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Registered number: 12968664
Qmover MFS Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3—4
Independent Auditor's Report 5—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15—23
Page 1
Company Information
Directors Mr G C Dolman
Mr M J Dolman
Mr P R Clews
Mrs H C Edwards
Mr A Gurney
Secretary Mr A Gurney
Company Number 12968664
Registered Office Rylance Farm Ind Est
Walton Lane
Barton Under Needwood
Burton-On-Trent
DE13 8EJ
Auditors Harrison Partners Limited
Masonic Building
9 Mill Street
Sutton Coldfield
West Midlands
B72 1TJ
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 October 2023.
Principal Activity
The principal activity of the group continues to be the wholesale and distribution of food.
Review of the Business
During the year the group achieved a turnover of £21.6 million (2022 £23.1 million), with margins reducing slightly to 6.9% (2022: 7.1%).  This decline in turnover and margins reflects a general decline within the ethnic restaurant and takeaway sector serviced by the group.  In addition, the group also experienced an increase in costs, particularly fuel, labour, energy and vehicle costs.  These cost rises, together with bad debts, have contributed to the group making a post tax loss of £143,103 during the year (2022: £186,832 profit).
Principal Risks and Uncertainties
The group has credit risk in respect of trade debtors, which it manages through its credit control processes and close monitoring of customer credit limits.  To reduce credit risk, the group is increasing the proportion of customers who pay by way of direct debit.
The group benefits from credit terms with key suppliers.  If suppliers' credit insurers deem it necessary to reduce credit limits, this might impact cashflow.  However, the group would seek to mitigate this by ceasing trade in certain markets and making further cost reductions.
Future Developments
The group has now implemented a strategic shift to focus on other markets.  In particular, the group has now entered into the residential care market and this has yeilded promising results, with new customer accounts being acquired.  The group has also been accepted onto the NHS Supply Chain, Direct Framework, which offers opportunities to diversify the customer base.  Finally, the group has commenced a cost reduction exercise and this is contributing to post year end profit improvements.
On behalf of the board
Mr G C Dolman
Director
31 October 2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 October 2023.
Dividends
The value of dividends paid amounted to £60,000 .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
Mr G C Dolman
Mr M J Dolman
Mr P R Clews
Mrs H C Edwards
Mr A Gurney
Going Concern
The financial statements of the group show a consolidated loss of £143,103 (2022: £186,832 profit).  However, in the period up to the latest available management accounts, the group has returned to profit and is forecast to be profitable for a period of at least 12 months from the approval of these financial statements.  On this basis, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and 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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
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Page 4
Independent Auditors
The auditors, Harrison Partners Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr G C Dolman
Director
31 October 2024
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Qmover MFS Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 October 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 October 2023 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report 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 parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 or 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.
Page 5
Page 6
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, 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 is 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 and 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.
Auditor's 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 an auditor's report 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: 
We identified the laws and regulations applicable to the group through discussions with the directors and other management and from our commercial knowledge and experience of the food distribution industry. We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the specific laws and regulations that have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and UK GAAP, FRS102 in particular. We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and ensuring proper policies and procedures are in place. Moreover, the laws and regulations were communicated to the audit team who remained alert to instances of non-compliance throughout the audit. We also assessed the susceptibility of the company's financial statements to material misstatement by making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual or suspected frauds and through a consideration of the internal controls that might mitigate the risk of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and the override of controls, we performed substantive testing of material balance sheet assets and liabilities, plus directional testing of revenue, expenses and payroll.  There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The prior period's financial statements were not audited.
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 that we are required to state to them in an auditor's report 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.
Neil Harrison (Senior Statutory Auditor)
for and on behalf of Harrison Partners Limited , Statutory Auditor
31 October 2024
Harrison Partners Limited
Masonic Building
9 Mill Street
Sutton Coldfield
West Midlands
B72 1TJ
Page 6
Page 7
Consolidated Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3 21,621,033 23,089,355
Cost of sales (20,119,215 ) (21,438,960 )
GROSS PROFIT 1,501,818 1,650,395
Distribution costs (652,783 ) (676,338 )
Administrative expenses (1,054,445 ) (732,867 )
Other operating income 100 -
OPERATING (LOSS)/PROFIT 5 (205,310 ) 241,190
Profit on disposal of fixed assets 42,023 -
Other interest receivable and similar income 10 2 -
Interest payable and similar charges 11 - (1,121 )
(LOSS)/PROFIT BEFORE TAXATION (163,285 ) 240,069
Tax on (Loss)/profit 12 20,182 (53,237 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (143,103 ) 186,832
All of the activities of the group are classed as continuing.
