REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
FOR |
MOVE SOUTH LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
FOR |
MOVE SOUTH LIMITED |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
MOVE SOUTH LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
STRATEGIC REPORT |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
The director presents his strategic report for the period 14 March 2023 to 30 April 2024. |
REVIEW OF BUSINESS |
The inaugural trading year for Move South Limited, the business activities are residential sales and lettings whilst offering a range of products and services connected to the sale, purchase and renting of property. The business is a franchise operation with two brands of Your Move and Reeds Rains based in London and the Southeast of England. The business was an acquisition of 30 offices from a trading corporate Estate Agency (LSL Property Services). |
The business started at a time of instability in the markets with interest rate increases affecting mortgage rates following the Governments mini budget in September 2022. Whilst this influenced buyer demand negatively at the start of the year this improved through the second half of 2023. Indeed the business exceeded our expectations for residential sales activity from May to December, generating an increase against expectations for instructions and sales resulting in a higher sales pipeline moving into 2024. Our challenge with an improving housing market became speed of transactional sales, with the conveyancing industry unable to cope with increased activity. This continued into 2024 and remains a challenge to the residential sales industry to return a faster transactional speed for customers. |
The Lettings Market remained positive throughout the year with rising rents due chiefly to a lack of supply. The reduction of new lettings stock has been evident over the year due to the uncertainty of increased legislation and rising landlord costs which further threaten yields, this has led to more accidental landlords selling their rental properties to capitalise on a stronger residential market. Institutional landlords remained strong in the market often recycling some of these sales back into the rental market at a later date. We expect the trend of reduced stock levels though continue in 2024 and possibly beyond but with the trend of tenant demand remaining high, rent increases are expected to continue across the market due to supply and demand factors. |
The business was able to make substantial cost savings from the point of acquisition which improved performance and overall profitability in the period. These savings will have a positive effect beyond this year. We have been able to exit three of our more expensive premises which were at the end of lease, relocating to better locations with far more cost effective outgoings whilst maintaining and improving historic business levels. |
The business is open to acquisition of lettings businesses in the future with funding available should the appropriate opportunity present itself. |
FINANCIAL KEY PERFORMANCE INDICATORS |
As this is the company's first period of trading, these are comparing the first trading month's statistics against the last trading month of the period. |
April 2024 | May 2023 |
Conversion of Inspections to Instructions | 46% | 39% |
Exchange performance (Units) | 103 | 82 |
Pipeline (Units) | 574 | 543 |
£ | £ |
Exchange performance (Fees) | 399,034 | 312,614 |
Pipeline (Fees) | 2,373,392 | 2,092,816 |
Average fee | 4,135 | 3,854 |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
STRATEGIC REPORT |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Move South board regularly reviews risks facing the business and strategically plans to mitigate these whether short or long term. Principle risks are set out below. |
Residential Sales Market |
As a business we are directly linked to UK economic factors which also affect customer sentiment which is cyclical. While interest rates over this period have increased from historic lows the effect on the market has not been too detrimental, with buyer demand increasing in the second half of 2023 and into 2024. The revenue mix between sales and lettings does benefit Move South and helps mitigate the effects of any softening of the residential sales market. |
Lettings and Property Management |
A mentioned the principal risks in the lettings market remain the shortage of new stock coming to the market and the backdrop of further legislation with the Renters Reform Act. There is also the risk to Landlords of taxation changes which may affect yields. Not all legislation changes will be negative as we have seen in Scotland and Wales but uncertainty for Landlords can have a sobering effect on new activity. As a business we perceive a key component to a long term success is property management and communication with Landlords, guiding them through uncertainty and protecting their asset and we will continue to invest in this discipline through 2024, adding software solutions to improve transparency and deliver quick solutions to property management. |
Regulatory Compliance |
We expect this to feature heavily in the years to come and as a business we will ensure we fully meet changes to future legislation. Compliance in this area is essential and we will maintain close communication with regulating and industry bodies to shape the business and implement any changes within specified timescales. LSL Property Services as the franchisor also delivers Move South with overarching support through online training for staff and a wider source of information relevant to impending changes. |
Employee Retention |
At the inception of the business the board took an early decision to increase basic salaries of our entry level colleagues to ensure we met fully increases in Living Wage. This we will continue to monitor to ensure we can attract the best candidates at entry level. We will further invest in training and development of colleagues, monitor innovations in the industry and seek to create opportunity for our colleagues to advance their careers either through traditional avenues or new expansion. |
We will review remuneration schemes regularly to ensure we are not only competitive but attractive as an employer. While we have embraced homeworking for certain roles we continue to promote face to face interaction with customers, always aimed at delivering the highest standards of customer service through highly trained and informed staff. |
Cashflow |
Due to the nature of the sales market and its direct link to the UK economy, cashflow remains a principal risk. The business is heavily focused on creating a positive balance sheet and ensuring we have cash reserves to support the business if required. Our first year's trading returned a profit ahead of expectation. The business has strategic goals in place for 2024/2025 to grow the balance sheet and will have the ability to draw on additional financing should the need arise. |
FUTURE DEVELOPMENTS |
During 2024 we have undertaken a review of the branch network structure and made changes that will invest in experienced staff enabling us to better utilise their wealth of experience and knowledge of the industry. The company has a growth strategy and is looking to expand its footprint through acquiring lettings books. |
