REGISTERED NUMBER: 13416878 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
for |
The Moven Group Limited |
REGISTERED NUMBER: 13416878 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
for |
The Moven Group Limited |
The Moven Group Limited (Registered number: 13416878) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Statement of Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 13 |
Company Statement of Financial Position | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Statement of Cash Flows | 18 |
Notes to the Consolidated Financial Statements | 20 |
The Moven Group Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1, The Green |
Richmond |
TW9 1PL |
The Moven Group Limited (Registered number: 13416878) |
Group Strategic Report |
for the Year Ended 30 June 2023 |
Introduction |
The directors present their strategic report of the company and the group for the period 01 July 2022 to 30 June 2023. |
Principal activities |
The principal activity of the group in the period under review was that of helping support low-income households to improve the efficiency of their homes as part of a government initiative to reduce the amount of carbon dioxide in the atmosphere. This is achieved through on site energy projects internally managed. |
REVIEW OF BUSINESS |
The results for the group show a pre-tax profit of £1,140,623 (2022: £5,395,458) and turnover of £18,773,989 (2022: £22,421,945). Operating profit for the year is £1,101,511 (2022: £5,412,737). Administrative expenses were £4,047,156 (2022: £5,198,667). However, the group will continue to focus on cost monitoring in response to the difficult future market conditions. |
The directors believe the effect of the UK leaving the EU, should have limited impact on group based on geographical diversity of it operations. However due to the current uncertainty and changes to UK businesses, the director will continue to review and adapt to the risk of potential changes as result of the UK's exit from the EU. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the group are reviewed in detail by the directors and no material additional risk or uncertainty has been identified other than those detailed below. These risks are broadly accompanied with competitive, operational and financial risks. The directors risk management objectives consist of identifying and monitoring those risks which could have an adverse impact on the company assets, profitability or cash flows. |
The group is exposed to financial risks including credit risk, liquidity risk, and market risk, arising from the group's normal business activities. These risks and the group's approach to dealing with them are discussed below. |
Competitive risk |
The group operates within the ECO industry where we strive to deliver funded home energy upgrades for eligible customers nationwide. The markets remain competitive with price and margin fluctuation, which are dependent on relationships with key suppliers. Additionally, the uncertain surrounding the economy due to the direct result of the United Kingdom's exit remain prominent factors factoring affecting the sector. |
Operational risk |
The main operational risk relating to the company's operations are through relationships with the customers and quality of products to client specifications. The company's ability to provide products to its customers depends on maintaining relationship. The overall risk is mitigated by ensuring that the orders are delivered to client's specification and quality products to the company to enable operations to grow. |
The Moven Group Limited (Registered number: 13416878) |
Group Strategic Report |
for the Year Ended 30 June 2023 |
Price risk |
The group's exposure to price risk is based on its target to introduce energy efficient measures to British homes. The fluctuation has impact on the company margins and profitability. There is also some exposure product price risk based on its operations. The directors manage exposure based on working with its supplier in and controlling purchasing volumes and providing high level of service to customers. The group directors ensure they review and manage their policies to controls the level of risk through diversification of products' they provide. |
Foreign exchange risks |
As a matter of policy, the group choose not to currently use financial derivatives or currency hedging to manage its exposure and the directors review exposures to risk and review currency fluctuations on an ongoing basis to ensure any adverse effect limited. |
Credit risk |
The group's principal financial assets are bank balances, trade and other receivables. The group's credit risk is primarily attributable to its trade receivables and balances from the related parties. The group gives significant attention to credit risk and manages the risk though credit control procedures to ensure that credit risk is at an acceptable level for its future operations. |
Liquidity Risk |
