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023-09-30
REGISTERED NUMBER: 09243396 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

MASTER REMOVERS GROUP LIMITED

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


MASTER REMOVERS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: C A S Rickards
A Ward Thomas
T Bloch





SECRETARY: J Kok





REGISTERED OFFICE: 141 Acton Lane
London
NW10 7PB





REGISTERED NUMBER: 09243396 (England and Wales)





AUDITORS: Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their strategic report for the year ended 30 September 2023.

REVIEW OF BUSINESS
The company is an intermediate holding company in the group headed by Master Removers Group 2019 Ltd. The company incurs costs at a group level and recharges them to subsidiary companies. During the year ended 30 September 2023 there have been no significant changes to the activities of the company.

Key performance indicators
Due to the nature of the company's activities as a holding company and that it does not trade outside of the group, there are not considered to be any key performance indicators of significant value. The board regularly meet to consider management accounts and to compare actual results to financial objectives and budgets.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the main financial risks to the company as being the volatility in the commercial and residential property market resulting from interest rate movements, as these impact the performance of the company's subsidiaries. The group as a whole seeks to limit these business risks by offering on-site storage facilities to generate recurring income and by diversifying into other areas such as value added distribution services.

ON BEHALF OF THE BOARD:





C A S Rickards - Director


21 August 2024

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2023 will be £ 3,018,865 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

C A S Rickards
A Ward Thomas
T Bloch

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


AUDITORS
The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C A S Rickards - Director


21 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MASTER REMOVERS GROUP LIMITED


Opinion
We have audited the financial statements of Master Removers Group Limited (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 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 September 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 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MASTER REMOVERS GROUP LIMITED


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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MASTER REMOVERS GROUP LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities and fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

- the nature of the industry/sector, control environment and financial performance;

-
results of our enquiries of management about their own identification and assessment of the risk of
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;.
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

Audit response to risk identified
As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- performing substantive procedures to ascertain the completeness, existence, valuation and, rights and
obligations of stocks as at the year-end;
- understanding the entity's revenue recognition policies and how they are applied, including the relevant
controls and processes and performing a walk-through to validate our understanding;
- performing analytical procedures to compare revenue recognised against expectations, past results, and
management forecasts, and investigated material divergences by obtaining corroborative evidence;
- reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC;
and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MASTER REMOVERS GROUP LIMITED

-
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions,

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 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 a Report of the Auditors 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.




Simon Ellingham FCA (Senior Statutory Auditor)
for and on behalf of Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

21 August 2024

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

TURNOVER 873,685 679,046

Cost of sales 411,663 310,527
GROSS PROFIT 462,022 368,519

Administrative expenses 3,743,818 2,465,279
(3,281,796 ) (2,096,760 )

Other operating income 2,394,480 1,331,145
OPERATING LOSS 4 (887,316 ) (765,615 )

Exceptional items 5 95,000 49,250
(982,316 ) (814,865 )

Income from shares in group undertakings 3,018,865 -
2,036,549 (814,865 )

Interest payable and similar expenses 6 - 75
PROFIT/(LOSS) BEFORE TAXATION 2,036,549 (814,940 )

Tax on profit/(loss) 7 - -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 2,036,549 (814,940 )

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 2,036,549 (814,940 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

2,036,549

(814,940

)

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 14,085
Tangible assets 10 253,501 74,908
Investments 11 24,145,631 24,145,631
24,399,132 24,234,624

CURRENT ASSETS
Debtors 12 4,935,456 7,852,866
Cash at bank 13,948 37,395
4,949,404 7,890,261
CREDITORS
Amounts falling due within one year 13 17,557,049 19,293,981
NET CURRENT LIABILITIES (12,607,645 ) (11,403,720 )
TOTAL ASSETS LESS CURRENT LIABILITIES 11,791,487 12,830,904

CREDITORS
Amounts falling due after more than one
year

14

889,396

946,497
NET ASSETS 10,902,091 11,884,407

CAPITAL AND RESERVES
Called up share capital 16 10,254,250 10,254,250
Share premium 17 55,000 55,000
Capital redemption reserve 17 222,000 222,000
Retained earnings 17 370,841 1,353,157
SHAREHOLDERS' FUNDS 10,902,091 11,884,407

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





C A S Rickards - Director


MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

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

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2021 10,254,250 2,168,097 55,000 222,000 12,699,347

Changes in equity
Deficit for the year - (814,940 ) - - (814,940 )
Total comprehensive income - (814,940 ) - - (814,940 )
Balance at 30 September 2022 10,254,250 1,353,157 55,000 222,000 11,884,407

Changes in equity
Profit for the year - 2,036,549 - - 2,036,549
Total comprehensive income - 2,036,549 - - 2,036,549
Dividends - (3,018,865 ) - - (3,018,865 )
Balance at 30 September 2023 10,254,250 370,841 55,000 222,000 10,902,091

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 166,248 (263,124 )
Interest element of hire purchase payments
paid

-

(75

)
Net cash from operating activities 166,248 (263,199 )

Cash flows from investing activities
Purchase of tangible fixed assets (192,394 ) -
Dividends received 3,018,865 -
Net cash from investing activities 2,826,471 -

Cash flows from financing activities
New hire purchase contracts 1,274,542 -
Capital repayments in year (1,271,843 ) 134,530
Equity dividends paid (3,018,865 ) -
Net cash from financing activities (3,016,166 ) 134,530

