and bolster our foundation for sustained growth, we remain focused on prioritising operational and financial efficiencies. This approach aims to support our customer base and lay the groundwork for sustainable growth. A key strength of the Group is the ability to be agile and we are harnessing innovation to increase revenue and profitability and decrease customer concentration risk.

 

Relationships

We have reviewed the diversification of our overall portfolio and are focusing on enhancing the current contracts and relationships wherever possible alongside our new product offerings and are actively looking for synergies across the Group to elevate the level of service and product offerings to both new and existing customers.

 

 

ESG Overview

At Proximo Group, we place our customers at the core of everything we do, with a firm commitment to fostering a sustainable future for both our planet and communities. We understand the critical importance of Environmental, Social, and Governance (ESG) factors, not only for the well-being of our environment and society but also for the long-term growth and success of our business.

 

Environmental stewardship

As a forward thinking and responsible organisation, we acknowledge the substantial environmental impact of the logistics sector within our business. Environmental sustainability is a key component of our business strategy, and we are dedicated to taking proactive steps to reduce our carbon footprint. We are at the forefront of transitioning our fleet to electric vehicles, while challenges in engineering hinder the widespread production of electric WAVs, we are working closely with industry partners to overcome these barriers. Our objective is to align the Proximo fleet with customer needs while driving positive environmental change across the industry.

 

Social responsibility

At Proximo Group, we believe businesses have a crucial role in creating a positive social impact. As a mission-driven organisation, we understand that our long-term success relies on authentic relationships with our customers, who are central to our decision-making. Our commitment to social responsibility is reflected in fostering a safe, inclusive, and rewarding workplace, promoting diversity, engaging with local communities, and ensuring our customers remain central to all our choices.

 

As part of Proximo Group, we are dedicated to providing a world class service to underserved communities, particularly individuals with disabilities. By developing products and services that cater to these groups in the UK, we not only fulfil our societal responsibilities but also generate significant commercial value by working within communities largely overlooked by transport sectors. By prioritizing social responsibility, we strive to build a vibrant workplace culture that makes a meaningful contribution to the betterment of society.

Proximo Holdings Limited
Strategic report (continued)
For the year ended 30 June 2024
- 5 -
Transparent governance

We believe that robust governance is key to maintaining transparency, ethical conduct, and accountability throughout our operations. Our governance framework ensures compliance with laws and regulations, effective risk management, and strong partnerships. By upholding the highest ethical standards and fostering responsible decision-making, we aim to build lasting trust and confidence with our colleagues, customers, and partners.

Section 172(1) Statement

Section 172 of the Companies Act 2006 requires a Director of the company to act in a certain way. Specifically, they must act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole:

 

 

The Directors confirm that in discharging their duties under section 172, they have had regard to the factors set out above.

 

The Directors of the company during the year are all based at the Groups Chester office. The Board of Directors meet frequently as the Groups leadership team, they review financial results on a monthly basis and have regular contact and open communications with all of the business pillar leadership teams. This gives the Directors regular direct contact regarding individual companies and business units and provides the Directors with the information required in order to drive the business to meet their target and growth ambitions.

 

Customers are the heart of the Proximo Group, and customer service and satisfaction levels are a key area of focus for the company. The company and its directors are committed to continuous improvement with its best in class service through training and development of its employees, a clear strategic focus and a shared passion to serve the communities in which they operate.

 

The company also has regard to the local community and the sector that they serve in all of its activities and acknowledges its role as an employer in the local area.

 

On behalf of the board

Mrs E M Chadwick
Director
11 March 2025
Proximo Holdings Limited
Directors' report
For the year ended 30 June 2024
- 6 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activities of the group in the year under review were those of a claims management service, the provision of replacement vehicles and legal services.

 

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 14.

Interim dividends of £nil (2023 - £60,000) were paid during the period.

 

The directors recommend that no final dividend will be paid.

 

The total distribution of dividends for the year ended 30 June 2024 will be £nil (2023 - £60,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T P Newbery
Mrs E M Chadwick
Miss G Von Doneck
Mr C J Bird
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

DJH Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

The group report on its emissions, energy consumption or energy efficiency activities as follows:

Proximo Holdings Limited
Directors' report (continued)
For the year ended 30 June 2024
- 7 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
377,990
385,130
2024
2023
Emissions of CO2 equivalent
Kg CO2e
Kg CO2e
Scope 1 - direct emissions
- Gas combustion
17,798
20,140
- Fuel consumed for owned transport
3,922,044
3,427,500
3,939,842
3,447,640
Scope 2 - indirect emissions
- Electricity purchased
20,101
40,770
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
8,694,260
5,364,610
Total gross emissions
12,654,203
8,853,020
Intensity ratio
kgCO2e per £1 of revenue
0.32
0.25
Quantification and reporting methodology

To allow for accurate and representative data to include with our Carbon Reporting and wider carbon footprint monitoring, strategic procedures continue to determine appropriate calculations for data disclosure. The following methodologies were used to ensure verifiable data was obtained where reasonably practicable:

 

 

Fuel: Fuel usage within the branch network is obtained directly from supplier invoices who detail the number of litres used. This data is then converted to convert to carbon footprint.

