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REGISTERED NUMBER: 05167541 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

WARD THOMAS REMOVALS LIMITED

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Cash Flow Statement 17

Notes to the Financial Statements 18


WARD THOMAS REMOVALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: A Ward Thomas
C A S Rickards
C Parry
T Bloch





SECRETARY: J Kok





REGISTERED OFFICE: 141 Acton Lane
London
NW10 7PB





REGISTERED NUMBER: 05167541 (England and Wales)





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

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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 year ended 30 September 2023 saw global economic uncertainties and high interest meaning that the company had to deal with a difficult trading environment. However, despite the negative impacts on the economy, the company has seen growth in turnover and and maintained a high level of profitability, especially from its specialist logistics and installation division, Bishopsgate. The company also has a high level of ongoing storage revenue. Overall the company remains in a strong and stable position with significant cash reserves and no bank loans.

The directors and management continue to monitor operational and overhead costs to identify opportunities for cost cutting measures whilst maintaining the company's high standards of customer service.

In the context of the Key Performance Indicators mentioned below, when taking into account the impact of the pandemic, the directors are satisfied with the company's performance in the financial year.

Key performance indicators

2023 2022
Turnover £33,936,794 £30,636,527
Gross profit % 47.2% 46.0%
EBITDA % 21.1% 23.7%
Profit before tax % 17.1% 17.9%

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 company aims 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.


WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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.

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 company'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.


WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

FUTURE DEVELOPMENTS
On 31 December 2023 the company's Bishopsgate Specialist Installations division was demerged from the company. Please see note 21 to the financial statements for further details.

The company is continuing to perform well in difficult economic conditions and is in a strong and stable position.

ON BEHALF OF THE BOARD:





C A S Rickards - Director


21 August 2024

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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 specialist moving, distribution, warehousing, removals and storage.

DIVIDENDS
An interim dividend of £1,000,000 was paid during the year and the directors recommend that no final dividend be paid.

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.

A Ward Thomas
C A S Rickards
C Parry
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;
-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 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.

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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
WARD THOMAS REMOVALS LIMITED


Opinion
We have audited the financial statements of Ward Thomas Removals 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
WARD THOMAS REMOVALS 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 five, 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
WARD THOMAS REMOVALS 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
WARD THOMAS REMOVALS 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, 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.




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

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

TURNOVER 33,936,794 30,636,527

Cost of sales 17,926,932 16,543,488
GROSS PROFIT 16,009,862 14,093,039

Administrative expenses 10,169,253 8,019,243
OPERATING PROFIT 5,840,609 6,073,796

Interest receivable and similar income 29,213 2,455
5,869,822 6,076,251
Amounts written off investments 4 - 555,570
5,869,822 5,520,681

Interest payable and similar expenses 5 66,562 34,551
PROFIT BEFORE TAXATION 6 5,803,260 5,486,130

Tax on profit 7 1,128,036 1,063,475
PROFIT FOR THE FINANCIAL YEAR 4,675,224 4,422,655

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 4,675,224 4,422,655


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

4,675,224

4,422,655

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 215,076 358,368
Tangible assets 10 5,070,246 3,501,768
Investments 11 236,713 236,713
5,522,035 4,096,849

CURRENT ASSETS
Debtors 12 28,273,467 25,603,046
Cash at bank 1,670,234 1,912,205
29,943,701 27,515,251
CREDITORS
Amounts falling due within one year 13 6,643,501 6,908,240
NET CURRENT ASSETS 23,300,200 20,607,011
TOTAL ASSETS LESS CURRENT LIABILITIES 28,822,235 24,703,860

PROVISIONS FOR LIABILITIES 16 1,013,043 569,892
NET ASSETS 27,809,192 24,133,968

CAPITAL AND RESERVES
Called up share capital 17 2,884,187 2,884,187
Share premium 18 764,981 764,981
Capital redemption reserve 18 921,794 921,794
Retained earnings 18 23,238,230 19,563,006
SHAREHOLDERS' FUNDS 27,809,192 24,133,968

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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


WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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 2,884,187 15,140,351 764,981 921,794 19,711,313

Changes in equity
Total comprehensive income - 4,422,655 - - 4,422,655
Balance at 30 September 2022 2,884,187 19,563,006 764,981 921,794 24,133,968

Changes in equity
Dividends - (1,000,000 ) - - (1,000,000 )
Total comprehensive income - 4,675,224 - - 4,675,224
Balance at 30 September 2023 2,884,187 23,238,230 764,981 921,794 27,809,192

