Company Registration No. 07115358 (England and Wales)
Procomm Site Services (Holdings) Limited
Annual report and financial statements
for the year ended 30 June 2024
Procomm Site Services (Holdings) Limited
Company information
Director
James Odom
Secretary
James Odom
Company number
07115358
Registered office
Ravenstock House
28 Falcon Court
Preston Farm Business Park
Stockton-On-Tees
England
TS18 3TX
Auditor
Saffery LLP
10 Wellington Place
Leeds
LS1 4AP
Procomm Site Services (Holdings) Limited
Contents
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 13
Procomm Site Services (Holdings) Limited
Strategic report
For the year ended 30 June 2024
1

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

The company is a holding company and controls its dormant subsidiary undertaking, Procomm Site Services Limited. On 1 September 2022 the trade and assets of the company and its subsidiary were transferred to Algeco UK Limited.

 

As the company has not traded during the year and is dormant, and because the director intends to liquidate the company, the company's director is of the opinion that the analysis of key performance indicators is not necessary for an understanding of the development, performance, or position of the business.

On behalf of the board

James Odom
Director
1 August 2025
Procomm Site Services (Holdings) Limited
Director's report
For the year ended 30 June 2024
2

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The company is an intermediate holding company and controls its dormant subsidiary, Procomm Site Services Limited. On 1 September 2022 the trade and assets of the company and its subsidiary were transferred to Algeco UK Limited. The company has not traded during the year and is dormant. The director intends to liquidate the company in the near future.

Results and dividends

The results for the year are set out on page 7.

Director

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

James Odom
Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor is unaware. Additionally, the director has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
James Odom
Director
1 August 2025
Procomm Site Services (Holdings) Limited
Director's responsibilities statement
For the year ended 30 June 2024
3

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

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

Procomm Site Services (Holdings) Limited
Independent auditor's report
To the members of Procomm Site Services (Holdings) Limited
4
Opinion

We have audited the financial statements of Procomm Site Services (Holdings) Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 101 Reduced Disclosure Framework (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 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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to the Going Concern paragraph in note 1.3 to the financial statements, which explains that the director intends to liquidate the company and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.3.

 

Our opinion is not modified in respect of this matter.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Procomm Site Services (Holdings) Limited
Independent auditor's report
To the members of Procomm Site Services (Holdings) Limited (continued)
5
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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.

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 are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the director, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with director and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Procomm Site Services (Holdings) Limited
Independent auditor's report
To the members of Procomm Site Services (Holdings) Limited (continued)
6

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Richard Dunkley (Senior Statutory Auditor)
For and on behalf of Saffery LLP
1 August 2025
Statutory Auditors
10 Wellington Place
Leeds
LS1 4AP
Procomm Site Services (Holdings) Limited
Statement of comprehensive income
For the year ended 30 June 2024
7
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Revenue
-
-
Administrative expenses
-
0
(5,761,283)
Operating loss
-
(5,761,283)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) and total comprehensive income for the financial year
-
0
(5,761,283)

The company has no other items of comprehensive income and as such the Statement Of Comprehensive Income for the year agrees to the profit for the year.

 

On 1 September 2022 the trade and assets were transferred to Algeco UK Limited and all operations discontinued as at that date.

Procomm Site Services (Holdings) Limited
Statement of financial position
As at 30 June 2024
8
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
6
1
1
Equity
Called up share capital
8
4,545,000
4,545,000
Capital redemption reserve
9
1,005,000
1,005,000
Retained earnings
(5,549,999)
(5,549,999)
Total equity
1
1
The financial statements were approved and signed by the director and authorised for issue on 1 August 2025
James Odom
Director
Company registration number 07115358 (England and Wales)
Procomm Site Services (Holdings) Limited
Statement of changes in equity
For the year ended 30 June 2024
9
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2022
4,550,000
1,000,000
211,284
5,761,284
Period ended 30 June 2023:
Loss and total comprehensive income
-
-
(5,761,283)
(5,761,283)
Cancellation of treasury shares
8
(5,000)
5,000
-
-
0
Balance at 30 June 2023
4,545,000
1,005,000
(5,549,999)
1
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
0
-
0
Balance at 30 June 2024
4,545,000
1,005,000
(5,549,999)
1
Procomm Site Services (Holdings) Limited
Notes to the financial statements
For the year ended 30 June 2024
10
1
Accounting policies
Company information

Procomm Site Services (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ravenstock House, 28 Falcon Court, Preston Farm Business Park, Stockton-On-Tees, England, TS18 3TX.

