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Registered number: 03592000









ABELS MOVING SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
ABELS MOVING SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
N D Pertoldi 
R J Start 
M C Rising 
S S Sampson 
D M Hibbert 
K Dugard 




Registered number
03592000



Registered office
The Heights East
Cranborne Road

Potters Bar

EN6 3JN




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
ABELS MOVING SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Statement of Financial Position
 
 
10 - 11
Statement of Changes in Equity
 
 
12
Notes to the Financial Statements
 
 
13 - 27


 
ABELS MOVING SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The directors present their company Strategic Report for the year ended 30 June 2023.

Business review
 
The Company’s principal activity during the year was that of UK removals, relocation and storage.
The year to June 2023 showed a slight reduction on prior year with revenue of £7.6m vs £7.9 in 2022 against the backdrop of some difficulty trading conditions in the second half of the year.
Inflationary cost pressure has also had a negative impact on all major cost drivers resulting in a reduced Gross Profit margin from £4.3m in 2022 to £4.1m in 2023. This combined to produce a marginally reduced operating profit of £361k vs £409k in prior year. 

Principal risks and uncertainties
 
The principal risks associated with this industry, and therefore the Company, relate to market cycles as driven by the general economic performance of the UK and global events. This manifests itself in dramatic changes in the seasonal cycle which are regularly reviewed by the directors to limit the consequent impact on resource availability and company profitability.
Fuel prices continue to increase for which we are unable to bulk purchase. There is a knock-on increase to packing material prices of which we have tried to carry greater stocks. We still suffer with post-pandemic delays in the construction of new HGV vehicles not helped by the changes in expenses on the older vehicles needing to enter London’s Ultra Low Emission Zone and the Direct Vision Standards (DVS).

Financial key performance indicators
 
The Company uses a range of performance measures to monitor business performance. The key indicators are turnover, gross margin and operating margins.
       2023   2022
Turnover (£’000)     £7,602  £7,883
Gross Margin %       53.5%  55.1%
Operating Profit/Loss (£’000)   £362  £409

Page 1

 
ABELS MOVING SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Other key performance indicators
 
All performance data is reported monthly to management and directors to assess and decide on any immediate changes that may be appropriate. For the year 2022/2023 all indicators met our expectations and were on track to produce the expected results. 




This report was approved by the board and signed on its behalf.





D M Hibbert
Director

Date: 12 April 2024

Page 2

 
ABELS MOVING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the company during the year was that of storage, quality furniture delivery solutions and moving services within the niche markets of substantial private UK residential moves, international relocations and commercial moving.

Results and dividends

The profit for the year, after taxation, amounted to £237,620 (2022 - £402,026).

.

Directors

The directors who served during the year were:

N D Pertoldi 
R J Start 
M C Rising 
S S Sampson 
D M Hibbert 
K Dugard 

Page 3

 
ABELS MOVING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This report was approved by the board and signed on its behalf.
 





D M Hibbert
Director

Date: 12 April 2024

Page 4

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED
 

Opinion

We have audited the financial statements of Abels Moving Services Limited (the 'Company') for the year ended 30 June 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 2023 and of its profit 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.

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.

Page 5

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED (CONTINUED)


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiring of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
Enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
Page 7

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED (CONTINUED)


disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 2006Our 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 Auditors' 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.




Ian Saunderson FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

12 April 2024
Page 8

 
ABELS MOVING SERVICES LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
7,601,739
7,883,456

Cost of sales
  
(3,534,875)
(3,537,730)

Gross profit
  
4,066,864
4,345,726

Administrative expenses
  
(3,705,156)
(3,311,479)

Exceptional administrative expenses
  
-
(631,970)

Other operating income
 5 
-
6,943

Operating profit
 6 
361,708
409,220

Interest receivable and similar income
  
9,010
14

Interest payable and similar expenses
 10 
(56,862)
(73,647)

Profit before tax
  
313,856
335,587

Tax on profit
 11 
(76,236)
66,439

Profit after tax
  
237,620
402,026

  

  

Retained earnings at the beginning of the year
  
1,091,668
4,189,642

  
1,091,668
4,189,642

Profit for the year
  
237,620
402,026

Dividends declared and paid
  
-
(3,500,000)

