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Registration number: 11393398

Commercial Moving Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Commercial Moving Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Commercial Moving Services Ltd

Company Information

Directors

Mrs Tracey Brown

Mr Anthony Brown

Registered office

Unit 5 Capitol Trading Park
Kirkby Bank Road
Knowsley
Merseyside
L33 7SY

Accountants

HART ACCOUNTING
3 Lennox Avenue
Wallasey
Wirral
CH45 5AL

 

Commercial Moving Services Ltd

(Registration number: 11393398)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

750

Tangible assets

5

123,178

110,950

Other financial assets

6

12,240

12,240

 

135,418

123,940

Current assets

 

Debtors

7

187,644

145,040

Cash at bank and in hand

 

228,125

175,684

 

415,769

320,724

Creditors: Amounts falling due within one year

8

(196,167)

(110,192)

Net current assets

 

219,602

210,532

Total assets less current liabilities

 

355,020

334,472

Creditors: Amounts falling due after more than one year

8

(39,828)

(59,665)

Net assets

 

315,192

274,807

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

315,191

274,806

Shareholders' funds

 

315,192

274,807

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Commercial Moving Services Ltd

(Registration number: 11393398)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 25 October 2024 and signed on its behalf by:
 

.........................................
Mrs Tracey Brown
Director

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 5 Capitol Trading Park
Kirkby Bank Road
Knowsley
Merseyside
L33 7SY
England

These financial statements were authorised for issue by the Board on 25 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles, Fixtures & Fittings , Plant & Machinery

25% reducing balance

Leased plant

Straight line over the lease term

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

Straight line amortisation, over four years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an 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 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 are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

3,000

3,000

At 31 March 2024

3,000

3,000

Amortisation

At 1 April 2023

2,250

2,250

Amortisation charge

750

750

At 31 March 2024

3,000

3,000

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

750

750

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Leased plant
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

23,000

42,313

119,081

6,904

191,298

Additions

-

825

54,110

-

54,935

Disposals

-

(494)

(8,500)

(2,193)

(11,187)

At 31 March 2024

23,000

42,644

164,691

4,711

235,046

Depreciation

At 1 April 2023

6,334

18,870

51,169

3,975

80,348

Charge for the year

2,000

6,021

29,834

316

38,171

Eliminated on disposal

-

(310)

(5,811)

(530)

(6,651)

At 31 March 2024

8,334

24,581

75,192

3,761

111,868

Carrying amount

At 31 March 2024

14,666

18,063

89,499

950

123,178

At 31 March 2023

16,666

23,443

67,912

2,929

110,950


Premises
Rent payments in respect of the business premises have been expensed.

6

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

12,240

12,240

At 31 March 2024

12,240

12,240

Impairment

Carrying amount

At 31 March 2024

12,240

12,240

Other financial assets includes security deposits.

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

174,406

115,489

Prepayments

10,094

2,766

Other debtors

3,144

26,785

 

187,644

145,040

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,212

5,309

Trade creditors

 

50,344

7,305

Taxation and social security

 

111,895

87,625

Accruals and deferred income

 

27,719

22,144

Other creditors

 

997

(12,191)

 

196,167

110,192

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

39,828

59,665

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

21,667

31,666

Finance lease liabilities

18,161

27,999

39,828

59,665

2024
£

2023
£

Current loans and borrowings

Other borrowings

5,212

5,309

Other borrowings £5212 (£5309 2023) comprise loans from directors.

Bank borrowings

Government backed loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 12 May 2026. The carrying amount at year end is £21,666 (2023 - £31,666).

Repayments commenced June 2021, per loan agreement.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

59,538

58,755

Later than one year and not later than five years

101,842

39,170

161,380

97,925

 

Commercial Moving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Obligations under leases and hire purchase contracts (continued)

The amount of non-cancellable operating lease payments recognised as an expense during the year was £58,755 (2023 - £58,755).

Operating leases comprise a business premises 5 year, December 2021 lease.

12

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £935.00 (2023 - £615.00) per ordinary share

 

93,500

 

61,500

         

13

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr Anthony Brown

Temporary interest free loan to director

-

2,343

2,343

-

-

-

 

-

2,343

2,343

     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,670

20,972

Contributions paid to money purchase schemes

40,000

39,000

61,670

59,972