Company registration number 01868346 (England and Wales)
BUSINESS MOVES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
BUSINESS MOVES LIMITED
COMPANY INFORMATION
Directors
S Darvall
R Furn Davies
L Wheatley
Company number
01868346
Registered office
4 Acre Road
Reading
Berkshire
RG2 0SX
Auditor
DSA Prospect Audit Limited
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
BUSINESS MOVES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 27
BUSINESS MOVES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
Strategic Report
This report has been prepared for the year ended 31 October 2024.
Overview of financial performance for the year-ended 31 October 2024
Business Moves Limited is pleased to report a strong financial performance for the year ended 31 October 2024. The company achieved a turnover of £16,575,871, representing an impressive 26.39% increase from the previous year (£13,114,929). This significant growth reflects our strategic investments, the successful execution of our business plans, and our ability to adapt to evolving market demands.
Operating profit rose to £1,227,701, a remarkable 78.26% increase from the prior year (£688,717), demonstrating our commitment to improving operational efficiencies and delivering value to our stakeholders. The profit for the financial year stands at £846,397, an increase of 80.68%, reinforcing our strong financial health and resilience.
Our total equity increased to £2,593,228, a 20.88% uplift, reflecting the company's solid financial foundation and prudent financial management. The ratio of current assets to current liabilities stands at 147%, ensuring a healthy liquidity position, albeit a slight reduction from the previous year's 164%, attributable to strategic investments made to support our growth initiatives.
The average number of employees during the year was 110, reflecting our commitment to investing in our workforce to support sustainable expansion.
Fair review of the business
Business Moves Limited continues to build on its long-standing reputation as a leader in commercial relocation, flexible storage solutions, technical distribution, and sustainable furniture recycling. Our strategic focus on innovation, technology, and workforce development has enabled us to stay ahead of workplace trends and meet the evolving needs of our clients.
During the financial year, we have successfully expanded our service offerings and geographic footprint, strengthening our market position. The company's investment in cutting-edge technology and process improvements has enhanced operational efficiency, allowing us to deliver exceptional service to our clients with greater precision and reliability.
Our ability to retain existing clients and attract new ones is a testament to our customer-centric approach, operational excellence, and adaptability. We have strengthened partnerships with key stakeholders across various industries, ensuring a robust and diverse client base.
Key achievements during the year include:
Expansion into new geographical regions, enhancing our national coverage and service capabilities.
Investment in new technologies, such as advanced fleet management systems and real-time tracking tools, improving operational efficiency and client transparency.
Enhanced employee training programmes to upskill our workforce, ensuring we remain at the forefront of industry standards and best practices.
Strengthened sustainability initiatives, reinforcing our commitment to environmental responsibility and waste reduction.
Our continued focus on agility, innovation, and client satisfaction positions Business Moves Limited for sustained success in the years ahead.
BUSINESS MOVES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Principal risks and uncertainties
Business Moves Limited remains vigilant in identifying and mitigating potential risks associated with our operations. These risks include:
Operational Risks: Our logistics and transport operations carry inherent challenges such as vehicle safety, workforce health and safety, and service disruptions. To address these risks, we adhere to stringent operational controls and industry best practices, ensuring compliance with BS 8522 for commercial moving services and ISO 9001 and ISO 14001 certifications.
Market Competition: The relocation and logistics industry is highly competitive. Our investment in innovation, client relationships, and employee development allows us to differentiate ourselves and maintain a competitive edge.
Economic Conditions: Fluctuations in market demand and economic conditions may impact client budgets and project timelines. We continuously monitor market trends and adjust our business strategies to remain resilient.
Sustainability and Compliance: Regulatory changes and environmental concerns require proactive adaptation. Our commitment to sustainability is demonstrated through initiatives such as reducing carbon emissions, optimising transport routes, and promoting circular economy solutions through furniture reuse and recycling.
Through robust governance and a proactive risk management framework, we continue to mitigate these risks while maintaining our focus on growth and operational excellence.
Investment in People and Innovation
A cornerstone of our success has been our strategic investment in our people, technology, and processes. Our employees remain our greatest asset, and we continue to foster a culture of continuous learning, professional development, and employee well-being.
