Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
COMPANY INFORMATION
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ELITE MOVING SYSTEMS LIMITED
CONTENTS
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ELITE MOVING SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The principal activity continued to be that of international corporate moving services covering moves by sea freight, air freight and road freight.
Elite Moving Systems Ltd (EMS), have delivered another very strong year of revenue and profit margin, again exceeding our peers and all Industry averages by a considerable amount.
Revenue and Profit margins exceeded our budgets but were reduced from the prior year 2023/24. The financial year of 2023/24 was widely recognized throughout our Industry as somewhat of an exceptional trading year, due to a multitude of reasons. In the main we had been dealing with enormously inflated Ocean and Airfreight costs as well as having a hugely increased volume of business due to the post covid backlog that had built up over previous years. It was always expected that 2023/24 would see a return to more normal levels of business volume, revenues and profits, albeit that, as mentioned, EMS continued to greatly outperform market expectations. EMS was able to maintain all existing clients whilst adding a number of major multi-national organizations to it’s existing portfolio. We continue to be recognised by our clients and our peers as one of the pre-eminent suppliers of moving services to the Relocation Management Industry on a Global basis; this is evidenced by the awards recognition that we continue to achieve on an annual basis and also by the increased volumes of business we receive from existing customers. EMS continues to be nominated for several of the Industry’s top awards and in 2023/2024 year, once again are the recent recipients of the Moving Industry’s most prestigious award for Global Moving Services for two consecutive years. This is a feat never previously achieved by any other International Moving group is widely recognised as an outstanding achievement. EMS continues to expand it’s Global footprint with the recruitment of additional staff at it’s Service centre in India, whilst continuing to maintain a large staffing presence throughout mainland Europe.
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ELITE MOVING SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Whilst the 2023/24 financial year has shown an extremely profitable and solid performance, it is clear that as we move through 2024/25 that the International Moving Industry will face a number of ongoing challenges. Some of our major client’s, particularly in the IT sector, have, for the first time seen slow growth and reduced activity levels. This is certain to have a knock-on effect to their supply chains and in the medium term, EMS will not be immune to these. EMS has a strong residual amount of activity already booked with our organisation but we would anticipate, that once this works through our systems in the fourth quarter of the Calendar year 2024, that we are likely to see some reductions in business levels. We will continue to monitor International Moving activity closely in the 4th Quarter of 2024 and into 2025 to see if activity levels are showing a short term reduction or if we may be looking at a longer term reduction in business activity. EMS will continue to be proactive in ensuring that we can respond with agility to any changes in the marketplace.
The recent political elections in many of the world’s major economies e.g. UK, India and France have added additional complications for major International companies in terms of uncertainty. In addition, the upcoming election in USA in November introduces a further challenge which does not encourage major multi national corporations to plan with any degree of certainty. However, as we move into 2025, these challenges will have dissipated considerably and we confidently expect this to translate into a positive growth bounce for EMS. EMS has ongoing risk to Foreign Exchange fluctuations as well as potential liquidity risks. Exchange rate volatility is mitigated by hedging our foreign currency accounts. This is managed on a daily basis by EMS Head of Finance in conjunction with EMS Bank facilities managers. Liquidity is a minor but importance risk to EMS; payment terms may be onerous and ongoing cash management is a high priority for EMS Finance Department. EMS has invested quite substantially in the areas of ESG and sustainability during the current year and have hired an experienced full time ESG Manager. This will continue form part of our short to long term strategy.
Key performance indicators
Revenue and profit margins during the year have been strong; this is mainly due to previously mentioned position of strength and reputation which EMS enjoys from it’s peers and International clients. EMS key KPIs are our Client Service Scores Across all of our major clients, we maintain service levels between 95% and 98.3%; this would be considered exceptional by any measure. These scores are provided to EMS by our clients and authenticated by an independent third party audit group, thus guaranteeing their accuracy and legitimacy.
Future developments
EMS will have a strong focus on business investment over the coming year(s); the main areas of investment will be in Sales & Marketing. Despite our ongoing success, we still feel that as an organisation globally, we are undersold and have not been marketed to our full potential. This increased focus will assist in developing new revenues and opportunities.
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ELITE MOVING SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
During the current year, EMS will invest significantly in IT systems, which are expected to deliver increased efficiencies and reduced overhead over the short term. EMS will continue to invest in our People Strategy. This will not solely focus on training and the professional aspects of the individual roles but we will additionally put more emphasis on staff welfare and wellbeing. To this end, we have now have a full time HR Department with a full time Office based HR Manager who is very committed to staff wellbeing and creating a culture of caring within EMS.
This report was approved by the board and signed on its behalf.
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ELITE MOVING SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards 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's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 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 and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £1,251,195 (2023 - £4,403,737).
Dividends paid to directors in the year amounted to £1,144,680 (2023 - £3,390,767).
The directors who served during the year were:
The future developments for the company have been discussed in the Strategic Report.
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ELITE MOVING SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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ELITE MOVING SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED
We have audited the financial statements of Elite Moving Systems Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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ELITE MOVING SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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ELITE MOVING SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line 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:
•Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Reviewing minutes of meetings of those charged with governance; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Enquiry of management and those charged with governance to identify any instances of non compliance with laws and regulations. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies’ legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, British Association of Removers (BAR) and employment law compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. 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. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' report.
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ELITE MOVING SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)
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ELITE MOVING SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)
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 an Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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ELITE MOVING SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
REGISTERED NUMBER: 05477374
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 29 form part of these financial statements.
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ELITE MOVING SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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ELITE MOVING SYSTEMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Elite Moving Systems Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The nature of the company's operations and principal activities are recorded in the Strategic Report and the Directors Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
Functional and presentation currency
Transactions and balances
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Stocks represents packaging material and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Critical judgements The directors are of the view that there are no critical judgements that have had a significant effect on the amounts recognised in the financial statements.
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
11.Taxation (continued)
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £70,719 (2023: £72,601). Contributions totalling £5,215 (2023: £14,894) were payable to the fund at the balance sheet date.
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ELITE MOVING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The ultimate controlling party is Ronan Woodhouse.
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