The notes on pages 14 to 23 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2023 2022
£ £
LOSS FOR THE FINANCIAL YEAR (143,103 ) 186,832
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (143,103 ) 186,832
Page 8
Page 9
Consolidated Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 13 122,325 137,025
Tangible Assets 14 265,936 215,102
388,261 352,127
CURRENT ASSETS
Stocks 16 537,174 1,142,188
Debtors 17 1,186,051 1,331,937
Cash at bank and in hand 112,779 27,925
1,836,004 2,502,050
Creditors: Amounts Falling Due Within One Year 18 (2,116,712 ) (2,437,697 )
NET CURRENT ASSETS (LIABILITIES) (280,708 ) 64,353
TOTAL ASSETS LESS CURRENT LIABILITIES 107,553 416,480
Creditors: Amounts Falling Due After More Than One Year 19 (185,277 ) (270,813 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (11,547 ) (31,835 )
NET (LIABILITIES)/ASSETS (89,271 ) 113,832
CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Profit and Loss Account (90,271 ) 112,832
SHAREHOLDERS' FUNDS (89,271) 113,832
The financial statements were approved by the board of directors on 31 October 2024 and were signed on its behalf by:
Mr G C Dolman
Director
31 October 2024
The notes on pages 14 to 23 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 13 42,000 47,250
Tangible Assets 14 227,003 167,552
Investments 15 1 1
269,004 214,803
CURRENT ASSETS
Stocks 16 527,412 1,131,120
Debtors 17 1,128,344 1,245,198
Cash at bank and in hand 102,462 4,910
1,758,218 2,381,228
Creditors: Amounts Falling Due Within One Year 18 (2,029,727 ) (2,330,749 )
NET CURRENT ASSETS (LIABILITIES) (271,509 ) 50,479
TOTAL ASSETS LESS CURRENT LIABILITIES (2,505 ) 265,282
Creditors: Amounts Falling Due After More Than One Year 19 - (85,535 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (11,547 ) (31,835 )
NET (LIABILITIES)/ASSETS (14,052 ) 147,912
CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Profit and Loss Account (15,052 ) 146,912
SHAREHOLDERS' FUNDS (14,052) 147,912
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's (loss)/profit for the year was £(101,964 ) (2022: £ 220,912 profit).
The financial statements were approved by the board of directors on 31 October 2024 and were signed on its behalf by:
Mr G C Dolman
Director
31 October 2024
The notes on pages 14 to 23 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 November 2021 49 - 49
Profit for the year and total comprehensive income - 186,832 186,832
Dividends paid - (74,000) (74,000)
Arising on shares issued during the period 951 - 951
As at 31 October 2022 and 1 November 2022 1,000 112,832 113,832
Loss for the year and total comprehensive income - (143,103 ) (143,103)
Dividends paid - (60,000) (60,000)
As at 31 October 2023 1,000 (90,271 ) (89,271)
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 November 2021 50 - 50
Profit for the year and total comprehensive income - 220,912 220,912
Dividends paid - (74,000) (74,000)
Arising on shares issued during the period 950 - 950
As at 31 October 2022 and 1 November 2022 1,000 146,912 147,912
Loss for the year and total comprehensive income - (101,964 ) (101,964)
Dividends paid - (60,000) (60,000)
As at 31 October 2023 1,000 (15,052 ) (14,052)
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Consolidated Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 312,571 329,440
Interest paid - (1,121 )
Tax paid (21,508 ) -
Net cash generated from operating activities 291,063 328,319
Cash flows from investing activities
Purchase of intangible assets - (147,000 )
Purchase of tangible assets (180,818 ) (258,568 )
Proceeds from disposal of tangible assets 120,143 -
Purchase of investment in subsidiary undertaking - (1 )
Interest received 2 -
Net cash used in investing activities (60,673 ) (405,569 )
Cash flows from financing activities
Proceeds from issue of share capital - 951
Equity dividends paid (60,000 ) (74,000 )
Amount introduced by directors - 127,990
Amount withdrawn by directors (85,536) -
Net cash (used in)/generated from financing activities (145,536 ) 54,941
Increase/(decrease) in cash and cash equivalents 84,854 (22,309 )
Cash and cash equivalents at beginning of year 2 27,925 50,234
Cash and cash equivalents at end of year 2 112,779 27,925
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from operations
2023 2022
£ £
(Loss)/profit for the financial year (143,103 ) 186,832
Adjustments for:
Tax on (loss)/profit (20,182 ) 53,237
Interest expense - 1,121
Interest income (2 ) -
Amortisation of intangible assets 14,700 9,975
Depreciation of tangible assets 51,864 43,466
Profit on disposal of tangible assets (42,023) -
Movements in working capital:
Decrease/(increase) in stocks 605,014 (1,142,188 )
Decrease/(increase) in trade and other debtors 145,886 (1,331,937 )
(Decrease)/increase in trade and other creditors (299,583 ) 2,508,934