Decrease in cash and cash equivalents (23,447 ) (128,669 )
Cash and cash equivalents at beginning of
year

2

37,395

166,064

Cash and cash equivalents at end of year 2 13,948 37,395

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit/(loss) before taxation 2,036,549 (814,940 )
Depreciation charges 27,886 43,589
Finance costs - 75
Finance income (3,018,865 ) -
(954,430 ) (771,276 )
Decrease in trade and other debtors 2,917,410 299,416
(Decrease)/increase in trade and other creditors (1,796,732 ) 208,736
Cash generated from operations 166,248 (263,124 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 13,948 37,395
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 37,395 166,064


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 37,395 (23,447 ) 13,948
37,395 (23,447 ) 13,948
Debt
Finance leases (1,769,516 ) (2,699 ) (1,772,215 )
(1,769,516 ) (2,699 ) (1,772,215 )
Total (1,732,121 ) (26,146 ) (1,758,267 )

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

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


1. STATUTORY INFORMATION

Master Removers Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company.

Preparation of consolidated financial statements
The financial statements contain information about Master Removers Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Master Removers Group 2019 Ltd, 141 Acton Lane, London, NW10 7PB.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Amortisation is calculated so as to write off the cost of goodwill paid in connection with the acquisition of a business over its estimated useful life. Goodwill arising on all acquisitions is being amortised over 3 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining term of the lease

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently, at the undiscounted amount of the cash, or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or, in the case of an outright short-term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 697,988 594,646
Social security costs 73,147 65,313
Other pension costs 13,962 12,366
785,097 672,325

The average number of employees during the year was as follows:
2023 2022

Sales and administration 14 12

2023 2022
£    £   
Directors' remuneration 208,365 200,760

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 109,975 106,000

4. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 13,801 4,181
Goodwill amortisation 14,085 39,407
Auditors' remuneration 12,960 12,000

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items (95,000 ) (49,250 )

The exceptional items are in respect of professional fees.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase - 75

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 September 2023 nor for the year ended 30 September 2022.

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 2,036,549 (814,940 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 25% (2022 - 19%)

509,137

(154,839

)

Effects of:
Expenses not deductible for tax purposes 21,250 9,358
Income not taxable for tax purposes (754,716 ) -
Depreciation in excess of capital allowances 6,971 8,282
Utilisation of tax losses - (286 )
Losses transferred via group relief 209,250 137,485
Losses carried forward 8,108 -
Total tax charge - -

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 3,018,865 -

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 165,501
AMORTISATION
At 1 October 2022 151,416
Amortisation for year 14,085
At 30 September 2023 165,501
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 14,085

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


10. TANGIBLE FIXED ASSETS
Short
leasehold
£   
COST
At 1 October 2022 83,618
Additions 192,394
At 30 September 2023 276,012
DEPRECIATION
At 1 October 2022 8,710
Charge for year 13,801
At 30 September 2023 22,511
NET BOOK VALUE
At 30 September 2023 253,501
At 30 September 2022 74,908

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 30 September 2023 24,145,631
NET BOOK VALUE
At 30 September 2023 24,145,631
At 30 September 2022 24,145,631

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ward Thomas Removals Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Distribution, removals and storage
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 27,803,779 24,133,968
Profit for the year 4,669,811 4,422,655

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


11. FIXED ASSET INVESTMENTS - continued

Aussie Man & Van Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,534,118 4,796,992
Profit for the year 337,126 584,950

Ward Thomas Property Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1,418,866

Lawrence Astridge Removals Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (139,544 ) (80,615 )
Loss for the year (58,929 ) (119,666 )

Camp Hopson Removals Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,219,794 1,824,405
Profit for the year 395,389 577,992

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


11. FIXED ASSET INVESTMENTS - continued

Thomas Firbank Removals Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,103,095 856,222
Profit for the year 246,873 225,916

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Due from group companies 4,654,384 7,514,624
Prepayments 281,072 338,242
4,935,456 7,852,866

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 882,819 823,019
Trade creditors 102,119 42,211
Amounts due to group companies 15,554,996 17,330,509
Social security and other taxes 26,072 30,553
Proposed dividends 864,844 864,844
Accruals and deferred income 126,199 202,845
17,557,049 19,293,981

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 889,396 946,497

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 882,819 823,019
Between one and five years 889,396 946,497
1,772,215 1,769,516

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,054,250 Ordinary £1 8,054,250 8,054,250
2,000,000 Ordinary A £1 2,000,000 2,000,000
199,000 Ordinary B £1 199,000 199,000
1,000 Ordinary C £1 1,000 1,000
10,254,250 10,254,250

17. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 October 2022 1,353,157 55,000 222,000 1,630,157
Profit for the year 2,036,549 - - 2,036,549
Dividends (3,018,865 ) - - (3,018,865 )
At 30 September 2023 370,841 55,000 222,000 647,841

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Key management personnel compensation 208,365 200,760

MASTER REMOVERS GROUP LIMITED (REGISTERED NUMBER: 09243396)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


19. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Master Removers Group 2019 Ltd.

On 6 February 2024, Master Removers Group 2019 Ltd became a wholly owned subsidiary of Master Removers Group 2023 Ltd.

In the opinion of the directors, no one individual had control of Master Removers Group 2019 Ltd or Master Removers Group 2023 Ltd..