Company registration number 04927047 (England and Wales)
BUSINESS MOVES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
BUSINESS MOVES GROUP LIMITED
COMPANY INFORMATION
Directors
S Darvall
R Furn Davies
Company number
04927047
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 GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 37
BUSINESS MOVES GROUP 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 Group Limited is pleased to report a strong financial performance for the year ended 31 October 2024. The group achieved a turnover of £16,575,871, representing an impressive 26.39% increase from the previous year (£13,114,932). 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 £781,105, a 21.64% increase from the prior year (£642,124), demonstrating our commitment to improving operational efficiencies and delivering value to our stakeholders. The profit for the financial year stands at £619,327, an increase of 46.81%, reinforcing our strong financial health and resilience.

 

Our total equity increased to £3,784,451, a 19.63% uplift, reflecting the group's solid financial foundation and prudent financial management. The ratio of current assets to current liabilities stands at 158%, ensuring a healthy liquidity position, albeit a slight reduction from the previous year's 175%, 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.

Business Moves Group 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 group'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:

 

Our continued focus on agility, innovation, and client satisfaction positions Business Moves Group Limited for sustained success in the years ahead.

BUSINESS MOVES GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Principal risks and uncertainties

Business Moves Group Limited remains vigilant in identifying and mitigating potential risks associated with our operations. These risks include:

 

Through robust governance and a proactive risk management framework, we continue to mitigate these risks while maintaining our focus on growth and operational excellence.

Other information and explanations

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:

 

Outlook and Future Plans

Looking ahead, Business Moves Group Limited remains committed to driving sustainable growth, innovation, and operational excellence. Our strategic priorities for the upcoming year include:

 

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 Group 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 GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Fair review of the business
2024
2023
Change
£'000
£'000
+/-
Turnover
16,576
13,115
26.39%
Operating profit
781
642
21.64%
Profit for the financial year
619
422
46.81%
Total equity
3,784
3,164
19.63%
Current assets as % of current liabilities
158%
175%
(17.09)%
Average number of employees in the year
110
95
15.79%

On behalf of the board

S Darvall
R Furn Davies
Director
Director
21 February 2025
BUSINESS MOVES GROUP 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 group continued to be that of removals, transportation and storage services within the United Kingdom.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £351,241. The directors do not recommend payment of a further dividend.

Preference dividends were paid amounting to £47,200. 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
Auditor

In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the group 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
S Darvall
R Furn Davies
Director
Director
21 February 2025
BUSINESS MOVES GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BUSINESS MOVES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUSINESS MOVES GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Business Moves Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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.

Other information

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:

BUSINESS MOVES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSINESS MOVES GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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:

BUSINESS MOVES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSINESS MOVES GROUP LIMITED
- 8 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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.

 

 

Mr Gary John McHale FCCA
Senior Statutory Auditor
For and on behalf of DSA Prospect Audit Limited
21 February 2025
Chartered Certified Accountants
Statutory Auditor
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
BUSINESS MOVES GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,575,871
13,114,932
Cost of sales
(10,055,271)
(8,105,905)
Gross profit
6,520,600
5,009,027
Administrative expenses
(5,739,495)
(4,389,016)
Other operating income
-
22,113
Operating profit
4
781,105
642,124
Interest receivable and similar income
93,213
7,569
Interest payable and similar expenses
8
(49,153)
(45,930)
Gain on valuation
9
28,200
-
Profit before taxation
853,365
603,763
Tax on profit
10
(234,038)
(181,895)
Profit for the financial year
619,327
421,868
Profit for the financial year is all attributable to the owners of the parent company.
BUSINESS MOVES GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
£
£
Profit for the year
619,327
421,868
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
619,327
421,868
Total comprehensive income for the year is all attributable to the owners of the parent company.
BUSINESS MOVES GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
135,291
180,387
Tangible assets
13
1,113,639
764,646
Investment property
14
225,000
225,000
Investments
15
836,600
808,400
2,310,530
1,978,433
Current assets
Debtors
18
5,106,082
3,853,741
Cash at bank and in hand
884,687
382,629
5,990,769
4,236,370
Creditors: amounts falling due within one year
19
(3,801,951)
(2,425,417)
Net current assets
2,188,818
1,810,953
Total assets less current liabilities
4,499,348
3,789,386
Creditors: amounts falling due after more than one year
20
(524,352)
(500,849)
Provisions for liabilities
Provisions
23
53,331
62,864
Deferred tax liability
24
137,214
62,108
(190,545)
(124,972)
Net assets
3,784,451
3,163,565
Capital and reserves
Called up share capital
28
594,447
594,447
Revaluation reserve
51,072
51,072
Capital redemption reserve
117,808
117,808
Other reserves
400,000
-
0
Profit and loss reserves
2,621,124
2,400,238
Total equity
3,784,451
3,163,565
The financial statements were approved by the board of directors and authorised for issue on 21 February 2025 and are signed on its behalf by:
21 February 2025
S Darvall
Director
Company registration number 04927047 (England and Wales)
BUSINESS MOVES GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
1,632,914
1,632,914
Current assets
Debtors
18
220,826
31,000
Creditors: amounts falling due within one year
19
(1,498)
(1,498)
Net current assets
219,328
29,502
Net assets
1,852,242
1,662,416
Capital and reserves
Called up share capital
28
594,447
594,447
Capital redemption reserve
117,808
117,808
Other reserves
400,000
-
0
Profit and loss reserves
739,987
950,161
Total equity
1,852,242
1,662,416