 

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in kgCO2e per £1 of revenue.

 

Proximo Holdings Limited
Directors' report (continued)
For the year ended 30 June 2024
- 8 -
Measures taken to improve energy efficiency

The company is committed to sustainable practices that minimise our impact, protect and enhance the environment and create a positive legacy for future generations. We proactively work with our colleagues, clients, supply chain and interested parties to ensure our environmental expectations are managed in that everyone working with us will:

 

 

We aim to achieve continual improvement through:

 

 

We bring this policy to the attention of our employees, all businesses within the Group, our supply chain and other interested parties, as collectively their support and professionalism is essential in making it truly effective.

 

We have a plan to move towards alternative energy suppliers that can offer 100% renewable energy and we have also increased recycling facilities at each of our sites.

 

We have systematically adopted the Groups working attitude and behaviour to allow for a more sustainable working pattern, in line with reducing our energy usage as a company. These adjustments include; reduce our business travel facilitated through virtual communication, flexible working, such as remote working from home has been encouraged to increase production whilst reducing emissions.

 

Proximo Holdings Limited
Directors' report (continued)
For the year ended 30 June 2024
- 9 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

On behalf of the board
Mrs E M Chadwick
Director
11 March 2025
Proximo Holdings Limited
Independent auditor's report
To the members of Proximo Holdings Limited
- 10 -
Opinion

We have audited the financial statements of Proximo Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and parent 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.

Other information

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.

Proximo Holdings Limited
Independent auditor's report (continued)
To the members of Proximo Holdings Limited
- 11 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.

Proximo Holdings Limited
Independent auditor's report (continued)
To the members of Proximo Holdings Limited
- 12 -

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries posted during the period and at the period end to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions; and

- performed walkthrough tests on major transaction cycles.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC;

- reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanne Beamish ACA FCCA (Senior Statutory Auditor)
For and on behalf of
11 March 2025
DJH Audit Limited
Accountants
Statutory Auditor
St George's House
56 Peter Street
Manchester
M2 3NQ
Proximo Holdings Limited
Group income statement
For the year ended 30 June 2024
- 13 -
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
37,686,841
1,310,596
38,997,437
34,464,107
1,590,849
36,054,956
Cost of sales
(19,059,593)
(841,049)
(19,900,642)
(19,112,142)
(708,408)
(19,820,550)
Gross profit
18,627,248
469,547
19,096,795
15,351,965
882,441
16,234,406
Administrative expenses
(9,067,331)
359,595
(8,707,736)
(5,689,356)
(858,105)
(6,547,461)
Other operating income
105,220
-
105,220
154,849
-
154,849
Exceptional items
4
(554,728)
-
(554,728)
-
-
-
Operating profit
5
9,110,409
829,142
9,939,551
9,817,458
24,336
9,841,794
Interest receivable and similar income
8
137,431
484
137,915
22,851
177
23,028
Interest payable and similar expenses
9
(2,177,162)
(11,114)
(2,188,276)
(965,763)
(9,943)
(975,706)
Amounts written off investments
10
(180,834)
-
(180,834)
-
-
-
Profit before taxation
6,889,844
818,512
7,708,356
8,874,546
14,570
8,889,116
Tax on profit
11
(2,338,802)
159
(2,338,643)
(1,876,955)
(134,524)
(2,011,479)
Profit for the financial year
28
4,551,042
818,671
5,369,713
6,997,591
(119,954)
6,877,637
Proximo Holdings Limited
Group income statement (continued)
For the year ended 30 June 2024
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
- 14 -
Profit for the financial year is attributable to:
- Owners of the parent company
5,263,679
6,777,003
- Non-controlling interests
106,034
100,634
5,369,713
6,877,637
Proximo Holdings Limited
Group statement of comprehensive income
For the year ended 30 June 2024
- 15 -
2024
2023
£
£
Profit for the year
5,369,713
6,877,637
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
5,369,713
6,877,637
Total comprehensive income for the year is attributable to:
- Owners of the parent company
5,263,679
6,777,003
- Non-controlling interests
106,034
100,634
5,369,713
6,877,637
Proximo Holdings Limited
Group statement of financial position
As at 30 June 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
31,876,351
17,809,520
Current assets
Debtors
18
11,877,162
13,492,229
Cash at bank and in hand
3,450,173
5,834,846
15,327,335
19,327,075
Creditors: amounts falling due within one year
19
(14,965,929)
(14,806,564)
Net current assets
361,406
4,520,511
Total assets less current liabilities
32,237,757
22,330,031
Creditors: amounts falling due after more than one year
20
(22,237,281)
(9,653,868)
Provisions for liabilities
Deferred tax liability
24
-
0
5,400
-
(5,400)
Net assets
10,000,476
12,670,763
Capital and reserves
Called up share capital
27
271
402
Capital redemption reserve
28
181
50
Other reserves
28
2,436,243
2,436,243
Profit and loss reserves
28
7,364,620
10,140,941
Equity attributable to owners of the parent company
9,801,315
12,577,636
Non-controlling interests
199,161
93,127
10,000,476
12,670,763
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
11 March 2025
Mrs E M Chadwick
Director
Company registration number 08185503 (England and Wales)
Proximo Holdings Limited
Company statement of financial position
As at 30 June 2024
30 June 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
15
31,382,689
17,203,453
Investments
16
400
15,496
31,383,089
17,218,949
Current assets
Debtors
18
9,354,055
3,334,654
Cash at bank and in hand
1,785,286
4,134,447
11,139,341
7,469,101
Creditors: amounts falling due within one year
19
(19,067,029)
(11,241,353)
Net current liabilities
(7,927,688)
(3,772,252)
Total assets less current liabilities
23,455,401
13,446,697
Creditors: amounts falling due after more than one year
20
(22,195,760)
(9,513,499)
Provisions for liabilities
Deferred tax liability
24
49,600
-
0
(49,600)
-
Net assets
1,210,041
3,933,198
Capital and reserves
Called up share capital
27
271
402
Capital redemption reserve
28
131
-
0
Profit and loss reserves
28
1,209,639
3,932,796
Total equity
1,210,041
3,933,198