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,165,581 2,262,023
Interest paid (778 ) -
Interest element of hire purchase payments
paid

(65,784

)

(34,551

)
Tax paid (632,931 ) (831,228 )
Net cash from operating activities 3,466,088 1,396,244

Cash flows from investing activities
Purchase of tangible fixed assets (2,841,416 ) (1,459,036 )
Sale of tangible fixed assets 107,323 29,470
Interest received 29,213 2,455
Net cash from investing activities (2,704,880 ) (1,427,111 )

Cash flows from financing activities
Capital repayments in year (3,179 ) (52,056 )
Equity dividends paid (1,000,000 ) -
Net cash from financing activities (1,003,179 ) (52,056 )

Decrease in cash and cash equivalents (241,971 ) (82,923 )
Cash and cash equivalents at beginning of
year

2

1,912,205

1,995,128

Cash and cash equivalents at end of year 2 1,670,234 1,912,205

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

NOTES TO THE 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 5,803,260 5,486,130
Depreciation charges 1,379,581 1,175,272
Profit on disposal of fixed assets (70,674 ) (22,915 )
Amounts written off investments - 555,570
Finance costs 66,562 34,551
Finance income (29,213 ) (2,455 )
7,149,516 7,226,153
Increase in trade and other debtors (2,670,421 ) (4,447,531 )
Decrease in trade and other creditors (313,514 ) (516,599 )
Cash generated from operations 4,165,581 2,262,023

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 1,670,234 1,912,205
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 1,912,205 1,995,128


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank 1,912,205 (241,971 ) 1,670,234
1,912,205 (241,971 ) 1,670,234
Debt
Finance leases (3,179 ) 3,179 -
(3,179 ) 3,179 -
Total 1,909,026 (238,792 ) 1,670,234

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


1. STATUTORY INFORMATION

Ward Thomas Removals 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 Ward Thomas Removals 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 undertakings 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 represents net invoiced sales of goods and services, excluding value added tax.

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. The goodwill arising on companies acquired prior to 30 September 2005 is being amortised over 20 years. Goodwill arising on all subsequent 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold and leasehold property - Straight line over 30 years
Plant and machinery - 25% on cost
Motor vehicles - 10% to 20% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.


WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

NOTES TO THE 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 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.

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.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


2. ACCOUNTING POLICIES - continued

Exceptional items
The company classifies certain one-off charges or credits that have a material impact on the financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the company.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 11,870,460 10,558,840
Social security costs 1,113,152 984,516
Other pension costs 218,127 181,872
13,201,739 11,725,228

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

Sales and administration staff 64 60
Operations staff 241 239
305 299

2023 2022
£    £   
Directors' remuneration 143,490 119,500
Directors' pension contributions to money purchase schemes 4,321 4,789

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. AMOUNTS WRITTEN OFF INVESTMENTS
2023 2022
£    £   
Amount written off investments - 555,570

During the prior year the company wrote down its investment in Lawrence Astridge Removals Limited due to the poor performance of that company.

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 778 -
Hire purchase 65,784 34,551
66,562 34,551

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 720,987 630,546
Depreciation - assets on hire purchase contracts 515,302 401,434
Profit on disposal of fixed assets (70,674 ) (22,915 )
Goodwill amortisation 143,292 143,292
Auditors' remuneration 14,400 13,200

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 684,885 807,217

Deferred tax 443,151 256,258
Tax on profit 1,128,036 1,063,475

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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 before tax 5,803,260 5,486,130
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

1,450,815

1,042,365

Effects of:
Expenses not deductible for tax purposes - 105,558
Capital allowances in excess of depreciation (419,895 ) (153,217 )
Group relief (252,932 ) (187,489 )
Movement on deferred tax 443,151 256,258
Effect of changes in the tax rate (93,103 ) -
Total tax charge 1,128,036 1,063,475

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares shares of £1 each
Interim 1,000,000 -

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 3,466,966
AMORTISATION
At 1 October 2022 3,108,598
Amortisation for year 143,292
At 30 September 2023 3,251,890
NET BOOK VALUE
At 30 September 2023 215,076
At 30 September 2022 358,368

