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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
COMPANY INFORMATION
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SOUTHERN HOMEMOVE LTD
CONTENTS
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SOUTHERN HOMEMOVE LTD
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their strategic report for the period from incorporation on 22 March 2023 to 31 December 2023.
Southern Homemove Limited owns 4 subsidiary companies acquired from LSLi Limited, as detailed in Note 13.
On 4 May 2023, LSL Property Services plc announced that its entire owned estate agency network would become franchises. On 5 May 2023, Southern Homemove Limited acquired 100% of the share capital of 4 businesses from LSLi Limited. On the same date a franchise agreement was entered into between LSLi Limited, Southern Homemove Limited and the 4 new subsidiaries, the franchisees. All of the businesses changed their names shortly after being acquired but continue to trade in the same manner and continue to use the existing brands. A strategic review was undertaken in the period immediately after acquisition as all businesses as franchisees were subject to franchise fees, which impacted profitability. The review identified that EALAU Limited’s ongoing losses could not be sustained as a franchisee and the business was closed with part of its operation transferred to EAHAW Ltd. EALAU limited is in a position of net liabilities supported by the Group, and has ceased trading post year-end and as such this company was not deemed a going concern. EADTL Limited needed to rationalise its operation to sustain profitability as a franchisee and 5 branches were closed in December 2023 incurring closure provisions and costs.
The Group made an operating loss of £42k. The Company's key financial and other performance indicators during the period were as follows:
2023 £'000 Revenue 9,167 Operating loss 42 Operating loss margin 0.5% Whilst these are the first financial statements prepared by the Group, revenue generated by subsidiaries decreased year on year with macro-economic factors such as UK interest rate rises weighing on results. Profitability has been impacted by additional franchise fees levied on the Group's revenue from 5 May 2023.
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SOUTHERN HOMEMOVE LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The principal risks and uncertainties facing the Group are as follows:
Market Risk The volume of house sales and the Group's revenue and profitability could be adversely affected by the following external factors:
∙the housing market;
∙customer behaviour;
∙competition from other estate agents; and
∙changes in legislation.
The Group continues to manage these risks through risk reviews at regular board meetings. Operational Risk The Group's results could also be affected by the following internal factors:
∙failure to recruit or retain key staff;
∙failure of information systems;
∙failure to comply with relevant legislation; and
∙failure of the franchise model.
Strategic changes made have mitigated the risk to the Group.
This report was approved by the board and signed on its behalf.
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SOUTHERN HOMEMOVE LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the period ended 31 December 2023.
The directors who served during the period were:
The profit for the period, after taxation, amounted to £38,000.
There were no dividends paid or proposed by the Company in the period.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company will continue to undertake measures to optimise its trading performance, to protect margins and EBITDA, whilst retaining and augmenting talent to ensure it is well placed to take advantage of future market developments.
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SOUTHERN HOMEMOVE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The following matters have been included in the strategic report:
∙Business review
∙Financial key performance indicators
∙Principal risks and uncertainties
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
On 6 February 2024, a further 100 Ordinary Shares of £1 each were allotted.
This report was approved by the board and signed on its behalf.
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SOUTHERN HOMEMOVE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHERN HOMEMOVE LTD
We have audited the financial statements of Southern HomeMove Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or the 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.
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SOUTHERN HOMEMOVE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHERN HOMEMOVE LTD (CONTINUED)
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SOUTHERN HOMEMOVE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHERN HOMEMOVE LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Due to the field in which the Group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the Group's ability to operate including health and safety, employment law, GDPR and compliance with FCA rules.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
∙Reviewing legal and professional fees to confirm all matters where the Group engaged lawyers during the year;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Reviewing the reports and findings from client money Propertymark audits to ensure all applicable requirements are being complied with;
∙Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the value of stock held; and
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditors' report.
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SOUTHERN HOMEMOVE LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTHERN HOMEMOVE LTD (CONTINUED)
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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
1st Floor, Prospect House
Rouen Road
NR1 1RE
Date:
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SOUTHERN HOMEMOVE LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
REGISTERED NUMBER: 14748818
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 39 form part of these financial statements.
