Company registration number 03156058 (England and Wales)
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
COMPANY INFORMATION
Directors
Mr D Parsons
(Appointed 27 September 2023)
Mr A J Turton
Mr J P Melling
Secretary
Mr D Parsons
Company number
03156058
Registered office
Unit 19
Matrix Way
Matrix Business Park
Chorley
PR7 7ND
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
CONTENTS
Page
Strategic report
1 - 3
Directors' report
5 - 6
Directors' responsibilities statement
4
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Executive Summary

On 19 February 2025, the company changed its name to ProFM Group Limited ("ProFM"). This strategic brand overhaul has been designed with the future longevity of the business in mind, better reflecting the suite of services that the group can offer - laying the foundations for the expansion of future arms of the business.

In 2024, ProFM has built on its solid foundation of organic growth and market leadership while adapting to evolving industry dynamics and client demands. Significant progress has been made in sustainability, client retention, and operational expansion, positioning the company as a resilient and innovative leader in the security industry.

 

Recent Achievements

Industry Recognition:

ProFM achieved the highest score among all security providers in the SIA's Approved Contractor Scheme (ACS) for 2024. This remarkable accomplishment underscores ProFM’s unwavering commitment to excellence in service quality, operational standards, and compliance.

The ACS is a benchmark of quality for security providers, assessing factors such as leadership, innovation, and customer service. Achieving the top score in 2024 not only reaffirms ProFM's status as an industry leader but also positions the company as a trusted partner for both public and private sector clients.

This accolade reflects the company’s investment in:

ProFM’s success in the ACS directly translates to a competitive advantage, strengthening its ability to secure new contracts and maintain long-term client relationships.

Commitment to Professional Development and Values

 

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

Market Overview and Trends

The industry continues to adjust to major legislative shifts, including Martyn's Law (Protect Duty). In 2024, ProFM has taken concrete steps to lead in this area, including:

ProFM is also capitalising on the increasing demand for technology-integrated and sustainable security solutions, setting itself apart through innovative approaches.

 

Sustainability and Environmental Practices

Progress in 2024 has been significant:

These achievements highlight ProFM's leadership in environmental responsibility building on the foundations laid in prior years.

 

Growth Strategy

ProFM continues to advance its strategic objectives:

  1. Organic Growth: Investments in a bolstered customer support and operations team in 2024 have improved service delivery and operational capacity.

  2. Acquisitions: This year, ProFM has remained active in acquiring businesses that enhance service capabilities, with a focus on technology-driven and complementary value-added services.

Subsequent to the financial year end, on 3 October 2024, the Company completed the acquisition of Sonitech Systems Ltd, an established business specialising in the engineering, installation, servicing, and maintenance of a broad range of security and system solutions, including CCTV, access control, and intruder alarm systems. This strategic acquisition is highly synergistic, enhancing the Company's capability to offer a more comprehensive and integrated security service proposition. It significantly broadens our technical expertise and service offering, enabling us to deliver a more rounded, robust, and responsive solution to both new and existing clients across a wider market.

 

Principal Risks and Challenges

Economic uncertainties persisted in 2024, driven by inflation and wage pressures. ProFM responded by:

These proactive measures have helped mitigate risks while maintaining financial stability.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Key performance indicators

The Group has consistently outperformed industry benchmarks, continuing to showcase strong organic growth fuelled by a combination of superior service quality, client satisfaction and operational efficiency. This performance has bolstered our reputation and positioned us as a trusted provider in the soft facilities management sector.

 

KPIs are used to help the directors monitor the performance of the Group. These include:

 

 

 

2024

2023

 

 

£m

£m

Revenue

 

20.9

15.6

Gross profit

 

5.4

4.0

Gross profit margin

 

26%

26%

 

Other performance indicators include administrative expenses as a proportion of revenue earned, which has held steady at 21% during the year as the Group has carefully managed overhead costs during a period of growth, ensuring that the right resource is available at the right time.

 

Continued investment in the accounts receivables team and technology, together with robust customer vetting, has contributed to a dramatic reduction in debtor days of 32 (2023: 53). The Group are committed to providing a high quality service and customer experience from book to bill, which is demonstrated by this reduction in trade debtor exposure.