Net cash generated from operations 312,571 329,440
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 112,779 27,925
3. Analysis of changes in net funds
As at 1 November 2022 Cash flows As at 31 October 2023
£ £ £
Cash at bank and in hand 27,925 84,854 112,779
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Notes to the Financial Statements
1. General Information
Qmover MFS Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12968664 . The registered office is Rylance Farm Ind Est, Walton Lane, Barton Under Needwood, Burton-On-Trent, DE13 8EJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements of the group show a consolidated loss of £143,103 (2022: £186,832 profit).  However, in the period up to the latest available management accounts, the group has returned to profit and is forecast to be profitable for a period of at least 12 months from the approval of these financial statements.  On this basis, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
2.3. Significant judgements and estimations
In the application of the group's accounting policies, the directors are requried to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on histroical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates. The judgements that management has made in the process of applying the entities accounting policies and that have the most significant effect on the amounts recognised in the financial statements are:
Estimation of the required bad debt provision.
Estimated life of fixed assets
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.  Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 10 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Computer Equipment 15% Reducing Balance
2.7. Investments
Investment in the subsidiary undertaking is stated at cost less any impairment provision.
2.8. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.  Cost is determined using the first-in, first-out method. At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. 
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2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
The whole of the group's turnover is derived from the UK and is from the group's principal activity.
4. Other Operating Income
2023 2022
£ £
Commission income 100 -
100 -
5. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2023 2022
£ £
Bad debts 127,326 20
Depreciation of tangible fixed assets 51,864 43,466
Amortisation of intangible fixed assets 14,700 9,975
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the group and company's financial statements 8,000 -
Other Services
Audit-related assurance services 5,450 -
Taxation compliance service 400 -
Other non-audit services 4,908 -
10,758 -
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2023 2022 2023 2022
£ £ £ £
Wages and salaries 1,744,094 1,543,977 1,558,979 1,439,265
Social security costs 149,364 133,040 134,958 123,949
Other pension costs 46,792 40,260 44,748 38,907
1,940,250 1,717,277 1,738,685 1,602,121
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
Group Company
2023 2022 2023 2022
Office and administration 5 5 5 5
Sales, marketing and distribution 69 70 61 62
74 75 66 67
9. Directors' remuneration
2023 2022
£ £
Emoluments 146,264 149,787
Company contributions to money purchase pension schemes 3,166 2,608
149,430 152,395
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 3 3
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10. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 2 -
11. Interest Payable and Similar Charges
2023 2022
£ £
Foreign exchange charges - 324
Other finance charges - 797
- 1,121
12. Tax on Profit
The tax (credit)/charge on the (loss)/profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 22.5% 19.0% - 21,402
Prior period adjustment 106 -
106 21,402
Deferred Tax
Deferred taxation (20,288 ) 31,835
Total tax charge for the period (20,182 ) 53,237
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax (163,285) 240,069
Tax on profit at 22.5% (UK standard rate) (17,328 ) 52,088
Goodwill/depreciation not allowed for tax 1,386 8,411
Expenses not deductible for tax purposes 347 151
Tax losses utilised 25,018 -
Capital allowances (9,423 ) (39,248 )
Short term timing differences (20,288 ) 31,835
Prior period adjustment 106 -
Total tax charge for the period (20,182) 53,237
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13. Intangible Assets
Group
Goodwill
£
Cost
As at 1 November 2022 147,000
As at 31 October 2023 147,000
Amortisation
As at 1 November 2022 9,975
Provided during the period 14,700
As at 31 October 2023 24,675
Net Book Value
As at 31 October 2023 122,325
As at 1 November 2022 137,025
Company
Goodwill
£
Cost
As at 1 November 2022 52,500
As at 31 October 2023 52,500
Amortisation
As at 1 November 2022 5,250
