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Registered Number:04200686













CLOCKWORK REMOVALS LIMITED






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

 
CLOCKWORK REMOVALS LIMITED
 

COMPANY INFORMATION


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




Registered number
04200686



Registered office
C/O Sagars Gresham House
5 - 7 St Paul's Street

Leeds

LS1 2JG




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
2 Tenter Street
Sheffield
S1 4BY





 
CLOCKWORK REMOVALS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 28

 
CLOCKWORK REMOVALS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

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

Business review
 
The Company's principal activity remained unchanged throughout the current year.
The Company performed well during the financial year despite the continued economic uncertainty and, in particular, the volatility around the United Kingdom housing markets.
The risks posed by fluctuations in the housing markets, which are inherent in the residential removals industry, are mitigated by the diversity of the Company’s revenue streams. The Company continues to seek growth in areas less affected by the current economic climate in particular commercial contracts and overseas removals.

Principal risks and uncertainties
 
Management continually monitor the key risks facing the Company together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the Company are as follows:

1)Economic downturn - the Company 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 Company operates is considered to be relatively competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company 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 Company. Management seeks to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.

Financial key performance indicators
 
Turnover increased to £14,045,811 (2023 - £12,969,739). The gross profit margin decreased to 52% (2023 – 53.8%). 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 intangibles 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 £1,278,802 (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.

Financial risk management objectives and policies
 
The Company 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 Company.

Page 1
 

 
CLOCKWORK REMOVALS LIMITED
 

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

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 Removals 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 REMOVALS 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 principal activity of the Company during the year continued to be the operation of a domestic and commercial removals and storage company.

Results and dividends

The profit for the year, after taxation, amounted to £439,187 (2023 - £587,937).

Dividends in specie of £620,000 (2023 - £620,000) represent the waiver of loans between group companies.

Directors

The directors who served during the year were:

J C Morison 
M G Jack (resigned 31 January 2024)
J M Mann (resigned 2 February 2024)
T A G Angus (resigned 26 July 2024)
A M Blyth (appointed 1 March 2024)
P R Handley (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'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.

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 REMOVALS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

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 judgements and accounting estimates that are reasonable and prudent;


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

The 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.

Page 4
 

 
CLOCKWORK REMOVALS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK REMOVALS LIMITED
 

Opinion


We have audited the financial statements of Clockwork Removals Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 November 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.


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.


Page 5
 

 
CLOCKWORK REMOVALS LIMITED

 

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

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.


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 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.


Page 6
 

 
CLOCKWORK REMOVALS LIMITED

 

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK REMOVALS 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 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 considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

timing of revenue recognition,
compliance with relevant laws and regulations which may impact on 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.
 
We discussed these risks with client management, designed audit procedures to address these risks including:

reviewed internal documentation and correspondence with regulators for evidence of irregularities
testing a sample of sales transactions and reviewing transactions around the year end to confirm 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 indication of material misstatement due to fraud

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
 

 
CLOCKWORK REMOVALS LIMITED

 

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

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 REMOVALS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,045,811
12,969,739

Cost of sales
  
(6,740,069)
(6,170,744)

Gross profit
  
7,305,742
6,798,995

Administrative expenses
  
(6,760,225)
(6,098,184)

Other operating income
 5 
111,075
77,212

Fair value movements
  
(34,000)
-

Operating profit
 6 
622,592
778,023

Interest receivable and similar income
 10 
22,514
20,982

Interest payable and similar expenses
 11 
(43,682)
(60,890)

Profit before tax
  
601,424
738,115

Tax on profit
 12 
(162,237)
(150,178)

Profit for the financial year
  
439,187
587,937

There was no other comprehensive income for 2024 (2023: £Nil).

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

 
CLOCKWORK REMOVALS LIMITED

REGISTERED NUMBER:04200686

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
109,539
102,344

Tangible assets
 15 
2,437,404
2,117,441

Investment property
 16 
700,000
734,000

  
3,246,943
2,953,785

Current assets
  

Stock
 17 
40,285
34,170

Debtors
 18 
3,284,623
3,093,410

Cash at bank and in hand
 19 
1,731,418
2,069,113

  
5,056,326
5,196,693

Creditors: amounts falling due within one year
 20 
(3,045,832)
(2,765,247)

Net current assets
  
 
 
2,010,494
 
 
2,431,446

Total assets less current liabilities
  
5,257,437
5,385,231

Creditors: amounts falling due after more than one year
 21 
(453,918)
(465,978)

Provisions for liabilities
  

Deferred tax
 23 
(532,537)
(467,458)

  
 
 
(532,537)
 
 
(467,458)

Net assets
  
4,270,982
4,451,795


Capital and reserves
  

Called up share capital 
 24 
301,304
301,304

Revaluation reserve
 25 
154,025
179,525

Profit and loss account
 25 
3,815,653
3,970,966

  
4,270,982
4,451,795

Page 10
 

 
CLOCKWORK REMOVALS LIMITED

REGISTERED NUMBER:04200686

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 on 21 May 2025.