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,316,842 (2023 - £408,249 loss).

The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
11 March 2025
Mrs E M Chadwick
Director
Company registration number 08185503 (England and Wales)
Proximo Holdings Limited
Group statement of changes in equity
For the year ended 30 June 2024
- 18 -
Share capital
Capital redemption reserve
Capital reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 July 2022
402
50
2,436,243
3,423,938
5,860,633
42,808
5,903,441
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
6,777,003
6,777,003
100,634
6,877,637
Dividends
13
-
-
-
(60,000)
(60,000)
(50,315)
(110,315)
Balance at 30 June 2023
402
50
2,436,243
10,140,941
12,577,636
93,127
12,670,763
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
5,263,679
5,263,679
106,034
5,369,713
Own shares acquired
-
-
-
(8,040,000)
(8,040,000)
-
(8,040,000)
Redemption of shares
27
(131)
131
-
-
-
0
-
-
Balance at 30 June 2024
271
181
2,436,243
7,364,620
9,801,315
199,161
10,000,476
Proximo Holdings Limited
Company statement of changes in equity
For the year ended 30 June 2024
- 19 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
402
-
0
4,401,045
4,401,447
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(408,249)
(408,249)
Dividends
13
-
-
(60,000)
(60,000)
Balance at 30 June 2023
402
-
0
3,932,796
3,933,198
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
5,316,843
5,316,843
Own shares acquired
-
-
(8,040,000)
(8,040,000)
Redemption of shares
27
(131)
131
-
-
0
Balance at 30 June 2024
271
131
1,209,639
1,210,041
Proximo Holdings Limited
Group statement of cash flows
For the year ended 30 June 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
36
10,053,689
10,046,832
Interest paid
(2,188,276)
(975,706)
Income taxes paid
(1,690,934)
(1,421,668)
Net cash inflow from operating activities
6,174,479
7,649,458
Investing activities
Purchase of tangible fixed assets
(177,554)
(1,565,097)
Proceeds from disposal of tangible fixed assets
1,852,224
1,191,956
Proceeds from disposal of subsidiaries, net of cash disposed
(32,283)
-
Interest received
137,915
23,028
Net cash generated from/(used in) investing activities
1,780,302
(350,113)
Financing activities
Amounts introduced/(withdrawn) by directors
-
(630,746)
Redemption of shares
(8,040,000)
-
0
Proceeds from borrowings
6,000,000
Repayment of borrowings
(1,062,409)
(1,215,919)
Payment of finance leases obligations
(7,237,045)
(1,723,985)
Dividends paid to equity shareholders
-
0
(60,000)
Dividends paid to non-controlling interests
-
0
(50,315)
Net cash used in financing activities
(10,339,454)
(3,680,965)
Net (decrease)/increase in cash and cash equivalents
(2,384,673)
3,618,380
Cash and cash equivalents at beginning of year
5,834,846
2,216,466
Cash and cash equivalents at end of year
3,450,173
5,834,846
Proximo Holdings Limited
Notes to the group financial statements
For the year ended 30 June 2024
- 21 -
1
Accounting policies
Company information

Proximo Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Park House, Chantry Court, Sovereign Way, Chester, Cheshire, CH1 4QN.

