The Accounts · daily brief
28 August 2026
Live music margins slip, and peak cheese at Parkham
The takeaways
- SJM Concerts turnover climbed 40% to £487.0m, though operating profit slipped 8% to £7.4m
- Parkham Farms nearly doubled operating profit to £2.3m, but the filing notes cheese prices are falling
- The auditor disclaimed an opinion on AS Southern, a schools holding company facing a VAT squeeze
Hiring signals · who grew, who shrank
Hiring
- Ocean Fish (Retail) Limited 67 → 86 staff ▲ +28% staff cost +29%
- Belton Farm Limited 98 → 122 staff ▲ +24% staff cost +27%
Cutting
- Capital Com (Uk) Limited 116 → 30 staff ▼ −74% staff cost −74%
- Class Catering Services Limited 76 → 43 staff ▼ −43% staff cost −33%
Average headcount from the accounts filed yesterday — a look back at last year's payroll, not a live hiring tracker.
Filing of note
As Southern Limited
AS Southern Limited is a privately owned holding and administrative services company that oversees a group of subsidiaries, wholly owned by Ali Khan.
Auditor disclaimed an opinion.
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £24.3m | £24m | ▲ +1% |
| Gross profit | £8.9m | £8.6m | ▲ +4% |
| Admin expenses | £7.7m | £7.2m | ▲ +7% |
| Operating profit | £1.2m | £1.4m | ▼ −13% |
| Finance costs | £13,998 | £52,520 | ▼ −73% |
| Profit before tax | £1.2m | £1.4m | ▼ −11% |
| Net profit | £1.2m | £1m | ▲ +16% |
| Cash & balance sheet | |||
| Cash | £1.1m | £3m | ▼ −62% |
| Net assets | £2.8m | £1.6m | ▲ +77% |
| People & pay | |||
| Avg. headcount | 404 | 383 | ▲ +5% |
| Staff cost | £13.9m | £13.7m | ▲ +2% |
This filing arrives with a disclaimed audit opinion. The schools holding company saw turnover remain broadly flat at £24.3m while operating profit slipped 14% to £1.2m. The strategic report flags rising overheads and the difficulty of passing costs on to parents in light of incoming VAT changes.
S.J.M. Limited [1]
Operating primarily under the brand SJM Concerts, the company is a leading independent UK live music and events promoter directed by its founder Simon Moran.
Volume up, margin down
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £487m | £349m | ▲ +40% |
| Gross profit | £28.2m | £28.6m | ▼ −1% |
| Admin expenses | £21.8m | £20.6m | ▲ +6% |
| Operating profit | £7.4m | £8.1m | ▼ −8% |
| Finance costs | £249 | £249 | ▲ −0% |
| Profit before tax | £16.3m | £16.9m | ▼ −4% |
| Net profit | £12.2m | £13m | ▼ −6% |
| Cash & balance sheet | |||
| Cash | £104.2m | £275.1m | ▼ −62% |
| Net assets | £15.7m | £13.2m | ▲ +19% |
| Dividends paid | £9.7m | £12.8m | ▼ −25% |
| People & pay | |||
| Avg. headcount | 88 | 85 | ▲ +4% |
| Staff cost | £19.6m | £18.2m | ▲ +8% |
| Director pay | £9.6m | £9.5m | ▲ +1% |
| Highest-paid director | £3.1m | £2.8m | ▲ +9% |
Turnover rose 40% to £487.0m amid strong live music demand, but operating profit slipped 8% to £7.4m. Finance income of £8.9m exceeded core trading profit, lifting profit before tax to £16.3m. The promoter's cash balance contracted over the year, dropping from £275.1m to £104.2m.
Swanton Care & Community Limited [2]
Operating across the UK, the business provides residential care, supported living, and domiciliary services for individuals with complex needs, acting as a subsidiary of Sunshine Care Bidco Limited.
Top-line growth
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £136.4m | £98.3m | ▲ +39% |
This top-line-only group filing shows turnover rising 39% to £136.4m. The strategic report cites a challenging UK labour market but outlines expectations that the residential care provider will continue to improve its performance.
Barnwood Group Limited [3]
Operating as a subsidiary of Barnwood Holdings Ltd, the business is a Gloucester-based contractor providing commercial construction, shopfitting, and interior fit-out services across the UK.