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £188,267 (2023 - £1,601,471 profit).

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 21 February 2025 and are signed on its behalf by:
21 February 2025
S Darvall
Director
Company registration number 04927047 (England and Wales)
BUSINESS MOVES GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 November 2022
598,893
51,072
117,808
-
3,574,895
4,342,668
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
-
421,868
421,868
Dividends
11
-
-
-
-
(350,971)
(350,971)
Reduction of shares
28
-
-
-
-
(1,250,000)
(1,250,000)
Other movements
(4,446)
-
-
-
4,446
-
Balance at 31 October 2023
594,447
51,072
117,808
-
2,400,238
3,163,565
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
-
619,327
619,327
Dividends
11
-
-
-
-
(398,441)
(398,441)
Credit to equity for equity settled share-based payments
-
-
-
400,000
-
400,000
Balance at 31 October 2024
594,447
51,072
117,808
400,000
2,621,124
3,784,451
BUSINESS MOVES GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
598,893
117,808
-
945,215
1,661,916
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
1,601,471
1,601,471
Dividends
11
-
-
-
(350,971)
(350,971)
Reduction of shares
28
-
-
-
(1,250,000)
(1,250,000)
Other movements
(4,446)
-
-
4,446
-
Balance at 31 October 2023
594,447
117,808
-
0
950,161
1,662,416
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
-
188,267
188,267
Dividends
11
-
-
-
(398,441)
(398,441)
Credit to equity for equity settled share-based payments
-
-
400,000
-
400,000
Balance at 31 October 2024
594,447
117,808
400,000
739,987
1,852,242
BUSINESS MOVES GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
1,682,473
749,456
Interest paid
(49,153)
(45,930)
Income taxes paid
(186,559)
(148,349)
Net cash inflow from operating activities
1,446,761
555,177
Investing activities
Purchase of tangible fixed assets
(801,219)
(268,876)
Proceeds on disposal of tangible fixed assets
56,026
42,182
Receipts arising from loans made
(1,882)
6,606
Interest received
1,887
7,569
Dividends received
91,326
-
0
Net cash used in investing activities
(653,862)
(212,519)
Financing activities
Redemption of shares
-
0
(1,250,000)
Repayment of bank loans
(89,802)
435,456
Payment of finance leases obligations
197,402
(37,447)
Dividends paid to equity shareholders
(398,441)
(350,971)
Net cash used in financing activities
(290,841)
(1,202,962)
Net increase/(decrease) in cash and cash equivalents
502,058
(860,304)
Cash and cash equivalents at beginning of year
382,629
1,242,933
Cash and cash equivalents at end of year
884,687
382,629
BUSINESS MOVES GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
34
(91,326)
(2,000)
Investing activities
Dividends received
489,767
1,602,971
Net cash generated from investing activities
489,767
1,602,971
Financing activities
Redemption of shares
-
0
(1,250,000)
Dividends paid to equity shareholders
(398,441)
(350,971)
Net cash used in financing activities
(398,441)
(1,600,971)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
1
Accounting policies
Company information

Business Moves Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4 Acre Road, Reading, Berkshire, RG2 0SX.

 

The group consists of Business Moves Group Ltd and all of its subsidiaries.

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, 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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Business Moves Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 between 10 and 20 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.

1.7
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.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -

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 over 4 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 recognised in the profit and loss account.

1.8
Investment property

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.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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.

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 group 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.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 22 -
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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 23 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.16
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.

1.17
Retirement benefits

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

1.18
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the weighted average exercise price model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.19
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.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 24 -

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 leased asset are consumed.