 

The group consists of Proximo Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 22 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Proximo Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 23 -

Turnover is derived from the company's ordinary activities including the provision of claims management services, vehicle hire, legal support and insurance products.

 

Hire income and claim management services

 

Turnover derived from claims management services, which includes the provision of replacement vehicle hire, is accounted for as a single provision of services ending at the point of settlement by the customer's insurance provider.

 

Turnover also includes an appropriate proportion of estimated recoverable income in respect of claims management and vehicle hires in progress at the year end and is valued at the fair value of the consideration receivable.

 

Where the stage of completion and costs to complete cannot be measured reliably, revenue is recognised to the extent of costs incurred. This is calculated based on directly attributable costs and a proportion of other costs. The total cost is calculated and restricted to the amount recoverable for each case.

 

Claims made as part of the claims management process are, by their nature, subject to dispute by the relevant insurance companies involved. An assessment is made in relation to the potential recovery in relation to unsettled claims at the year end and the results of the assessment are taken into account when valuing the amounts recoverable upon contracts.

 

Turnover from the hire of vehicles is recognised on a straight line basis over the hire period and is recognised at the agreed daily rates.

 

Other turnover from claim management services, such as referral fees, fees for engineer reports and other claims management services, is recognised at the point the revenue can be measured reliably. This is normally when the referral has generated income for the third party and a purchase invoice has been generated by the third party, or when the service has been performed.

 

Commission

 

Where an agency relationship exists between the company, the customer and a third party, the company recognises in income the amount of the commission earned. The amounts collected on behalf of the third party are not shown as revenue of the company.

 

Commission is recognised at the point the revenue can be measured reliably which is normally when the referral has generated income for the third party and a purchase invoice has been generated by the third party.

 

Insurance policy sales

 

Turnover derived from the provision of insurance products is recognised upon sale of the insurance policy.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 24 -

Provision of legal services

 

Many of the legal cases are operated on the basis of No Win - No Fee conditional fee arrangements and the company attempts to resolve claims within the MOJ Pre-Action Protocol where possible.

 

The service provided to the client is accounted for as a single provision of services ending at the point of settlement by a third party.

 

In some cases, the company is entitled to milestone bills from a third party insurer under the MOJ Protocol or fixed fees for cases outside of the protocol. In other cases, fees may be calculated as a specified percentage of damaged awarded under a claim.

 

Where milestone bills apply under the MOJ portal, revenue is recognised at the point that the obligation to a milestone bill has been met. For fixed recoverable costs outside the portal revenue is recognised when the case has settled.

 

Where fees are calculated as a percentage of damages, the revenue is recognised at the point that the damages have been agreed as this is when the occurrence or non-occurrence of a future event, not within the control of the company, has been concluded. No income is recognised on cases where the settlement has not been agreed.

 

Where an interim payment has been made on a case, income is recognised to the extent that the company has earned the right to the income.

 

On 30 June 2024, the company sold the subsidiary that provided legal services. These results are included as discontinued operations.

 

Disbursements

 

The company acts as an agent with respect to disbursements falling due throughout a claim. Disbursements are only recognised when it is assessed that a reimbursement will be received from the client or on their behalf. The disbursements paid on behalf of a client are recognised as an asset unless it is determined that the amount is not recoverable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shown in the group accounts was paid in connection with acquisitions of businesses in 2003, 2013 and 2014. There is also an amount of goodwill which relates to the purchase of shares in 2014. Goodwill is amortised over a useful life of between 3 and 5 years. Goodwill has been fully amortised in prior periods. The goodwill acquired in 2014 through business acquisitions has been disposed of in the period with the sale of a subsidiary.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 25 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
4% on cost
Plant and equipment
33% on reducing balance and 10% - 20% on cost
Fixtures and fittings
25% on reducing balance and 20% on cost
Computers
33.33% on cost and 25% on reducing balance
Motor vehicles
Reducing balance over various rates between 10 and 25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Motor vehicles held are used to generate hire income.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 26 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 27 -
Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, borrowings, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 28 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Government grants

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

 

Government grants in relation to assets are deferred and amortised in line with the economic life of the asset for which the grant was received.

