Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302025-05-212025-05-222024-06-302025-05-2179false2023-07-01falseNo description of principal activity72falsetrue 03592000 2023-07-01 2024-06-30 03592000 2022-07-01 2023-06-30 03592000 2024-06-30 03592000 2023-06-30 03592000 2022-07-01 03592000 c:Exceptional 2023-07-01 2024-06-30 03592000 c:Exceptional 2022-07-01 2023-06-30 03592000 d:Director1 2023-07-01 2024-06-30 03592000 d:Director2 2023-07-01 2024-06-30 03592000 d:Director3 2023-07-01 2024-06-30 03592000 d:Director4 2023-07-01 2024-06-30 03592000 d:Director5 2023-07-01 2024-06-30 03592000 d:Director6 2023-07-01 2024-06-30 03592000 d:RegisteredOffice 2023-07-01 2024-06-30 03592000 c:Buildings 2023-07-01 2024-06-30 03592000 c:Buildings 2024-06-30 03592000 c:Buildings 2023-06-30 03592000 c:Buildings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03592000 c:Buildings c:LongLeaseholdAssets 2023-07-01 2024-06-30 03592000 c:Buildings c:LongLeaseholdAssets 2024-06-30 03592000 c:Buildings c:LongLeaseholdAssets 2023-06-30 03592000 c:PlantMachinery 2023-07-01 2024-06-30 03592000 c:PlantMachinery 2024-06-30 03592000 c:PlantMachinery 2023-06-30 03592000 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03592000 c:MotorVehicles 2023-07-01 2024-06-30 03592000 c:MotorVehicles 2024-06-30 03592000 c:MotorVehicles 2023-06-30 03592000 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03592000 c:FurnitureFittings 2023-07-01 2024-06-30 03592000 c:FurnitureFittings 2024-06-30 03592000 c:FurnitureFittings 2023-06-30 03592000 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03592000 c:ComputerEquipment 2023-07-01 2024-06-30 03592000 c:ComputerEquipment 2024-06-30 03592000 c:ComputerEquipment 2023-06-30 03592000 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03592000 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03592000 c:CurrentFinancialInstruments 2024-06-30 03592000 c:CurrentFinancialInstruments 2023-06-30 03592000 c:Non-currentFinancialInstruments 2024-06-30 03592000 c:Non-currentFinancialInstruments 2023-06-30 03592000 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 03592000 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 03592000 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 03592000 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 03592000 c:UKTax 2023-07-01 2024-06-30 03592000 c:UKTax 2022-07-01 2023-06-30 03592000 c:ShareCapital 2024-06-30 03592000 c:ShareCapital 2023-06-30 03592000 c:ShareCapital 2022-07-01 03592000 c:CapitalRedemptionReserve 2024-06-30 03592000 c:CapitalRedemptionReserve 2023-06-30 03592000 c:CapitalRedemptionReserve 2022-07-01 03592000 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03592000 c:RetainedEarningsAccumulatedLosses 2024-06-30 03592000 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03592000 c:RetainedEarningsAccumulatedLosses 2023-06-30 03592000 c:RetainedEarningsAccumulatedLosses 2022-07-01 03592000 c:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03592000 c:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03592000 c:OtherDeferredTax 2024-06-30 03592000 c:OtherDeferredTax 2023-06-30 03592000 d:OrdinaryShareClass1 2023-07-01 2024-06-30 03592000 d:OrdinaryShareClass1 2024-06-30 03592000 d:OrdinaryShareClass1 2023-06-30 03592000 d:FRS102 2023-07-01 2024-06-30 03592000 d:Audited 2023-07-01 2024-06-30 03592000 d:FullAccounts 2023-07-01 2024-06-30 03592000 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03592000 c:WithinOneYear 2024-06-30 03592000 c:WithinOneYear 2023-06-30 03592000 c:BetweenOneFiveYears 2024-06-30 03592000 c:BetweenOneFiveYears 2023-06-30 03592000 c:MoreThanFiveYears 2024-06-30 03592000 c:MoreThanFiveYears 2023-06-30 03592000 c:HirePurchaseContracts c:WithinOneYear 2024-06-30 03592000 c:HirePurchaseContracts c:WithinOneYear 2023-06-30 03592000 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-06-30 03592000 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-06-30 03592000 d:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03592000 2 2023-07-01 2024-06-30 03592000 4 2023-07-01 2024-06-30 03592000 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-06-30 03592000 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-06-30 03592000 c:LeasedAssetsHeldAsLessee 2024-06-30 03592000 c:LeasedAssetsHeldAsLessee 2023-06-30 03592000 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03592000










ABELS MOVING SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
ABELS MOVING SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
N D Pertoldi 
R J Start 
M Costa-Rising 
S S Sampson 
D M Hibbert 
K Dugard 




Registered number
03592000



Registered office
The Heights East
Cranborne Road

Potters Bar

EN6 3JN




Independent auditor
MHA

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
ABELS MOVING SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 28

 
ABELS MOVING SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Directors present their company Strategic Report for the year ended 30 June 2024.

