REGISTERED NUMBER: 11800346 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
MASTER REMOVERS GROUP 2019 LTD |
REGISTERED NUMBER: 11800346 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
MASTER REMOVERS GROUP 2019 LTD |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
MASTER REMOVERS GROUP 2019 LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Windover House |
St. Ann Street |
Salisbury |
SP1 2DR |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 30 September 2023. |
REVIEW OF BUSINESS |
The year ended 30 September 2023 saw global economic uncertainties and high interest rates meaning that the group was faced with a difficult trading environment. Despite the impact of these external factors, the group's high level of ongoing storage revenue, coupled with organic growth, especially from the group's specialist logistics business, Bishopsgate, has led to an significant increase in turnover and only a marginal reduction in profitability. |
January 2023 saw the group acquire Burke & Wills Removals Ltd and the directors are pleased to report that despite the tough market conditions the group's businesses performed well. The directors and management continue to monitor operational and overhead costs to identify opportunities for cost cutting measures whilst maintaining the group's high standards of customer service. In the context of the Key Performance Indicators mentioned below, the directors are satisfied with the results for the financial year. |
Key performance indicators |
2023 | 2022 |
Turnover | £48,104,499 | £41,616,553 |
Gross profit % | 45.8% | 45.8% |
EBITDA % | 16.04% | 20.1% |
Profit before tax % | 5.9% | 9.4% |
Profit before tax is after a goodwill amortisation charge of £2,790,987 (2022 £2,712,396). |
The directors assess the performance of the business by reference to two main measurements seeking to achieve an EBITDA of 15% and a PBIT of 10%. The board regularly meet to consider management accounts and to compare actual results to the stated financial objectives and budgets. |
Health and safety, employees and environment |
The group's operations aim to identify, assess and control occupational health hazards and, where practicable, to eliminate work related diseases. Every new case of an occupational disease is reported. |
The directors believe that every work-related incident, illness and injury is preventable. Every new case of a work related injury is reported to the board, including outcomes of and corrective action resulting from regular Health and Safety inspections. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider the main financial risks to the business as being the volatility in the commercial and residential property market resulting from interest rate movements. The group 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. |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
SECTION 172(1) STATEMENT |
The Directors of the Company have complied with their duty to promote the success of the company for the benefits of its stakeholders whilst having regard to the matters set out in Section 172 (1) (a)-(f) of the Companies Act 2006. The Directors have done this in various ways which are listed below: |
Stakeholder Engagement |
The Directors consider the key stakeholders to be customers, suppliers, staff, and shareholders. The Company through its directors and senior management teams engages with each stakeholder on a regular basis at the appropriate level of frequency depending upon their specific requirements. |
Principle decisions |
Principle decisions are defined as those that are material to the company and also to the above stakeholder groups. During the year, the company has taken a number of operational and strategic decisions which the Directors consider are for the benefit of the Company, with a view to promoting its long-term success and sustainability. |
Engaging with suppliers, customers, staff, shareholders and others |
During the financial year, the Directors and Senior Management teams have endeavoured to foster the company's mutually beneficial business relationships with stakeholders with the company. This was achieved through positive interactions during meetings both virtual and physical, written communications and telephone calls. |
The Company has many different suppliers. The Directors ensure that the company acts responsibly when sourcing commodities and services from suppliers. Our suppliers are critical partners in the company's commitment to deliver high levels of service to our customers and a competitive price which reflects the level of service we provide. |
The company takes pride in paying its suppliers and taxes in a timely manner. |
The company also takes pride in paying its staff well and normally above market rates as it wants the best people and understands the benefits of having a very high employee retention rate. The company will continue to involve many members of staff in the equity structure of the company as it understands the importance of the sense of shared ownership amongst its participants. |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
STREAMLINED ENERGY AND CARBON REPORTING |
Our environment |
The Group recognises its responsibility to minimise its impact on the natural environment and continues its commitment to reduce its energy consumption, carbon emissions, water usage and waste. |