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


10. TANGIBLE FIXED ASSETS
Freehold
and
leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 October 2022 262,390 2,005,902 6,800,330 9,068,622
Additions 7,998 1,860,779 972,639 2,841,416
Disposals - (745,228 ) (698,156 ) (1,443,384 )
At 30 September 2023 270,388 3,121,453 7,074,813 10,466,654
DEPRECIATION
At 1 October 2022 146,486 1,385,181 4,035,187 5,566,854
Charge for year 13,335 391,575 831,379 1,236,289
Eliminated on disposal - (739,658 ) (667,077 ) (1,406,735 )
At 30 September 2023 159,821 1,037,098 4,199,489 5,396,408
NET BOOK VALUE
At 30 September 2023 110,567 2,084,355 2,875,324 5,070,246
At 30 September 2022 115,904 620,721 2,765,143 3,501,768

Included within the net book value of fixed assets is £nil (2022 £20,451) in respect of assets held under hire purchase agreements.

The net book value of fixed assets includes a further £1,933,357 (2022 £1,823,376) in respect of assets under hire purchase agreements the liabilities for which are included included in the financial statements of the immediate parent company, Master Removers Group Ltd.

11. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 1,437,381 19,711 1,457,092
PROVISIONS
At 1 October 2022
and 30 September 2023 1,220,379 - 1,220,379
NET BOOK VALUE
At 30 September 2023 217,002 19,711 236,713
At 30 September 2022 217,002 19,711 236,713

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


11. FIXED ASSET INVESTMENTS - continued

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

Moves Group Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Maitland Bell Removals 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 2 2

Net Moves Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Moves Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Moves (London) Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Tom Williams Deliveries 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 2 2

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


11. FIXED ASSET INVESTMENTS - continued

Distance 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 217,000 217,000

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 )

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,517,372 5,412,263
Due from group companies 20,972,413 18,936,685
Other debtors 551,806 394,534
Prepayments 1,231,876 859,564
28,273,467 25,603,046

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) - 3,179
Payments on account 186,728 143,897
Trade creditors 1,579,205 1,039,334
Owed to group companies 604,683 2,109,691
Corporation tax 417,013 365,059
Social security and other taxes 1,184,812 867,902
Other creditors - 3,400
Accruals and deferred income 2,671,060 2,375,778
6,643,501 6,908,240

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 3,179

Non-cancellable operating leases
2023 2022
£    £   
Within one year 2,506,624 2,361,809
Between one and five years 13,839,481 7,170,415
In more than five years 17,742,142 14,202,153
34,088,247 23,734,377

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 3,179

Amounts due under hire purchase agreements are secured on their associated assets.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,013,043 569,892

Deferred
tax
£   
Balance at 1 October 2022 569,892
Charge to Income Statement during year 443,151
Balance at 30 September 2023 1,013,043

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,882,694 Ordinary shares £1 2,882,694 2,882,694
149,315 Ordinary shares £0.01 1,493 1,493
2,884,187 2,884,187

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

At 1 October 2022 19,563,006 764,981 921,794 21,249,781
Profit for the year 4,675,224 - - 4,675,224
Dividends (1,000,000 ) - - (1,000,000 )
At 30 September 2023 23,238,230 764,981 921,794 24,925,005

19. PENSION COMMITMENTS

The company makes payments to a defined contribution pension scheme on behalf of certain employees. The contributions payable are charged to the profit and loss account as they fall due and amounted to £218,325 during the year (2022 £181,872). There were no prepaid or outstanding contributions at the year end.

20. 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 143,490 119,500
Key management personnel pension contributions 4,321 4,789

The directors of the company are considered to be the key management personnel. In addition to the above, the directors are remunerated at group level.

21. POST BALANCE SHEET EVENTS

On 31 December 2023 the company's Bishopsgate Specialist Installation division was demerged from the company into the newly formed Bishopsgate NewCo Ltd. Net assets of £1,171,440 were transferred in exchange for 100% of the issued share capital in Bishopsgate NewCo Ltd. The shareholding in Bishopsgate NewCo Ltd was subsequently transferred to the parent company by way of a dividend in specie.

WARD THOMAS REMOVALS LIMITED (REGISTERED NUMBER: 05167541)

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


22. ULTIMATE CONTROLLING PARTY

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

The ultimate parent company during the year ended 30 September 2023 was Master Removers Group 2019 Ltd.

In the opinion of the directors, no one individual has control of the ultimate parent, Master Removers Group 2019 Ltd.

On 6 February 2024 Master Removers Group 2023 Limited became the ultimate parent company.