Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302025-05-212025-05-222024-11-302024-11-302025-05-21false2023-12-01falseThe Company's pricipal activity during the year continued to be that of property investment and rental.falsefalse SC225725 2023-12-01 2024-11-30 SC225725 2022-12-01 2023-11-30 SC225725 2024-11-30 SC225725 2023-11-30 SC225725 2022-12-01 SC225725 c:Director1 2023-12-01 2024-11-30 SC225725 c:Director2 2023-12-01 2024-11-30 SC225725 c:Director2 2024-11-30 SC225725 c:Director3 2023-12-01 2024-11-30 SC225725 c:Director3 2024-11-30 SC225725 c:Director4 2023-12-01 2024-11-30 SC225725 c:Director4 2024-11-30 SC225725 c:RegisteredOffice 2023-12-01 2024-11-30 SC225725 c:Agent1 2023-12-01 2024-11-30 SC225725 d:Buildings 2023-12-01 2024-11-30 SC225725 d:Buildings d:ShortLeaseholdAssets 2023-12-01 2024-11-30 SC225725 d:PlantMachinery 2023-12-01 2024-11-30 SC225725 d:MotorVehicles 2023-12-01 2024-11-30 SC225725 d:FurnitureFittings 2023-12-01 2024-11-30 SC225725 d:OfficeEquipment 2023-12-01 2024-11-30 SC225725 d:OfficeEquipment 2024-11-30 SC225725 d:OfficeEquipment 2023-11-30 SC225725 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 SC225725 d:OtherPropertyPlantEquipment 2023-12-01 2024-11-30 SC225725 d:Goodwill 2023-12-01 2024-11-30 SC225725 d:Goodwill 2024-11-30 SC225725 d:Goodwill 2023-11-30 SC225725 d:CurrentFinancialInstruments 2024-11-30 SC225725 d:CurrentFinancialInstruments 2023-11-30 SC225725 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 SC225725 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 SC225725 d:ShareCapital 2024-11-30 SC225725 d:ShareCapital 2023-11-30 SC225725 d:ShareCapital 2022-12-01 SC225725 d:RevaluationReserve 2023-12-01 2024-11-30 SC225725 d:RevaluationReserve 2024-11-30 SC225725 d:RevaluationReserve 2023-11-30 SC225725 d:RevaluationReserve 2022-12-01 SC225725 d:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 SC225725 d:RetainedEarningsAccumulatedLosses 2024-11-30 SC225725 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 SC225725 d:RetainedEarningsAccumulatedLosses 2023-11-30 SC225725 d:RetainedEarningsAccumulatedLosses 2022-12-01 SC225725 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-11-30 SC225725 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-11-30 SC225725 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-11-30 SC225725 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-11-30 SC225725 c:OrdinaryShareClass1 2023-12-01 2024-11-30 SC225725 c:OrdinaryShareClass1 2024-11-30 SC225725 c:OrdinaryShareClass1 2023-11-30 SC225725 c:FRS102 2023-12-01 2024-11-30 SC225725 c:Audited 2023-12-01 2024-11-30 SC225725 c:FullAccounts 2023-12-01 2024-11-30 SC225725 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 SC225725 d:Subsidiary1 2023-12-01 2024-11-30 SC225725 d:Subsidiary1 1 2023-12-01 2024-11-30 SC225725 d:Subsidiary2 2023-12-01 2024-11-30 SC225725 d:Subsidiary2 1 2023-12-01 2024-11-30 SC225725 c:Consolidated 2024-11-30 SC225725 c:ConsolidatedGroupCompanyAccounts 2023-12-01 2024-11-30 SC225725 2 2023-12-01 2024-11-30 SC225725 5 2023-12-01 2024-11-30 SC225725 6 2023-12-01 2024-11-30 SC225725 7 2023-12-01 2024-11-30 SC225725 d:Goodwill d:OwnedIntangibleAssets 2023-12-01 2024-11-30 SC225725 e:PoundSterling 2023-12-01 2024-11-30 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:SC225725














CLOCKWORK GROUP HOLDINGS LIMITED





ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
J C Morison 
A M Blyth (appointed 1 March 2024)




Registered number
SC225725



Registered office
11 West Harbour Road

Edinburgh

EH5 1PH




Independent auditor
Anderson Anderson & Brown Audit LLP

81 George Street

Edinburgh

EH2 3ES




Bankers
The Royal Bank of Scotland Plc
36 St Andrew Square

Edinburgh

EH2 2AD




Solicitors
McDougall McQueen
20 High Street  Penicuik 
EH26 8HW

 
Wake Smith Solicitors

No 1 Velocity

Tenter Street

Sheffield

S1 4BY





 
CLOCKWORK GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3
Directors' Responsibilities Statement
4
Independent Auditor's Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10 - 11
Company Statement of Financial Position
12
Consolidated Statement of Changes in Equity
13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 41

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
The Directors present their group Strategic Report for the year ended 30 November 2024.

