25 false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,249,918 362,453 1,612,371 715,428 305,191 1,020,619 591,752 534,490 13,096 1,383 14,479 10,292 1,587 11,879 2,600 2,804 xbrli:pure xbrli:shares iso4217:GBP 08247219 2022-11-01 2023-10-31 08247219 2023-10-31 08247219 2022-10-31 08247219 2021-11-01 2022-10-31 08247219 2022-10-31 08247219 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-11-01 2023-10-31 08247219 core:FurnitureFittings 2022-11-01 2023-10-31 08247219 bus:Director1 2022-11-01 2023-10-31 08247219 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 08247219 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 08247219 core:FurnitureFittings 2022-10-31 08247219 core:FurnitureFittings 2023-10-31 08247219 core:WithinOneYear 2023-10-31 08247219 core:WithinOneYear 2022-10-31 08247219 core:ShareCapital 2023-10-31 08247219 core:ShareCapital 2022-10-31 08247219 core:RetainedEarningsAccumulatedLosses 2023-10-31 08247219 core:RetainedEarningsAccumulatedLosses 2022-10-31 08247219 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 08247219 core:FurnitureFittings 2022-10-31 08247219 bus:SmallEntities 2022-11-01 2023-10-31 08247219 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 08247219 bus:FullAccounts 2022-11-01 2023-10-31 08247219 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08247219 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 08247219
COMPARE MY MOVE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
COMPARE MY MOVE LIMITED
FINANCIAL STATEMENTS
Year ended 31 October 2023
CONTENTS
PAGES
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
COMPARE MY MOVE LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
591,752
534,490
Tangible assets
6
2,600
2,804
---------
---------
594,352
537,294
CURRENT ASSETS
Debtors
7
202,531
349,425
Cash at bank and in hand
1,595,415
1,078,223
------------
------------
1,797,946
1,427,648
CREDITORS: amounts falling due within one year
8
( 702,853)
( 402,247)
------------
------------
NET CURRENT ASSETS
1,095,093
1,025,401
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,689,445
1,562,695
PROVISIONS
19,786
( 23,400)
------------
------------
NET ASSETS
1,709,231
1,539,295
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
1,709,229
1,539,293
------------
------------
SHAREHOLDERS FUNDS
1,709,231
1,539,295
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COMPARE MY MOVE LIMITED
BALANCE SHEET (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr D M Sayce
Director
Company registration number: 08247219
COMPARE MY MOVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 33 Cathedral Road, Cardiff, CF11 9HB.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of commissions received from removal companies in the financial year, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 25 (2022: 17 ).
5. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 November 2022
1,249,918
Additions
362,453
------------
At 31 October 2023
1,612,371
------------
Amortisation
At 1 November 2022
715,428
Charge for the year
305,191
------------
At 31 October 2023
1,020,619
------------
Carrying amount
At 31 October 2023
591,752
------------
At 31 October 2022
534,490
------------
6. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 1 November 2022
13,096
Additions
1,383
--------
At 31 October 2023
14,479
--------
Depreciation
At 1 November 2022
10,292
Charge for the year
1,587
--------
At 31 October 2023
11,879
--------
Carrying amount
At 31 October 2023
2,600
--------
At 31 October 2022
2,804
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
48,061
9,455
Other debtors
154,470
339,970
---------
---------
202,531
349,425
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
212,499
Corporation tax
152,734
66,115
Social security and other taxes
192,298
140,015
Other creditors
145,322
196,117
---------
---------
702,853
402,247
---------
---------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within other debtors are balances totalling £139,500 (2022 - £nil) due from the director. These loans are interest free and repayable on demand.
10. RELATED PARTY TRANSACTIONS
Under Section 33 of FRS 102 Relates Party Disclosures paragraph 33.7, the company is exempt from Related Party disclosures for those related party transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by the group.
11. CONTROLLING PARTY
The company is a wholly owned subsidiary of David Sayce Holding Limited. The registered office is 33 Cathedral Road, Cardiff, United Kingdom, CF11 9HB.