1.18

Client money

Client bank account balances and the matching liabilities are excluded from the balance sheet on the basis that economic benefits or resources resulting from these assets and liabilities will not flow to or from the company. Details of these amounts are shown in Note 30 to the financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 29 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of amounts recoverable on contracts and trade debtors

Management review both amounts and estimate the recoverability by segregating different types of contracts and reviewing historic recoveries to determine an appropriate percentage recovery rate. This is applied to each contract type.

 

For a specific type of hire where the stage of completion and costs to complete cannot be measured reliably, revenue is recognised to the extent of cost incurred. This is calculated based on directly attributable costs and a proportion of other costs. The total cost is calculated and restricted to the amount recoverable for each case.

The economic useful life of tangible fixed assets

Management review the useful economic lives of depreciable assets at each reporting date as to allocate the cost of assets, less their residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
38,736,064
35,915,987
Commission
261,373
138,969
38,997,437
36,054,956
2024
2023
£
£
Other revenue
Interest income
137,915
23,028
Grants received
67,980
97,980
Sundry receipts
35,620
56,868

All of the group's turnover arose in the United Kingdom for both the current and previous year.

Government grants for CBIL and BIP are included which related to interest free periods.

 

Government grant income of £480 in 30 June 2024 year end (2023 - £11,850) comprises of deferred grant release in relation to the grant for installation of electric vehicle charge points.

 

There are no unfulfilled conditions or other contingencies attached to the grant income.

 

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 30 -
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional items
554,728
-
554,728
-

The exceptional item relates to strategic consultancy and planning.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Hire of plant and machinery
10,394
10,255
Auditors' remuneration - audit of parent and consolidated accounts
23,230
22,230
Auditors' remuneration - audit of subsidiaries
62,164
61,135
Auditors' remuneration - non-audit work
136,365
24,951
Depreciation of owned tangible fixed assets
192,448
213,398
Depreciation of tangible fixed assets held under finance leases
3,144,959
1,582,416
Hire of motor vehciles
40,342
Profit on disposal of tangible fixed assets
(710,481)
(529,664)
Oprerating lease payments
612,954
484,444
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
5
-
-
Accounts & Sales
257
213
-
-
Solicitors
22
22
-
-
Total
283
240
-
0
-
0
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
6
Employees
(Continued)
- 31 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,652,260
6,658,023
95,000
120,000
Social security costs
802,150
589,320
-
-
Pension costs
345,063
611,552
-
0
-
0
9,799,473
7,858,895
95,000
120,000
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
547,052
437,980
Company pension contributions to defined contribution schemes
89,007
467,400
636,059
905,380
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
401,955
300,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
62,265
23,028
Other interest income
75,650
-
Total income
137,915
23,028
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 32 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
369,952
135,081
Other interest on financial liabilities
-
27,219
Interest on finance leases and hire purchase contracts
1,818,324
811,699
Other interest
-
1,707
Total finance costs
2,188,276
975,706
10
Amounts written off investments
2024
2023
£
£
Loss on disposal of investments held at fair value
(180,834)
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,241,829
1,686,637
Adjustments in respect of prior periods
10,838
99,542
Tax relating to prior year adjustments recognised in profit or loss
178
-
0
Total current tax
2,252,845
1,786,179
Deferred tax
Origination and reversal of timing differences
85,798
225,300
Total tax charge
2,338,643
2,011,479
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
11
Taxation
(Continued)
- 33 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
7,708,356
8,889,116
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.48%)
1,927,089
1,820,491
Tax effect of expenses that are not deductible in determining taxable profit
539,240
16,982
Tax effect of income not taxable in determining taxable profit
(151,179)
-
0
Adjustments in respect of prior years
10,963
129,624
Depreciation on assets not qualifying for tax allowances
385
-
0
Enhanced capital allowances
-
0
(2,699)
Defered tax under provided prior year
12,145
39,034
Increased deferred tax rate
-
0
7,160
Prior year losses carried back recovered in the year
-
887
Taxation charge
2,338,643
2,011,479
12
Discontinued operations

The company disposed of its entire shareholding in Proximo Legal Services Limited, a wholly owned subsidiary, on 30 June 2024. The results of Proximo Legal Services are therefore disclosed separately as discontinued operations.

 

Included in administrative expenses of the discontinued operations is an intercompany loan write on of £1,002,213.