Business review
 
The Company acts as a holding company for a group whose principal activities during the year comprised domestic and commercial removals and storage, and property investment.

Principal risks and uncertainties
 
Management continually monitors the key risks facing the Group together with assessing the controls used for managing these risks. The Directors formally review and document the principal risks facing the business at least annually. The principal risks and uncertainties facing the Group are as follows:

1)Economic downturn - the Group acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties.
2)Competitor pressure - the market in which the Group operates is considered to be relatively competitive, and therefore competitor pressure could result in losing sales to key competitors. The Group manages this risk by providing a quality service and maintaining strong relationships with its key customers.
3)Loss of key personnel - this would present significant operational difficulties for the Group. Management seeks to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.

Financial key performance indicators
 
Clockwork Removals Limited:

Turnover increased to £14,045,811 (2023 - £12,969,739). The gross profit margin decreased to 52.0% (2023 – 52.4%). Operating profit decreased to £622,592 (2023 - £778,023). Operating profit is stated after depreciation on tangible fixed assets of £622,256 (2023 - £536,880) and amortisation of intangible assets of £33,954 (2023 - £26,881).

The Company generated a profit before tax of £601,424 (2023 - £738,115) and a positive EBITDA before exceptional items of £1,278,803 (2023 - £1,341,784).

The Company's Statement of Financial Position shows net current assets of £2,010,494 (2023 - £2,431,446) and a net asset position of £4,270,982 (2023 - £4,451,795).

Although the company recorded a decrease in profit generated for 2024, the Directors are satisfied with a good trading performance in the year, especially taking into account the decrease in demand for domestic removal services due to the increased cost of living and uncertainty over interest rates.

The Directors continue to employ new strategies to grow turnover and improve underlying performance.

Clockwork Properties Limited:

The Company generated an operating profit of £472,010 (2023 - £285,318) during the year.
Page 1

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


The Group:
Group turnover increased to £14,279,981 (2023 - £13,126,044).
Group operating profit was £983,161 for the year compared to £926,143 in the previous year.
The Group generated a profit before tax of £761,158 compared to a profit of £791,221 in the previous year.
The Group showed a positive EBITDA of £1,758,769 (2023 - £1,586,926). The Group Balance Sheet continues to strengthen, showing a net asset position of £4,212,025 (2023 - £4,146,779).
Dividends of £480,000 (2023 - £520,000) were declared by Clockwork Group Holdings Limited during the year.

Financial risk management objectives and policies
 
The Group makes little use of financial instruments other than an operational bank account, overdraft and fixed rate bank loans and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the Group.

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events such as the war in Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
Clockwork Group Holdings Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.


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



A M Blyth
Director

Date: 21 May 2025
Page 2

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Principal activity

The Company acts as a holding company for a group whose principal activities during the year comprised domestic and commercial removals, storage and property investment.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £544,813 (2023 - £565,347).

Dividends paid in the year are disclosed within note 13.

Directors

The directors who served during the year were:

J C Morison 
M G Jack (resigned 31 January 2024)
T A G Angus (resigned 26 July 2024)
A M Blyth (appointed 1 March 2024)

Future developments

The Directors continue to employ new strategies to grow turnover and improve underlying performance.

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 and the Group'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 and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Anderson Anderson & Brown Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





A M Blyth
Director

Date: 21 May 2025
Page 3

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

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.

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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Page 4

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Clockwork Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2024, 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 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 Group's and of the parent Company's affairs as at 30 November 2024 and of the Group's 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 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.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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.


Page 5

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK GROUP HOLDINGS LIMITED (CONTINUED)

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 Group 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 Group 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 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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK GROUP HOLDINGS LIMITED (CONTINUED)

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 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation. 
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

timing of revenue recognition;
compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading;
management override of controls to manipulate the company’s key performance indicators to meet targets.