Business review
 
The Company’s principal activity during the year was that of UK removals, relocation and storage.
The year to June 2024 showed a pleasing increase in revenue to £8.2m (2023: £7.8m) despite the continuation of difficult trading conditions. The cost of living crisis and some political uncertainty has weighed heavily on the future outlook into 2025.
Gross profit margin showed a pleasing increase from £4.3M (55%) in 2023 to £4.6M (56%) in 2024, resulting in a net profit for year of £315,265 vs £313,856 in 2023.

Principal risks and uncertainties
 
The principal risks associated with this industry, and therefore the Company, relate to market cycles as driven by the general economic performance of the UK and global events. This manifests itself in dramatic changes in the seasonal cycle which are regularly reviewed by the Directors to limit the consequent impact on resource availability and company profitability.
Fuel prices remain high resulting in some increased costs which cannot be passed on the consumer without having to reduce margins.
London’s Ultra Low Emission Zone expansion has also had a detrimental impact on our cost base.

Financial key performance indicators
 
The Company uses a range of performance measures to monitor business performance. The key indicators are turnover, gross margin and operating margins.
            2024   2023
Turnover (£'000)          £8,193,864  £7,849,436
Gross Margin %          56%   55%
Operating Profit/Loss (£'000)        £369,054  £361,708

Other key performance indicators
 
All performance data is reported monthly to management and Directors to assess and decide on any immediate changes that may be appropriate. For the year 2023/2024 all indicators met our expectations and were on track to produce the expected results.
 
Page 1

 
ABELS MOVING SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Dividends
The Board agreed that a dividend of £1.1m from the retained earnings be declared and paid to the holding company AGM Relocation Limited.


This report was approved by the board and signed on its behalf.





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

Date: 21 May 2025
Page 2

 
ABELS MOVING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Directors

The Directors who served during the year were:

N D Pertoldi 
R J Start 
M Costa-Rising 
S S Sampson 
D M Hibbert 
K Dugard 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 3

 
ABELS MOVING SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

This report was approved by the board and signed on its behalf.
 





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

Date: 21 May 2025
Page 4

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Abels Moving Services Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Company 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.


Page 6

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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:
• Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on   those laws and regulations that had a direct effect on the financial statements;
•  Enquiry of management to identify any instances of known or suspected instances of fraud; 
•  Enquiry of management and those charged with governance around actual and potential litigation and    claims; 
•  Enquiry of management about any instances of non-compliance with laws and regulations;
•  Enquiry of staff to identify any instances of non-compliance with laws and regulations;
•  Reviewing the control systems in place and testing the effectiveness of the controls;
•  Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias;
•  Reviewing minutes of meetings of those charged with governance; and 
•  Reviewing financial statement disclosures and testing to supporting documentation to access compliance   with applicable laws and regulations.


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 Auditor's Report.
Page 7

 
ABELS MOVING SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABELS MOVING SERVICES LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 2006Our 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 Auditor's 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.





Cara Miller ACCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Colchester, United Kingdom

22 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 8

 
ABELS MOVING SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
8,193,864
7,849,436

Cost of sales
  
(3,605,086)
(3,523,788)

Gross profit
  
4,588,778
4,325,648

Administrative expenses
  
(3,941,364)
(3,963,940)

Exceptional administrative expenses
 8 
(278,360)
-

Operating profit
 5 
369,054
361,708

Interest receivable and similar income
  
11,050
9,010

Interest payable and similar expenses
 9 
(64,839)
(56,862)

Profit before tax
  
315,265
313,856

Tax on profit
 10 
69,481
(76,236)

