Thought so!We got the 937 purely for the hot water performance.
The WM came in several versions, ranging from 6-16kW. Yours was probably undersized.The old boiler was a Baxi WM ... the thermostat never cut off the boiler because the house didn't get much above 18C.
The interesting thing is that, now you have better temperature control with the CM927, you can live with a temperature of 19.5C. This is because the temperature is not fluctuating widely, and the boiler is bigger.
It may not be cycling but is it modulating? My guess is that, apart from the warm up of the house in the morning when the boiler will initially run at 14kW and then modulate back to 12kW, for most of the day the boiler is running at 12kW output and is being controlled purely by the CM927.When the boiler fires first thing in the morning regardless of the flow temp it never cycles unless of course the Honeywell CM927 tell it to.
Have you checked out what the Sedbuk calculator says you need? You could be in for a surprise.