1.20
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 group’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
£
£
Turnover analysed by class of business
Removals
11,202,725
9,619,339
Storage
780,640
955,145
Waste and recycling
1,369,702
455,527
Equipment rental
105,984
196,571
Crate hire
52,703
25,167
Move/Furniture Management
385,164
87,802
Technical distribution
2,678,953
1,775,381
16,575,871
13,114,932
2024
2023
£
£
Other significant revenue
Interest income
1,887
7,569
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
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)
Amortisation of intangible assets
45,096
45,096
Share-based payments
400,000
-
Operating lease charges
560,196
522,829
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
1,500
Audit of the financial statements of the company's subsidiaries
23,500
22,000
25,000
23,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
4
2
2
Administration and operatives
107
92
-
-
Total
110
96
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,350,364
3,632,898
-
0
-
0
Social security costs
325,640
322,777
-
-
Pension costs
177,412
169,034
Equity settled share based payment
-
0
-
0
500,000
-
0
3,826,405
4,124,709
400,000
-
0
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
680,358
645,449
Company pension contributions to defined contribution schemes
16,352
17,220
696,710
662,669
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
374,770
229,073
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,198
25,456
Other finance costs:
Interest on finance leases and hire purchase contracts
31,955
20,474
Total finance costs
49,153
45,930
9
Gain on valuation
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
28,200
-
10
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
(24,894)
24,266
Total tax charge
234,038
181,895
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 27 -

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
853,365
603,763
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
213,341
150,941
Tax effect of expenses that are not deductible in determining taxable profit
11,660
18,277
Tax effect of income not taxable in determining taxable profit
-
0
(7,358)
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
Other permanent differences
-
0
11,273
Taxation charge
234,038
181,895
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
398,441
350,971
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
535,985
Amortisation and impairment
At 1 November 2023
355,598
Amortisation charged for the year
45,096
At 31 October 2024
400,694
Carrying amount
At 31 October 2024
135,291
At 31 October 2023
180,387
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
13
Tangible fixed assets
Group
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
-
0
(3,027)
(104,674)
-
0
(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
-
0
-
0
(23,988)
-
0
(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.

Group
Company
2024
2023
2024
2023
£
£
£
£
Commercial vehicles
440,787
468,422
-
-
14
Investment property
Group
Company
2024
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 GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
989,586
989,586
Investments in associates
17
836,600
808,400
643,328
643,328
836,600
808,400
1,632,914
1,632,914

Unlisted investments include a 37.6% interest in the issued ordinary share capital of Robert Darvall (Property) Limited, a property investment business.

Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 November 2023
808,400
Valuation changes
28,200
At 31 October 2024
836,600
Carrying amount
At 31 October 2024
836,600
At 31 October 2023
808,400
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 November 2023 and 31 October 2024
1,632,914
Carrying amount
At 31 October 2024
1,632,914
At 31 October 2023
1,632,914
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
16
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Business Moves Limited
United Kingdom
A and B Ordinary £1 shares
100.00
17
Associates

Details of associates at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Robert Darvall (Property) Limited
United Kingdom
B Ordinary £1 shares
38
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,413,202
2,862,318
-
0
-
0
Amounts owed by group undertakings
-
-
80,940
31,000
Other debtors
205,223
167,792
39,886
-
0
Prepayments and accrued income
1,387,657
823,631
-
0
-
0
5,006,082
3,853,741
120,826
31,000
Amounts falling due after more than one year:
Deferred tax asset (note 24)
100,000
-
0
100,000
-
0
Total debtors
5,106,082
3,853,741
220,826
31,000
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
97,715
91,376
-
0
-
0
Obligations under finance leases
22
195,718
117,960
-
0
-
0
Trade creditors
1,490,806
1,000,324
-
0
-
0
Corporation tax payable
121,932
49,559
-
0
-
0
Other taxation and social security
524,997
420,184
-
-
Deferred income
25
80,172
53,220
-
0
-
0
Other creditors
101,665
78,959
-
0
-
0
Accruals and deferred income
1,188,946
613,835
1,498
1,498
3,801,951
2,425,417
1,498
1,498
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
247,939
344,080
-
0
-
0
Obligations under finance leases
22
276,413
156,769
-
0
-
0
524,352
500,849
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
345,654
435,456
-
0
-
0
Payable within one year
97,715
91,376
-
0
-
0
Payable after one year
247,939
344,080
-
0
-
0

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.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
195,718
117,960
-
0
-
0
In two to five years
276,413
156,769
-
0
-
0
472,131
274,729
-
-

Finance lease payments represent rentals payable by the company or group 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 15 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Hire purchase liabilities are secured against the fixed assets held under hire purchase contracts.

