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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: T Bloch
C A S Rickards
A Ward Thomas
I E R Wason





SECRETARY: J Kok





REGISTERED OFFICE: 141 Acton Lane
London
NW10 7PB





REGISTERED NUMBER: 11800346 (England and Wales)





AUDITORS: Fawcetts LLP
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:





C A S Rickards - Director


21 August 2024

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.

T Bloch
C A S Rickards
A Ward Thomas
I E R Wason

Other changes in directors holding office are as follows:

R M Henry ceased to be a director after 30 September 2023 but prior to the date of this report.

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:





C A S Rickards - Director


21 August 2024

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.




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

21 August 2024

MASTER REMOVERS GROUP 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 1,477,789 2,624,857
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 75,267 -
Investments 12 36,655,083 34,785,232
36,730,350 34,785,232

CURRENT ASSETS
Debtors 13 48,399 310,840
Cash at bank 13,254 5,582
61,653 316,422
CREDITORS
Amounts falling due within one year 14 16,598,776 15,642,617
NET CURRENT LIABILITIES (16,537,123 ) (15,326,195 )
TOTAL ASSETS LESS CURRENT LIABILITIES 20,193,227 19,459,037

CREDITORS
Amounts falling due after more than one
year

15

4,284,242

5,403,271
NET ASSETS 15,908,985 14,055,766

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 21 125,399 (1,642,670 )
SHAREHOLDERS' FUNDS 15,908,985 14,055,766

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 21 August 2024 and were signed on its behalf by:





C A S Rickards - Director


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 4,705,456 8,078 10,915,747 67,233 15,696,514

Changes in equity
Issue of share capital 2,378 - - - 2,378
Dividends - (1,299,999 ) - - (1,299,999 )
Total comprehensive income - (350,749 ) - 7,622 (343,127 )
Balance at 30 September 2022 4,707,834 (1,642,670 ) 10,915,747 74,855 14,055,766

Changes in equity
Issue of share capital 66,654 - 11,400 - 78,054
Dividends - (1,000,000 ) - - (1,000,000 )
Total comprehensive income - 2,768,069 - 7,096 2,775,165
Balance at 30 September 2023 4,774,488 125,399 10,927,147 81,951 15,908,985

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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 under the historical cost convention.

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
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
-
25% on cost, 20% on cost, Not depreciated and Straight line over 30 years
Short leasehold - Over the remaining term of the lease
Plant and machinery - 25% on reducing balance, 25% on cost, 20% to 50% on cost and 15% on reducing balance
Motor vehicles - 25% on cost, 25% on reducing balance, 20% on cost and 10% to 20% on 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
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
532 479

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 15,000 68,634 83,634
Disposals - (4,000 ) (4,000 )
At 30 September 2023 15,000 64,634 79,634
DEPRECIATION
Charge for year 3,600 767 4,367
At 30 September 2023 3,600 767 4,367
NET BOOK VALUE
At 30 September 2023 11,400 63,867 75,267

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 34,785,232
Additions 1,869,851
At 30 September 2023 36,655,083
NET BOOK VALUE
At 30 September 2023 36,655,083
At 30 September 2022 34,785,232

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

Subsidiaries

Master Removers Group Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Distribution, removals and storage
%
Class of shares: holding
Ordinary, Ordinary A, B and C 100.00
2023 2022
£    £   
Aggregate capital and reserves 10,902,091 11,884,407
Profit/(loss) for the year 2,036,549 (814,940 )

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

Gentleman & A Van Group Ltd
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
A & B Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (95,760 ) 181,468
(Loss)/profit for the year (277,228 ) 47,826

Burke & Wills Removals Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 545,209
Profit for the year 165,260


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 6,069,981 5,629,296 3,850 -
Due from group companies - - 38,428 322
Other debtors 579,846 401,284 - -
Prepayments 1,908,366 1,635,841 6,121 310,518
8,558,193 7,666,421 48,399 310,840

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) 1,303,356 836,667 420,537 -
Payments on account 387,407 390,128 - -
Trade creditors 1,976,510 1,240,089 6,515 -
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 (13,968 ) -
Other creditors 864,844 868,244 - -
Accruals and deferred income 3,908,622 3,829,826 82,848 86,274
10,913,337 9,105,286 16,598,776 15,642,617

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 3,648,233 5,403,271
Hire purchase contracts (see note 17) 1,525,405 946,497 636,009 -
5,173,638 6,349,768 4,284,242 5,403,271

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 420,537 -
Between one and five years 636,009 -
1,056,546 -

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: £    £   
3,207,834 Ordinary £1 3,274,487 3,207,834
1,500,000 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 (1,642,670 ) 10,915,747 74,855 9,347,932
Profit for the year 2,810,645 2,810,645
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 125,399 10,927,147 81,951 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.