A M Blyth
Director

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

 
CLOCKWORK REMOVALS LIMITED
 

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
301,304
179,525
4,003,029
4,483,858



Profit for the financial year
-
-
587,937
587,937

Dividends in specie
-
-
(620,000)
(620,000)



At 1 December 2023
301,304
179,525
3,970,966
4,451,795



Profit for the financial year
-
-
439,187
439,187

Transfer of decrease in fair value of investment property
-
(34,000)
34,000
-

Movement in deferred tax on revaluation of investment property
-
8,500
(8,500)
-

Dividends in specie
-
-
(620,000)
(620,000)


At 30 November 2024
301,304
154,025
3,815,653
4,270,982


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

Page 12
 

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

1.


General information

Clockwork Removals Limited is a private company limited by shares incorporated and registered in England and Wales. The registered office is C/O Sagars Gresham House, 5 - 7 St Paul's Street, Leeds, LS1 2JG. The Company's registered number is 04200686.
The principal activity of the Company during the year continued to be the operation of a domestic and commercial removals and storage company.

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 judgement in applying the Company's accounting policies (see note 3).

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 (£).

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":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Clockwork Group Holdings Limited as at 30 November 2024 and these financial statements may be obtained from the registered office.

Page 13
 

 
CLOCKWORK REMOVALS LIMITED
 

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

2.Accounting  policies (continued)

 
2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company 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 company 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.

 
2.4

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.

 
2.5

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.

 
2.6

Operating leases: the Company 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.

 
2.7

Interest income

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

Page 14
 

 
CLOCKWORK REMOVALS LIMITED
 

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

2.Accounting  policies (continued)

 
2.8

Interest expenses

Interest expenses 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 expenses 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 Statement of financial position. 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 reporting 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 Statement of financial position 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 reporting date.

Page 15
 

 
CLOCKWORK REMOVALS LIMITED
 

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

2.Accounting  policies (continued)

 
2.11

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 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 Statement of comprehensive income over its useful economic life of 4 years.

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.

 
2.12

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 straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
25% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
15% and 25% straight line
Fixtures and fittings
-
25% 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

Investment property

Investment property is carried at fair value determined annually 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.

Page 16
 

 
CLOCKWORK REMOVALS LIMITED
 

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

2.Accounting  policies (continued)

 
2.14

Stock

Stock is stated at the lower of cost and net realisable value.

At each reporting date, stock is 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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

Holiday pay accrual

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

 
2.19

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 17
 

 
CLOCKWORK REMOVALS 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 Company'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 Company's investment property is £700,000.


4.


Turnover

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


2024
2023
£
£

Domestic and commercial removals and storage
14,045,811
12,969,739

14,045,811
12,969,739


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,045,811
12,969,739

14,045,811
12,969,739



5.


Other operating income

2024
2023
£
£

Miscellaneous income
111,075
77,212

111,075
77,212


Page 18
 

 
CLOCKWORK REMOVALS 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
622,256
536,880

Exchange differences
1,974
3,767

Operating lease rentals
1,681,565
1,567,800

Amortisation of intangible assets
33,954
26,881

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


7.


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
17,940
17,500

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.


8.


Employees

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


2024
2023
£
£

Wages and salaries
4,430,967
3,985,448

Social security costs
446,873
384,841

Cost of defined contribution scheme
94,742
86,331

4,972,582
4,456,620


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
42
36

134
120

Page 19
 

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
129,339
101,813

Company contributions to defined contribution pension schemes
21,304
82,468

150,643
184,281


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

The highest paid director received remuneration of £92,654 (2023 - £101,813).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £991 (2023 - £41,317).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
22,514
20,982

22,514
20,982


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
18,691

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

43,682
60,890

Page 20
 

 
CLOCKWORK REMOVALS 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
104,018
118,033

Adjustments in respect of previous periods
(6,860)
(30,553)


97,158
87,480


Total current tax
97,158
87,480

Deferred tax


Origination and reversal of timing differences
65,079
62,698

Total deferred tax
65,079
62,698


Tax on profit
162,237
150,178
Page 21
 

 
CLOCKWORK REMOVALS 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 - lower 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
601,424
738,115


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.01%)
150,356
169,847

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,260
5,572

Fixed asset differences
5,136
(7,389)

Adjustments to tax charge in respect of prior periods
(6,860)
(30,553)

Effect of differences in tax rates
-
3,635

Movement in deferred tax not recognised
-
17,012

Non-taxable income
(917)
-

Other differences leading to an increase (decrease) in the tax charge
262
-

Group relief claimed
-
(7,946)

Total tax charge for the year
162,237
150,178


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends in specie
620,000
620,000

620,000
620,000

Dividends in specie represent the waiver of loans between group companies.