Key initiatives undertaken during the year include:
Expansion of our internal training and development programmes, ensuring employees are equipped with the latest industry knowledge and technical skills.
Introduction of new digital tools to enhance operational efficiency and client engagement, including real-time tracking, data-driven decision-making tools, and cloud-based project management solutions.
A strong focus on employee well-being and engagement, with initiatives aimed at fostering a positive workplace culture, improving work-life balance, and promoting mental health support programmes.
Outlook and Future Plans
Looking ahead, Business Moves Limited remains committed to driving sustainable growth, innovation, and operational excellence. Our strategic priorities for the upcoming year include:
Continuing to expand our market presence
Further investment in digital transformation to enhance operational efficiencies and client experiences.
Strengthening partnerships with key stakeholders to unlock new business opportunities and revenue streams.
Driving sustainability initiatives to align with evolving environmental standards and client expectations.
With a clear strategic vision and a dedicated team, we are confident in our ability to capitalise on emerging opportunities, deliver value to our clients, and achieve our long-term growth objectives.
Conclusion
The year ended 31 October 2024 has been a period of significant growth and progress for Business Moves Limited. Our strong financial performance, strategic investments, and unwavering focus on operational excellence position us well for a prosperous future.
We remain committed to our values of excellence, sustainability, and client-centric service, and we are confident that our continued efforts will drive long-term success and value creation for our stakeholders.
BUSINESS MOVES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Key performance indicators
2024
2023
Change
£'000
£'000
+/-
Turnover
16,576
13,115
26.39%
Operating profit
1,228
689
78.26%
Profit for the financial year
846
468
80.68%
Total equity
2,593
2,145
20.88%
Current assets as % of current liabilities
147%
164%
(16.75)%
Average number of employees in the year
110
96
14.58%
S Darvall
R Furn Davies
Director
Director
5 February 2025
BUSINESS MOVES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of freight transport by road as well as operation of warehousing and storage facilities for land transport activities.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £398,441 (2023 £1,602,971). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Darvall
R Furn Davies
K Bowers
(Resigned 29 February 2024)
L Wheatley
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Auditor
In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
BUSINESS MOVES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
On behalf of the board
S Darvall
R Furn Davies
Director
Director
5 February 2025
BUSINESS MOVES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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 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.
BUSINESS MOVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUSINESS MOVES LIMITED
- 7 -
Opinion
We have audited the financial statements of Business Moves Limited (the 'company') for the year ended 31 October 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
BUSINESS MOVES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSINESS MOVES LIMITED
- 8 -
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 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, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
BUSINESS MOVES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSINESS MOVES LIMITED
- 9 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Mr Gary John McHale FCCA
Senior Statutory Auditor
For and on behalf of DSA Prospect Audit Limited
5 February 2025
Chartered Certified Accountants
Statutory Auditor
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
BUSINESS MOVES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
16,575,871
13,114,929
Cost of sales
(10,055,271)
(8,105,905)
Gross profit
6,520,600
5,009,024
Administrative expenses
(5,292,899)
(4,342,420)
Other operating income
22,113
Operating profit
4
1,227,701
688,717
Interest receivable and similar income
1,887
7,569
Interest payable and similar expenses
6
(49,153)
(45,930)
Profit before taxation
1,180,435
650,356
Tax on profit
7
(334,038)
(181,895)
Profit for the financial year
846,397
468,461
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes form part of the financial statements.