1.1
Reporting period

Accounts have been made up to the year ended 30 June 2024. The comparative period is for 18 months made up to 30 June 2023. This was done to extend the accounting period to the maximum time permitted of 18 months prior to commencing liquidation process. Comparative amounts presented in these financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

The financial statements have been prepared in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

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 meets the definition of a qualifying entity under FRS 101 Reduced Disclosure Framework. These financial statements for the year ended 30 June 2024 are the first financial statements of Procomm Site Services (Holdings) Limited prepared in accordance with FRS 101. In the prior year, the company prepared its financial statements in accordance with UK-adopted International Accounting Standards (IAS).

As the company has had no accounting transactions during the year, the change has had no impact on recognition, measurement, or reported financial position.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Procomm Site Services (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
11
1.3
Going concern

Following the transfer of the trade, assets and liabilities of the company and its subsidiary to Algeco UK Limited on 1 September 2022, the director intends to liquidate the company, as required by FRS 101, the director has prepared the financial statements on a basis other than going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.true

1.4
Non-current investments

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

 

Investments in subsidiaries are accounted for at cost less impairment. Cost also includes directly attributable costs of investments.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

There have been no significant critical accounting estimates or judgements made in the preparation of these financial statements.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Fees payable to the auditor for the audit of the financial statements
-
0
1,300

In the current year, the auditor fees have been borne by Algeco UK Holdings Limited.

4
Employees

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

2024
2023
Number
Number
-
0
3
Procomm Site Services (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
12
5
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
£
£
In respect of:
Investment and other receivables
-
0
5,759,683
Recognised in:
Administrative expenses
-
5,759,683

Shares in group undertakings are recorded at cost, which is the fair value of the consideration paid. On 1 September 2022 all assets of the company, and its subsidiary, were transferred to Algeco UK Limited. Due to this, an impairment charge was incurred in the prior period accounts with the remaining nominal value of £1 to reflect the nominal value of subsidiary shares held at the end of the reporting period. Also included within the prior year impairment charge was £623,572 relating to intercompany loan balances.

6
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
-
-
1
1
7
Subsidiaries

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

Name of undertaking
Address
Class of
shares held
% Held
Direct
Indirect
Procomm Site Services Limited
1
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Ravenstock House, 28 Falcon Court, Preston Farm Business Park, Stockton-on-Tees, TS18 3TX

Procomm Site Services Limited has not traded during the year and is dormant.

 

The proportion of the voting rights in the subsidiary company does not differ from the proportion of ordinary shares held.

Procomm Site Services (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
13
8
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,545,000
4,545,000
4,545,000
4,545,000

Ordinary shares have a par value of £1 per share. All of the ordinary shares are fully paid.

9
Capital redemption reserve
2024
2023
£
£
At the beginning of the year
1,005,000
1,000,000
Cancellation of treasury shares
-
0
5,000
At the end of the year
1,005,000
1,005,000

The capital redemption reserve represents the nominal value of shares repurchased and still held at the end of the reporting period.

10
Ultimate controlling party

The immediate parent undertaking is Algeco UK Holdings Limited.

 

The ultimate controlling party is Brookfield Business Partners L.P. Brookfield Corporation is the ultimate parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2024. Procomm Site Services (Holdings) Limited is consolidated first into the financials of BCP V Modular Services Holdings III Ltd (Modulaire Group’s consolidated financial statements), which is incorporated in the UK. It is then consolidated in BAM’s annual report, which has control over the Group. The ultimate parent of the Group is BAM, Suite located at 300, Brookfield Place, Box 762, 181 Bay Street Toronto, Ontario M5J 2T3. BAM is listed on the New York and Ontario stock exchanges. Copies of the BAM consolidated financial statements may be obtained at www.bam.brookfield.co.

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