Our audit procedures to respond to these risks included:

reviewed internal documenation and correspondence with regulators for evidence of irregularities;
testing a sample of sales transactions and reviewing transactions around the year end to ensure recognised in the correct period;
reviewed areas of judgement and tested a sample of journal entries for indicators of management bias;
performed analytical procedures to identify any unusual or unexpected relationships which may be an indiciaiton of material misstatement due to fraud.
Page 7

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK GROUP HOLDINGS LIMITED (CONTINUED)


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.


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.





Andrew Shaw (Senior Statutory Auditor)
  
for and on behalf of
Anderson Anderson & Brown Audit LLP
 
Statutory Auditor
  
81 George Street
Edinburgh
EH2 3ES

22 May 2025
Page 8

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,279,981
13,126,044

Cost of sales
  
(6,740,069)
(6,170,745)

Gross profit
  
7,539,912
6,955,299

Administrative expenses
  
(6,776,403)
(6,222,317)

Other operating income
 5 
98,670
77,842

Fair value movements
 16,17 
120,982
115,319

Operating profit
 6 
983,161
926,143

Interest receivable and similar income
 10 
22,620
21,007

Interest payable and similar expenses
 11 
(244,623)
(155,929)

Profit before taxation
  
761,158
791,221

Tax on profit
 12 
(215,912)
(225,105)

Profit for the financial year
  
545,246
566,116

  

Profit for the year attributable to:
  

Non-controlling interests
  
433
769

Owners of the parent Company
  
544,813
565,347

  
545,246
566,116

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
433
769

Owners of the parent Company
  
544,813
565,347

  
545,246
566,116

The notes on pages 18 to 41 form part of these financial statements.
Page 9

 
CLOCKWORK GROUP HOLDINGS LIMITED
REGISTERED NUMBER:SC225725

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
382,935
444,089

Tangible assets
 15 
6,201,772
3,729,889

Investments
 16 
8,477
6,045

Investment property
 17 
3,263,000
2,682,000

  
9,856,184
6,862,023

Current assets
  

Stocks
 18 
40,285
34,170

Debtors: amounts falling due within one year
 19 
1,113,760
1,021,704

Cash at bank and in hand
 20 
1,880,465
2,115,022

  
3,034,510
3,170,896

Creditors: amounts falling due within one year
 21 
(3,429,337)
(3,055,130)

Net current (liabilities)/assets
  
 
 
(394,827)
 
 
115,766

Total assets less current liabilities
  
9,461,357
6,977,789

Creditors: amounts falling due after more than one year
 22 
(4,555,529)
(2,236,731)

Provisions for liabilities
  

Deferred taxation
 26 
(693,803)
(594,279)

  
 
 
(693,803)
 
 
(594,279)

Net assets
  
4,212,025
4,146,779


Capital and reserves
  

Called up share capital 
 28 
2
2

Revaluation reserve
 29 
665,118
573,774

Other reserves
 29 
3
3

Profit and loss account
 29 
3,536,059
3,562,590

Equity attributable to owners of the parent Company
  
4,201,182
4,136,369

Non-controlling interests
  
10,843
10,410

  
4,212,025
4,146,779

Page 10

 
CLOCKWORK GROUP HOLDINGS LIMITED
REGISTERED NUMBER:SC225725

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

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




A M Blyth
Director

Date: 21 May 2025

The notes on pages 18 to 41 form part of these financial statements.
Page 11

 
CLOCKWORK GROUP HOLDINGS LIMITED
REGISTERED NUMBER:SC225725

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
273,397
341,746

Tangible assets
 15 
3,056
4,638

Investments
 16 
1,013,577
1,011,145

  
1,290,030
1,357,529

Current assets
  

Debtors: amounts falling due within one year
 19 
6,191
3,732

Cash at bank and in hand
 20 
86,510
27,282

  
92,701
31,014

Creditors: amounts falling due within one year
 21 
(1,334,296)
(1,369,966)

Net current liabilities
  
 
 
(1,241,595)
 
 
(1,338,952)

Total assets less current liabilities
  
48,435
18,577

  

  