Provided during the period 5,250
As at 31 October 2023 10,500
Net Book Value
As at 31 October 2023 42,000
As at 1 November 2022 47,250
14. Tangible Assets
Group
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 76,386 172,000 10,182 258,568
Additions 17,815 163,003 - 180,818
Disposals - (94,000 ) - (94,000 )
As at 31 October 2023 94,201 241,003 10,182 345,386
...CONTINUED
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Depreciation
As at 1 November 2022 9,208 32,200 2,058 43,466
Provided during the period 12,434 37,795 1,635 51,864
Disposals - (15,880 ) - (15,880 )
As at 31 October 2023 21,642 54,115 3,693 79,450
Net Book Value
As at 31 October 2023 72,559 186,888 6,489 265,936
As at 1 November 2022 67,178 139,800 8,124 215,102
Company
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 46,386 150,000 10,182 206,568
Additions 17,501 163,003 - 180,504
Disposals - (94,000 ) - (94,000 )
As at 31 October 2023 63,887 219,003 10,182 293,072
Depreciation
As at 1 November 2022 6,958 30,000 2,058 39,016
Provided during the period 7,903 33,395 1,635 42,933
Disposals - (15,880 ) - (15,880 )
As at 31 October 2023 14,861 47,515 3,693 66,069
Net Book Value
As at 31 October 2023 49,026 171,488 6,489 227,003
As at 1 November 2022 39,428 120,000 8,124 167,552
15. Investments
Company
Subsidiaries
£
Cost
As at 1 November 2022 1
As at 31 October 2023 1
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 1
As at 1 November 2022 1
Subsidiaries
Details of the company's subsidiaries as at 31 October 2023 are as follows:
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Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Strawberry Fields Qmover Ltd Rylance Farm, Barton Under Needwood, DE13 8EJ Ordinary 100.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Strawberry Fields Qmover Ltd (75,218 ) (41,139 )
16. Stocks
Group Company
2023 2022 2023 2022
£ £ £ £
Stock 537,174 1,142,188 527,412 1,131,120
17. Debtors
Group Company
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 1,105,970 1,278,653 991,366 1,170,600
Prepayments and accrued income 32,207 10,438 30,836 6,778
Other debtors 3,732 7,084 - 5,058
VAT 44,142 35,762 44,142 35,762
Amounts owed by subsidiaries - - 62,000 27,000
1,186,051 1,331,937 1,128,344 1,245,198
The amounts owed by subsidiaries are unsecured, interest free and repayable on demand.
18. Creditors: Amounts Falling Due Within One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Trade creditors 2,022,019 2,276,655 1,945,426 2,183,856
Other creditors 2,889 381 2,539 -
Corporation tax - 21,402 - 21,402
Taxation and social security 38,896 78,397 34,735 68,047
Accruals and deferred income 52,908 60,862 47,027 57,444
2,116,712 2,437,697 2,029,727 2,330,749
19. Creditors: Amounts Falling Due After More Than One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Other creditors 185,277 270,813 - 85,535
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20. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2023 2022 2023 2022
£ £ £ £
Other timing differences 11,547 31,835 11,547 31,835
21. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 November 2022 31,835 31,835
Utilised (20,288 ) (20,288)
Balance at 31 October 2023 11,547 11,547
Company
Deferred Tax Total
£ £
As at 1 November 2022 31,835 31,835
Utilised (20,288 ) (20,288)
Balance at 31 October 2023 11,547 11,547
22. Share Capital
2023 2022
Allotted, called up and fully paid £ £
850 Ordinary Shares of £ 1.00 each 850 850
150 Ordinary B shares of £ 1.00 each 150 150
1,000 1,000
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £46,792 (2022: £40,260).
At the balance sheet date contributions of £1,004 (2022: £0) were due to the fund and are included in creditors.
24. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 60,000 74,000
25. Reserves
Company
Profit and loss account - This reserve records retained earnings and accumulated losses.
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26. Post Balance Sheet Events
There are no post balance sheet events that have occurred since the reporting date that need to be disclosed or adjusted for in these financial statements.
27. Related Party Disclosures
During the year the group paid £20,798 (2022: £24,960) of rent and £224,798 (2022: £236,201) of vehicle hire to J.W. Dolman Enterprises Limited.  This is a company in which the group directors Graham Dolman and Marvin Dolman each have a 12% share.
Group creditors, amounts falling due after one year include an amount of £92,638 (2022: £92,638) due to the director Graham Dolman and £92,639 (2022: £92,639) due to the director Marvin Dolman.
28. Controlling Parties
The company's ultimate controlling parties are Graham Dolman and Marvin Dolman who each hold 42.5% of the company's share capital.
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