13
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
60,000
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 34 -
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023
5,854,995
Disposal of subsidiary
(2,825,000)
At 30 June 2024
3,029,995
Amortisation and impairment
At 1 July 2023
5,854,995
Disposal of subsidiary
(2,825,000)
At 30 June 2024
3,029,995
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 35 -
15
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
81,961
14,732
143,991
625,756
27,575,227
28,441,667
Additions
33,687
-
0
-
0
65,641
18,459,053
18,558,381
Disposals
(9,062)
-
0
-
0
-
0
(2,741,036)
(2,750,098)
Disposal of subsidiary
-
0
-
0
(6,840)
(77,205)
-
0
(84,045)
At 30 June 2024
106,586
14,732
137,151
614,192
43,293,244
44,165,905
Depreciation and impairment
At 1 July 2023
29,018
12,273
134,480
491,329
9,965,047
10,632,147
Depreciation charged in the year
3,463
760
2,546
66,421
3,264,217
3,337,407
Eliminated in respect of disposals
(4,166)
-
0
-
0
-
0
(1,604,192)
(1,608,358)
Disposal of subsidiary
-
0
-
0
(6,840)
(64,802)
-
0
(71,642)
At 30 June 2024
28,315
13,033
130,186
492,948
11,625,072
12,289,554
Carrying amount
At 30 June 2024
78,271
1,699
6,965
121,244
31,668,172
31,876,351
At 30 June 2023
52,943
2,459
9,511
134,427
17,610,180
17,809,520
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
15
Tangible fixed assets
(Continued)
- 36 -
Company
Motor vehicles
£
Cost
At 1 July 2023
23,627,164
Additions
18,459,053
Disposals
(2,291,160)
At 30 June 2024
39,795,057
Depreciation and impairment
At 1 July 2023
6,423,711
Depreciation charged in the year
3,231,815
Eliminated in respect of disposals
(1,243,158)
At 30 June 2024
8,412,368
Carrying amount
At 30 June 2024
31,382,689
At 30 June 2023
17,203,453

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
30,262,921
15,395,292
30,262,921
15,395,292
Computers
59,393
90,376
-
0
-
0
30,322,314
15,485,668
30,262,921
15,395,292
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
400
15,496
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
16
Fixed asset investments
(Continued)
- 37 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
15,496
Impairment
At 1 July 2023
-
Disposals
15,096
At 30 June 2024
15,096
Carrying amount
At 30 June 2024
400
At 30 June 2023
15,496
17
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Proximo Limited
Park House, Chantry Court, Sovereign Way, Chester, CH1 4QN
Ordinary A/B
100.00
Complete Vehicle Support Limited
Park House, Chantry Court, Sovereign Way, Chester, CH1 4QN
Ordinary
75.00
Proximo Mobility Solutions Limited
Park House, Chantry Court, Sovereign Way, Chester, CH1 4QN
Ordinary
100.00
Greenlight Legal Limited
Park House, Chantry Court, Sovereign Way, Chester, CH1 4QN
Ordinary
100.00

During the year the group has sold its investment in Proximo Legal Services Limited.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 38 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,798,831
6,109,708
3,150,228
1,673,214
Gross amounts owed by contract customers
1,012,239
1,103,280
-
0
-
0
Corporation tax recoverable
-
0
-
0
-
0
180,833
Amounts owed by group undertakings
-
-
3,801,347
-
Other debtors
2,213,858
860,109
2,354,521
525,970
Prepayments and accrued income
1,404,891
4,878,032
47,959
954,637
11,429,819
12,951,129
9,354,055
3,334,654
Deferred tax asset (note 24)
447,343
541,100
-
0
-
0
11,877,162
13,492,229
9,354,055
3,334,654
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
22
7,699,469
4,878,852
7,660,098
4,841,762
Other borrowings
21
2,170,641
1,536,716
77,635
269,582
Trade creditors
2,325,490
3,303,457
10,962,419
3,788,916
Amounts owed to group undertakings
-
0
-
0
-
0
59,573
Corporation tax payable
1,391,467
829,555
282,891
-
0
Other taxation and social security
339,252
615,995
-
-
Government grants
25
480
480
-
0
-
0
Other creditors
640,934
669,856
39,486
(59,473)
Accruals and deferred income
398,196
2,971,653
44,500
2,340,993
14,965,929
14,806,564
19,067,029
11,241,353
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
22
17,761,017
9,437,852
17,729,906
9,367,370
Other borrowings
21
4,465,854
205,126
4,465,854
146,129
Government grants
25
10,410
10,890
-
0
-
0
22,237,281
9,653,868
22,195,760
9,513,499
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 39 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loans from group undertakings
-
0
-
0
4,400,000
-
0
Other loans
6,636,495
1,741,842
143,489
415,711
6,636,495
1,741,842
4,543,489
415,711
Payable within one year
2,170,641
1,536,716
77,635
269,582
Payable after one year
4,465,854
205,126
4,465,854
146,129
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,699,469
4,878,852
7,660,098
4,841,762
In two to five years
17,761,017
9,437,852
17,729,906
9,367,370
25,460,486
14,316,704
25,390,004
14,209,132

The hire purchase contracts relate to motor vehicles which are subsequently included in fixed assets. The motor vehicles are hired out to customers to generate hire income for the business.