Liquidity risk is the risk that insufficient working capital will be generated by the group's business activities and that in this event suitable sources of funding may not be available. The group ensures that sufficient cash is available to fund on- going operations and has sufficient cash reserves for its operations. The group controls this risk by maintaining appropriate inventory levels by operating a policy of buying inventory against confirmed customer orders and also exercises effective credit management. |
KEY PERFORMANCE INDICATORS |
The directors of the group use a variety of financial performance indicators, including turnover, total operating profit, profit after tax, shareholders fund and average employees. These are reviewed and assessed quarterly by the board and appropriate action taken to ensure growth targets are being achieved. |
The group's key financial and non-performance indicator for the year are as follows: |
£ |
Turnover | 18,773,989 (2022: £22,421,945) |
Operating Profit | 1,101,511 (2022: £5,412,737) |
Profit after tax | 915,594 (2022: £4,387,027) |
Shareholders' Funds | 11,082,550 (2022: £11,388,786) |
Average employees | 37 (2022: 37) |
The Moven Group Limited (Registered number: 13416878) |
Group Strategic Report |
for the Year Ended 30 June 2023 |
FINANCIAL INSTRUMENTS |
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling and foreign currency for which company minimise exposure to exchange rate volatility through its internal management processes.The group does not enter into any formally designated hedging arrangements. |
ON BEHALF OF THE BOARD: |
The Moven Group Limited (Registered number: 13416878) |
Report of the Directors |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of helping support low-income households to improve the efficiency of their homes as part of a government initiative to reduce the amount of carbon dioxide in the atmosphere. This is achieved through on site energy projects internally managed. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2023 will be £ 1,143,100 . |
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 July 2022 to the date of this report. |
GOING CONCERN |
The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment for a period of at least one year from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' 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; |
- | 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. |
The Moven Group Limited (Registered number: 13416878) |
Report of the Directors |
for the Year Ended 30 June 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Feltons Chartered Accountants & Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
The Moven Group Limited |
Opinion |
We have audited the financial statements of The Moven Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 June 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. |
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. |
Report of the Independent Auditors to the Members of |
The Moven Group Limited |
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 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 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 |
The Moven Group Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures inline with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
. We assessed the risk of material misstatement of the financial statements, including the risk of material |
misstatement due to fraud and how it might occur, by holding discussions with management and those |
charged with governance. |
. We obtained an understanding of laws and regulations that could reasonably be expected to have a |
material effect on the financial statements through discussion with management and those charged with |
governance, including financial reporting and taxation legislation. We considered that extent of compliance |
with those laws and regulations as part of our procedures on the related financial statement items. |
. We inquired of management and those charged with governance as to any known instances of noncompliance |
or suspected non-compliance with laws and regulations. We remained alert to any indications |
of non-compliance throughout the audit. |
. We addressed the risk of fraud through management override by reviewing the appropriateness of a |
sample of journal entries and other adjustments; assessing whether the judgements made in making key |
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 that we come across |
throughout the audit. |
However, the primary responsibility for the prevention and detection of fraud rests with both management and those |
charged with governance of the company. Our examination should not be relied upon to disclose all such material |
misstatements or frauds, errors or instances of non-compliance as may exist. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those |
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases |
the more that compliance with a law or regulation is removed from the events and transactions reflected in |