BUSINESS MOVES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
2024
2023
£
£
Profit for the year
846,397
468,461
Other comprehensive income
-
-
Total comprehensive income for the year
846,397
468,461
BUSINESS MOVES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,113,639
764,646
Investment property
10
225,000
225,000
1,338,639
989,646
Current assets
Debtors
11
4,966,192
3,853,737
Cash at bank and in hand
884,687
382,629
5,850,879
4,236,366
Creditors: amounts falling due within one year
12
(3,881,393)
(2,454,919)
Net current assets
1,969,486
1,781,447
Total assets less current liabilities
3,308,125
2,771,093
Creditors: amounts falling due after more than one year
13
(524,352)
(500,849)
Provisions for liabilities
Provisions
16
53,331
62,864
Deferred tax liability
17
137,214
62,108
(190,545)
(124,972)
Net assets
2,593,228
2,145,272
Capital and reserves
Called up share capital
20
2,000
2,000
Revaluation reserve
51,072
51,072
Profit and loss reserves
2,540,156
2,092,200
Total equity
2,593,228
2,145,272
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
S Darvall
Director
Company registration number 01868346 (England and Wales)
BUSINESS MOVES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
2,000
51,072
3,226,710
3,279,782
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
468,461
468,461
Dividends
8
-
-
(1,602,971)
(1,602,971)
Balance at 31 October 2023
2,000
51,072
2,092,200
2,145,272
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
846,397
846,397
Dividends
8
-
-
(398,441)
(398,441)
Balance at 31 October 2024
2,000
51,072
2,540,156
2,593,228
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information
Business Moves Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Acre Road, Reading, Berkshire, RG2 0SX.
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.
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, as modified by the revaluation of certain assets. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Business Moves Group Limited. These consolidated financial statements are available from its registered office, 4 Acre Road, Reading, Berkshire, RG2 0SX.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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
straight line between 1 and 5 years
Fixtures and fittings
straight line over 4 years
Motor vehicles
straight line between 3 and 4 years
Commercial vehicles
straight line between 6 and 8 years
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Revaluation
The revaluation accounting policy for investment property ensures asset values reflect current fair value, providing transparency and consistency in financial reporting. Investment properties are initially recorded at cost and subsequently revalued to fair value if reliably measurable. Revaluations occur every three to five years or with significant market changes, conducted by independent valuers using market-based evidence or alternative approaches.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
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.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.15
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
Judgements 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 considered 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 the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
1,887
7,569
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
23,500
22,000
Depreciation of owned tangible fixed assets
272,619
206,019
Depreciation of tangible fixed assets held under finance leases
95,894
79,261
Loss/(profit) on disposal of tangible fixed assets
27,687
(29,431)
Operating lease charges
560,196
522,829
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
3
4
Administration and operatives
107
92
Total
110
96
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,037,698
3,632,898
Social security costs
414,265
322,777
Pension costs
177,413
169,034
4,629,376
4,124,709
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
17,198
25,456
Interest on finance leases and hire purchase contracts
31,955
20,474
49,153
45,930
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
258,932
157,629
Deferred tax
Origination and reversal of timing differences
75,106
24,266
Total tax charge
334,038
181,895
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,180,435
650,356
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
295,109
162,589
Tax effect of expenses that are not deductible in determining taxable profit
30,267
18,277
Tax effect of income not taxable in determining taxable profit
(7,358)
Group relief
(375)
(375)
Permanent capital allowances in excess of depreciation
(158,197)
(86,824)
Depreciation on assets not qualifying for tax allowances
92,128
71,320
Other non-reversing timing differences
75,106
24,266
Taxation charge for the year
334,038
181,895
8
Dividends
2024
2023
£
£
Interim paid
398,441
1,602,971
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
9
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Commercial vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
140,315
171,586
152,671
1,807,843
2,272,415
Additions
43,270
33,330
335,299
389,320
801,219
Disposals
(3,027)
(104,674)
(107,701)
At 31 October 2024
183,585
201,889
383,296
2,197,163
2,965,933
Depreciation and impairment
At 1 November 2023
102,693
134,434
64,269
1,206,373
1,507,769
Depreciation charged in the year
26,291
24,305
90,101
227,816
368,513
Eliminated in respect of disposals
(23,988)
(23,988)
At 31 October 2024
128,984
158,739
130,382
1,434,189
1,852,294
Carrying amount
At 31 October 2024
54,601
43,150
252,914
762,974
1,113,639
At 31 October 2023
37,622
37,152
88,402
601,470
764,646
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Commercial vehicles
440,787
468,422
10
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
225,000
The fair value of the investment property has been determined based on an independent valuation carried out by Arden Estate Agents on 19 January 2022. The valuation was conducted on an open market value basis, taking into account recent market transactions for comparable properties.