 

The Group also has a robust Treasury Management function that has ensured strong levels of liquidity, which provides a strong platform for future investment in M&A and organic growth.

Other information and explanations

Looking ahead, ProFM is positioned to:

 

Conclusion

In 2024, ProFM has solidified its role as an industry leader by delivering on its commitments to sustainability, innovation, and growth. Building on the successes of previous years, ProFM is better equipped than ever to deliver value to its clients, stakeholders, and the environment.

On behalf of the board

Mr D Parsons
Director
28 April 2025
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company and group continued to be that of security and cleaning services.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr D Parsons
(Appointed 27 September 2023)
Mr A J Turton
Mr J P Melling
Mr A N Farley
(Resigned 30 April 2024)
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 company is committed to fostering a positive and inclusive workplace where employees are actively engaged and supported. Regular communication and feedback channels ensure that employees are well-informed about business developments and key factors influencing the company’s performance.

 

Employee recognition is a key focus, with initiatives such as the Circle of Excellence celebrating outstanding contributions and achievements across the business. In addition, the We’re Here programme provides dedicated wellbeing support, promoting mental and physical health through various initiatives. The Cascade platform further enhances engagement by ensuring clear, consistent communication throughout the organisation.

 

Through these initiatives, the company aims to create a culture of recognition, wellbeing, and open communication, ensuring that employees feel valued and supported in their roles.

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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
On behalf of the board
Mr D Parsons
Director
28 April 2025
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROFM GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of ProFM Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 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 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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFM GROUP LIMITED
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the group and 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.

Matters on which we are required to report by exception

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 responsibilities for the audit of the financial statements

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

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

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFM GROUP LIMITED
- 9 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Lee Van Houplines FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
28 April 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
20,903,702
15,603,901
Cost of sales
(15,457,480)
(11,571,979)
Gross profit
5,446,222
4,031,922
Administrative expenses
(4,425,509)
(3,306,658)
Other operating income
-
7,100
Operating profit
4
1,020,713
732,364
Interest receivable and similar income
37,027
11,432
Interest payable and similar expenses
8
(84,132)
(32,065)
Profit before taxation
973,608
711,731
Tax on profit
9
(324,403)
(196,264)
Profit for the financial year
23
649,205
515,467
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,457,956
2,509,268
Tangible assets
12
242,713
153,594
2,700,669
2,662,862
Current assets
Debtors
15
1,887,639
2,257,804
Cash at bank and in hand
2,422,197
2,354,118
4,309,836
4,611,922
Creditors: amounts falling due within one year
16
(4,544,373)
(4,546,338)
Net current (liabilities)/assets
(234,537)
65,584
Total assets less current liabilities
2,466,132
2,728,446
Creditors: amounts falling due after more than one year
17
(813,139)
(872,742)
Provisions for liabilities
Provisions
20
-
0
350,000
Deferred tax liability
19
4,875
6,791
(4,875)
(356,791)
Net assets
1,648,118
1,498,913
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
1,648,018
1,498,813
Total equity
1,648,118
1,498,913
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
Mr D  Parsons
Director
Company registration number 03156058 (England and Wales)
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
141,747
100,085
Investments
13
3,518,927
3,285,011
3,660,674
3,385,096
Current assets
Debtors
15
1,393,344
1,854,008
Cash at bank and in hand
1,886,035
1,945,937
3,279,379
3,799,945
Creditors: amounts falling due within one year
16
(4,476,451)
(4,501,553)
Net current liabilities
(1,197,072)
(701,608)
Total assets less current liabilities
2,463,602
2,683,488
Creditors: amounts falling due after more than one year
17
(813,139)
(872,742)
Provisions for liabilities
Provisions
20
-
0
350,000
Deferred tax liability
19
216
-
0
(216)
(350,000)
Net assets
1,650,247
1,460,746
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
1,650,147
1,460,646
Total equity
1,650,247
1,460,746

