| REGISTERED NUMBER: 15087970 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| FOR |
| MASTER REMOVERS GROUP 2023 LTD |
| REGISTERED NUMBER: 15087970 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| FOR |
| MASTER REMOVERS GROUP 2023 LTD |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| MASTER REMOVERS GROUP 2023 LTD |
| COMPANY INFORMATION |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| Windover House |
| St. Ann Street |
| Salisbury |
| SP1 2DR |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| GROUP STRATEGIC REPORT |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| The directors present their strategic report of the company and the group for the period 22 August 2023 to 30 September 2024. |
| REVIEW OF BUSINESS |
| The group was formed on 6 February 2024 when Master Removers Group 2023 Ltd acquired the entire issued share capital of Master Removers Group 2019 Ltd in exchange for the issue of 48,942,998 £1 shares. On the same day, the group disposed of Bishopsgate Holdco Ltd and its subsidiary Bishopsgate Newco Ltd in return for a capital reduction of 45,343,000 £1 shares. |
| The period ended 30 September 2024 saw global economic uncertainties and high interest rates meaning that the group was faced with a difficult trading environment. However the group's high level of ongoing storage revenue helps protect it against negative movements in the residential removals market. |
| The directors and management continue to monitor operational and overhead costs to identify opportunities for cost cutting measures whilst maintaining the group's high standards of customer service. In the context of the Key Performance Indicators mentioned below, the directors are satisfied with the results for the financial year. |
| Key performance indicators |
| 2024 |
| Turnover | £14,076,411 |
| Gross profit % | 44.3% |
| EBITDA % | 3.4% |
| Profit before tax % | (2.4% | ) |
| The directors assess the performance of the business by reference to two main measurements seeking to achieve an EBITDA and PBIT of between 5 and 10%. The board regularly meet to consider management accounts and to compare actual results to the stated financial objectives and budgets. |
| Health and safety, employees and environment |
| The group's operations aim to identify, assess and control occupational health hazards and, where practicable, to eliminate work related diseases. Every new case of an occupational disease is reported. |
| The directors believe that every work-related incident, illness and injury is preventable. Every new case of a work related injury is reported to the board, including outcomes of and corrective action resulting from regular Health and Safety inspections. |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| GROUP STRATEGIC REPORT |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors consider the main financial risks to the business as being the volatility in the commercial and residential property market resulting from interest rate movements. The group seeks to limit these business risks by offering on-site storage facilities to generate recurring income and by diversifying into other areas such as value added distribution services. |
| ON BEHALF OF THE BOARD: |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the period 22 August 2023 to 30 September 2024. |
| INCORPORATION |
| The group was incorporated on 22 August 2023 and commenced trading on 6 February 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the period under review was that of removals and storage. |
| DIVIDENDS |
| No dividends will be distributed for the period ended 30 September 2024. |
| DIRECTORS |
| The directors who have held office during the period from 22 August 2023 to the date of this report are as follows: |
| All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| REPORT OF THE DIRECTORS |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| AUDITORS |
| The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASTER REMOVERS GROUP 2023 LTD |
| Opinion |
| We have audited the financial statements of Master Removers Group 2023 Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's loss for the period 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 Auditors' 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 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 group's and 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASTER REMOVERS GROUP 2023 LTD |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASTER REMOVERS GROUP 2023 LTD |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Identifying and assessing potential risks related to irregularities and fraud |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following: |
- |
the nature of the industry/sector in which the company and group operates, the control environment and financial performance; |
- |
results of our enquiries of management about their own identification and assessment of the risk of irregularities; |
| - | any matters we identified having obtained and reviewed the group and company's documentation of their policies and procedures relating to: |
| - | identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
| - | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and |
| - | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;. |
| - | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
| We have also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
| Audit response to risk identified |
| As a result of performing the above, we identified revenue and profit recognition, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following: |
| - | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
| - | enquiring of management concerning actual and potential litigation and claims; |
| - | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - | understanding the entity's revenue recognition policies and how they are applied, including the relevant controls and processes and performing a walk-through to validate our understanding; |
| - | performing analytical procedures to compare revenue recognised against expectations, past results, and management forecasts, and investigated material divergences by obtaining corroborative evidence; |
| - | reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC; and |
| - |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASTER REMOVERS GROUP 2023 LTD |
| in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
| 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 Report of the Auditors. |
| 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 2006. Our 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| Windover House |
| St. Ann Street |
| Salisbury |
| SP1 2DR |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Notes | £ |
| TURNOVER | 14,076,411 |
| Cost of sales | 7,839,464 |
| GROSS PROFIT | 6,236,947 |
| Administrative expenses | 6,729,495 |
| OPERATING LOSS | 4 | (492,548 | ) |
| Exceptional items | 5 | 172,907 |
| (319,641 | ) |
| Interest receivable and similar income | 31,281 |
| (288,360 | ) |
| Interest payable and similar expenses | 6 | 45,262 |
| LOSS BEFORE TAXATION | (333,622 | ) |
| Tax on loss | 7 | 241,971 |
| LOSS FOR THE FINANCIAL PERIOD | ( |
) |
| Loss attributable to: |
| Owners of the parent | (575,593 | ) |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Notes | £ |
| LOSS FOR THE PERIOD | (575,593 | ) |
| OTHER COMPREHENSIVE INCOME |
| Purchase of own shares | (1,496,713 | ) |
| Capital redemption reserve transfer | 985,494 |
| Income tax relating to components of other comprehensive income |
- |
| OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
(511,219 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
(1,086,812 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | (1,086,812 | ) |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| CONSOLIDATED BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 2,328,959 |
| Tangible assets | 10 | 2,606,512 |
| Investments | 11 | - |
| 4,935,471 |
| CURRENT ASSETS |
| Debtors | 12 | 1,765,266 |
| Cash at bank | 2,252,449 |
| 4,017,715 |
| CREDITORS |
| Amounts falling due within one year | 13 | 6,615,232 |
| NET CURRENT LIABILITIES | (2,597,517 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 2,337,954 |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
(568,453 |
) |
| PROVISIONS FOR LIABILITIES | 17 | (241,809 | ) |
| NET ASSETS | 1,527,692 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 2,614,504 |
| Capital redemption reserve | 19 | 985,494 |
| Retained earnings | 19 | (2,072,306 | ) |
| SHAREHOLDERS' FUNDS | 1,527,692 |
| The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2025 and were signed on its behalf by: |
| C A S Rickards - Director |
| A Ward Thomas - Director |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| COMPANY BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Capital redemption reserve | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 2,403,048 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | 2,614,504 | - | - | 2,614,504 |
| Total comprehensive income | - | (2,072,306 | ) | 985,494 | (1,086,812 | ) |
| Balance at 30 September 2024 | 2,614,504 | (2,072,306 | ) | 985,494 | 1,527,692 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | - | - |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| Notes | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 4,875,464 |
| Interest paid | (43 | ) |
| Interest element of hire purchase payments paid |
(45,219 |
) |
| Tax paid | (162 | ) |
| Net cash from operating activities | 4,830,040 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (2,495,313 | ) |
| Purchase of tangible fixed assets | (3,200,554 | ) |
| Sale of tangible fixed assets | (18,418 | ) |
| Interest received | 31,281 |
| Net cash from investing activities | (5,683,004 | ) |
| Cash flows from financing activities |
| Capital repayments in year | 1,002,128 |
| Share issue | 3,599,998 |
| Share buyback | (1,496,713 | ) |
| Net cash from financing activities | 3,105,413 |
| Increase in cash and cash equivalents | 2,252,449 |
| Cash and cash equivalents at beginning of period |
2 |
- |
| Cash and cash equivalents at end of period | 2 | 2,252,449 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| £ |
| Loss before taxation | (333,622 | ) |
| Depreciation charges | 760,396 |
| Loss on disposal of fixed assets | 18,418 |
| Finance costs | 45,262 |
| Finance income | (31,281 | ) |
| 459,173 |
| Increase in trade and other debtors | (1,765,266 | ) |
| Increase in trade and other creditors | 6,181,557 |
| Cash generated from operations | 4,875,464 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Period ended 30 September 2024 |
| 30.9.24 | 22.8.23 |
| £ | £ |
| Cash and cash equivalents | 2,252,449 | - |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 22.8.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | - | 2,252,449 | 2,252,449 |
| - | 2,252,449 | 2,252,449 |
| Debt |
| Finance leases | - | (1,002,128 | ) | (1,002,128 | ) |
| - | (1,002,128 | ) | (1,002,128 | ) |
| Total | - | 1,250,321 | 1,250,321 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Master Removers Group 2023 Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebate and value added tax. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| The group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently, at the undiscounted amount of the cash, or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or, in the case of an outright short-term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Exceptional items |
