The core activities of Select Security, also known as "the company," remain centered around offering a variety of security, personnel, and related support services.
We remain steadfast in our dedication to operating in accordance with prudent principles, ensuring the sustained advantage of our shareholders, employees, and clients. This approach enables us to make ongoing investments in our company's assets, establishing a solid foundation for profitable growth through well-considered strategies. The company is consistently broadening its clientele, and the influx of inquiries from potential clients continues to grow.
The directors express contentment with the company's performance. The turnover has surged by 29%. As of October 31, 2020, the company maintains a current liquidity ratio of 1.25 (compared to 1.94 in 2019). The company remains committed to upholding consistently high levels of service delivery. You can find additional performance indicators in the statement of comprehensive income.
The company regards its gross profit, operating profit, and net assets as its primary performance indicators. In the current year, both gross profit and operating profit witnessed an increase. However, there was a decline in net assets due to the company's repurchase and cancellation of 300 Ordinary shares, each valued at £1, for a total cash consideration of £8.1 million.
As a security services provider, the company holds registration and approval from the Security Industry Authority (SIA) in accordance with the Private Industry Act of 2001. The National Security Inspectorate (NSI) conducts numerous annual evaluations. The company consistently revises its policies and procedures to maintain compliance with the necessary standards and adapt to evolving legislation and regulations.
Furthermore, the company is obligated to fulfill Health and Safety requirements. This commitment is met through the implementation of internal policies and procedures, as well as by engaging external specialized advisers when needed. The company also holds accreditation to ISO18001 in this regard.
The company's financial instruments include cash, trade debtors, trade creditors, and specific other debtors and creditors. The primary risks connected to these financial assets and liabilities are outlined below.
The company's policy is designed to minimize these risks, and the process of debt collection is actively overseen to guarantee that payments are received promptly. The company's clientele has a solid history of timely payments, leading the directors to conclude that the company's vulnerability to bad debts is not substantial.
The company secures its funding through an invoice discounting facility and operational cash generation. To manage liquidity risk, the company relies on its finance function. Operational cash surpluses are generated, and daily cash flow is sustained by keeping excess cash in easily accessible bank accounts. Working capital needs are addressed by utilizing available cash or by accessing the company's banking facilities when necessary.
The directors are of the opinion that, given the nature of the company's primary activities, the company is not subjected to substantial fluctuations in market prices for its services.
The company experienced a substantial upswing in trading due to the pandemic. This enabled the company to provide support to its retail grocery clients and contribute to the "feed the nation" initiative by ensuring adherence to government guidelines through its services.
The company had to exercise caution in financial management to ensure long-term sustainability. Consequently, the impact on the business, both from a financial and employee standpoint, has been minimal.
The growth that resulted from the additional work during the pandemic has been offset by the expansion of existing accounts and the acquisition of new business. Consequently, the company does not anticipate a decrease in trading performance in the foreseeable future.
The company recognizes the significance of having a naturally diverse, highly trained, dependable, motivated, and well-informed management team and workforce. This is crucial to delivering top-notch security manpower services that align with the company's high standards. All security personnel undergo training that adheres to the necessary British Standards and receive specialized training to meet clients' specific requirements. Employees who are both suitable and interested are provided with equal opportunities for further training and career advancement. The company's policy is to prioritize internal promotions whenever feasible.
The business maintains an ongoing dialogue with employees at all organizational levels, ensuring that their input is considered during decision-making processes that may impact their interests. Employees receive regular updates on current activities, progress, and general matters of interest through various means. This includes monthly management and operational meetings, scheduled site visits, and the distribution of the Select Security newsletter.
In our capacity as the Directors of Select Security, we are legally obligated under section 172 of the Companies Act 2006 to act in a manner that we believe, in good faith, would best serve the company's success for the collective benefit of its members. Additionally, we must consider the long-term consequences of our decisions on the company and its stakeholders, while taking into account the following factors:
Our primary stakeholders and the methods by which we interact with them are as follows, and these engagements are consistent with our fundamental values of Teamwork, Innovation, Excellence, Respect, Integrity, and Potential.
Select Security aims to draw in the most talented staff and management professionals, striving to be the preferred choice, not only for our clients but also for individuals seeking employment in the security sector.
Our objective is to consistently enhance and elevate industry standards, contributing to the professionalization of our field and the role of the security officer.
People are the focal point of our endeavors. We will persist in investing in the future of our staff and the development and success of the company. By adopting new technologies and more efficient work methods, we will sustain our position as the leading security provider in the UK.
Select Security acknowledges the existing challenges and security risks that our customers encounter. Leveraging our years of sector-specific expertise and experience, we can furnish them with tailored and relevant security solutions.
Our distinctive blend of manned guarding resources and technological innovations enables us to construct the most compelling value propositions for our customers. Select Security is unwavering in our dedication to forming enduring partnerships with our clients, characterized by our intelligence-driven and innovative approach.
Select Security endeavors to cultivate enduring, mutually beneficial relationships with our suppliers, with a focus on sustainability. We consistently aim to embody the values of honesty and transparency that are in alignment with our company culture. Furthermore, we are dedicated to ensuring timely payments to every supplier, without exception.
Apart from financial and technical investments, we take great pride in investing in the well-being and growth of our employees. We also make it a priority to contribute to the communities where we operate and reduce our environmental impact.
We set the Gold Standard in Security. At Select Security, we invest the effort to comprehensively grasp our clients' business and security requirements. Drawing upon our 30 years of experience in the security sector, we can suggest optimal solutions and furnish clients with a dedicated account manager for seamless collaboration.
We take immense pride in delivering high-quality services to our esteemed partners, who reap the advantages of our extensive service offerings. These services are reinforced by our dynamic data analytics, crime hub intelligence, and groundbreaking technological achievements.
The directors' objective is to uphold the management policies that have led to the company's continued sustainability and growth in recent years.
Throughout the year, the company engaged in research and development efforts related to the creation of a new software application.
The company's policy is to ensure equal opportunities for all employees. It has consistently been the company's practice to promote, when feasible, the employment, training, and progression of disabled employees.
To learn more about our services and how we can assist you, contact Select Security today!
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