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 £689,501 (2023 - £477,301 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
Mr D  Parsons
Director
Company registration number 03156058 (England and Wales)
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
100
1,483,346
1,483,446
Year ended 31 July 2023:
Profit and total comprehensive income
-
515,467
515,467
Dividends
10
-
(500,000)
(500,000)
Balance at 31 July 2023
100
1,498,813
1,498,913
Year ended 31 July 2024:
Profit and total comprehensive income
-
649,205
649,205
Dividends
10
-
(500,000)
(500,000)
Balance at 31 July 2024
100
1,648,018
1,648,118
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
100
1,483,345
1,483,445
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
477,301
477,301
Dividends
10
-
(500,000)
(500,000)
Balance at 31 July 2023
100
1,460,646
1,460,746
Year ended 31 July 2024:
Profit and total comprehensive income
-
689,501
689,501
Dividends
10
-
(500,000)
(500,000)
Balance at 31 July 2024
100
1,650,147
1,650,247
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,665,205
1,292,478
Interest paid
(84,132)
(32,065)
Income taxes paid
(265,458)
(106,130)
Net cash inflow from operating activities
1,315,615
1,154,283
Investing activities
Purchase of business
(583,916)
(1,843,152)
Purchase of tangible fixed assets
(169,430)
(15,564)
Proceeds from disposal of tangible fixed assets
1,268
6,580
Interest received
37,027
11,432
Net cash used in investing activities
(715,051)
(1,840,704)
Financing activities
Proceeds from new bank loans
250,000
1,250,000
Repayment of bank loans
(277,977)
(91,767)
Payment of finance leases obligations
(4,508)
(1,367)
Dividends paid to equity shareholders
(500,000)
(500,000)
Net cash (used in)/generated from financing activities
(532,485)
656,866
Net increase/(decrease) in cash and cash equivalents
68,079
(29,555)
Cash and cash equivalents at beginning of year
2,354,118
2,383,673
Cash and cash equivalents at end of year
2,422,197
2,354,118
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
1
Accounting policies
Company information

ProFM Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 19, Matrix Way, Matrix Business Park, Chorley, PR7 7ND.

 

The group consists of ProFM Group 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. 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 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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

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

 

All financial statements are made up to 31 July 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 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.

 

Turnover from the rendering of services is recognised when all the following conditions are satisfied:

 

- the amount of revenue can be measured reliably

- it is probable that the economic benefits associated with the transaction will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Specifically, in respect of security and cleaning services, turnover is recognised as the service is provided.

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 is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Domains
5 years
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.8
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.

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:

Improvements to property
20% on cost
Office equipment
15% reducing balance
Plant and machinery
15% reducing balance and 20-30% on cost
Computers
33% straight line
Motor vehicles
25% on cost and 25% reducing balance

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 profit and loss account.

1.9
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, associates and jointly controlled entities 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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 balance sheet 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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -
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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
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.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -

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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of goodwill

The directors have made judgements when determining the useful economic life of goodwill. Amortisation is recognised so as to write off the value of the assets over the life that economic benefit is expected to flow.

Impairment of goodwill and investments in subsidiaries

At the year end the directors have assessed whether they consider there to be any indicators of impairment in respect of goodwill and investments in subsidiaries by reference to the criteria set out in section 27 of FRS102. Where they concluded that indicators exist, an impairment test has been performed.

 

Where there are indicators of impairment of individual assets, the company performs impairment tests based on the value in use calculation. The value in use calculation is based on the payback period assessment. The payback period is calculated as the time taken for the current gross profit contribution of the cash generating unit to payback goodwill. The payback period is most sensitive to the expected future cash flows.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Security
15,165,204
13,393,727
Cleaning and Facilities Management
5,738,498
2,210,174
20,903,702
15,603,901
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
77,033
116,444
Loss/(profit) on disposal of tangible fixed assets
2,010
(2,865)
Amortisation of intangible assets
285,228
109,351
Operating lease charges
26,342
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,000
14,300
Audit of the financial statements of the company's subsidiaries
12,500
-
31,500
14,300
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
Security and administrative staff
560
475
152
143

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,393,664
5,103,177
4,143,509
3,493,901
Social security costs
601,606
397,327
418,620
336,075
Pension costs
166,964
153,111
114,057
130,804
9,162,234
5,653,615
4,676,186
3,960,780
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
330,095
214,393
Company pension contributions to defined contribution schemes
22,250
23,480
352,345
237,873