EOT contribution
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £118.1m | £103.2m | ▲ +14% |
| Gross profit | £15.6m | £15.7m | ▼ −1% |
| Admin expenses | £12.8m | £11m | ▲ +16% |
| Operating profit | £2.7m | £4.7m | ▼ −41% |
| Finance costs | £3,331 | £6,761 | ▼ −51% |
| Profit before tax | £3.3m | £5.1m | ▼ −35% |
| Net profit | £2.4m | £4m | ▼ −41% |
| Cash & balance sheet | |||
| Cash | £19.1m | £9.5m | ▲ +101% |
| Net assets | £10.3m | £9.9m | ▲ +4% |
| Dividends paid | £2m | £1m | ▲ +100% |
| People & pay | |||
| Avg. headcount | 228 | 225 | ▲ +1% |
| Staff cost | £16.7m | £14.8m | ▲ +13% |
| Director pay | £482k | £576k | ▼ −16% |
| Highest-paid director | £260k | £195k | ▲ +33% |
Group turnover rose 14% to £118.1m, but operating profit dropped 41% to £2.7m as administrative expenses expanded. The filing notes the Gloucester-based contractor made a £2.0m contribution to its Employee Ownership Trust shortly after the year-end.
Barnwood Limited [4]
Operating as a subsidiary of Barnwood Group Ltd, the company is an employee-owned contractor providing commercial construction, shopfitting, and interior fit-out services across central and southern England.
Margin squeeze
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £116.8m | £103m | ▲ +13% |
| Gross profit | £15.4m | £15.5m | ▼ −1% |
| Admin expenses | £12.6m | £11m | ▲ +15% |
| Operating profit | £2.8m | £4.5m | ▼ −38% |
| Finance costs | £3,331 | £6,761 | ▼ −51% |
| Profit before tax | £2.8m | £4.5m | ▼ −38% |
| Net profit | £2.1m | £3.6m | ▼ −43% |
| Cash & balance sheet | |||
| Cash | £11.2m | £6.7m | ▲ +66% |
| Net assets | £6m | £5.9m | ▲ +1% |
| Dividends paid | £2m | — | |
| People & pay | |||
| Avg. headcount | 228 | 225 | ▲ +1% |
| Staff cost | £16.7m | £14.8m | ▲ +13% |
| Director pay | £1.6m | £1.9m | ▼ −18% |
| Highest-paid director | £283k | £444k | ▼ −36% |
The main operating subsidiary mirrors the parent's margin contraction, with turnover up 13% to £116.8m while operating profit dropped 38% to £2.8m. The filing points to an expected drop in gross margin amid an economic slowdown and heightened competition.
Parkham Farms Ltd [5]
The company is a privately owned dairy business based in Somerset that specialises in the commercial production of butter and cheese.
Peak cheese
| Line | FY25 | FY24 | YoY |
|---|---|---|---|
| Profit & loss | |||
| Turnover | £72.1m | £55.4m | ▲ +30% |
| Gross profit | £7m | £5.6m | ▲ +25% |
| Admin expenses | £5.3m | £4.5m | ▲ +16% |
| Operating profit | £2.3m | £1.2m | ▲ +87% |
| Finance costs | £39,081 | £46,649 | ▼ −16% |
| Profit before tax | £2.6m | £1.5m | ▲ +75% |
| Net profit | £2.2m | £1.3m | ▲ +75% |
| Cash & balance sheet | |||
| Cash | £463k | £2.5m | ▼ −81% |
| Net assets | £23.2m | £21m | ▲ +11% |
| People & pay | |||
| Avg. headcount | 42 | 39 | ▲ +8% |
| Staff cost | £1.4m | £1.3m | ▲ +6% |
| Director pay | £17,138 | £28,874 | ▼ −41% |
A strong year for the Somerset dairy, as turnover rose 30% to £72.1m and operating profit nearly doubled to £2.3m. The filing notes sales volumes rose 20%, but outlines that post-year-end cheese prices have fallen back, indicating this revenue level is unlikely to hold.
A disclaimed audit opinion and a note on peak cheese prices—just another day in the real economy.
Sources
- S.J.M. Limited
- Swanton Care & Community Limited
- Barnwood Group Limited
- Barnwood Limited
- Parkham Farms Ltd