Energy Consumption and Carbon Emissions |
Energy consumption at the Group's sites across the UK remain an important consideration and since 2005 the group has grown taking on additional premises and increasingly replacing old buildings with newly built premises which benefit from the latest construction and design which include an environmental focus and improvement. At all sites, the group continually reviews energy and water usage and waste recycling to lessen the impact on the environment. Year ending September 2021 saw the introduction of SECR calculations to improve the ability by the group to understand its carbon footprint year on year. |
The group employs a SHEQ Manager whose work is to focus on Safety, Health, Environment and Quality. The SHEQ manager audits all sites and leads the audit which has seen Bishopsgate hold the ISO 14001:2015 environmental standard for the past 10 years and whereby environment is a focus that management specifically consider across the wider group. Policies in place include Environmental Impact Policy (EP2), Fuel Emissions and Air Quality Policy (FEAQP01) and Waste Management Policy (WMP01). |
The impact of trucks and vans operating is an extremely significant factor affecting the group's direct impact on carbon usage and therefore the environment. Since 2005 there has been a continual and aggressive vehicle replacement programme driven by the group gaining all the obvious improvements new vehicles bring and the increasing cost of operating older vehicles in UK cities driven by the various emissions zones which have been introduced. This has led to the age of group vehicles, primarily vans and trucks, reducing from over 10 years old in 2005 to under 6 years today. This is an important metric and forms a part of our annual reporting. In London this has seen average vehicle age drop to nearer 4 years. |
Other vehicle related initiatives include the group moving from traditional company cars or company car allowance schemes to owning nine Electric cars to replace company cars or car payments for those who are required to have a car for business purposes. |
There is a two-year-old employee initiative with Octopus Energy to make electric cars readily available to employed staff through a company car scheme which allow individuals to take advantage of Government tax incentives of ownership of electric cars. To date ten employees are now driving electric cars through this scheme. |
Through the Government Ride to Work scheme the group has encouraged and made possible for over thirty employees to benefit from Government tax incentives to own a bicycle to encourage health fitness and wellbeing as well as riding to work. |
Recent initiatives at all group sites include Motion Sensor Lights, LED light installation, in-depot and off-site recycling, monitoring of vehicle performance and driver behaviour with the promotion of safe & efficient driving. |
Greenhouse gas emissions |
Year Ended 30 September 2023 |
Units | Usage | CO2 (Tonnes) |
Electricity | KWH | 858,534 | 157.25 |
Gas | KWH | 35,505 | 6.50 |
Fuel | Litres | 1,312,220 | 3,337.06 |
3,500.81 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Turnover (£m) | £48.10 |
CO2 per £1m turnover (Tonnes) | 72.78 |
Year Ended 30 September 2022 |
Units | Usage | CO2 (Tonnes) |
Electricity | KWH | 744,842 | 136.42 |
Gas | KWH | 26,099 | 4.05 |
Fuel | Litres | 1,265,635 | 3,266.39 |
3,406.86 |
Turnover (£m) | £41.62 |
CO2 per £1m turnover (Tonnes) | 81.86 |
The directors are pleased to report a move in a positive direction with a reduction in the volume of greenhouse gas emissions when comparing tonnes of CO2 emitted per £1m of turnover. |
EMPLOYEES |
Arrangements exist to ensure employee involvement in matters of concern to them and also to provide employees with all relevant information. |
It is the group's policy that people with disabilities should have the same consideration as others with respect to recruitment, retention and personal development. Depending on their skills and abilities, they enjoy the same career prospects as other employees and the same scope for realising potential. |
FUTURE DEVELOPMENTS |
Despite the unfavourable economic climate the group continues to trade strongly and is generating significant profits. |
On 6 February 2024 the group sold its Bishopsgate Specialist Installation division following its demerger from Ward Thomas Removals Ltd. The division had an enterprise value of £47m at the time of sale. |
ON BEHALF OF THE BOARD: |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of specialist moving, distribution, warehousing, removals and storage. |
DIVIDENDS |
Interim dividends totalling £1,000,000 were paid on the Ordinary and A Ordinary shares during the year. The directors recommend that no final dividend be paid on either class of share. |
The total distribution of dividends for the year ended 30 September 2023 will be £1,000,000. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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; |
- | state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MASTER REMOVERS GROUP 2019 LTD |
Opinion |