23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
53,331
62,864
-
-
Movements on provisions:
Group
£
At 1 November 2023
62,864
Other movements
(9,533)
At 31 October 2024
53,331

The group has made a provision for dilapidation liabilities arising from obligations under tenant repairing leases.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 33 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
137,214
62,108
-
-
Share based payments
-
-
100,000
-
137,214
62,108
100,000
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Share based payments
-
-
100,000
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
62,108
-
Credit to profit or loss
(24,894)
(100,000)
Liability/(Asset) at 31 October 2024
37,214
(100,000)
25
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
80,172
53,220
-
-
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
177,412
164,415

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 34 -
27
Share-based payment transactions

In 2022 the company granted options to certain key management.

 

The options were exercisable at asset sale, share sale and or a listing event. The options lapse after ten years. The options lapse if employment is terminated.

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 November 2023
3,404
4,189
319.71
168.97
Forfeited
(1,702)
(785)
319.71
168.97
Outstanding at 31 October 2024
1,702
3,404
717.16
319.71
Exercisable at 31 October 2024
-
-
-
-

The options outstanding at 31 October 2024 had a weighted exercise price ranging of £717.16, and a remaining contractual life of 2 years.

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

 

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

 

Effective 8 July 2024, each share option holder has surrendered half of their shares to align their shareholding percentage with that of the Ordinary A shares following the 2023 share buyback.

Group
Company
2024
2023
2024
2023
£
£
£
£

 

Expenses recognised in the year
Arising from equity settled share based payment transactions
400,000
-
400,000
-
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 35 -
28
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
4,447
4,447
4,447
4,447
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
590,000
590,000
590,000
590,000
Preference shares classified as equity
590,000
590,000
Total equity share capital
594,447
594,447
29
Operating lease commitments
Lessee

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

Group
Company
2024
2023
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
-
-
30
Related party transactions
Transactions with related parties

During the year, Business Moves Limited 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, Business Moves Limited had outstanding balances with related parties as follows:

 

31
Controlling party

The ultimate controlling party is S Darvall.

BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 36 -
32
Directors' transactions