Profit for the financial year
  
384,746
237,620

The notes on pages 13 to 28 form part of these financial statements.
Page 9

 
ABELS MOVING SERVICES LIMITED
REGISTERED NUMBER: 03592000

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
959,059
1,192,393

  
959,059
1,192,393

Current assets
  

Stocks
 13 
54,170
74,914

Debtors
 14 
3,332,398
3,400,924

Cash at bank and in hand
 15 
29,554
131,188

  
3,416,122
3,607,026

Creditors: amounts falling due within one year
 16 
(3,074,125)
(2,570,963)

Net current assets
  
 
 
341,997
 
 
1,036,063

Total assets less current liabilities
  
1,301,056
2,228,456

Creditors: amounts falling due after more than one year
 17 
(320,248)
(432,393)

Provisions for liabilities
  

Deferred tax
 19 
(66,774)
(166,775)

  
 
 
(66,774)
 
 
(166,775)

Net assets
  
914,034
1,629,288


Capital and reserves
  

Called up share capital 
 20 
200,000
200,000

Capital redemption reserve
  
100,000
100,000

Profit and loss account
  
614,034
1,329,288

  
914,034
1,629,288


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 May 2025.

................................................
D M Hibbert
Director
Page 10

 
ABELS MOVING SERVICES LIMITED
REGISTERED NUMBER: 03592000
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024


The notes on pages 13 to 28 form part of these financial statements.
Page 11

 
ABELS MOVING SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
200,000
100,000
1,091,668
1,391,668



Profit for the year
-
-
237,620
237,620



At 1 July 2023
200,000
100,000
1,329,288
1,629,288



Profit for the year
-
-
384,746
384,746


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,100,000)
(1,100,000)


At 30 June 2024
200,000
100,000
614,034
914,034


The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The principal activity of Abels Moving Services Limited ("the Company") during the year was that of storage, quality furniture delivery solutions and moving services within the niche markets of substantial private UK residential moves, international relocations and commercial moving.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is The Heights East, Cranborne Road, Potters Bar, EN6 3JN.

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 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
1. the requirements of Section 7 Statement of Cash Flows;
2. the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
3. the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of AGM Relocation Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
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 £315,265 (2023: £313,856) and at the balance sheet date, there were net assets of £767,761 (2023: £1,629,288).
The Directors have prepared detailed profit and cash flow forecasts based on current and expected trading conditions. These show an increase in profitability and cash generation.
As a result of these projections, 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 13

 
ABELS MOVING SERVICES 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

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 14

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 15

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the methods below.

Depreciation is provided on the following basis:

Freehold property
-
20% straight line
Long-term leasehold property
-
Over the lease term
Plant and machinery
-
10-20% straight line
Motor vehicles
-
20-33% straight line
Fixtures and fittings
-
15-33% straight line
Computer equipment
-
15-33% straight line

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.

 
2.13

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 16

 
ABELS MOVING SERVICES 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.

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.

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.
Page 17

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


 
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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions. These are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
Depreciation on tangible fixed assets which has been calculated in accordance with accounting policies set out in note 2.12 and which is disclosed in note 12.
Estimation of costs to be accrued in respect of jobs which have been completed at the financial statement date, where invoices have not been received from suppliers, which are included within accruals and deferred income in note 16.


4.


Turnover

The whole of the turnover is attributable to the company's principal activity and arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(33,735)
(53,375)

Page 18

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
20,000
24,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

As restated
2024
2023
£
£

Wages and salaries
2,395,842
2,265,003

Social security costs
276,580
244,953

Cost of defined contribution scheme
107,052
99,886

2,779,474
2,609,842


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
79
72

Page 19

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
231,175
95,154

Company contributions to defined contribution pension schemes
58,375
8,015

289,550
103,169


During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £231,175 (2023 - £95,154). The highest paid Director was also awarded a long service award of £157,795 (2023 - £Nil) cash bonus and £100,000 (2023 - £Nil) by way of pension contribution. This is recorded as an exceptional item in the profit and loss account and the bonus and pension contributions of £257,795 (2023: £200,000) were included within other liabilities at the year end date.

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £58,375 (2023 - £8,015).


