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Registered number: 06752608










GERSON RELOCATION LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
GERSON RELOCATION LIMITED
REGISTERED NUMBER: 06752608

BALANCE SHEET
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
80,745
26,433

Investments
 5 
1,584,358
1,584,358

  
1,665,103
1,610,791

Current assets
  

Stocks
  
12,199
-

Debtors: amounts falling due within one year
 6 
3,169,382
3,116,592

Cash at bank and in hand
  
108,678
194,272

  
3,290,259
3,310,864

Creditors: amounts falling due within one year
 7 
(4,341,191)
(4,142,422)

Net current liabilities
  
 
 
(1,050,932)
 
 
(831,558)

Total assets less current liabilities
  
614,171
779,233

Provisions for liabilities
  

Deferred tax
 9 
(3,240)
(1,274)

  
 
 
(3,240)
 
 
(1,274)

Net assets
  
610,931
777,959


Capital and reserves
  

Called up share capital 
 10 
100,000
100,000

Profit and loss account
 11 
510,931
677,959

  
610,931
777,959


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
GERSON RELOCATION LIMITED
REGISTERED NUMBER: 06752608
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
D M Hibbert
Director

Date: 20 May 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Gerson Relocation Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office is The Heights East, Cranborne Road, Potters Bar, EN6 3JN.
The principal activity of the company during the year was relocation, overseas moving and storage, specifically aimed at the international corporate market.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
In the year ended 30 June 2024, the company achieved a profit before tax of £234,938 (2023: £158,972) and at the balance sheet date, there were net assets of £610,931 (2023: £777,959).
The directors have prepared detailed forecasts based on current and expected trading conditions. These show an increase in profitability and cash generation.
As a result of these projections, and continued support from group companies, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (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:

Long-term leasehold property
-
Over the life of the lease
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
33%

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.

 
2.12

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Company's cash and cash equivalents, trade and most other receivables 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 instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 24).

Page 8

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets (as restated)





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 July 2023 (as previously stated)
-
37,798
342,441
380,239


Prior Year Adjustment
256,340
-
-
256,340


At 1 July 2023 (as restated)
256,340
37,798
342,441
636,579


Additions
67,042
-
10,000
77,042


Disposals
-
(37,798)
-
(37,798)



At 30 June 2024

323,382
-
352,441
675,823



Depreciation


At 1 July 2023 (as previously stated)
-
37,798
316,008
353,806


Prior Year Adjustment
256,340
-
-
256,340


At 1 July 2023 (as restated)
256,340
37,798
316,008
610,146


Charge for the year on owned assets
7,677
-
15,053
22,730


Disposals
-
(37,798)
-
(37,798)



At 30 June 2024

264,017
-
331,061
595,078



Net book value



At 30 June 2024
59,365
-
21,380
80,745



At 30 June 2023 (as restated)
-
-
26,433
26,433

Page 9

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 July 2023
1,554,809
29,549
1,584,358



At 30 June 2024
1,554,809
29,549
1,584,358





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Gerson Relocation BV
Relocation
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

Gerson Relocation BV
313,077

Page 10

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
593,048
802,544

Amounts owed by group undertakings
2,418,994
1,850,853

Other debtors
12,000
165,515

Prepayments and accrued income
145,340
297,680

3,169,382
3,116,592



7.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
1,062,404
1,464,330

Amounts owed to group undertakings
2,848,831
2,285,728

Other taxation and social security
25,729
25,579

Obligations under finance lease and hire purchase contracts
8,337
5,842

Other creditors
11,155
18,660

Accruals and deferred income
384,735
342,283

4,341,191
4,142,422


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.


8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
8,337
5,842

8,337
5,842

Page 11

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Deferred taxation




2024


£






At beginning of year
1,274


Charged to profit or loss
1,966



At end of year
3,240

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
4,223
(2,734)

Short term timing differences
(983)
4,008

3,240
1,274


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90,100 (2023 - 90,100) Ordinary A shares of £1.00 each
90,100
90,100
9,900 (2023 - 9,900) Ordinary B shares of £1.00 each
9,900
9,900

100,000

100,000

Each share class ranks equally with each other.



11.


Reserves

Profit and loss account

Profit and loss account includes all current and prior retained earnings.

Page 12

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Prior year adjustment

Amounts in the prior year have been reclassified between categories, with no impact on the profit for the
financial year. This is to ensure that individual line items have been allocated appropriately. The result of the prior year adjustment is as follows:
 
A decrease in cost of sales of £19,243;
An increase in administrative expenses of £19,243;
A decrease in cash at bank and in hand of £164,615;
An increase in creditors: amounts falling due within one year of £164,615;
An increase in long-term leasehold property cost of £256,340;
An increase in long-term leasehold poperty depreciation of £256,340.


13.


Contingent liabilities

A composite company unlimited guarantee has been given by the company and it's fellow group companies, Momentous Relocation Limited, AGM Relocation Limited, Global Moving Services Limited, AGM Bishops Limited and Abels Moving Services Limited, to its bankers to secure all the liabilities of each other. As at year end 30 June 2024 liabilities to the bank across the group were nil.


14.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £3,933 (2023: £6,348) were payable to the fund at the reporting date and are included in creditors.


15.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
565,150
566,698

Later than 1 year and not later than 5 years
2,260,600
2,262,148

Later than 5 years
3,956,050
4,480,943

6,781,800
7,309,789


16.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly group undertakings.

Page 13

 
GERSON RELOCATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Controlling party

The ultimate parent undertaking is AGM Relocation Limited. Gerson Relocation Limited is included within the consolidated financial statements of AGM Relocation Limited, the smallest and largest group which draws up consolidated financial statements, available from its registered address, The Heights East, Cranborne Road, Potters Bar, England, EN6 3JN.
The ultimate controlling part is Ms. India Abigail Sargent.


18.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 21 May 2025 by Cara Miller ACCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 14