Net assets
  
48,435
18,577


Capital and reserves
  

Called up share capital 
 28 
2
2

Revaluation reserve
 29 
4,618
2,186

Profit and loss account brought forward
  
16,389
8,151

Profit for the year
  
509,858
528,238

Other movements

  

(482,432)
(520,000)

Profit and loss account carried forward
  
43,815
16,389

  
48,435
18,577


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


A M Blyth
Director

Date: 21 May 2025

The notes on pages 18 to 41 form part of these financial statements.
Page 12

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£
£


At 1 December 2022
2
487,285
3
3,603,732
4,091,022
9,641
4,100,663



Profit for the year
-
-
-
565,347
565,347
769
566,116

Transfer of increase in fair value of investment property
-
115,319
-
(115,319)
-
-
-

Movement in deferred tax on revaluation of investment property
-
(28,830)
-
28,830
-
-
-

Dividends: Equity capital
-
-
-
(520,000)
(520,000)
-
(520,000)



At 1 December 2023
2
573,774
3
3,562,590
4,136,369
10,410
4,146,779



Profit for the year
-
-
-
544,813
544,813
433
545,246

Transfer of increase in fair value of investment property
-
118,550
-
(118,550)
-
-
-

Movement in other investments
-
2,432
-
(2,432)
-
-
-

Movement in deferred tax on revaluation of investment property
-
(29,638)
-
29,638
-
-
-

Dividends: Equity capital
-
-
-
(480,000)
(480,000)
-
(480,000)


At 30 November 2024
2
665,118
3
3,536,059
4,201,182
10,843
4,212,025


The notes on pages 18 to 41 form part of these financial statements.
Page 13

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2022
2
2,186
8,151
10,339



Profit for the financial year
-
-
528,238
528,238

Dividends: Equity capital
-
-
(520,000)
(520,000)



At 1 December 2023
2
2,186
16,389
18,577



Profit for the financial year
-
-
509,858
509,858

Movement in other investments
-
2,432
(2,432)
-

Dividends: Equity capital
-
-
(480,000)
(480,000)


At 30 November 2024
2
4,618
43,815
48,435


The notes on pages 18 to 41 form part of these financial statements.
Page 14

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
545,246
566,116

Adjustments for:

Amortisation of intangible assets
102,303
95,230

Depreciation of tangible assets
673,305
565,553

Loss on disposal of tangible assets
596
(60,602)

Interest paid
244,623
155,929

Interest received
(22,620)
(21,007)

Taxation charge
215,912
225,105

(Increase)/decrease in stocks
(6,115)
2,126

(Increase)/decrease in debtors
(92,056)
105,124

Increase/(decrease) in creditors
213,748
(127,234)

Net fair value (gains) recognised in P&L
(120,982)
(115,319)

Corporation tax movement
(19,081)
83,283

Net cash generated from operating activities

1,734,879
1,474,304


Cash flows from investing activities

Purchase of intangible fixed assets
(41,149)
(74,174)

Purchase of tangible fixed assets
(3,646,541)
(1,087,283)

Sale of tangible fixed assets
38,307
88,152

Interest received
22,620
21,007

HP interest paid
(43,682)
(42,199)

Net cash from investing activities

(3,670,445)
(1,094,497)
Page 15

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
2,500,000
1,800,000

Repayment of loans
(81,064)
(1,144,110)

Net (decrease)/increase in hire purchase liabilities
(36,986)
(176,963)

Dividends paid
(480,000)
(520,000)

Interest paid
(200,941)
(113,730)

Net cash used in financing activities
1,701,009
(154,803)

Net (decrease)/increase in cash and cash equivalents
(234,557)
225,004

Cash and cash equivalents at beginning of year
2,115,022
1,890,018

Cash and cash equivalents at the end of year
1,880,465
2,115,022


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,880,465
2,115,022

1,880,465
2,115,022


The notes on pages 18 to 41 form part of these financial statements.

Page 16

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

2,115,022

(234,557)

1,880,465

Debt due after 1 year

(1,770,753)

(2,330,858)

(4,101,611)

Debt due within 1 year

(29,247)

(87,158)

(116,405)

Finance leases

(903,188)

36,986

(866,202)


(588,166)
(2,615,587)
(3,203,753)

The notes on pages 18 to 41 form part of these financial statements.
Page 17

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Clockwork Group Holdings Limited is a private company limited by shares incorporated and registered in Scotland. The registered office is 11 West Harbour Road, Edinburgh, EH5 1PH. The Company's registered number is SC225725.
The Company acts as a holding company for a group whose principal activities during the year comprised domestic and commercial removals, storage and property investment.
The financial statements are prepared in Pounds Sterling as this is the functional currency of the economic environment in which the Company operates.
Monetary amounts in these financial statements are rounded to the nearest Pounds Sterling (£).