 

The majority of the contracts include a small option to purchase fee at the end of the contract. Interest is charge on the hire purchase contracts at varying rates.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 40 -
23
Security

Group

 

Mr C J Bird, director and shareholder of the ultimate parent company, Proximo Holdings Limited, has provided a legal charge over personal property for the benefit of National Westminster Bank PLC to secure the Proximo Limited banking facilities. This charge was satisfied on 7 February 2024.

 

Ms G Von Doneck, a director of Proximo Holdings Limited, provided a legal charge over personal property to National Westminster Bank PLC to secure the Proximo Limited banking facilities. This charge was satisfied on 7 February 2024.

 

On 26 March 2024, HSBC UK Bank PLC registered a fixed and floating charge over all assets and undertakings of the Group.

 

Hire purchase contracts of £25,460,486 (2023 - £14,316,704) are secured on the assets to which they relate. Hire purchase contracts are repayable between 2 and 4 years at an interest rate of 11% on average.

 

Other loans consist of:

- A loanback of £60,765 (2023 - £118,887) - secured against the shares in Proximo Limited. The loan is repayable over 5 years at an interest rate of 1.75% per annum. The loan matures in December 2024.

 

- Insurance loan of £832,241 (2023 - £1,180,114) - secured against the professional indemnity insurance. The assigning finance provider has the rights to sums from relevant policies and the right to cancel such policies in the event of a default. The insurance loan is repayable over 10 months at an average interest rate of 12% per annum.

 

- The remaining other loan is a Shawbrook loan of £5,600,000 (2023- £nil) in Proximo Limited, the funds were subsequently lent to Proximo Holdings Limited to assist with the buyback of shares in the holding company. The loan is repayable over 5 years at an interest rate of 5.35% plus the higher of Term SONIA or 0.25% per annum. The loan matures in February 2029.

 

Company

 

Hire purchase contracts of £25,390,004 (2023 - £14,209,132) are secured on the assets to which they relate.

 

On 26 March 2024, HSBC UK Bank PLC registered a fixed and floating charge over all assets and undertakings of the Company.

 

On 2 February 2024, Shawbrook Bank Limited registered a fixed and floating charge over all property and undertakings of the Company.

 

Mr C J Bird, a director and shareholder has provided a legal charge over personal property for the benefit of National Westminster Bank PLC to secure the Proximo Limited banking facilities. This charge was satisfied on 7 February 2024.

 

 

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 41 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
5,400
447,343
541,100
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
49,600
-
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 July 2023
(535,700)
-
Charge to profit or loss
88,357
49,600
Liability/(Asset) at 30 June 2024
(447,343)
49,600

The deferred tax balance relates to depreciation in excess of capital allowances.

25
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
10,890
11,370
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
480
480
-
0
-
0
Non-current liabilities
10,410
10,890
-
0
-
0
10,890
11,370
-
-
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 42 -
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
345,063
611,552

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
20,000
200
200
200
Ordinary B of 1p each
6,933
200
69
200
Ordinary C of 1p each
100
1
1
1
Ordinary D of 1p each
100
1
1
1
27,133
402
271
402

On 7 February 2024 it was resolved that the 200 A, 200 B, 1 C and 1 D ordinary share of £1 each would be subdivided into 20,000 A, 20,000 B, 100 C and 100 D ordinary shares of 1p each.

 

During the year, the company redeemed 13,067 B ordinary shares of 1p each.

 

The Ordinary A and Ordinary B shares have full voting rights, the right to receive dividends and no right to participate in a distribution of capital, except on winding up.

 

Ordinary C and Ordinary D shares have no voting right, no rights to receive dividends and are entitled to capital on sale as set out in the company's articles.

28
Reserves
Capital redemption reserve

Capital redemption reserve comprises the nominal value of the shares repurchased by the company. This is a non-distributable reserve.

Capital reserves

Capital reserves are made up of ring-fenced reserves. This is a non-distributable reserve.

Profit and loss reserves

Retained earnings are made up of accumulated profits less accumulated losses and distributions. This is a distributable reserve.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 43 -
29
Disposals

On 30 June 2024 the group disposed of its 100% holding in Proximo Legal Services Limited for consideration of £100. Included in these financial statements are profits of £818,671 arising from the company's interests in Proximo Legal Services Limited up to the date of its disposal. At the date of disposal, Proximo Legal Services Limited had net assets of £180,934.