Retained earnings at the end of the year
  
1,329,288
1,091,668
The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
ABELS MOVING SERVICES LIMITED
REGISTERED NUMBER: 03592000

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,192,393
1,088,716

  
1,192,393
1,088,716

Current assets
  

Stocks
 15 
74,914
95,998

Debtors: amounts falling due after more than one year
 16 
240,918
239,318

Debtors: amounts falling due within one year
 16 
3,160,006
3,500,183

Cash at bank and in hand
 17 
131,188
323,679

  
3,607,026
4,159,178

Creditors: amounts falling due within one year
 18 
(2,570,963)
(3,393,053)

Net current assets
  
 
 
1,036,063
 
 
766,125

Total assets less current liabilities
  
2,228,456
1,854,841

Creditors: amounts falling due after more than one year
 19 
(432,393)
(440,876)

Provisions for liabilities
  

Deferred tax
 21 
(166,775)
(22,297)

  
 
 
(166,775)
 
 
(22,297)

Net assets
  
1,629,288
1,391,668


Capital and reserves
  

Called up share capital 
 22 
200,000
200,000

Capital redemption reserve
  
100,000
100,000

Profit and loss account
  
1,329,288
1,091,668

  
1,629,288
1,391,668


Page 10

 
ABELS MOVING SERVICES LIMITED
REGISTERED NUMBER: 03592000
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





D M Hibbert
Director

Date: 12 April 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 11

 

 
ABELS MOVING SERVICES LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£



At 1 July 2021
200,000
100,000
4,189,642
4,489,642



Comprehensive income for the year


Profit for the year
-
-
402,026
402,026


Dividends: Equity capital
-
-
(3,500,000)
(3,500,000)



Total transactions with owners
-
-
(3,500,000)
(3,500,000)





At 1 July 2022
200,000
100,000
1,091,668
1,391,668



Comprehensive income for the year


Profit for the year
-
-
237,620
237,620



At 30 June 2023
200,000
100,000
1,329,288
1,629,288



The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The principal activity of Abels Moving Services Limited ("the Company")  during the year was that of storage, quality furniture delivery solutions and moving services within the niche markets of substantial private UK residential moves, international relocations and commercial moving.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is The Heights East, Cranborne Road, Potters Bar, EN6 3JN. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of AGM Relocation Limited as at 30 June 2023 and these financial statements may be obtained from Companies House.

Page 13

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
In the year ended 30 June 2023, the company incurred a profit before tax of £313,856 (2022: £335,587) and at the balance sheet date, there were net assets of £1,629,288 (2022: £1,391,668).
The directors have prepared detailed profit and cash flow forecasts for the year ended 30 June 2025 based on current and expected trading conditions. These show an increase in profitability and cash generation.
As a result of these projections, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 15

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
A payment equivalent to the tax, as a result of the loss surrendered by the group companies, will be made to the respective group companies. 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the methods below.

Depreciation is provided on the following basis:

Freehold property
-
20% Straight line
Long-term leasehold property
-
Over the lease term
Plant and machinery
-
10-20% Straight line
Motor vehicles
-
20-33% Straight line
Fixtures and fittings
-
15-33% Straight line
Computer equipment
-
15-33% Straight line

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted
Page 17

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade [and other] creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
 

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates assumptions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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.
The estimates and assumption which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
Depreciation on tangible fixed assets which has been calculated in acordance with accounting policies set out in note 2.13 and which is disclosed in note 14.
Estimation of costs to be accrued in respect of jobs which have been completed at the financial statement are where invoices have not been received from suppliers, which are included within accruals and deferred income in note 19.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity and arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Government grants receivable
-
6,943



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(53,375)
(53,444)

Page 19

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
24,000
20,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,333,898
2,481,359

Social security costs
257,345
278,875

Cost of defined contribution scheme
107,901
471,977

2,699,144
3,232,211


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
72
72

Page 20

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
95,154
233,712

Company contributions to defined contribution pension schemes
8,015
158,179

103,169
391,891


During the year retirement benefits were accruing to 1 director (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £95,154 (2022 - £150,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,015 (2022 - £150,000).




10.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
56,487
65,176

Other interest payable
375
8,471

56,862
73,647


11.