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 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 following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 December 2014.

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Group has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 18

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 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 Group 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 Group 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 Group 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 19

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 
2.14

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 21

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)


2.14
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:

Heritable property
-
2% straight line
Land
-
Nil
Plant and machinery
-
25% straight line
Motor vehicles
-
15% and 25% straight line
Fixtures and fittings
-
25% straight line
Assets under construction
-
Nil

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.

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each reporting 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.

Page 22

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.19

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.

 
2.20

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

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.

 
2.22

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.23

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.
Page 23

 
CLOCKWORK GROUP HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.24

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.

Basic 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.

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.

 
2.25

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.

Page 24

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, 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.
Investment properties are valued by the directors on an open market basis. The directors have considered current market rents and investment property yields for comparable properties and believe that these valuations are appropriate at 30 November 2024. The carrying value of the Group's investment property is £3,263,000.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Domestic and commercial removals and storage
14,047,265
12,969,739

Rental income
232,716
156,305

14,279,981
13,126,044


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,279,981
13,126,044

14,279,981
13,126,044



5.


Other operating income

2024
2023
£
£

Other operating income
98,670
77,842

98,670
77,842


Page 25

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
673,305
565,553

Amortisation of intangible fixed assets
102,303
95,230

Loss / (Gain) on disposal of fixed assets
596
(60,602)

Exchange differences
1,974
3,767

Other operating lease rentals
1,528,436
1,579,565


7.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
36,385
35,500

Fees payable to the Group's auditor in respect of:

Taxation compliance services
9,450
9,600


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,886,078
4,433,144
455,111
447,696

Social security costs
491,687
429,749
44,814
44,908

Cost of defined contribution scheme
109,726
94,000
14,984
7,669

5,487,491
4,956,893
514,909
500,273


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


        2024
        2023
            No.
            No.







Production staff
92
84



Administrative staff
46
52

138
136

Page 26

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
130,467
114,750

130,467
114,750


During the year retirement benefits were accruing to 3 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £67,500 (2023 - £90,750)
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid directors amounted to £991 (2023 - £1,321).
The Directors of the Company are considered to be key management.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
22,620
21,007

22,620
21,007


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
200,941
113,730

Finance leases and hire purchase contracts
43,682
42,199

244,623
155,929

Page 27

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
125,780
120,565

Adjustments in respect of previous periods
(9,392)
(30,553)


Total current tax
116,388
90,012

Deferred tax


Origination and reversal of timing differences
88,718
135,093

Adjustments in respect of prior periods
10,806
-

Total deferred tax
99,524
135,093


215,912
225,105
Page 28

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
761,158
791,221


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.01%)
190,290
182,060

Effects of:


Expenses not deductible for tax purposes
(24,501)
(4,564)

Adjustments to tax charge in respect of prior periods
1,414
(30,553)

Chargeable losses
21,566
21,911

Fixed asset differences
28,651
(5,121)

Effects of differences in tax rates
-
28,721

Movement in deferred tax not recognised
(1,508)
40,597

Group relief claimed
-
(7,946)

Total tax charge for the year
215,912
225,105


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Dividends

2024
2023
£
£


Dividends paid on equity capital
480,000
520,000

480,000
520,000

Page 29

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 December 2023
16,470
1,539,220
1,555,690


Additions
-
41,149
41,149



At 30 November 2024

16,470
1,580,369
1,596,839



Amortisation


At 1 December 2023
7,808
1,103,793
1,111,601


Charge for the year on owned assets
1,890
100,413
102,303



At 30 November 2024

9,698
1,204,206
1,213,904



Net book value



At 30 November 2024
6,772
376,163
382,935



At 30 November 2023
8,662
435,427
444,089



Page 30

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
           14.Intangible assets (continued)

Company




Goodwill

£



Cost


At 1 December 2023
1,366,983



At 30 November 2024

1,366,983



Amortisation


At 1 December 2023
1,025,237


Charge for the year
68,349



At 30 November 2024

1,093,586



Net book value



At 30 November 2024
273,397



At 30 November 2023
341,746

Page 31

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

15.