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
105,178
81,416
Company pension contributions to defined contribution schemes
10,000
2,867
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
84,041
28,457
Other interest on financial liabilities
-
3,309
Interest on finance leases and hire purchase contracts
91
299
Total finance costs
84,132
32,065
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
326,319
197,554
Deferred tax
Origination and reversal of timing differences
(1,916)
(2,580)
Other adjustments
-
0
1,290
Total deferred tax
(1,916)
(1,290)
Total tax charge
324,403
196,264
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
9
Taxation
(Continued)
- 24 -

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
973,608
711,731
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
243,402
149,464
Tax effect of expenses that are not deductible in determining taxable profit
11,317
243
Adjustments in respect of prior years
633
-
0
Permanent capital allowances in excess of depreciation
77,501
47,847
Deferred tax adjustments
(8,450)
(1,290)
Taxation charge
324,403
196,264
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
500,000
500,000
11
Intangible fixed assets
Group
Goodwill
Domains
Total
£
£
£
Cost
At 1 August 2023
2,618,367
1,522
2,619,889
Additions - business combinations
233,916
-
0
233,916
At 31 July 2024
2,852,283
1,522
2,853,805
Amortisation and impairment
At 1 August 2023
109,099
1,522
110,621
Amortisation charged for the year
285,228
-
0
285,228
At 31 July 2024
394,327
1,522
395,849
Carrying amount
At 31 July 2024
2,457,956
-
0
2,457,956
At 31 July 2023
2,509,268
-
0
2,509,268
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
11
Intangible fixed assets
(Continued)
- 25 -
Company
Domains
£
Cost
At 1 August 2023 and 31 July 2024
1,522
Amortisation and impairment
At 1 August 2023 and 31 July 2024
1,522
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
12
Tangible fixed assets
Group
Improvements to property
Office equipment
Plant and machinery
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
303,458
356,262
5,302
34,870
190,945
890,837
Additions
-
0
49,044
-
0
6,687
113,699
169,430
Disposals
-
0
-
0
-
0
-
0
(71,205)
(71,205)
At 31 July 2024
303,458
405,306
5,302
41,557
233,439
989,062
Depreciation and impairment
At 1 August 2023
263,206
315,687
4,518
27,094
126,738
737,243
Depreciation charged in the year
24,774
24,080
784
5,109
22,286
77,033
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(67,927)
(67,927)
At 31 July 2024
287,980
339,767
5,302
32,203
81,097
746,349
Carrying amount
At 31 July 2024
15,478
65,539
-
0
9,354
152,342
242,713
At 31 July 2023
40,252
40,575
784
7,776
64,207
153,594
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Tangible fixed assets
(Continued)
- 26 -
Company
Improvements to property
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
303,458
322,326
70,901
696,685
Additions
-
0
49,044
52,459
101,503
Disposals
-
0
-
0
(23,010)
(23,010)
At 31 July 2024
303,458
371,370
100,350
775,178
Depreciation and impairment
At 1 August 2023
263,206
290,543
42,851
596,600
Depreciation charged in the year
24,774
22,635
10,901
58,310
Eliminated in respect of disposals
-
0
-
0
(21,479)
(21,479)
At 31 July 2024
287,980
313,178
32,273
633,431
Carrying amount
At 31 July 2024
15,478
58,192
68,077
141,747
At 31 July 2023
40,252
31,783
28,050
100,085
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,518,927
3,285,011
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023
3,285,011
Additions
233,916
At 31 July 2024
3,518,927
Carrying amount
At 31 July 2024
3,518,927
At 31 July 2023
3,285,011

Additions represent final deferred consideration paid in respect of the acquisition of Vanguard Cleaning Solutions Limited, which was not provided for in the comparative period as a consequence of it not being possible to accurately estimate the final consideration payable at that time.