We have audited the financial statements of Master Removers Group 2019 Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 2019 LTD |
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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 six, 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 group's and the parent 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 group or the parent 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 2019 LTD |
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 in which the company and group operates, the 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 group and 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 group 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, 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; |
- | 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 2019 LTD |
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, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Windover House |
St. Ann Street |
Salisbury |
SP1 2DR |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 48,104,499 | 41,616,553 |
Cost of sales | 26,062,182 | 22,543,554 |
GROSS PROFIT | 22,042,317 | 19,072,999 |
Administrative expenses | 18,803,551 | 14,745,094 |
OPERATING PROFIT | 4 | 3,238,766 | 4,327,905 |
Exceptional items | 5 | 107,826 | 49,250 |
3,130,940 | 4,278,655 |
Interest receivable and similar income | 38,380 | 3,174 |
3,169,320 | 4,281,829 |
Interest payable and similar expenses | 6 | 320,028 | 378,807 |
PROFIT BEFORE TAXATION | 2,849,292 | 3,903,022 |
Tax on profit | 7 | 1,371,503 | 1,278,165 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,477,789 | 2,624,857 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,477,789 | 2,624,857 |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | (42,576 | ) | (25,000 | ) |
Transfer to capital redemption reserve | 7,096 | 7,622 |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(35,480 |
) |
(17,378 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,442,309 |
2,607,479 |
Total comprehensive income attributable to: |
Owners of the parent | 1,442,309 | 2,607,479 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 16,559,002 | 18,041,867 |
Tangible assets | 11 | 7,556,951 | 5,150,426 |
Investments | 12 | 19,711 | 19,711 |
24,135,664 | 23,212,004 |
CURRENT ASSETS |
Debtors | 13 | 8,558,193 | 7,666,421 |
Cash at bank | 2,989,160 | 2,989,667 |
11,547,353 | 10,656,088 |
CREDITORS |
Amounts falling due within one year | 14 | 10,913,337 | 9,105,286 |
NET CURRENT ASSETS | 634,016 | 1,550,802 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 24,769,680 | 24,762,806 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(5,173,638 |
) |
(6,349,768 |
) |
PROVISIONS FOR LIABILITIES | 19 | (1,387,813 | ) | (725,172 | ) |
NET ASSETS | 18,208,229 | 17,687,866 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 4,774,488 | 4,707,834 |
Share premium | 21 | 10,927,147 | 10,915,747 |
Capital redemption reserve | 21 | 81,951 | 74,855 |
Retained earnings | 21 | 2,424,643 | 1,989,430 |
SHAREHOLDERS' FUNDS | 18,208,229 | 17,687,866 |
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 2019 LTD (REGISTERED NUMBER: 11800346) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Capital redemption reserve | 21 |
Retained earnings | 21 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year |
2,810,645 |
(325,749 |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
CONSOLIDATED 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 | 4,705,456 | 689,572 | 10,915,747 | 67,233 | 16,378,008 |
Changes in equity |
Issue of share capital | 2,378 | - | - | - | 2,378 |
Dividends | - | (1,299,999 | ) | - | - | (1,299,999 | ) |
Total comprehensive income | - | 2,599,857 | - | 7,622 | 2,607,479 |
Balance at 30 September 2022 | 4,707,834 | 1,989,430 | 10,915,747 | 74,855 | 17,687,866 |
Changes in equity |
Issue of share capital | 66,654 | - | 11,400 | - | 78,054 |
Dividends | - | (1,000,000 | ) | - | - | (1,000,000 | ) |
Total comprehensive income | - | 1,435,213 | - | 7,096 | 1,442,309 |
Balance at 30 September 2023 | 4,774,488 | 2,424,643 | 10,927,147 | 81,951 | 18,208,229 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
COMPANY 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 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 September 2022 | ( |
) |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 September 2023 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 7,999,358 | 7,224,438 |
Interest paid | (223,178 | ) | (324,057 | ) |
Interest element of hire purchase payments paid |
(96,850 |
) |
(54,750 |
) |
Tax paid | (760,484 | ) | (968,354 | ) |
Net cash from operating activities | 6,918,846 | 5,877,277 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (1,308,122 | ) | - |
Purchase of tangible fixed assets | (4,116,884 | ) | (2,107,039 | ) |
Sale of tangible fixed assets | 134,140 | 107,052 |
Interest received | 38,380 | 3,174 |
Net cash from investing activities | (5,252,486 | ) | (1,996,813 | ) |
Cash flows from financing activities |
Loan note repayments in year | (1,755,038 | ) | (2,641,372 | ) |
New hire purchase agreements | 2,617,282 | 1,440,955 |
Capital repayments in year | (1,571,685 | ) | (1,414,475 | ) |
Share issue | 85,150 | 10,000 |
Share buyback | (42,576 | ) | (25,000 | ) |
Equity dividends paid | (1,000,000 | ) | (1,299,999 | ) |