Tangible fixed assets

Group






Heritable property
Land
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 December 2023
1,639,916
75,932
642,421
3,023,660
414,116
5,796,045


Additions
2,661,896
-
122,688
745,758
116,199
3,646,541


Disposals
-
-
(34,987)
(216,685)
(66,507)
(318,179)


Transfers to investment property
(528,736)
-
-
-
-
(528,736)



At 30 November 2024

3,773,076
75,932
730,122
3,552,733
463,808
8,595,671



Depreciation


At 1 December 2023
108,039
-
341,910
1,358,297
257,910
2,066,156


Charge for the year on owned assets
48,741
-
135,757
418,302
70,505
673,305


Eliminated on transfer to investment property
(66,286)
-
-
-
-
(66,286)


Disposals
-
-
(32,526)
(195,317)
(51,433)
(279,276)



At 30 November 2024

90,494
-
445,141
1,581,282
276,982
2,393,899



Net book value



At 30 November 2024
3,682,582
75,932
284,981
1,971,451
186,826
6,201,772



At 30 November 2023
1,531,877
75,932
300,511
1,665,363
156,206
3,729,889

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


2024
2023
£
£



Plant and machinery
18,037
28,860

Motor vehicles
1,311,804
1,365,804

1,329,841
1,394,664

Page 32

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

Company






Other fixed assets

£

Cost or valuation


At 1 December 2023
28,379


Additions
666



At 30 November 2024

29,045



Depreciation


At 1 December 2023
23,741


Charge for the year on owned assets
2,248



At 30 November 2024

25,989



Net book value



At 30 November 2024
3,056



At 30 November 2023
4,638







16.


Fixed asset investments

Group





Other fixed asset investments

£



Cost or valuation


At 1 December 2023
6,045


Movement in other investments
2,432



At 30 November 2024
8,477




Page 33

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
Company





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 December 2023
1,005,100
6,045
1,011,145


Movement in other investments
-
2,432
2,432



At 30 November 2024
1,005,100
8,477
1,013,577





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Clockwork Removals Limited
C/O Sagars Gresham House, 5 - 7 St Paul's Street, Leeds, England, LS1 2JG
Removals and storage services
Ordinary
99.9%
Clockwork Properties Limited
11 West Harbour Road, Edinburgh, EH5 1PH
Property investment
Ordinary
100%


17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 December 2023
2,682,000


Transferred from tangible fixed assets
462,450


Gain on revaluation
118,550



At 30 November 2024
3,263,000

Investment properties are valued by the directors on an open market basis. The directors have considered current market rents and investment property yields for comparable properties and believe that these valuations are appropriate at 30 November 2024. External valuations were obtained in February 2023 and June 2024 by Graham + Sibbald LLP and December 2024 by Lambert Smith Hampton. The Directors consider the Group's investment properties to have a carrying value of £3,263,000.






Page 34

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

18.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
40,285
34,170

40,285
34,170



19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
768,695
748,091
-
-

Other debtors
5,431
3,553
-
-

Prepayments and accrued income
339,634
270,060
6,191
3,732

1,113,760
1,021,704
6,191
3,732



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,880,465
2,115,022
86,510
27,282

1,880,465
2,115,022
86,510
27,282


Page 35

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
116,405
29,247
-
-

Trade creditors
899,182
760,946
7,973
7,281

Amounts owed to related parties
-
-
1,249,772
1,235,747

Corporation tax
125,780
47,565
-
-

Other taxation and social security
609,354
586,683
35,464
39,162

Obligations under finance lease and hire purchase contracts
412,284
437,210
-
-

Other creditors
66,131
58,479
23,157
38,488

Accruals and deferred income
1,200,201
1,135,000
17,930
49,288

3,429,337
3,055,130
1,334,296
1,369,966


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
4,101,611
1,770,753

Net obligations under finance leases and hire purchase contracts
453,918
465,978

4,555,529
2,236,731




Page 36

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year
116,405
29,247

Amounts falling due 1-2 years
140,572
74,827

Amounts falling due 2-5 years
491,894
264,239

Amounts falling due after more than 5 years
3,469,145
1,431,687

4,218,016
1,800,000


The bank loans of £4,218,016 (2023 - £1,800,000) are secured by a first standard security over the Group's heritable and investment properties and a bond and floating charge over the remaining assets of the Company.
Interest is payable on the bank loans at 2.8% over the Bank of England base rate and was 7.55% as at 30 November 2024 (2023 - 8.05% per annum).