| The group classifies certain one-off charges or credits that have a material impact on the financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the group. |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| £ |
| Wages and salaries | 6,386,778 |
| Social security costs | 632,361 |
| Other pension costs | 124,299 |
| 7,143,438 |
| The average number of employees during the period was as follows: |
| Sales and administration | 85 |
| Operations | 257 |
| £ |
| Directors' remuneration | 81,925 |
| Directors' pension contributions to money purchase schemes | 3,000 |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging: |
| £ |
| Depreciation - owned assets | 431,318 |
| Depreciation - assets on hire purchase contracts | 162,724 |
| Loss on disposal of fixed assets | 18,418 |
| Goodwill amortisation | 166,354 |
| Auditors' remuneration | 38,938 |
| 5. | EXCEPTIONAL ITEMS |
| £ |
| Exceptional items | 172,907 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| £ |
| Bank interest | 42 |
| Other interest | 1 |
| Hire purchase | 45,219 |
| 45,262 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the period was as follows: |
| £ |
| Current tax: |
| UK corporation tax | 162 |
| Deferred tax | 241,809 |
| Tax on loss | 241,971 |
| Tax effects relating to effects of other comprehensive income |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | (1,496,713 | ) | - | (1,496,713 | ) |
| Capital redemption reserve transfer | 985,494 | - | 985,494 |
| (511,219 | ) | - | (511,219 | ) |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 2,495,313 |
| At 30 September 2024 | 2,495,313 |
| AMORTISATION |
| Amortisation for period | 166,354 |
| At 30 September 2024 | 166,354 |
| NET BOOK VALUE |
| At 30 September 2024 | 2,328,959 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Plant and | Motor |
| property | leasehold | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| Acquisitions | 181,544 | 82,453 | 385,833 | 2,550,724 | 3,200,554 |
| At 30 September 2024 | 181,544 | 82,453 | 385,833 | 2,550,724 | 3,200,554 |
| DEPRECIATION |
| Charge for period | 23,418 | 8,015 | 122,229 | 440,380 | 594,042 |
| At 30 September 2024 | 23,418 | 8,015 | 122,229 | 440,380 | 594,042 |
| NET BOOK VALUE |
| At 30 September 2024 | 158,126 | 74,438 | 263,604 | 2,110,344 | 2,606,512 |
| Included in the net book value of motor vehicles is £1,085,792, in respect of assets held under hire purchase contracts. |
| 11. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Trade debtors | 742,834 |
| Due from group companies | - | 906,335 |
| Other debtors | 44,519 |
| Prepayments | 977,913 |
| 1,765,266 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| £ |
| Hire purchase contracts (see note 15) | 433,675 |
| Payments on account | 347,067 |
| Trade creditors | 699,221 |
| Social security and other taxes | 904,123 |
| Other creditors | 980,405 |
| Accruals and deferred income | 3,250,741 |
| 6,615,232 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| £ |
| Hire purchase contracts (see note 15) | 568,453 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire |
| purchase |
| contracts |
| £ |
| Net obligations repayable: |
| Within one year | 433,675 |
| Between one and five years | 568,453 |
| 1,002,128 |
| Group |
| Non- | cancellable | operating | leases |
| £ |
| Within one year | 1,573,134 |
| Between one and five years | 5,126,290 |
| In more than five years | 2,604,199 |
| 9,303,623 |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| £ |
| Hire purchase contracts | 1,002,128 |
| Hire purchase liabilities are secured on the assets to which they relate. |
| 17. | PROVISIONS FOR LIABILITIES |
| Group |
| £ |
| Deferred tax | 241,809 |
| Group |
| Deferred |
| tax |
| £ |
| Charge to Income Statement during period | 241,809 |
| Balance at 30 September 2024 | 241,809 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | £1 | 2,614,504 |
| On 22 August 2023, 1, 1p Ordinary was issued at par. On 27 November 2023, 99 1p Ordinary shares were issued at par. On 29 December 2023 the 100, 1p Ordinary shares were consolidated into a single £1 Ordinary share. |
| On 6 February 2024, 35,544,938 £1 Ordinary shares and 13,398,059 £1 A Ordinary shares were issued at par. |
| Also on 6 February 2024, a capital reduction was carried out to reduce the issued share capital to 2,614,504 Ordinary £1 shares and 985,494 A Ordinary shares. |
| On 30 September 2024, the company purchased 985,494 A Ordinary shares for consideration of £1,496,713. |
| MASTER REMOVERS GROUP 2023 LTD (REGISTERED NUMBER: 15087970) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 22 AUGUST 2023 TO 30 SEPTEMBER 2024 |
| 19. | RESERVES |
| Group |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| Deficit for the period | (575,593 | ) | (575,593 | ) |
| Purchase of own shares | (1,496,713 | ) | 985,494 | (511,219 | ) |
| At 30 September 2024 | (2,072,306 | ) | 985,494 | (1,086,812 | ) |
| Company |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| Profit for the period |
| Purchase of own shares | (1,496,713 | ) | 985,494 | (511,219 | ) |
| At 30 September 2024 | 1,891,829 |
| 20. | CONTINGENT LIABILITIES |
| During the year, a property being repaired by Aussie Property Services, a division of the subsidiary Aussie Man and Van Limited, suffered fire damage and the directors have been notified that a claim will be made against the company on the basis that the company's subcontractor caused the fire. At the present time the directors are unable to reliably estimate the amount involved or the likelihood of the liability crystalizing. |
| 21. | RELATED PARTY DISCLOSURES |
| 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| 22. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors, no single individual has control of Master Removers Group 2023 Ltd. |