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SOUTHERN HOMEMOVE LTD
REGISTERED NUMBER: 14748818
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 39 form part of these financial statements.
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SOUTHERN HOMEMOVE LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Southern Homemove Ltd is a private company limited by shares and incorporated in England and Wales, registration number 14748818. The registered office is 44 Coombe Lane, London, SW20 0LA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The financial statements are presented in Sterling which is the functional currency of the Group and Company and are rounded to the nearest thousand pounds sterling.
The Company was incorporated on 22 March 2023 and is preparing its first period of account for the 9 months to 31 December 2023 to bring the year-end in line with the rest of the Group. The Company acquired its subsidiary entities on 5 May 2023 (Note 21) and the consolidated financial statements are prepared from this date.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The directors have considered the Group’s position at the time of signing the financial statements and have undertaken an exercise to forecast future profits and cash flows for the Group. The directors have also considered the current financial position of the Group, measures the directors could take to mitigate ongoing costs should they need to and the cash and financing facilities available to the Group.
Based on this, the directors have concluded that they have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements. Turnover from lettings is recognised on completion of the service being provided, the performance obligations which the Group has depends on the type of lettings income. Let-only lettings income is recgnised at a point in time at the start of the minimum period for which a tenant has been found, typically per month. Rent-collect lettings income is recognised at a point in time once the rent has been collected for that period, typically per month. Fully managed lettings is split between the proportion of income from rent collection services which is recognised at that point in time with the remaning income being recognised over the rental period. Pre and post tenancy income is recognised at a point in time once the service is provided. Turnover from conveyancing referrals, financial services for referrals and completion of mortgage procurement is recognised at the legal exchange date of the residential sale to which the transaction relates.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
During the period the Group entered into franchise agreements which included an initial fee for the benefit of existing lettings books and registered trademarks, payable in the form of a monthly fixed fee over 15 years. The directors consider the monthly fixed fee represents the purchase of these assets. As such, the assets are capitalised at the present value of the future payments discounted at an appropriate weighted average cost of capital and a corresponding fixed lettings book fee liability recognised.
Subsequently, the fixed lettings book fee asset is amortised to the Consolidated statement of comprehensive income over 15 years, being the full term of the franchise agreement. The discounting of the liability is unwound annually with the finance cost recognised within the Consolidated statement of comprehensive income.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Goodwill on business combination An estimation is made in relation to the recoverability and useful economic life of goodwill. In determining goodwill the directors have concluded that there are no separable intangible assets. Amortisation of goodwill within subsidiary companies The Group assesses the useful life of goodwill by determining the expected life of the relevant lettings books acquired. The Group also reviews annually for impairment of goodwill and this requires an estimation of the value-in-use of the cash generating units to which the intangible assets are allocated. This involves estimation of future cash flows and choosing a suitable discount rate. Dilapidations provision The Group reviews it property lease agreements for evidence of any dilapidation clauses. The Group considers work incurred while the property has been leased and estimates the expected cost of re-instating the property to the condition at the beginning of the lease.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
10.Taxation (continued)
There are no factors that may affect future tax charges known at the reporting date.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
12.Tangible fixed assets (continued)
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Page 30
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Page 31
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Company was incorporated with 100 Ordinary Shares of £1 each on 22 March 2023.
Following the year end, on 6 February 2024, a further 100 Ordinary Shares of £1 each were allotted.
Profit and loss account
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Page 33
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
22.Business combinations (continued)
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
22.Business combinations (continued)
Page 35
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
22.Business combinations (continued)
Page 36
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
22.Business combinations (continued)
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
22.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £173k. Contributions totalling £23k were payable to the fund at the reporting date and are included in creditors.
As at 31 December 2023, monies held in separate bank accounts on behalf of clients amounted to £9,289k. Neither this amount, nor the matching liabilities to the clients concerned are included in the Statement of financial position.
Client funds are protected by the Financial Services Compensation Scheme (FSCS) under which the Government guarantees amounts up to £85,000. This guarantee applies to each individual client, not the total of deposits held by the Company.
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SOUTHERN HOMEMOVE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The controlling party of the Company is considered to be Lucie Heanley by virtue of her majority shareholding.
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