24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
412,284
437,210

Between 1-5 years
453,918
465,978

866,202
903,188

Amounts due under hire purchase contracts are secured on the assets financed under these arrangements.

Page 37

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

25.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets representing bank and cash
1,880,465
2,115,022
86,510
27,282

Financial assets representing debtors measured at amortised cost
1,113,760
1,021,704
6,191
3,732

2,994,225
3,136,726
92,701
31,014


Financial liabilities

Financial liabilities measured at amortised cost
(6,383,529)
(3,760,198)
(49,060)
(95,057)


Financial assets measured at amortised cost comprise trade debtors, other debtors, prepayments and accrued income.


Financial liabilities measured at amortised cost comprise trade creditors, bank loans, other creditors and accruals.
Page 38

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

26.


Deferred taxation


Group



2024


£






At beginning of year
(594,279)


Charged to profit or loss
(88,718)


Adjustments in respect of prior periods
(10,806)



At end of year
(693,803)




The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(589,430)
(510,264)

Short term timing differences
(104,373)
(84,015)

(693,803)
(594,279)

There is no deferred tax asset or liability in respect of Clockwork Group Holdings Limited.

Page 39

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

27.


Secured debts

The Group has granted a Standard Security over the whole of the subjects known as 140 Causewayside Street, Glasgow, G32 8LP, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Group has granted a Standard Security over the whole of the subjects known as Unit 8 Auld Bond Road, PH1 3FX, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Group has granted a Standard Security over the whole of the subjects known as Belvoir Way, Fairfield Industrial Estate, Louth, LN11 0YP, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Group has granted a Standard Security over the whole of the subjects known as 16 Seafield Road, Inverness, IV1 1SG, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Group has granted a Standard Security over the whole of the subjects known as 17 Cloberfield, Milngavie, Glasgow, G62 7LN, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Group has granted a Standard Security over the whole of the subjects known as Unit 2, Airlink Industrial Estate, Inchinnan Road, Paisley PA3 2RE, in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due.
The Group has granted a Floating Charge over all of the properties owned by them in favour of The Royal Bank of Scotland PLC in respect of all obligations and debts that may become due. 


28.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Allotted, called up and fully paid shares of £1.00 each
2
2

Ordinary shares hold full rights in respect of voting, participation and dividends.



29.


Reserves

Revaluation reserve

This reserve records the surplus on historical revaluation of the Group's investment property and fixed asset investments.

Profit and loss account

The profit and loss account includes all current and prior year periods retained profits and losses net of
dividends paid.

Page 40

 
CLOCKWORK GROUP HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

30.


Pension commitments

The Company makes payments to defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £112,727 (2023 - £86,330). Contributions totalling £1,642 (2023 - £110) were payable to the funds at the reporting date and are included in creditors.


31.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
1,721,612
1,493,626

Later than 1 year and not later than 2 years
1,709,771
1,552,646

Later than 2 years and not later than 5 years
3,598,267
3,998,744

Later than 5 years
1,232,854
2,181,026

8,262,504
9,226,042


32.


Related party transactions

Group:
At the year end an amount of £20,733 (2023 - £35,352) was due to J C Morison, a Director of the Company, by the Group. The loan, which is included in other creditors, is unsecured, interest free and repayable on demand.
Company:
The Company has taken advantage of the exemption granted by FRS 102 not to report details of the transactions with entities which are 100% controlled by a common parent undertaking.
During the year the Company received management fees from Clockwork Removals Limited of £550,830 (2023 - £546,744).
At the year end, the Company was due £1,249,772 (2023 - £1,235,747) to Clockwork Removals Limited. The balance, which is unsecured, interest free and has no fixed repayment terms, is included in creditors at the reporting date. Clockwork  Group  Holdings  Limited is the parent undertaking  of Clockwork Removals Limited.


33.


Controlling party

In the opinion of the Directors, the Company and Group's ultimate controlling party is J C Morison due to his majority shareholding in Clockwork Group Holdings Limited.

Page 41