Company registration number 03565592 (England and Wales)
TODDS REMOVALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TODDS REMOVALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TODDS REMOVALS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
84,600
103,400
Tangible assets
4
35,895
42,102
120,495
145,502
Current assets
Stocks
2,175
2,229
Debtors
5
123,781
56,189
Cash at bank and in hand
119,006
221,046
244,962
279,464
Creditors: amounts falling due within one year
6
(101,938)
(156,215)
Net current assets
143,024
123,249
Total assets less current liabilities
263,519
268,751
Provisions for liabilities
(6,820)
(7,999)
Net assets
256,699
260,752
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
255,699
259,752
Total equity
256,699
260,752
TODDS REMOVALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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

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.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 17 December 2024 and are signed on its behalf by:
Mr A Rose
Director
Company registration number 03565592 (England and Wales)
TODDS REMOVALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Todds Removals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mills Road, Chilton Industrial Estate, Sudbury, Suffolk, CO10 2XX.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the provision of storage facilities and removal and transportation of customers possessions from property to property is accounted for as the service is provided.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
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 equipment
20% reducing balance
Equipment
20% reducing balance
Motor vehicles
25% reducing balance
TODDS REMOVALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
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.

1.8
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.

TODDS REMOVALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.9
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.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
14
13
TODDS REMOVALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
188,000
Amortisation and impairment
At 1 April 2023
84,600
Amortisation charged for the year
18,800
At 31 March 2024
103,400
Carrying amount
At 31 March 2024
84,600
At 31 March 2023
103,400
4
Tangible fixed assets
Plant and equipment
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
12,137
1,948
173,596
187,681
Additions
-
0
-
0
6,000
6,000
Disposals
-
0
-
0
(7,495)
(7,495)
At 31 March 2024
12,137
1,948
172,101
186,186
Depreciation and impairment
At 1 April 2023
10,675
1,873
133,031
145,579
Depreciation charged in the year
292
17
11,147
11,456
Eliminated in respect of disposals
-
0
-
0
(6,744)
(6,744)
At 31 March 2024
10,967
1,890
137,434
150,291
Carrying amount
At 31 March 2024
1,170
58
34,667
35,895
At 31 March 2023
1,462
75
40,565
42,102
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,051
232
Other debtors
121,730
55,957
123,781
56,189
TODDS REMOVALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,453
29,895
Taxation and social security
36,728
55,330
Other creditors
32,757
70,990
101,938
156,215
7
Operating lease commitments

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

2024
2023
£
£
27,447
-
0
2024-03-312023-04-01falsefalsefalse27 December 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr A RoseMrs S Rose035655922023-04-012024-03-31035655922024-03-31035655922023-03-3103565592core:Goodwill2024-03-3103565592core:Goodwill2023-03-3103565592core:PlantMachinery2024-03-3103565592core:ComputerEquipment2024-03-3103565592core:MotorVehicles2024-03-3103565592core:PlantMachinery2023-03-3103565592core:ComputerEquipment2023-03-3103565592core:MotorVehicles2023-03-3103565592core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3103565592core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103565592core:CurrentFinancialInstruments2024-03-3103565592core:CurrentFinancialInstruments2023-03-3103565592core:ShareCapital2024-03-3103565592core:ShareCapital2023-03-3103565592core:RetainedEarningsAccumulatedLosses2024-03-3103565592core:RetainedEarningsAccumulatedLosses2023-03-3103565592bus:Director12023-04-012024-03-3103565592core:Goodwill2023-04-012024-03-3103565592core:PlantMachinery2023-04-012024-03-3103565592core:ComputerEquipment2023-04-012024-03-3103565592core:MotorVehicles2023-04-012024-03-31035655922022-10-012023-03-3103565592core:Goodwill2023-03-3103565592core:PlantMachinery2023-03-3103565592core:ComputerEquipment2023-03-3103565592core:MotorVehicles2023-03-31035655922023-03-3103565592core:WithinOneYear2024-03-3103565592core:WithinOneYear2023-03-3103565592bus:PrivateLimitedCompanyLtd2023-04-012024-03-3103565592bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103565592bus:FRS1022023-04-012024-03-3103565592bus:AuditExemptWithAccountantsReport2023-04-012024-03-3103565592bus:Director22023-04-012024-03-3103565592bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP