Company Registration No. 04361255 (England and Wales)
Procomm Site Services Limited
Annual report and financial statements
for the year ended 30 June 2024
Procomm Site Services Limited
Company information
Director
James Odom
Secretary
James Odom
Company number
04361255
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 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 - 15
Procomm Site Services 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
On 1 September 2022 the trade and assets of the business 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.
James Odom
Director
1 August 2025
Procomm Site Services 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 principal activity of the company in the prior period was that of the sale and rental of temporary accommodation units. During the current year, the company has not traded 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 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 Limited
Independent auditor's report
To the members of Procomm Site Services Limited
4
Opinion
We have audited the financial statements of Procomm Site Services 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:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Procomm Site Services Limited
Independent auditor's report
To the members of Procomm Site Services 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 Limited
Independent auditor's report
To the members of Procomm Site Services 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.
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 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
3
-
16,256,821
Cost of sales
(8,927,676)
Gross profit
-
7,329,145
Administrative expenses
(4,775,913)
Operating profit
4
-
2,553,232
Finance income
7
-
1,167,628
Finance costs
8
-
(413,948)
Profit before taxation
-
3,306,912
Tax on profit
Profit and total comprehensive income for the financial year
3,306,912
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 Limited
Statement of financial position
As at 30 June 2024
8
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
9
22,519,813
22,519,813
Net current assets
22,519,813
22,519,813
Net assets
22,519,813
22,519,813
Equity
Called up share capital
11
100,000
100,000
Share premium account
12
854,375
854,375
Capital redemption reserve
13
25,000
25,000
Retained earnings
21,540,438
21,540,438
Total equity
22,519,813
22,519,813
The financial statements were approved and signed by the director and authorised for issue on 1 August 2025
James Odom
Director
Company registration number 04361255 (England and Wales)
Procomm Site Services Limited
Statement of changes in equity
For the year ended 30 June 2024
9
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Retained earnings
Total
£
£
£
£
£
£
Balance at 1 January 2022
100,000
854,375
495,328
25,000
17,738,198
19,212,901
Period ended 30 June 2023:
Profit and total comprehensive income
-
-
-
-
3,306,912
3,306,912
Transfer to revaluation reserve
-
-
(495,328)
-
495,328
-
Balance at 30 June 2023
100,000
854,375
25,000
21,540,438
22,519,813
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
-
Balance at 30 June 2024
100,000
854,375
25,000
21,540,438
22,519,813
Procomm Site Services Limited
Notes to the financial statements
For the year ended 30 June 2024
10
1
Accounting policies
Company information
Procomm Site Services 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 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:
inclusion of an explicit and unreserved statement of compliance with IFRS (statement of compliance with FRS 101 is provided instead);
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;
comparative narrative information beyond the IFRS requirements;
related party disclosures for transactions with the parent or wholly owned members of the group.
Procomm Site Services 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
Revenue
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company's activities. Revenue is shown net of value-added tax, returns, rebates and discounts.
Revenue is recognised when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Company’s activities as descried below.
(a) Sale of units
The Company sells a range of temporary accommodation units.
Recognition does not occur until the units have been fitted out to the customer’s specification, the risks of obsolescence and loss have been transferred to the customer, and the customer has accepted the units in accordance with the sales contract.
(b) Rental of units
Temporary accommodation units are rented to customers under cancellable operating lease agreements. The contract terms generally range from a minimum period of 4 weeks and can be for several years.
Revenue is recognised in the period that the rental occurs on a straight-line basis over the term of the contract.
(c) Interest income
Interest income is recognised using the effective interest method.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
1.5
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the Statement of Financial Position date. These are classified as non-current assets.
Loans and receivables are subsequently carried at amortised cost using the effective interest rate method.
Procomm Site Services Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
12
1.6
Employee benefits
The Company operated a defined contribution scheme. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions.
The Company paid contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The Company has no further payment obligations once the
contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
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
Revenue
2024
2023
£
£
Revenue analysed by class of business
Rental income
-
9,845,535
Service income
-
2,900,558
Sales of temporary accommodation units
-
3,510,728
-
16,256,821
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
-
16,256,821
Revenue recognised in the period that was included in the opening contract liability balance was £nil (2023: £1,750,630).
Procomm Site Services Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
13
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
-
2,280,140
Profit on disposal of property, plant and equipment
-
(425,219)
Depreciation of right of use assets
473,802
Employee benefit expense
-
2,888,502
Operating lease rentals
-
237,175
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 company
-
11,700
In the current year, the auditor fees have been borne by Algeco UK Holdings Limited.
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
-
22
-
23
-
74
Total
119
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,642,916
Social security costs
-
254,254
Pension costs
116,613
3,013,783
Procomm Site Services Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
14
7
Finance income
2024
2023
£
£
Finance income
Interest on bank deposits
298
Interest receivable from group companies
1,167,330
Total income
1,167,628
8
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
15,906
Interest on lease liabilities
-
398,042
-
413,948
9
Trade and other receivables
2024
2023
£
£
Amounts owed by related parties
22,519,813
22,519,813
Within the intercompany loan balance is £20,500,000 relating to a loan agreement dated 1 September 2022 between Procomm Site Services Limited (lender) and Algeco UK Limited (borrower) for the transfer of assets and liabilities. Procomm Site Services Limited has waived all interest on the loan this year and no interest receivable has been recognised in the current year or post year end.
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
116,613
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
Ordinary shares have a par value of £1 per share, are all fully paid and rank pari passu.
Procomm Site Services Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
15
12
Share premium account
2024
2023
£
£
At the beginning and end of the year
854,375
854,375
The premium paid by the subscribers to the company's share capital in excess of their par value.
13
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
25,000
25,000
The balance classified as capital redemption reserve represents the reserve created when the company buys it own shares and reduces its share capital. This reserve is non-distributable.
14
Related party transactions
No sales or purchases were made in the current year. In the prior period, the Company did not enter into any related party transactions other than with group undertakings that are wholly owned members of the same group.
15
Ultimate controlling party
The immediate parent undertaking is Procomm Site Services (Holdings) Limited whose 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 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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