14
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Tenco Security Services Limited
England & Wales
Dormant company
Ordinary shares
100.00
-
Vanguard CMS Holdings Limited
England & Wales
Holding company
Ordinary shares
100.00
-
Vanguard Cleaning Management Solutions Limited
England & Wales
Cleaning services
Ordinary shares
-
100.00
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,535,012
2,137,692
1,081,483
1,641,880
Amounts owed by group undertakings
-
-
-
112,400
Other debtors
19,131
19,265
158
-
0
Prepayments and accrued income
233,496
100,847
211,703
99,728
1,787,639
2,257,804
1,293,344
1,854,008
Amounts falling due after more than one year:
Other debtors
100,000
-
0
100,000
-
0
Total debtors
1,887,639
2,257,804
1,393,344
1,854,008
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
317,410
285,784
317,410
285,784
Obligations under finance leases
-
0
4,508
-
0
-
0
Trade creditors
1,194,041
1,696,224
1,086,341
1,650,896
Amounts owed to group undertakings
-
0
-
0
1,198,920
941,540
Corporation tax payable
325,686
264,825
241,585
148,894
Other taxation and social security
1,490,740
831,488
593,563
435,587
Other creditors
567,548
384,324
509,032
103,957
Accruals and deferred income
648,948
1,079,185
529,600
934,895
4,544,373
4,546,338
4,476,451
4,501,553
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
813,139
872,742
813,139
872,742
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,130,549
1,158,526
1,130,549
1,158,526
Payable within one year
317,410
285,784
317,410
285,784
Payable after one year
813,139
872,742
813,139
872,742

The bank loan provided by HSBC UK Bank PLC is secured by guarantee from ProFM Group Limited (formerly Churchill Support Services Limited) and Vanguard Cleaning Management Solutions Limited, and debenture from Vanguard Cleaning Management Solutions Limited.

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
4,875
6,791
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
216
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 August 2023
6,791
-
(Credit)/charge to profit or loss
(1,916)
216
Liability at 31 July 2024
4,875
216
PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
(Continued)
- 30 -
20
Provisions for liabilities

In the prior year a provision was made for estimated deferred consideration relating to the acquisition of Vanguard CMS Holdings Limited, based on the information available at the time.

 

During the year ending 31 July 2024, the provision was utilised.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
166,964
153,111

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
70
70
70
70
B Ordinary shares of £1 each
30
30
30
30
100
100
100
100

The holders of the ordinary shares are entitled to dividends with the consent of the majority shareholder and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

 

Called up share capital represents the nominal value of shares that have been issued.

23
Reserves
Profit and loss reserves

Cumulative realised profits less cumulative realised losses, net of distributions to owners.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
24
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
76,737
53,501
76,737
53,501
Between two and five years
275,596
188,016
275,596
188,016
In over five years
-
15,668
-
15,668
352,333
257,185
352,333
257,185
25
Events after the reporting date

On 19 February 2025, the company changed its name from Churchill Support Services Limited to ProFM Group Limited ("ProFM"). This strategic brand overhaul has been designed with the future longevity of the business in mind, better reflecting the suite of services that the group can offer - laying the foundations for the expansion of future arms of the business.

 

Subsequent to the financial year end, on 3 October 2024, the Company completed the acquisition of Sonitech Systems Ltd, an established business specialising in the engineering, installation, servicing, and maintenance of a broad range of security and system solutions, including CCTV, access control, and intruder alarm systems.

 

This strategic acquisition is highly synergistic, enhancing the Company's capability to offer a more comprehensive and integrated security service proposition. It significantly broadens our technical expertise and service offering, enabling us to deliver a more rounded, robust, and responsive solution to both new and existing clients across a wider market.

26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Company
Other related parties
16,771
47,850
1,449,548
1,339,818
27
Controlling party

The ultimate controlling party is M J Newing.

 

M J Newing is the ultimate controlling party by virtue of his 70% interest in the ordinary share capital of the company.

PROFM GROUP LIMITED
(FORMERLY CHURCHILL SUPPORT SERVICES LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
649,205
515,467
Adjustments for:
Taxation charged
324,403
196,264
Finance costs
84,132
32,065
Investment income
(37,027)
(11,432)
Loss/(gain) on disposal of tangible fixed assets
2,010
(2,865)
Amortisation and impairment of intangible assets
285,228
109,351
Depreciation and impairment of tangible fixed assets
77,033
116,444
Movements in working capital:
Decrease/(increase) in debtors
370,165
(247,996)
(Decrease)/increase in creditors
(89,944)
585,180
Cash generated from operations
1,665,205
1,292,478
29
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,354,118
68,079
2,422,197
Borrowings excluding overdrafts
(1,158,526)
27,977
(1,130,549)
Obligations under finance leases
(4,508)
4,508
-
1,191,084
100,564
1,291,648
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