Company registration number 06105698 (England and Wales)
MOVE ONLINE RETAIL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
MOVE ONLINE RETAIL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MOVE ONLINE RETAIL LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
41,941
71,949
Tangible assets
4
227,524
216,367
269,465
288,316
Current assets
Stocks
3,037,350
2,649,122
Debtors
5
448,480
427,209
Cash at bank and in hand
223,973
2,061
3,709,803
3,078,392
Creditors: amounts falling due within one year
6
(2,227,436)
(1,646,355)
Net current assets
1,482,367
1,432,037
Total assets less current liabilities
1,751,832
1,720,353
Creditors: amounts falling due after more than one year
7
(343,333)
(563,333)
Provisions for liabilities
8
(57,186)
(76,264)
Net assets
1,351,313
1,080,756
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,351,213
1,080,656
Total equity
1,351,313
1,080,756

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MOVE ONLINE RETAIL LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
J Cormack
Director
Company Registration No. 06105698
MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Move Online Retail Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4D Alpha, Sunbank Lane, Airport City, Manchester, M90 5AD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts.

1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Over 4 years
Patents
Over useful life
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
52
50
3
Intangible fixed assets
Goodwill
Software
Patents
Total
£
£
£
£
Cost
At 1 March 2023
33,945
192,217
-
0
226,162
Additions
-
0
16,085
3,438
19,523
At 28 February 2024
33,945
208,302
3,438
245,685
Amortisation and impairment
At 1 March 2023
33,945
120,268
-
0
154,213
Amortisation charged for the year
-
0
49,502
29
49,531
At 28 February 2024
33,945
169,770
29
203,744
Carrying amount
At 28 February 2024
-
0
38,532
3,409
41,941
At 28 February 2023
-
0
71,949
-
0
71,949
MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 March 2023
164,486
428,462
592,948
Additions
13,641
31,567
45,208
Disposals
-
0
(3,429)
(3,429)
At 28 February 2024
178,127
456,600
634,727
Depreciation and impairment
At 1 March 2023
115,222
261,359
376,581
Depreciation charged in the year
17,186
13,970
31,156
Eliminated in respect of disposals
-
0
(534)
(534)
At 28 February 2024
132,408
274,795
407,203
Carrying amount
At 28 February 2024
45,719
181,805
227,524
At 28 February 2023
49,264
167,103
216,367
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
381
Other debtors
448,480
426,828
448,480
427,209
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
220,000
279,110
Trade creditors
899,632
530,112
Corporation tax
148,361
142,300
Other taxation and social security
323,274
211,746
Other creditors
636,169
483,087
2,227,436
1,646,355

Bank loans and overdrafts are secured.

Included in creditors: amounts due within one year is £220,000 (2023 - £220,000) in respect of coronavirus business interruption scheme loans (CBILS). CBILS loans attract interest of 3.99% over the base rate and are being repaid in monthly instalments of £18,334.

MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
343,333
563,333

Included in creditors: amounts due after one year is £343,333 (2023 - £563,333) in respect of coronavirus business interruption scheme loans (CBILS).

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
57,186
76,264
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
57,186
76,264
2024
Movements in the year:
£
Liability at 1 March 2023
76,264
Credit to profit or loss
(19,078)
Liability at 28 February 2024
57,186
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of 10p each
100
100
MOVE ONLINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
766,813
9,185
12
Directors' transactions

Directors' loans were repaid in full by 30 April 2024.

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
R Gillyon - Loan
2.25
32,856
136,912
1,261
(90,500)
80,529
J Cormack - Loan
2.25
33,424
136,912
1,274
(90,500)
81,110
N David - Loan
2.25
3,397
14,408
131
(9,525)
8,411
69,677
288,232
2,666
(190,525)
170,050
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