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Registered number: 05477374










ELITE MOVING SYSTEMS LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
ELITE MOVING SYSTEMS LIMITED
 
 
COMPANY INFORMATION


Directors
R Woodhouse 
N Stevens 




Company secretary
K Woodhouse



Registered number
05477374



Registered office
Unit 739
Tudor Estate Abbey Road

Park Royal

London

NW10 7UN




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ELITE MOVING SYSTEMS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13 - 14
Statement of cash flows
15
Analysis of net debt
16
Notes to the financial statements
17 - 29


 
ELITE MOVING SYSTEMS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity continued to be that of international corporate moving services covering moves by sea freight, air freight and road freight. 

Business review
 
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.

Page 1

 
ELITE MOVING SYSTEMS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
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.


 
Page 2

 
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.



................................................
R Woodhouse
Director

Date: 22 November 2024

Page 3

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

R Woodhouse 
N Stevens 

Future developments

The future developments for the company have been discussed in the Strategic Report.

Page 4

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of Information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 November 2024 and signed on its behalf.
 





................................................
R Woodhouse
Director

Page 5

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit 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 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.


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 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.


Page 6

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)


Auditors' 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 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.

Page 8

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)



Page 9

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED (CONTINUED)


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 2006Our 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.





Y E Khandwalla (Senior Statutory Auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD

22 November 2024
Page 10

 
ELITE MOVING SYSTEMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,286,712
35,321,571

Cost of sales
  
(13,652,341)
(25,164,797)

Gross profit
  
5,634,371
10,156,774

Administrative expenses
  
(4,169,361)
(4,638,962)

Operating profit
 5 
1,465,010
5,517,812

Interest receivable and similar income
 9 
170,745
4,053

Interest payable and similar expenses
 10 
(21,966)
(2,300)

Profit before tax
  
1,613,789
5,519,565

Tax on profit
 11 
(362,594)
(1,115,828)

Profit for the year
  
1,251,195
4,403,737

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 29 form part of these financial statements.

Page 11

 
ELITE MOVING SYSTEMS LIMITED
REGISTERED NUMBER: 05477374

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
36,082
51,830

Current assets
  

Stocks
 14 
33,300
50,826

Debtors: amounts falling due within one year
 15 
3,677,530
7,213,190

Cash at bank and in hand
 16 
4,381,386
4,373,955

  
8,092,216
11,637,971

Creditors: amounts falling due within one year
 17 
(4,256,709)
(7,919,671)

Net current assets
  
 
 
3,835,507
 
 
3,718,300

Total assets less current liabilities
  
3,871,589
3,770,130

Provisions for liabilities
  

Deferred tax
 18 
-
(5,056)

Net assets
  
 
 
3,871,589
 
 
3,765,074


Capital and reserves
  

Called up share capital 
 19 
400
400

Profit and loss account
 20 
3,871,189
3,764,674

  
3,871,589
3,765,074


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 November 2024.




................................................
R Woodhouse
Director

The notes on pages 17 to 29 form part of these financial statements.

Page 12

 
ELITE MOVING SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
400
3,764,674
3,765,074


Comprehensive income for the year

Profit for the year
-
1,251,195
1,251,195


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,144,680)
(1,144,680)


At 30 April 2024
400
3,871,189
3,871,589


The notes on pages 17 to 29 form part of these financial statements.

Page 13

 
ELITE MOVING SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
400
2,751,704
2,752,104


Comprehensive income for the year

Profit for the year
-
4,403,737
4,403,737


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,390,767)
(3,390,767)


At 30 April 2023
400
3,764,674
3,765,074


The notes on pages 17 to 29 form part of these financial statements.

Page 14

 
ELITE MOVING SYSTEMS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,251,195
4,403,737

Adjustments for:

Depreciation of tangible assets
21,470
17,369

Loss on disposal of tangible assets
373
145

Interest paid
21,966
2,300

Interest received
(170,745)
(4,053)

Taxation charge
362,594
1,115,828

Decrease in stocks
17,526
40,198

Decrease/(increase) in debtors
3,599,837
(784,684)

(Decrease)/increase in creditors
(3,065,806)
1,791,055

Corporation tax (paid)
(1,028,983)
(598,951)

Foreign exchange
-
4,037

Net cash generated from operating activities

1,009,427
5,986,981


Cash flows from investing activities

Purchase of tangible fixed assets
(5,722)
(48,230)

Sale of tangible fixed assets
(373)
1,434

Interest received
170,745
4,053

Bank interest paid
(9,415)
-

Net cash from investing activities

155,235
(42,743)

Cash flows from financing activities

Dividends paid
(1,144,680)
(3,390,767)

Interest paid
(12,551)
(2,300)

Net cash used in financing activities
(1,157,231)
(3,393,067)

Net increase in cash and cash equivalents
7,431
2,551,171

Cash and cash equivalents at beginning of year
4,373,955
1,822,784

Cash and cash equivalents at the end of year
4,381,386
4,373,955


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,381,386
4,373,955

4,381,386
4,373,955


Page 15

 
ELITE MOVING SYSTEMS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

4,373,955

7,431

4,381,386

Debt due within 1 year

-

-

-


4,373,955
7,431
4,381,386

The notes on pages 17 to 29 form part of these financial statements.

