Company registration number 03589492 (England and Wales)
QUICK MOVE NOW LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
QUICK MOVE NOW LIMITED
COMPANY INFORMATION
Directors
Mr A H Luke
Mr D G Luke
Mr J H Luke
Mr R D Luke
Secretary
Mr A H Luke
Company number
03589492
Registered office
Unit 9
Coped Hall Business Park
Royal Wootton Bassett
Swindon
Wiltshire
United Kingdom
SN4 8DP
Auditor
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
QUICK MOVE NOW LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 20
QUICK MOVE NOW LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Principal risks and uncertainties

The principal risk to the business remains volatility in the UK housing market.

2024 was a generally more stable market after the shenanigans of the prior few years and we were able to rebuild inventory, turnover and gross margin.

Development and performance

Our principal business activity remains the buying and selling of residential property in the UK. We consider our key financial performance indicators to be Turnover, Gross Margin and Inventory volumes.

     2024 2023 2022

Turnover      £28.3m £21.2m £20.3m

Gross Margin          10.6%     9.5% 10.5%

Closing Inventory     £13.3m £12.9m £9.4m

A 34% increase in turnover reflects more of a return to historic trading volumes from the depressed levels post Covid/Truss than any dramatic change in our market. But together with improved gross margin has helped drive profitability back to more acceptable levels.

The current year has seen continued, measured growth in inventory, turnover and margins. However, the year has been dominated by the Labour Government tax raid on the housing sector with an onerous SDLT hike from April 2025 driving both early completions up to March and a dramatic slowdown since.

The clear disconnect between the government’s stated aims (e.g. house building) and tax policy is a real cause for concern regarding the future stability of the economy in general and the housing market in particular. As a result, the positive outlook for interest rate reductions at the start of the year have dwindled steadily.

However, we remain optimistic that market uncertainty is good for demand for our services and our skillset in buying the right properties at the right price and their subsequent re-marketing will see continued performance improvement in the year ahead.

On behalf of the board

Mr D G Luke
Director
18 June 2025
QUICK MOVE NOW LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company in the year under review continued to be that of the provision of residential property acquisition and resale and related property services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £134,181.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A H Luke
Mr D G Luke
Mr J H Luke
Mr R D Luke
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure in the strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the 'Review of Business' and 'Development and Performance' of the company for the year.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

QUICK MOVE NOW LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
On behalf of the board
Mr D G Luke
Director
18 June 2025
QUICK MOVE NOW LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF QUICK MOVE NOW LIMITED
- 4 -
Opinion

We have audited the financial statements of Quick Move Now Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 UK, including the FRC’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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

QUICK MOVE NOW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF QUICK MOVE NOW LIMITED
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

QUICK MOVE NOW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF QUICK MOVE NOW LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Robert Hull
Senior Statutory Auditor
For and on behalf of Azets Audit Services
18 June 2025
Chartered Accountants
Statutory Auditor
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
QUICK MOVE NOW LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
28,318,090
21,173,701
Cost of sales
(25,331,265)
(19,165,008)
Gross profit
2,986,825
2,008,693
Administrative expenses
(2,153,063)
(1,787,835)
Other operating income
26,751
-
0
Operating profit
4
860,513
220,858
Interest payable and similar expenses
7
(316,970)
(170,173)
Profit before taxation
543,543
50,685
Tax on profit
8
(141,000)
(12,520)
Profit for the financial year
402,543
38,165
Retained earnings brought forward
4,800,306
4,762,141
Dividends
9
(134,181)
-
0
Retained earnings carried forward
5,068,668
4,800,306

The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

QUICK MOVE NOW LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
150,647
137,308
Current assets
Stocks
11
13,317,581
12,922,245
Debtors
12
46,750
111,164
Cash at bank and in hand
-
0
1,050,715
13,364,331
14,084,124
Creditors: amounts falling due within one year
13
(8,445,310)
(9,391,126)
Net current assets
4,919,021
4,692,998
Total assets less current liabilities
5,069,668
4,830,306
Provisions for liabilities
Deferred tax liability
15
-
0
29,000
-
(29,000)
Net assets
5,069,668
4,801,306
Capital and reserves
Called up share capital
16
1,000
1,000
Profit and loss reserves
18
5,068,668
4,800,306
Total equity
5,069,668
4,801,306
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr D G Luke
Director
Company Registration No. 03589492
QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
1
Accounting policies
Company information

Quick Move Now Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Coped Hall Business Park, Royal Wootton Bassett, Swindon, Wiltshire, United Kingdom, SN4 8DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents income receivable from the sale of land and property, and services arising from other property related activities during the period. Turnover on the sale of property is recognised on exchange of contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the period of the lease
Fixtures and fittings
10% - 50% on cost
Motor vehicles
15% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Stock cost represents the costs incurred in respect of the acquisition of land and property. Cost includes all expenditure in respect of an acquisition, including initial expenditure in assessing the viability of a property transaction, together with costs incurred in bringing the property to its present condition. Property purchase price will have been determined at the outset with reference to independent valuations. Where it is likely that the initial speculative costs will not then result in the final acquisition of the property, these costs are recognised in profit or loss.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider there to be any key judgements or key sources of estimation uncertainty.

3
Turnover and other revenue

The turnover and profit before taxation are attributable to the principal activity of the company.

 

Turnover represents the amounts receivable during the year. All sales are in the United Kingdom.