the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also |
greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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. |
Report of the Independent Auditors to the Members of |
The Moven Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
1, The Green |
Richmond |
TW9 1PL |
The Moven Group Limited (Registered number: 13416878) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 30 June 2023 |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
Notes | £ | £ |
TURNOVER | 18,773,989 | 22,421,945 |
Cost of sales | (13,625,322 | ) | (11,810,541 | ) |
GROSS PROFIT | 5,148,667 | 10,611,404 |
Administrative expenses | (4,047,156 | ) | (5,198,667 | ) |
OPERATING PROFIT | 4 | 1,101,511 | 5,412,737 |
Interest receivable and similar income | 65,925 | 5 |
1,167,436 | 5,412,742 |
Interest payable and similar expenses | 6 | (26,813 | ) | (17,284 | ) |
PROFIT BEFORE TAXATION | 1,140,623 | 5,395,458 |
Tax on profit | 7 | (225,029 | ) | (1,008,431 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Reserves movements | - | 696,106 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
696,106 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
915,594 |
5,083,133 |
Profit attributable to: |
Owners of the parent | 836,864 | 4,330,513 |
Non-controlling interests | 78,730 | 56,514 |
915,594 | 4,387,027 |
Total comprehensive income attributable to: |
Owners of the parent | 836,864 | 5,026,619 |
Non-controlling interests | 78,730 | 56,514 |
The Moven Group Limited (Registered number: 13416878) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 30 June 2023 |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
915,594 | 5,083,133 |
The Moven Group Limited (Registered number: 13416878) |
Consolidated Statement of Financial Position |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 127,168 | 22,500 |
Tangible assets | 11 | 983,041 | 726,417 |
Investments | 12 | - | - |
1,110,209 | 748,917 |
CURRENT ASSETS |
Debtors | 13 | 1,032,878 | 489,391 |
Cash at bank | 13,282,496 | 14,115,430 |
14,315,374 | 14,604,821 |
CREDITORS |
Amounts falling due within one year | 14 | (4,506,287 | ) | (3,897,825 | ) |
NET CURRENT ASSETS | 9,809,087 | 10,706,996 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,919,296 |
11,455,913 |
CREDITORS |
Amounts falling due after more than one year | 15 | - | (10,613 | ) |
NET ASSETS | 10,919,296 | 11,445,300 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 10 | 10 |
Capital reserves | 18 | 6,937,157 | 6,937,157 |
Retained earnings | 18 | 4,145,383 | 4,451,619 |
SHAREHOLDERS' FUNDS | 11,082,550 | 11,388,786 |
NON-CONTROLLING INTERESTS | 19 | (163,254 | ) | 56,514 |
TOTAL EQUITY | 10,919,296 | 11,445,300 |
The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by: |
S Copeland - Director |
The Moven Group Limited (Registered number: 13416878) |
Company Statement of Financial Position |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 10,052,969 | 575,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Moven Group Limited (Registered number: 13416878) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Capital |
capital | earnings | reserves |
£ | £ | £ |
Changes in equity |
Issue of share capital | 10 | - | - |
Dividends | - | (575,000 | ) | - |
Total comprehensive income | - | 5,026,619 | 6,937,157 |
Balance at 30 June 2022 | 10 | 4,451,619 | 6,937,157 |
Changes in equity |
Dividends | - | (1,143,100 | ) | - |
Total comprehensive income | - | 836,864 | - |
Balance at 30 June 2023 | 10 | 4,145,383 | 6,937,157 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 10 | - | 10 |
Dividends | (575,000 | ) | - | (575,000 | ) |
Total comprehensive income | 11,963,776 | 56,514 | 12,020,290 |
Balance at 30 June 2022 | 11,388,786 | 56,514 | 11,445,300 |
Changes in equity |
Dividends | (1,143,100 | ) | (298,498 | ) | (1,441,598 | ) |
Total comprehensive income | 836,864 | 78,730 | 915,594 |
Balance at 30 June 2023 | 11,082,550 | (163,254 | ) | 10,919,296 |
The Moven Group Limited (Registered number: 13416878) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
The Moven Group Limited (Registered number: 13416878) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2023 |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,150,598 | 15,616,050 |
Interest paid | - | (15,903 | ) |
Interest element of hire purchase payments paid |
(2,221 |
) |
(1,381 |
) |
Finance costs paid | (24,592 | ) | - |
Tax paid | (1,422,974 | ) | - |
Net cash from operating activities | 700,811 | 15,598,766 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (122,300 | ) | (30,000 | ) |
Purchase of tangible fixed assets | (459,651 | ) | (412,833 | ) |
Assets on acquisition of subsidiary | - | (495,262 | ) |
Interest received | 65,925 | 5 |
Net cash from investing activities | (516,026 | ) | (938,090 | ) |
Cash flows from financing activities |
Loans on acquisition of subsidiary | - | 26,923 |
Capital repayments in year | (19,004 | ) | - |