Page 16

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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).

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Turnover represents amounts receivable for services provided net of VAT and trade discounts. Turnover for all moving and storage services is recognised on completion of the service provided. Where sales invoices are raised in advance of the service provided the amounts are recorded as deferred income and included as part of creditors within one year.

Page 17

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
20% straight line
Computer equipment
-
33.3% straight line

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.

Page 19

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.10

Stocks

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

  
2.15

Provisions for liabilities

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.

Page 20

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

Enter text here - user input
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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required 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 historical experience and other factors that are recognised to be relevant. Actual results may differ from these estimates.
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.


4.


Turnover

2024
2023
£
£

Sales from services
19,286,712
35,321,571


All turnover arose within the United Kingdom.

Page 21

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
21,881
17,369

Exchange differences
(7,659)
179,541

Defined contribution pension cost
70,719
72,601


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
14,625
14,625

Fees payable to the Company's auditors for non audit services
4,875
4,875

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,088,910
2,253,035

Social security costs
231,926
263,271

Cost of defined contribution scheme
70,719
72,601

2,391,555
2,588,907


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Operations and Administration
32
39



Office and Management
14
13

46
52

Page 22

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
17,640
17,640


There are no key management personnel in the company other than the directors.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
3,392
-

Bank interest receivable
167,353
4,053

170,745
4,053


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest paid
9,415
2,300

Corporation tax interest paid
12,551
-

21,966
2,300


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
424,299
1,106,320

Adjustments in respect of previous periods
(45,809)
5,708


Total current tax
378,490
1,112,028

Deferred tax


Fixed asset and short term timing differences
(15,896)
3,800

Total deferred tax
(15,896)
3,800


Taxation on profit on ordinary activities
362,594
1,115,828
Page 23

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - the same as) the standard rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,613,789
5,519,565


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
406,028
1,074,127

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,125
3,255

Capital allowances for year in excess of depreciation
-
(1,742)

Adjustments to tax charge in respect of prior periods
(45,809)
5,708

Other differences leading to an increase (decrease) in the tax charge
(13,750)
34,480

Total tax charge for the year
362,594
1,115,828

Page 24

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
1,144,680
3,390,767


13.


Tangible fixed assets





Computer equipment
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
212,666
85,112
15,083
262,690
575,551


Additions
4,203
-
-
2,303
6,506


Disposals
-
-
-
(785)
(785)



At 30 April 2024

216,869
85,112
15,083
264,208
581,272



Depreciation


At 1 May 2023
187,110
72,024
8,213
256,374
523,721


Charge for the year on owned assets
13,644
4,133
1,508
2,596
21,881


Disposals
-
-
-
(412)
(412)



At 30 April 2024

200,754
76,157
9,721
258,558
545,190



Net book value



At 30 April 2024
16,115
8,955
5,362
5,650
36,082



At 30 April 2023
25,556
13,088
6,870
6,316
51,830

Page 25

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Stocks

2024
2023
£
£

Packaging materials
33,300
50,826



15.


Debtors

2024
2023
£
£


Trade debtors
2,750,387
5,995,337

Other debtors
302,393
356,148

Prepayments and accrued income
613,910
861,705

Deferred taxation
10,840
-

3,677,530
7,213,190



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,381,386
4,373,955



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,814,967
3,051,273

Corporation tax
424,299
1,074,792

Other taxation and social security
48,522
67,433

Other creditors
1,132,564
2,323,291

Accruals and deferred income
836,357
1,402,882

4,256,709
7,919,671


Page 26

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(5,056)
(1,256)


Charged to profit or loss
15,896
(3,800)



At end of year
10,840
(5,056)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(2,910)
(6,614)

Short term timing differences
13,750
1,558

10,840
(5,056)

Page 27

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary shares of £1.00 each
300
300
80 (2023 - 80) Ordinary A shares of £1.00 each
80
80
20 (2023 - 20) Ordinary B shares of £1.00 each
20
20

400

400



20.


Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profits.


21.


Pension commitments

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.


22.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
482,841
488,461

Later than 1 year and not later than 5 years
469,782
1,187,341

952,623
1,675,802

Page 28

 
ELITE MOVING SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Related party transactions

At the year end the company owed the directors as follows:


2024
2023
£
£

R Woodhouse
(811,747)
(1,715,331)
N Stevens
(304,366)
(583,315)
(1,116,113)
(2,298,646)

During the year the company declared dividends amounting to £1,144,680 (2023: £3,390,767) to the shareholders.


24.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company. 


25.


Controlling party

The ultimate controlling party is Ronan Woodhouse.

 
Page 29