 

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
25,700
17,792
Depreciation of owned tangible fixed assets
38,839
42,345
Loss on disposal of tangible fixed assets
3,672
-
Operating lease charges
24,708
34,424
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
4
Sales and administration
15
14
Total
19
18

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
903,494
725,753
Social security costs
102,159
79,879
Pension costs
26,026
14,668
1,031,679
820,300
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
180,265
177,138

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
161,059
170,173
Interest payable to group undertakings
155,911
-
0
316,970
170,173
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
175,000
-
0
Adjustments in respect of prior periods
-
0
(1,930)
Group tax relief
-
0
14,450
Total current tax
175,000
12,520
Deferred tax
Origination and reversal of timing differences
(34,000)
-
0
Total tax charge
141,000
12,520

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
543,543
50,685
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
135,886
11,658
Tax effect of expenses that are not deductible in determining taxable profit
1,724
2,527
Adjustments in respect of prior years
-
0
(1,930)
Other adjustments including change in rate
3,390
265
Taxation charge for the year
141,000
12,520

Factors that may affect future tax charges

A rate of 25% (2023: 25%) has been used for considering the effects of deferred taxation, in line with the main rate of UK Corporation Tax effective from 1 April 2023.

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
9
Dividends
2024
2023
£
£
Final
134,181
-
0
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
113,013
77,140
42,840
232,993
Additions
-
0
3,159
66,690
69,849
Disposals
-
0
-
0
(42,840)
(42,840)
At 30 November 2024
113,013
80,299
66,690
260,002
Depreciation and impairment
At 1 December 2023
40,058
34,742
20,885
95,685
Depreciation charged in the year
7,472
24,284
7,083
38,839
Eliminated in respect of disposals
-
0
-
0
(25,169)
(25,169)
At 30 November 2024
47,530
59,026
2,799
109,355
Carrying amount
At 30 November 2024
65,483
21,273
63,891
150,647
At 30 November 2023
72,955
42,398
21,955
137,308

Tangible fixed assets are pledged as security for the bank borrowings under a fixed and floating charge.

11
Stocks
2024
2023
£
£
Property inventory
12,716,750
12,405,531
Associated costs
600,831
516,714
13,317,581
12,922,245

Stock are pledged as security for the bank borrowings under a fixed and floating charge.

 

Stocks are stated after provisions of £50,000 (2023: £195,986).

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,826
-
0
Corporation tax recoverable
-
0
38,546
Prepayments and accrued income
37,924
72,618
41,750
111,164
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 15)
5,000
-
0
Total debtors
46,750
111,164

Debtors are pledged as security for the bank borrowings under a fixed and floating charge.

13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
4,511,920
5,800,000
Trade creditors
123,587
76,877
Amounts owed to group undertakings
3,266,548
3,313,456
Corporation tax
110,318
-
0
Other taxation and social security
18,756
17,347
Other creditors
88,200
85,560
Accruals and deferred income
325,981
97,886
8,445,310
9,391,126

Interest is charged at 5% per annum on amounts owed to group undertakings. Such interest was not charged in 2023. These balances are unsecured, have no fixed repayment date and are repayable on demand.

14
Loans and overdrafts
2024
2023
£
£
Bank loans
4,000,000
5,800,000
Bank overdrafts
511,920
-
0
4,511,920
5,800,000
Payable within one year
4,511,920
5,800,000
QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
14
Loans and overdrafts
(Continued)
- 18 -

Interest was charged at daily compounded SONIA + 2.15% on bank loans until 31 March 2025, at which point the facility was renewed, increasing the interest charge to daily compounded SONIA + 2.75%.

 

Bank loans and overdrafts are secured by way of a fixed and floating charge in favour of the bank over the company's assets and undertakings.

 

Bank loans and overdrafts are also secured by a multilateral guarantee given in favour of the bank by certain group companies. A debenture is held giving a fixed and floating charge over the assets of certain group companies in favour of the bank.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
29,000
(23,000)
-
Other short term timing differences
-
-
28,000
-
-
29,000
5,000
-
2024
Movements in the year:
£
Liability at 1 December 2023
29,000
Credit to profit or loss
(34,000)
Asset at 30 November 2024
(5,000)
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
600
600
600
600
Ordinary B of £1 each
400
400
400
400
1,000
1,000
1,000
1,000

Called-up share capital represents the nominal value of shares that have been issued.

 

"A" Ordinary shares and "B" Ordinary shares rank pari passu and are each entitled to one vote in any circumstances; pari passu to dividend payments or any distribution; and pari passu to participate in a distribution; arising from a winding up of the company.

QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
17
Controlling Parties

The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Linc Capital Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the consolidated financial statements of Linc Capital Limited can be obtained from Unit 9 Coped Hall Business Park, Royal Wootton Bassett, Swindon, Wiltshire, SN4 8DP.

18
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
4,800,306
4,762,141
Profit for the year
402,543
38,165
Dividends declared and paid in the year
(134,181)
-
At the end of the year
5,068,668
4,800,306

Profit and loss reserves include all retained profits and losses.

19
Financial commitments, guarantees and contingent liabilities

The company is part of a multilateral guarantee in favour of the bank involving certain group companies. At 30th November 2024 the maximum extent of this guarantee amounted to £Nil (2023: £Nil).

 

There were no capital commitments or contingent liabilities at 30 November 2024 (2023: £Nil).

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
71,865
78,066
Between two and five years
64,841
121,980
136,706
200,046
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
32,077
-
0
Between two and five years
30,437
-
0
62,514
-
0
QUICK MOVE NOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
21
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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