As part of the audit, relevant market data was reviewed, including sales of similar properties in the area, and have assessed the valuation methodology and assumptions applied. Based on this review, we consider the fair value to be reasonable and appropriate for inclusion in the financial statements.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,413,198
2,862,314
Other debtors
165,337
167,792
Prepayments and accrued income
1,387,657
823,631
4,966,192
3,853,737
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
14
97,715
91,376
Obligations under finance leases
15
195,718
117,960
Trade creditors
1,490,806
1,000,324
Amounts owed to group undertakings
80,940
31,000
Corporation tax
121,932
49,559
Other taxation and social security
524,997
420,184
Deferred income
18
80,172
53,220
Other creditors
101,665
78,959
Accruals and deferred income
1,187,448
612,337
3,881,393
2,454,919
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
247,939
344,080
Obligations under finance leases
15
276,413
156,769
524,352
500,849
14
Loans and overdrafts
2024
2023
£
£
Bank loans
345,654
435,456
Payable within one year
97,715
91,376
Payable after one year
247,939
344,080
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Loans and overdrafts
(Continued)
- 24 -
Amounts totalling £345,654 held in bank loans are secured by a debenture over all assets.
The charge includes a cross composite guarantee between Business Moves Limited and Business Moves Group Limited.
Secured debts have an annual interest rate charged on them of 2.5% above Base Rate, The loan terms is five yeas from the date on which the loan is made, subject to the date on which the final interest payment date occurs.
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
195,718
117,960
In two to five years
276,413
156,769
472,131
274,729
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, are secured on the assets to which they relate and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
16
Provisions for liabilities
2024
2023
£
£
Dilapidations
53,331
62,864
Movements on provisions:
Dilapidations
£
At 1 November 2023
62,864
Other movements
(9,533)
At 31 October 2024
53,331
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
137,214
62,108
2024
Movements in the year:
£
Liability at 1 November 2023
62,108
Charge to profit or loss
75,106
Liability at 31 October 2024
137,214
18
Deferred income
2024
2023
£
£
Other deferred income
80,172
53,220
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
177,412
164,415
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
1,000
1,000
1,000
1,000
B Ordinary shares of £1 each
1,000
1,000
1,000
1,000
2,000
2,000
2,000
2,000
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
20
Share capital
(Continued)
- 26 -
A Ordinary shares are entitled to full voting rights. Shareholders rank first on a return of assets on liquidation, winding up capital or capital reduction. Entitled to net assets available for distribution up to £2,000,000 in proportion to the number of A ordinary shares held by them respectively.
B Ordinary shares have restricted voting rights. Shareholders rank second on a return of assets on liquidation, winding up capital or capital reduction. Entitled to net assets available for distribution in excess of £2,000,000 in proportion to the number of B ordinary shares held by them respectively.
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
288,000
288,000
Between two and five years
1,046,000
1,099,000
In over five years
940,000
1,175,000
2,274,000
2,562,000
22
Related party transactions
Transactions with related parties
During the year, the company made rental payments totaling £171,250 (2023: £160,000) to Robert Darvall (Property) Limited, an associate of Business Moves Group Limited, on an arm’s length basis.
At the year-end, the company had outstanding balances with related parties as follows:
Amounts owed to Robert Darvall (Property) Limited: £23,300 (2023: £23,300)
Amounts receivable from Robert Darvall (Property) Limited: £2,600 (2023: £9,254)
23
Events after the reporting date
There are no events after the year end that the directors believe need to be reported.
BUSINESS MOVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
24
Ultimate controlling party
The immediate parent company and controlling party undertaking is Business Moves Group Limited, a company incorporated and registered in England and Wales. The parents consolidated financial statements are available from its registered offices, 4 Acre Road, Reading, Berkshire, RG2 0SX.
The company's financial statements are consolidated into the ultimate holding company's financial statements and are available from the parent's registered office.
The ultimate controlling party is S Darvall.
25
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' loan
2.25
82,992
46,969
1,887
(46,974)
84,874
82,992
46,969
1,887
(46,974)
84,874
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