Amount introduced by directors | 768,647 | - |
Amount withdrawn by directors | (624,262 | ) | 2,821 |
Share issue | - | 10 |
Equity dividends paid | (1,143,100 | ) | (575,000 | ) |
Net cash from financing activities | (1,017,719 | ) | (545,246 | ) |
(Decrease)/increase in cash and cash equivalents | (832,934 | ) | 14,115,430 |
Cash and cash equivalents at beginning of year |
2 |
14,115,430 |
- |
Cash and cash equivalents at end of year | 2 | 13,282,496 | 14,115,430 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Profit before taxation | 1,140,623 | 5,395,458 |
Depreciation charges | 220,660 | 134,665 |
Profit acquired from subsidiary | - | 9,962,878 |
Dividend paid to non-controlling | (298,498 | ) | (618,410 | ) |
Interest expense | 24,478 | - |
Finance costs | 26,813 | 17,284 |
Finance income | (65,925 | ) | (5 | ) |
1,048,151 | 14,891,870 |
Increase in trade and other debtors | (543,489 | ) | (489,391 | ) |
Increase in trade and other creditors | 1,645,936 | 1,213,571 |
Cash generated from operations | 2,150,598 | 15,616,050 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 13,282,496 | 14,115,430 |
Period ended 30 June 2022 |
30.6.22 | 24.5.21 |
£ | £ |
Cash and cash equivalents | 14,115,430 | - |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank | 14,115,430 | (832,934 | ) | 13,282,496 |
14,115,430 | (832,934 | ) | 13,282,496 |
Debt |
Finance leases | (26,923 | ) | 19,004 | (7,919 | ) |
(26,923 | ) | 19,004 | (7,919 | ) |
Total | 14,088,507 | (813,930 | ) | 13,274,577 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
The Moven Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: |
(a) Disclosures in respect of each class of share capital have not been presented. |
(b) No cash flow statement has been presented for the company. |
(c) Disclosures in respect of financial instruments have not been presented. |
(d) No disclosure has been given for the aggregate remuneration of key management personnel. |
BASIS OF CONSOLIDATION |
The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between the group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combination using the purchase method. In the balance sheet, the acquiree's identifiable assets and liabilities are recognised at the book value at the acquisition date. The result of the acquired operations are included in the consolidated income statement from the date control is obtained. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the installation of energy efficient devices and related construction work as specified in the strategic report is recognised when all the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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. |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Depreciation |
Asset class | Depreciation method and rate |
Office equipment | 25% on RB Method, 33% on SL Method and 10% on SL Method |
Motor vehicle | 25% on RB Method |
Computer equipment | 33% on SL Method |
At each balance sheet date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
CASH AND CASH EQUIVALENTS |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
TRADE DEBTORS |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
TRADE CREDITORS |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
INVESTMENTS |
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognized in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. |
GOING CONCERN |
The Financial Statements of the company have been prepared on a going concern basis. The Group made a profit in the year of £915,594 (2022: £4,387,027), has net current assets of £9,809,087 (2022: £10,706,996), has net assets of £10,919,296 (2022: 11,445,300) and has cash at Bank and in hand of £13,282,496 (2022: £14,115,430). |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees by undertakings that were proportionately consolidated during the period was 37 (2022: 37). |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Directors' remuneration | 6,534 | 6,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Hire of plant and machinery | 66,123 | 50,260 |
Other operating leases | 105,966 | 119,085 |
Depreciation - owned assets | 203,027 | 127,166 |
Computer software amortisation | 17,632 | 7,500 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | AUDITORS' REMUNERATION |
Fees payable to the auditors for the audit of the group's financial statements is £22,000. |
Fees payable to the auditors for the audit of the company's financial statements is £4,000. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Interest on PAYE | 114 | - |
Interest on late tax | 24,478 | 15,903 |
Hire purchase | 2,221 | 1,381 |
26,813 | 17,284 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax | 225,029 | 1,008,431 |
Tax on profit | 225,029 | 1,008,431 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 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: |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Profit before tax | 1,140,623 | 5,395,458 |