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
54,498
56,487

Other interest payable
10,341
375

64,839
56,862

Page 20

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Group relief payment for losses
30,520
(68,242)


Total current tax
30,520
(68,242)

Deferred tax


Origination and reversal of timing differences
(100,001)
144,478

Total deferred tax
(100,001)
144,478


Tax on profit
(69,481)
76,236

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
315,265
313,856


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
78,816
64,340

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
38,756
566

Capital allowances for year in excess of depreciation
(40,401)
(17,408)

Remeasurement of deferred tax for changes in tax rates
-
(39,464)

Group relief
(146,652)
68,202

Total tax charge for the year
(69,481)
76,236


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Exceptional items

2024
2023
£
£


Long-term service award
278,360
-

278,360
-
Page 22
 


 
ABELS MOVING SERVICES LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


12.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 July 2023
15,405
367,535
509,968
2,576,777
241,367
464,085
4,175,137


Additions
-
90,681
30,462
24,325
251
3,089
148,808


Disposals
-
-
-
(69,025)
-
-
(69,025)



At 30 June 2024

15,405
458,216
540,430
2,532,077
241,618
467,174
4,254,920



Depreciation


At 1 July 2023
14,945
111,773
393,791
1,835,302
183,254
443,679
2,982,744


Charge for the year on owned assets
-
39,910
29,836
291,277
9,222
11,897
382,142


Disposals
-
-
-
(69,025)
-
-
(69,025)



At 30 June 2024

14,945
151,683
423,627
2,057,554
192,476
455,576
3,295,861



Net book value



At 30 June 2024
460
306,533
116,803
474,523
49,142
11,598
959,059



At 30 June 2023
460
255,762
116,177
741,475
58,113
20,406
1,192,393

Page 23
 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
308,401
607,007

308,401
607,007


13.


Stocks

2024
2023
£
£

Packing materials
54,170
74,914

54,170
74,914



14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
240,918

Due within one year

Trade debtors
514,097
415,755

Amounts owed by group undertakings
2,025,352
2,177,732

Other debtors
158,228
25,155

Prepayments and accrued income
634,721
541,364

3,332,398
3,400,924


Page 24

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
29,554
131,188

29,554
131,188



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
977,982
731,568

Amounts owed to group undertakings
1,026,288
-

Other taxation and social security
179,411
348,823

Obligations under finance lease and hire purchase contracts
161,956
268,943

Other creditors
279,229
444,441

Accruals and deferred income
449,259
777,188

3,074,125
2,570,963



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
262,453
432,393

Accruals and deferred income
57,795
-

320,248
432,393


The finance lease and hire purchase creditors are secured on the assets to which they relate.

Page 25

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

As restated
2024
2023
£
£


Within one year
161,956
268,943

Between 1-5 years
262,453
432,393

424,409
701,336


19.


Deferred taxation




2024


£






At beginning of year
166,775


Charged to profit or loss
100,001



At end of year
66,774

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
145,046
207,933

Other short term timing differences
(78,272)
(41,158)

66,774
166,775


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,000 (2023 - 200,000) Ordinary shares of £1.00 each
200,000
200,000


Page 26

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


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:
An increase in turnover of £247,697;
A decrease in cost of sales of £11,087;
An increase in administration expenses of £258,784.
Comparative figures for the prior year have been restated following the identification of errors during the
year relating to the classification of operating leases. The adjustments have been made in accordance with FRS 102, and the restated amounts are presented in note 24.


22.


Contingent liabilities

A composite company unlimited guarantee has been given by the Company and its fellow group companies, Gerson Relocation Limited, AGM Relocation Limited, Global Moving Services Limited, AGM Bishops Limited and Momentous Relocation 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.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £177,617 (2023: £99,886 as restated). Contributions totalling £84,730 (2023: £164,633) were payable to the fund at the reporting date and are included in creditors.
Included within exceptional items are agreed contributions to the pension scheme which were unpaid at the year end of £120,565. Please refer to note 8 for further details.


24.


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:

As restated
2024
2023
£
£


Not later than 1 year
669,759
669,759

Later than 1 year and not later than 5 years
2,597,291
2,628,187

Later than 5 years
2,500,154
3,139,017

5,767,204
6,436,963

Page 27

 
ABELS MOVING SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Related party transactions

During the year, £5,000 (2023 - £Nil) was paid on behalf of a Director for legal advice. This transaction was made at arms length, with no amount outstanding at the year end.
During the year, the company owed the following amounts to related parties for long term performance bonus awards. A close family member of Key Management Personnel, who was a previous employee of the company was owed £20,565 (2023 - £120,000) at the year end. A current Director of the company was owed £257,795 (2023 - £200,000) as of 30 June 2024. See note 8. Directors' remuneration for further detail.
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 owned group undertakings.


26.


Controlling party

The ultimate parent undertaking is AGM Relocation Limited. Abels Moving Services 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 party is Ms. India Abigail Sargent.
 
Page 28