Taxation


2023
2022
£
£

Corporation tax


Group relief payment for losses
(68,242)
42,000


Total current tax
(68,242)
42,000

Deferred tax


Origination and reversal of timing differences
144,478
(108,439)

Total deferred tax
144,478
(108,439)


Taxation on profit/(loss) on ordinary activities
76,236
(66,439)
Page 21

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax (2022 – lower than), in the UK of 20.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
313,856
335,587


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.50% (2022 - 19%)
64,340
63,762

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
566
524

Capital allowances for year in excess of depreciation
(17,408)
(22,282)

Unrelieved tax losses carried forward
-
17,355

Remeasurement of deferred tax for changes in tax rates
(39,464)
(26,026)

Group relief
68,202
(99,772)

Total tax charge for the year
76,236
(66,439)


Factors that may affect future tax charges

On the 1st April 2023 the Finance Bill 2021 was enacted and the corporation tax charge increased from 19% to 25%. Therefore a proportionate average has been used as the tax charge on loss on ordinary activities before tax.


12.


Dividends

2023
2022
£
£


Dividends paid
-
3,500,000


13.


Exceptional items

2023
2022
£
£


Long-term service award
-
631,970

Page 22

 


 
ABELS MOVING SERVICES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


14.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 July 2022
15,405
216,853
509,968
2,269,911
239,195
450,795
3,702,127


Additions
-
150,682
-
330,920
2,172
13,290
497,064


Disposals
-
-
-
(24,054)
-
-
(24,054)



At 30 June 2023

15,405
367,535
509,968
2,576,777
241,367
464,085
4,175,137



Depreciation


At 1 July 2022
14,945
88,171
361,364
1,542,516
173,837
432,578
2,613,411


Charge for the year on owned assets
-
23,602
32,427
302,007
9,417
11,101
378,554


Disposals
-
-
-
(9,221)
-
-
(9,221)



At 30 June 2023

14,945
111,773
393,791
1,835,302
183,254
443,679
2,982,744



Net book value



At 30 June 2023
460
255,762
116,177
741,475
58,113
20,406
1,192,393



At 30 June 2022
460
128,682
148,604
727,395
65,358
18,217
1,088,716

Page 23

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
607,007
632,324


15.


Stocks

2023
2022
£
£

Packing Materials
74,914
95,998



16.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
240,918
239,318


2023
2022
£
£

Due within one year

Trade debtors
415,755
801,910

Amounts owed by group undertakings
2,177,732
2,293,323

Other debtors
25,155
17,595

Prepayments and accrued income
541,364
387,355

3,160,006
3,500,183



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
131,188
323,679


Page 24

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
731,568
819,194

Amounts owed to group undertakings
-
348,846

Other taxation and social security
348,823
103,165

Obligations under finance lease and hire purchase contracts
268,943
219,610

Other creditors
444,441
421,048

Accruals and deferred income
777,188
1,481,190

2,570,963
3,393,053



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
432,393
440,876


The finance lease and hire purchase creditors are secured on the assets to which they relate.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
268,943
219,610

Between 1-5 years
415,673
440,876

684,616
660,486

Page 25

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
(22,297)
(130,736)


Charged to profit or loss
(144,478)
108,439



At end of year
(166,775)
(22,297)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(207,933)
(193,301)

Other short term timing differences
41,158
171,004

(166,775)
(22,297)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,000 (2022 - 200,000) Ordinary shares of £1.00 each
200,000
200,000



23.


Contingent liabilities

A composite company unlimited guarantee has been given by the company and it’s group companies, Gerson Relocation Limited, AGM Relocation Limited, Global Moving Services Limited, AGM Bishops Limited and Momentous Relocation Limited, to its bankers to secure all the liabilities of each other.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £107,901 (2022: £471,977). Contributions totalling £164,633 (2022: £10,602) were payable to the fund at the reporting date and are included in creditors.

Page 26

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

25.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
498,863
498,863

Later than 1 year and not later than 5 years
1,762,117
1,196,588

Later than 5 years
1,196,588
1,994,313

3,457,568
3,689,764


26.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirment to disclose transactions with other wholly owned group undertakings.


27.


Controlling party

The ultimate parent undertaking is AGM Relocation Limited. Copies of the group financial statements are available its trading address, The Heights East, Cranborne Road, Potters Bar, England, EN6 3JN.
The ultimate controlling party is Ms. India Abigail Sargent.

 
Page 27