Net cash from financing activities | (1,666,867 | ) | (3,929,891 | ) |
Decrease in cash and cash equivalents | (507 | ) | (49,427 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,989,667 |
3,039,094 |
Cash and cash equivalents at end of year | 2 | 2,989,160 | 2,989,667 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,849,292 | 3,903,022 |
Depreciation charges | 4,585,933 | 4,202,807 |
Profit on disposal of fixed assets | (66,674 | ) | (22,915 | ) |
Finance costs | 320,028 | 378,807 |
Finance income | (38,380 | ) | (3,174 | ) |
7,650,199 | 8,458,547 |
Increase in trade and other debtors | (891,772 | ) | (1,313,754 | ) |
Increase in trade and other creditors | 1,240,931 | 79,645 |
Cash generated from operations | 7,999,358 | 7,224,438 |
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 | 2,989,160 | 2,989,667 |
Year ended 30 September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 2,989,667 | 3,039,094 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.22 | Cash flow | At 30.9.23 |
£ | £ | £ |
Net cash |
Cash at bank | 2,989,667 | (507 | ) | 2,989,160 |
2,989,667 | (507 | ) | 2,989,160 |
Debt |
Finance leases | (1,783,164 | ) | (1,045,597 | ) | (2,828,761 | ) |
Debts falling due after 1 year | (5,403,271 | ) | 1,755,038 | (3,648,233 | ) |
(7,186,435 | ) | 709,441 | (6,476,994 | ) |
Total | (4,196,768 | ) | 708,934 | (3,487,834 | ) |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Master Removers Group 2019 Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have considered the financial position of the group and of the company and confirm that it remains a going concern. The financial statements are presented in sterling which is the functional currency of the group. |
Basis of consolidation |
The group financial statements consolidate the financial statements of Master Removers Group 2019 Limited and all its subsidiary undertakings. |
Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of the subsidiary undertakings acquired or disposed of during the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Group and value added tax. |
Goodwill |
Goodwill arising on the acquisition of the assets and trading activities of subsidiary companies is the amount by which the consideration paid for the acquisition exceeds the fair value of the net tangible assets acquired. Goodwill is amortised through the profit and loss account on a straight line basis at a rate sufficient to write it down over its estimated useful life. The directors estimate this amortisation period to be 10 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 |
Freehold and leasehold property | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The group 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. |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Exceptional items |
The Group classifies certain one-off charges or credits that have a material impact on the Group's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the Group. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 18,763,324 | 15,660,423 |
Social security costs | 1,803,481 | 1,514,090 |
Other pension costs | 331,760 | 278,889 |
20,898,565 | 17,453,402 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales and administration | 114 | 97 |
Operations | 418 | 382 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 258,555 | 227,260 |
Directors' pension contributions to money purchase schemes | 3,000 | 3,000 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 136,475 | 132,500 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 1,083,155 | 935,829 |
Depreciation - assets on hire purchase contracts | 711,791 | 554,582 |
Profit on disposal of fixed assets | (66,674 | ) | (22,915 | ) |
Goodwill amortisation | 2,790,987 | 2,712,396 |
Auditors' remuneration | 68,378 | 53,832 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Exceptional items | (107,826 | ) | (49,250 | ) |
The exceptional expenditure consists of one off costs that have been treated as exceptional costs in line with the group's accounting policy. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest | 812 | - |
Loan note interest | 222,366 | 324,057 |
Hire purchase | 96,850 | 54,750 |
320,028 | 378,807 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 762,804 | 958,451 |
(Over)/Under provision in |
prior year | - | 225 |
Total current tax | 762,804 | 958,676 |
Deferred tax | 608,699 | 319,489 |
Tax on profit | 1,371,503 | 1,278,165 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (42,576 | ) | - | (42,576 | ) |
Transfer to capital redemption reserve | 7,096 | - | 7,096 |
(35,480 | ) | - | (35,480 | ) |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
7. | TAXATION - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (25,000 | ) | - | (25,000 | ) |
Transfer to capital redemption reserve | 7,622 | - | 7,622 |
(17,378 | ) | - | (17,378 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,000,000 | 1,299,999 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2022 | 26,926,909 |
Additions | 1,308,122 |
At 30 September 2023 | 28,235,031 |
AMORTISATION |
At 1 October 2022 | 8,885,042 |
Amortisation for year | 2,790,987 |
At 30 September 2023 | 11,676,029 |
NET BOOK VALUE |
At 30 September 2023 | 16,559,002 |