Page 22
 

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

14.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 December 2023
16,470
172,238
188,708


Additions
-
41,149
41,149



At 30 November 2024

16,470
213,387
229,857



Amortisation


At 1 December 2023
7,808
78,556
86,364


Charge for the year on owned assets
1,890
32,064
33,954



At 30 November 2024

9,698
110,620
120,318



Net book value



At 30 November 2024
6,772
102,767
109,539



At 30 November 2023
8,662
93,682
102,344



Page 23
 

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

15.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
115,606
662,855
3,023,660
249,697
4,051,818


Additions
-
122,688
745,758
112,676
981,122


Disposals
(56,828)
(34,987)
(216,685)
(9,679)
(318,179)



At 30 November 2024

58,778
750,556
3,552,733
352,694
4,714,761



Depreciation


At 1 December 2023
84,817
358,977
1,358,301
132,282
1,934,377


Charge for the year on owned assets
14,457
135,757
418,302
53,740
622,256


Disposals
(46,206)
(32,526)
(195,317)
(5,227)
(279,276)



At 30 November 2024

53,068
462,208
1,581,286
180,795
2,277,357



Net book value



At 30 November 2024
5,710
288,348
1,971,447
171,899
2,437,404



At 30 November 2023
30,789
303,878
1,665,359
117,415
2,117,441

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 24
 

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

16.


Investment property


Freehold investment property

£



Valuation


At 1 December 2023
734,000


Revaluation decrease
(34,000)



At 30 November 2024
700,000

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. The carrying value of the Company's investment property is £700,000 which was valued in December 2024 by Lambert Smith Hampton.





17.


Stock

2024
2023
£
£

Packaging stock
40,285
34,170

40,285
34,170



18.


Debtors

2024
2023
£
£



Trade debtors
768,371
738,512

Amounts owed by group undertakings
2,178,048
2,085,016

Other debtors
5,431
3,554

Prepayments and accrued income
332,773
266,328

3,284,623
3,093,410


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

Page 25
 

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

19.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,731,418
2,069,113

1,731,418
2,069,113



20.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
891,209
747,930

Corporation tax
104,018
45,033

Other taxation and social security
554,741
530,694

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

Other creditors
42,974
17,479

Accruals and deferred income
1,040,606
986,901

3,045,832
2,765,247



21.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance lease and hire purchase contracts
453,918
465,978

453,918
465,978



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
412,284
437,210

Between 1-5 years
453,918
465,978

866,202
903,188
Page 26
 

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

23.


Deferred taxation




2024
2023


£

£






At beginning of year
(467,458)
(404,760)


Charged to profit or loss
(65,079)
(62,698)



At end of year
(532,537)
(467,458)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(533,763)
(467,476)

Short term timing differences
1,226
18

(532,537)
(467,458)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,013,037 (2023 - 3,013,037) Allotted, called up and fully paid shares of £0.10 each
301,304
301,304

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



25.


Reserves

Revaluation reserve

This reserve records the surplus on revaluation of the Company's investment property.

Profit and loss account

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


26.


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 Company to the funds and amounted to £97,743 (2023 - £86,330). Contributions totalling £138 (2023 - £110) were payable to the funds at the reporting date and are included in creditors.

Page 27
 

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

27.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
1,721,612
1,492,646

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

Later than 2 year 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
9,225,062


28.


Related party transactions

At the year end, the Company was due £909,269 (2023 - £849,269) from Clockwork Properties Limited. The loan, which is  unsecured, interest free and has no fixed repayment terms, is included in debtors at the  reporting  date. During the year, the Company paid rental costs in the normal course of trade to Clockwork Properties Limited of £167,576 (2023 - £128,572).
At the year end, the Company was due £1,249,772 (2023 - £1,235,747) from Clockwork Group Holdings Limited. Dividends in specie of £620,000 (2023 - £620,000) represents the waiver of part of the loan due from Clockwork Group Holdings Limited during the year. The balance, which is unsecured, interest free and has  no fixed repayment terms, is included in debtors at the reporting date. During the year, the Company paid management charges to Clockwork Group Holdings Limited of £550,830 (2023 - £546,744).
Clockwork Group Holdings Limited is the parent undertaking of Clockwork Removals Limited. Clockwork Properties Limited is a subsidiary undertaking of Clockwork Group Holdings Limited.


29.


Controlling party

The Company's ultimate parent undertaking is  Clockwork Group Holdings Limited,  a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared.  Copies of the group financial statements  are available to the public from  Companies  House.
J C Morison is considered to be the ultimate controlling party due to his majority shareholding in Clockwork Group Holdings Limited.
Page 28