ON BEHALF OF THE BOARD: |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
The director presents his report with the financial statements of the company for the period 14 March 2023 to 30 April 2024. |
INCORPORATION |
The company was incorporated on 14 March 2023 and commenced trading on 4 May 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of residential property estate agency and residential letting and property management. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 April 2024 will be £1,000. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, drawdown facility from the franchisor and operating lease agreements. The main purpose of these instruments is to finance the company's operations. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. |
The company's operating lease commitments are in respect of the property from which the company operates. The liquidity risk in respect of these is managed in the same way as bank balances above. |
The company's trade debtors are recovered via the solicitors upon completion of property sales and lettings. These are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors and drawdown facility liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
REPORT OF THE DIRECTOR |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Ashdown Hurrey, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOVE SOUTH LIMITED |
Opinion |
We have audited the financial statements of Move South Limited (the 'company') for the period ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOVE SOUTH LIMITED |
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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOVE SOUTH LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud 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 of the sector in which the company operates; |
- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, Consumer Protection from Unfair Trading regulations 2008 and the Business protection from misleading marketing regulations 2008; |
- 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 and the team remained alert to instances of non-compliance throughout the audit. |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management. |
To address the risk of fraud in relation to revenue recognition, we: |
- Performed detailed substantive testing to address completeness and accuracy of sales; |
- Assessed the appropriateness and application of the accounting policy concerning income recognition; and |
- Performed detailed cut-off testing either side of the balance sheet date. |
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; |
- Investigated the rationale behind significant or unusual transactions. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MOVE SOUTH LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
Notes | £ |
TURNOVER | 3 |
Cost of sales | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) |
OPERATING PROFIT |
Interest receivable and similar income |
420,435 |
Interest payable and similar expenses | 5 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
Dividends | 7 | ( |
) |
RETAINED EARNINGS AT END OF PERIOD |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
BALANCE SHEET |
30 APRIL 2024 |
Notes | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
CASH FLOW STATEMENT |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Amount introduced by directors | 1,000 |
Amount withdrawn by directors | (1 | ) |
Share issue |
Equity dividends paid | ( |
) |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
Cash and cash equivalents at end of period |
2 |
1,136,007 |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation |
Finance costs | 28,430 |
Finance income | (2,904 | ) |
417,531 |
Increase in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 30 April 2024 |
30.4.24 | 14.3.23 |
£ | £ |
Cash and cash equivalents | 1,136,007 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 14.3.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | - | 1,136,007 | 1,136,007 |
- | 1,136,007 |
Debt |
Debts falling due within 1 year | - | (300,000 | ) | (300,000 | ) |
- | (300,000 | ) | (300,000 | ) |
Total | - | 836,007 | 836,007 |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Move South Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements. |
On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements. |
Turnover |
Residential turnover is generated from residential property sales and is recognised upon exchange, when contracts of sale are signed. |
Lettings turnover is generated from acting as property landlords' agent, and is recognised on a cash basis, with a year end adjustment for invoices raised not yet paid. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
£ |
4. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Head Office | 6 |
Branch Employees | 182 |
£ |
Director's remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
£ |
Bank interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax |
Tax on profit |
7. | DIVIDENDS |
£ |
Ordinary shares of .01 each |
Interim |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other loans (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 457,870 |
Directors' current accounts | 999 |
Accrued expenses |
10. | LOANS |
An analysis of the maturity of loans is given below: |
£ |
Amounts falling due within one year or on demand: |
Other loans |
11. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
Between one and five years |
In more than five years |
The company is in the process of transferring leases for it's offices and vehicles from the previous lease holder to Move South Ltd. The previous lease holder recharges these lease costs on a monthly basis but there are not formal lease agreements in existence to cover these. The above figures only reflect formal leases. |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Your-Move.co.uk Limited | 300,000 |
A charge exists over all the property or undertaking of the company. This charge contains fixed and floating charges and a negative pledge. |
MOVE SOUTH LIMITED (REGISTERED NUMBER: 14729689) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 14 MARCH 2023 TO 30 APRIL 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | .01 | 1 |
100 Ordinary shares of .01 each were allotted and fully paid for |
14. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
Dividends | ( |
) |
At 30 April 2024 |
15. | RELATED PARTY DISCLOSURES |
£ |
Compensation paid | 395,552 |
Dividends paid | 1,000 |
Amount due to related party | ( |
) |
£ |
Purchases |
Amount due to related party | ( |
) |
£ |
Drawdown facility | (500,000 | ) |
Amount due to related party | ( |
) |
The ultimate controlling party is |
16. | POST BALANCE SHEET EVENTS |
Subsequent to the year end, the company has repaid the drawdown facility of £300,000 showing within Creditors due within 1 year. |
The company has continued to take on the leases of it's offices as they fall due for renewal and since the year end has signed leases giving commitments on a further 10 properties. These give an operating lease liability of £1,411,083 for periods of up to 10 years. |