At 30 September 2022 | 18,041,867 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold |
and |
leasehold | Short | Plant and | Motor |
property | leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 | 268,080 | 83,618 | 1,786,337 | 5,953,394 | 8,091,429 |
Additions | 27,974 | 207,394 | 1,955,954 | 1,925,562 | 4,116,884 |
Disposals | - | - | (823,173 | ) | (954,513 | ) | (1,777,686 | ) |
Acquisitions | - | - | 17,540 | 134,513 | 152,053 |
At 30 September 2023 | 296,054 | 291,012 | 2,936,658 | 7,058,956 | 10,582,680 |
DEPRECIATION |
At 1 October 2022 | 65,909 | 8,710 | 880,940 | 1,985,444 | 2,941,003 |
Charge for year | 27,525 | 17,401 | 493,198 | 1,256,822 | 1,794,946 |
Eliminated on disposal | - | - | (817,603 | ) | (892,617 | ) | (1,710,220 | ) |
At 30 September 2023 | 93,434 | 26,111 | 556,535 | 2,349,649 | 3,025,729 |
NET BOOK VALUE |
At 30 September 2023 | 202,620 | 264,901 | 2,380,123 | 4,709,307 | 7,556,951 |
At 30 September 2022 | 202,171 | 74,908 | 905,397 | 3,967,950 | 5,150,426 |
Included within the group's net book value of fixed assets is £2,970,952 (2022 £2,594,301) in respect of assets held under hire purchase agreements. |
Company |
Short | Motor |
leasehold | vehicles | Totals |
£ | £ | £ |
COST |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 | 19,711 |
NET BOOK VALUE |
At 30 September 2023 | 19,711 |
At 30 September 2022 | 19,711 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 141 Acton Lane, London, NW10 7PB |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 141 Acton Lane, London, NW10 7PB |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) |
(Loss)/profit for the year | ( |
) |
Registered office: 141 Acton Lane, London, NW10 7PB |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
Profit for the year |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 6,069,981 | 5,629,296 |
Due from group companies | - | - | 38,428 | 322 |
Other debtors | 579,846 | 401,284 |
Prepayments | 1,908,366 | 1,635,841 |
8,558,193 | 7,666,421 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 1,303,356 | 836,667 |
Payments on account | 387,407 | 390,128 |
Trade creditors | 1,976,510 | 1,240,089 |
Owed to group companies | - | - | 16,102,844 | 15,556,343 |
Corporation tax | 463,230 | 460,910 |
Social security and other taxes | 2,009,368 | 1,479,422 | ( |
) |
Other creditors | 864,844 | 868,244 |
Accruals and deferred income | 3,908,622 | 3,829,826 |
10,913,337 | 9,105,286 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 16) | 3,648,233 | 5,403,271 |
Hire purchase contracts (see note 17) | 1,525,405 | 946,497 |
5,173,638 | 6,349,768 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
5% Unsecured loan notes | 3,648,233 | 5,403,271 | 3,648,233 | 5,403,271 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 1,303,356 | 836,667 |
Between one and five years | 1,525,405 | 946,497 |
2,828,761 | 1,783,164 |
Company |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 3,663,746 | 2,684,759 |
Between one and five years | 15,720,677 | 8,188,568 |
In more than five years | 18,642,536 | 15,350,497 |
38,026,959 | 26,223,824 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 2,828,761 | 1,783,164 |
Amounts due under hire purchase agreements are secured on their associated assets. |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 1,387,813 | 725,172 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2022 | 725,172 |
Charge to Income Statement during year | 662,641 |
Balance at 30 September 2023 | 1,387,813 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 3,274,487 | 3,207,834 |
A Ordinary | £1 | 1,500,001 | 1,500,000 |
4,774,488 | 4,707,834 |
During the year the company purchased 7,662 shares at a premium of £2.28 per share.. |
21. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2022 | 1,989,430 | 10,915,747 | 74,855 | 12,980,032 |
Profit for the year | 1,477,789 | 1,477,789 |
Dividends | (1,000,000 | ) | (1,000,000 | ) |
Bonus share issue | - | 11,400 | - | 11,400 |
Purchase of own shares | (42,576 | ) | - | 7,096 | (35,480 | ) |
At 30 September 2023 | 2,424,643 | 10,927,147 | 81,951 | 13,433,741 |
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
21. | RESERVES - continued |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2022 | ( |
) | 9,347,932 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Bonus share issue |
Purchase of own shares | (42,576 | ) | - | 7,096 | (35,480 | ) |
At 30 September 2023 | 11,134,497 |
22. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Key management personnel compensation | 431,855 | 400,260 |
Key management personnel pension contributions | 6,721 | 6,110 |
Key management personnel are considered to be the directors of the parent and subsidiary companies. |
23. | POST BALANCE SHEET EVENTS |
On 31 December 2023 the subsidiary company Ward Thomas Removals Limited demerged its Bishopsgate Specialist Installation division into a newly formed company, Bishopsgate NewCo Ltd in return for 100% of the issued share capital of the company. On 6 February 2024, Bishopsgate NewCo Ltd was sold to a third party. In the lead up to this transaction the 5% unsecured loan notes totalling £3,648,233 (Note 16) were repaid in full ahead of schedule. |
On 6 February 2024 Master Removers Group 2019 Ltd became a wholly owned subsidiary of Master Removers Group 2023 Ltd. |