Profit multiplied by the standard rate of corporation tax in the UK of 20.614 % (2022 - 15.681 %) |
235,128 |
846,062 |
Effects of: |
Expenses not deductible for tax purposes | 45,230 | 3,858 |
Capital allowances in excess of depreciation | (55,329 | ) | - |
Depreciation in excess of capital allowances | - | 158,511 |
Total tax charge | 225,029 | 1,008,431 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 30 June 2023. |
24.5.21 to 30.6.22 |
Gross | Tax | Net |
£ | £ | £ |
Profit and loss account | 696,106 | - | 696,106 |
Capital reserves | 6,937,157 | - | 6,937,157 |
7,633,263 | - | 7,633,263 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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 |
Period |
24.5.21 |
Year ended | to |
30.6.23 | 30.6.22 |
£ | £ |
Final | 1,143,100 | 575,000 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 July 2022 | 30,000 |
Additions | 122,300 |
At 30 June 2023 | 152,300 |
AMORTISATION |
At 1 July 2022 | 7,500 |
Amortisation for year | 17,632 |
At 30 June 2023 | 25,132 |
NET BOOK VALUE |
At 30 June 2023 | 127,168 |
At 30 June 2022 | 22,500 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 | 625,726 | 223,190 | 59,179 | 908,095 |
Additions | 145,437 | 261,324 | 52,890 | 459,651 |
At 30 June 2023 | 771,163 | 484,514 | 112,069 | 1,367,746 |
DEPRECIATION |
At 1 July 2022 | 104,732 | 54,626 | 22,320 | 181,678 |
Charge for year | 106,864 | 73,087 | 23,076 | 203,027 |
At 30 June 2023 | 211,596 | 127,713 | 45,396 | 384,705 |
NET BOOK VALUE |
At 30 June 2023 | 559,567 | 356,801 | 66,673 | 983,041 |
At 30 June 2022 | 520,994 | 168,564 | 36,859 | 726,417 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Shares in subsidiaries | 10 | 10 |
The group's investments at the Statement of Financial Position date in the share capital of companies include the following: |
SFA Consult Limited |
Registered office: 9 Ramside Park, Durham, England, DH1 1NS |
Nature of business: Environmental consultancy |
Class of shares: Holding |
Ordinary share capital 100.00 % |
UK Energy Management (NE) Limited |
Registered office: 9 Ramside Park, Durham, England, DH1 1NS |
Nature of business: Support low-income households to improve efficiency of their homes and reduce amount of carbon dioxide in the atmosphere |
Class of shares: Holding |
Ordinary share capital 91.00 % by SFA Consult Limited |
Results of both the above entity are included in the group accounts. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 426,258 | 90,578 |
Other debtors | 606,620 | 398,813 |
1,032,878 | 489,391 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 16) | 7,919 | 16,310 |
Trade creditors | 1,308,866 | 223,548 |
Amounts owed to associates | - | - | 145,300 | - |
Corporation tax | 1,491,656 | 2,665,124 |
Social security and other tax | 91,018 | 22,725 |
VAT | 929,918 | 711,816 | - | - |
Other creditors | 6,885 | 4,796 |
Directors' current accounts | 147,205 | 2,820 | 145,445 | - |
Accruals | 522,820 | 250,686 |
4,506,287 | 3,897,825 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 16) | - | 10,613 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 7,919 | 16,310 |
Between one and five years | - | 10,613 |
7,919 | 26,923 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | 1 | 10 | 10 |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
18. | RESERVES |
Group |
Retained | Capital |
earnings | reserves | Totals |
£ | £ | £ |
At 1 July 2022 | 4,451,619 | 6,937,157 | 11,388,776 |
Profit for the year | 836,864 | 836,864 |
Dividends | (1,143,100 | ) | (1,143,100 | ) |
At 30 June 2023 | 4,145,383 | 6,937,157 | 11,082,540 |
Company |
Retained |
earnings |
£ |
Profit for the year |
Dividends | ( |
) |
At 30 June 2023 |
19. | NON-CONTROLLING INTERESTS |
CS Project Services Ltd who holds 90 Ordinary B shares in UK Energy Management (NE) Limited holds the non-controlling interests. |
20. | OTHER FINANCIAL COMMITMENTS |
The total of future minimum lease payments under non-cancellable operating leases as at 30 June 2023 are as below: |
- Not later than one year: £210,073 (2022: £218,583). |
- Later than one year and not later than five years: £31,868 (2022: £9,902) |
21. | RELATED PARTY DISCLOSURES |
As at the balance sheet date the total amount due from Moven 17 Ltd, a company related by way of sharing a director, was £556,609 (2022: £243,652). This loan is interest free and repayable on demand. |
As at the balance date, the total amount due to the director S Copeland was £147,130 (2022: £2,820) and to N Copeland £73 (2022: Nil). |
During the year, company paid dividend of £ 1,143,100 (2022: £575,000) to the shareholders. |
22. | POST BALANCE SHEET EVENTS |
The 9,100 ordinary shares held by SFA Consult Limited in UK Energy Management (NE) Limited were |
transferred to The Moven Group Limited in April 2024. |
The Moven Group Limited (Registered number: 13416878) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are Steven Copeland and Nina Copeland who owns the entire share capital of The Moven Group Limited. |