 

The profit of £818,671 in Proximo Legal Services Limited includes an intercompany write on of £1,002,213 in administrative expenses.

30
Financial commitments, guarantees and contingent liabilities

The group has capital commitments of £163,097 at the balance sheet date.

31
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
297,702
473,498
243,161
288,256
Between two and five years
212,567
557,623
148,500
391,661
510,269
1,031,121
391,661
679,917
32
Events after the reporting date

Company

 

Since the year end, fixed assets totalling £3,475,091 have been acquired.

The company has entered into finance leases in order to purchase these assets.

 

Since the year end, fixed assets totalling £621,490 have been disposed of.

 

Group

 

Since the year end, fixed assets totalling £3,475,091 have been acquired.

The group has entered into finance leases in order to purchase these assets.

 

Since the year end, fixed assets totalling £689,790 have been disposed of.

33
Related party transactions
Transactions with related parties
Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
33
Related party transactions
(Continued)
- 44 -

Pension scheme

 

A shareholder and director of the ultimate parent company is a beneficiary of the pension scheme. During the period the group paid rent and associated costs of £288,685 (2023 - £270,219) to the directors pension scheme.

 

At the year end the group owed £60,765 (2023 - £118,887) to a pension scheme. Interest charged on the loan was £2,958 (2023 - £5,611).

 

Key management personnel - balances

 

At the year end the group owed £79,276 (2023 - £116,169) to members of key management personnel, and was owed £1,423,486 (2023 - £59,473) by members of key management personnel. During the year, key management introduced £60,000 (2023 - £92,820) into the group and the group made payments to/paid expenditure on behalf of key management personnel of £1,419,754 (2023 - £651,875). Dividends were paid to key management personnel of £nil (2023 - £110,315). The loan is interest free and repayable on demand.

 

The group owed key management £nil (2023 - £334,889) in relation to debentures. Repayments were made during the year of £343,552 (2023 - £114,417) and interest was recognised of £8,663 (2023 - £27,220) in relation to the debenture. The loan accrues interest at 6% per annum which has not been accrued for. The loans are repayable over 5 years.

 

Related Party Balances

The company has transactions in the year with a related party that was a wholly owned subsidiary up to the date of its disposal. At the year end the company owed Proximo Holdings Limited the sum of £18,856 (2023 : £1,041,178) and owed Proximo Limited the sum of £212,703 (2023 : £94,165). The balances are included in other debtors in the current year and amounts owed by group undertakings in the 2023 year.

 

Key management personnel - Remuneration

 

During the year, a total of key management personnel compensation of £1,347,536 (2023 - £932,443) was paid.

34
Controlling party

The controlling party is C J Bird.

35
Client money

Client monies held at the balance sheet date amounting to £nil (2023 - £386,874), along with the corresponding equal and opposite liability to clients, have been excluded from the balance sheet in accordance with the accounting policy for "Client money" set out in Note 1.

Proximo Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 June 2024
- 45 -
36
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
5,369,713
6,877,637
Adjustments for:
Taxation charged
2,338,643
2,011,479
Finance costs
2,188,276
-
Investment income
(137,915)
(23,028)
Gain on disposal of tangible fixed assets
(710,483)
(529,664)
Loss on disposal of subsidiary
180,834
-
Depreciation and impairment of tangible fixed assets
3,337,406
1,895,813
Insurance loan received
-
1,073,978
Movements in working capital:
Decrease/(increase) in debtors
1,251,522
(1,603,125)
(Decrease)/increase in creditors
(3,763,827)
332,372
(Decrease)/increase in deferred income
(480)
11,370
Cash generated from operations
10,053,689
10,046,832

Major non-cash transactions

 

In the current year, the group entered into Hire purchase and finance lease agreements to the value of £18,380,827 (2023 - £8,666,340).

 

During the year the group has also re-financed £nil (2023 - £1,377,951) hire purchase obligations. This has had no effect on the overall hire purchase debt recognised in the balance sheet.


During the year the group has entered into loan agreements for insurance policies to the value of £1,217,740 (2023 - £1,162,499).

37
Analysis of changes in net debt - group
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
5,834,846
(2,384,673)
-
3,450,173
Borrowings excluding overdrafts
(1,741,842)
1,105,347
(6,000,000)
(6,636,495)
Obligations under finance leases
(14,316,704)
7,237,045
(18,380,827)
(25,460,486)
(10,223,700)
5,957,719
(24,380,827)
(28,646,808)
2024-06-302023-07-01falseCCH SoftwareCCH Accounts Production 2024.200Mr T P NewberyMrs E M ChadwickMr Ian Jeffrey BatesMiss G Von DoneckMr C J 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