Advances or credits have been granted by the group 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
33
Cash generated from group operations
2024
2023
£
£
Profit after taxation
619,327
421,868
Adjustments for:
Taxation charged
234,038
181,895
Finance costs
49,153
45,930
Investment income
(93,213)
(7,569)
Loss/(gain) on disposal of tangible fixed assets
27,687
(29,431)
Amortisation and impairment of intangible assets
45,096
45,096
Depreciation and impairment of tangible fixed assets
368,513
285,280
Other gains and losses
(28,200)
-
Equity settled share based payment expense
400,000
-
(Decrease)/increase in provisions
(9,533)
10,001
Movements in working capital:
Increase in debtors
(1,150,459)
(389,392)
Increase in creditors
1,193,112
163,355
Increase in deferred income
26,952
22,423
Cash generated from operations
1,682,473
749,456
BUSINESS MOVES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 37 -
34
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
188,267
1,601,471
Adjustments for:
Taxation credited
(100,000)
-
0
Investment income
(489,767)
(1,602,971)
Equity settled share based payment expense
400,000
-
Movements in working capital:
Increase in debtors
(89,826)
(500)
Cash absorbed by operations
(91,326)
(2,000)
35
Analysis of changes in net funds/(debt) - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
382,629
502,058
884,687
Borrowings excluding overdrafts
(435,456)
89,802
(345,654)
Obligations under finance leases
(274,729)
(197,402)
(472,131)
(327,556)
394,458
66,902
2024-10-312023-11-01falsefalseCCH SoftwareCCH Accounts Production 2024.310S DarvallR Furn DaviesK Bowersfalse04927047bus:Consolidated2023-11-012024-10-31049270472023-11-012024-10-3104927047bus:Director12023-11-012024-10-3104927047bus:Director22023-11-012024-10-3104927047bus:CompanySecretary12023-11-012024-10-3104927047bus:RegisteredOffice2023-11-012024-10-3104927047bus:Consolidated2024-10-31049270472024-10-3104927047bus:Consolidated2022-11-012023-10-31049270472022-11-012023-10-3104927047core:Goodwillbus:Consolidated2024-10-3104927047core:Goodwillbus:Consolidated2023-10-3104927047bus:Consolidated2023-10-3104927047core:PlantMachinerybus:Consolidated2024-10-3104927047core:FurnitureFittingsbus:Consolidated2024-10-3104927047core:MotorVehiclesbus:Consolidated2024-10-3104927047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-10-3104927047core:PlantMachinerybus:Consolidated2023-10-3104927047core:FurnitureFittingsbus:Consolidated2023-10-3104927047core:MotorVehiclesbus:Consolidated2023-10-3104927047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-10-31049270472023-10-3104927047core:ShareCapitalbus:Consolidated2024-10-3104927047core:ShareCapitalbus:Consolidated2023-10-3104927047core:RevaluationReservebus:Consolidated2024-10-3104927047core:RevaluationReservebus:Consolidated2023-10-3104927047core:CapitalRedemptionReservebus:Consolidated2024-10-3104927047core:CapitalRedemptionReservebus:Consolidated2023-10-3104927047core:OtherMiscellaneousReservebus:Consolidated2024-10-3104927047core:OtherMiscellaneousReservebus:Consolidated2023-10-3104927047core:ShareCapital2024-10-3104927047core:ShareCapital2023-10-3104927047core:CapitalRedemptionReserve2024-10-3104927047core:CapitalRedemptionReserve2023-10-3104927047core:OtherMiscellaneousReserve2024-10-3104927047core:OtherMiscellaneousReserve2023-10-3104927047core:RetainedEarningsAccumulatedLosses2024-10-3104927047core:ShareCapitalbus:Consolidated2022-10-3104927047core:SharePremiumbus:Consolidated2022-10-3104927047core:CapitalRedemptionReservebus:Consolidated2022-10-3104927047core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-10-3104927047core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-10-3104927047core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-10-3104927047core:ShareCapital2022-10-3104927047core:CapitalRedemptionReserve2022-10-3104927047core:RetainedEarningsAccumulatedLosses2022-10-3104927047core:RetainedEarningsAccumulatedLosses2023-10-3104927047bus:Consolidated2022-10-31049270472022-10-3104927047core:Goodwill2023-11-012024-10-3104927047core:PlantMachinery2023-11-012024-10-3104927047core:FurnitureFittings2023-11-012024-10-3104927047core:MotorVehicles2023-11-012024-10-3104927047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-11-012024-10-3104927047core:UKTaxbus:Consolidated2023-11-012024-10-3104927047core:UKTaxbus:Consolidated2022-11-012023-10-3104927047bus:Consolidated12023-11-012024-10-3104927047bus:Consolidated12022-11-012023-10-3104927047core:Goodwillbus:Consolidated2023-10-3104927047core:Goodwillbus:Consolidated2023-11-012024-10-3104927047core:PlantMachinerybus:Consolidated2023-10-3104927047core:FurnitureFittingsbus:Consolidated2023-10-3104927047core:MotorVehiclesbus:Consolidated2023-10-3104927047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-10-3104927047bus:Consolidated2023-10-3104927047core:PlantMachinerybus:Consolidated2023-11-012024-10-3104927047core:FurnitureFittingsbus:Consolidated2023-11-012024-10-3104927047core:MotorVehiclesbus:Consolidated2023-11-012024-10-3104927047core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-11-012024-10-3104927047core:Subsidiary12023-11-012024-10-3104927047core:Subsidiary112023-11-012024-10-310492704712023-11-012024-10-3104927047core:CurrentFinancialInstruments2024-10-3104927047core:CurrentFinancialInstruments2023-10-3104927047core:CurrentFinancialInstrumentsbus:Consolidated2024-10-3104927047core:CurrentFinancialInstrumentsbus:Consolidated2023-10-3104927047core:Non-currentFinancialInstrumentsbus:Consolidated2024-10-3104927047core:Non-currentFinancialInstrumentsbus:Consolidated2023-10-3104927047core:Non-currentFinancialInstruments2024-10-3104927047core:Non-currentFinancialInstruments2023-10-3104927047core:WithinOneYearbus:Consolidated2024-10-3104927047core:WithinOneYearbus:Consolidated2023-10-3104927047core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3104927047core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3104927047core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-10-3104927047core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-10-3104927047core:Non-currentFinancialInstrumentscore:AfterOneYear2024-10-3104927047core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3104927047core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-10-3104927047core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-10-3104927047core:WithinOneYear2024-10-3104927047core:WithinOneYear2023-10-3104927047core:BetweenTwoFiveYearsbus:Consolidated2024-10-3104927047core:BetweenTwoFiveYearsbus:Consolidated2023-10-3104927047core:BetweenTwoFiveYears2024-10-3104927047core:BetweenTwoFiveYears2023-10-3104927047bus:PrivateLimitedCompanyLtd2023-11-012024-10-3104927047bus:FRS1022023-11-012024-10-3104927047bus:Audited2023-11-012024-10-3104927047bus:ConsolidatedGroupCompanyAccounts2023-11-012024-10-3104927047bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP