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REGISTERED NUMBER: 00447169 (England and Wales)

T BOURNE & SON LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

Company Information | 1 |

Strategic Report | 2 |  | to |  | 3

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |  | to |  | 7

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Cash Flow Statement | 11 |

Notes to the Cash Flow Statement | 12 |

Notes to the Financial Statements | 13 |  | to |  | 23

T BOURNE & SON LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mr W Bourne

| Mr L Bourne

| Mr T R Bourne

| Mr M R Futcher

| SECRETARY: | Mr M R Futcher

| REGISTERED OFFICE: | Rye Harbour Road

| Rye

| East Sussex

| TN31 7TE

| REGISTERED NUMBER: | 00447169 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Richard Appleyard FCA

| AUDITORS: | GMP Audit Limited, Statutory Auditor

| 82 High Street

| Tenterden

| Kent

| TN30 6JG

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Principal activities

The business has continued to provide UK, European and International Removals, Storage, Destination Services and Commercial moving to private, trade and corporate partners.

Business performance

Turnover increased to £9,878,219 (2023 - £9,227,418).

Overall profitability was £285,451 (2023 - £47,462).

The Company's balance sheet shows an increase in Fixed Assets to £4,253,991 (2023 £3,850,717) with Net current liabilities increasing to £717,707 (2023 - £815,496 net current assets) and a strengthening of the net asset position to £3,515,486 (2023 £3,382,500).

The Directors anticipated a challenging trading environment in 2024 due in part to elevated interest rates and inflation that increased competitor pressure. The directors deliberately retained a portion of the overhead structure at the expense of current-year profitability with an aim of enhancing company stability for 2025. Consequently, the directors express satisfaction with the overall performance in 2024.

Key performance indicators

The company utilises standard performance indicators to measure and monitor business performance on a monthly and annual basis. The indicators used, but not limited to, measure turnover, gross margin and operating profit margin.

| 2024 |  | 2023 |

Turnover |  | £9,878,219 |  | 9,227,418 |

Gross margin (%) |  | 17.14% |  | 15.94% |

Operating profit margin (%) |  | 2.89% |  | 1.57% |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The Company places significant emphasis on risk acceptance and effective risk management. This is achieved through a robust framework of policies, procedures, and internal controls. The management team maintains constant vigilance over the primary risks and uncertainties it faces, ensuring ongoing monitoring and evaluation of control effectiveness.

The principle risks and uncertainties will remain consistent with those experienced in previous years with the usual reliance on the strength of the housing market, availability of mortgages and lending and economic performance within the UK.

The current environment of increased interest rates and high inflation historically slows down the property market. We anticipate heightened competitor pressure and any downward global economic outlook may create headwinds for our operations.

In addition to the above we have our standard seasonal fluctuations whereby balancing labour and resources to match demand remains critical. The current driver shortage continues to be a challenge in optimising opportunities and returns.

However, our diverse business portfolio across revenue streams helps to mitigate the overall impact. We continue to prioritise quality service delivery and maintain strong client relationships to ensure our position as valued partners. In summary, while 2024 presents challenges, our strategic approach, diversified revenue sources, and commitment to excellence position us well to navigate uncertainties and maintain stability.

FUTURE DEVELOPMENTS

The company will continue to review its property portfolio with the aim of maximising capacity and

utilisation of that capacity across all divisions of the business. Key to the success of our future business strategies are the people we employ. We will continue to invest in our people, infrastructure and brands to raise our market awareness for both business to business and business to consumer segments.

ON BEHALF OF THE BOARD:

Mr M R Futcher - Director

30 June 2025

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £ 152,465 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr W Bourne

Mr L Bourne

Mr T R Bourne

Mr M R Futcher

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), 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 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 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.

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr M R Futcher - Director

30 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

T BOURNE & SON LIMITED

Opinion

We have audited the financial statements of T Bourne & Son Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the 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

T BOURNE & SON LIMITED

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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

T BOURNE & SON LIMITED

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:

- |  | Discussions with management which included consideration of known or suspected instances of non-compliance with laws and regulations and fraud. |

- |  | Reviewing, evaluating and testing systems and controls to assess their effectiveness to prevent and detect irregularities. |

- |  | Identifying, reviewing and testing of journal entries. |

- |  | Challenging assumptions and judgements made by management in respect of significant accounting estimates. |

- |  | Reviewing minutes of Board Meetings for known or suspected instances of non-compliance with laws and regulations and fraud. |

- |  | Reviewing legal & professional fees incurred in the period for evidence of costs relating to breaches of laws and regulations. |

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Richard Appleyard FCA (Senior Statutory Auditor)

for and on behalf of GMP Audit Limited, Statutory Auditor

82 High Street

Tenterden

Kent

TN30 6JG

30 June 2025

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 9,878,219 |  | 9,227,418 |  |

Cost of sales | 8,185,046 |  | 7,756,096 |  |

GROSS PROFIT | 1,693,173 |  | 1,471,322 |  |

Administrative expenses | 1,408,454 |  | 1,328,125 |  |

284,719 |  | 143,197 |  |

Other operating income | 767 |  | 1,286 |  |

OPERATING PROFIT | 5 | 285,486 |  | 144,483 |  |

Income from participating interests | 97,581 |  | - |  |

Interest receivable and similar income | 28,716 |  | 13,971 |  |

|  | 126,297 |  |  |  | 13,971 |  |

411,783 |  | 158,454 |  |

Interest payable and similar expenses | 6 | 85,906 |  | 88,733 |  |

PROFIT BEFORE TAXATION | 325,877 |  | 69,721 |  |

Tax on profit | 7 | 40,426 |  | 22,259 |  |

PROFIT FOR THE FINANCIAL YEAR | 285,451 |  | 47,462 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 285,451 |  | 47,462 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 8,630 |  | 11,602 |  |

Tangible assets | 10 | 3,363,709 |  | 2,859,882 |  |

Investments | 11 | 979,233 |  | 979,233 |  |

4,351,572 |  | 3,850,717 |  |

CURRENT ASSETS

Stocks | 12 | 46,483 |  | 47,758 |  |

Debtors | 13 | 1,318,999 |  | 1,102,271 |  |

Cash at bank and in hand | 857,749 |  | 1,262,861 |  |

2,223,231 |  | 2,412,890 |  |

CREDITORS

Amounts falling due within one year | 14 | 1,505,524 |  | 1,597,394 |  |

NET CURRENT ASSETS | 717,707 |  | 815,496 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,069,279 |  | 4,666,213 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (1,372,705 | ) | (1,053,516 | ) |

PROVISIONS FOR LIABILITIES | 19 | (181,088 | ) | (230,197 | ) |

NET ASSETS | 3,515,486 |  | 3,382,500 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 65 |  | 65 |  |

Share premium | 21 | 3,132 |  | 3,132 |  |

Capital redemption reserve | 21 | 60 |  | 60 |  |

Other reserves | 21 | 815 |  | 815 |  |

Retained earnings | 21 | 3,511,414 |  | 3,378,428 |  |

SHAREHOLDERS' FUNDS | 3,515,486 |  | 3,382,500 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:

Mr M R Futcher - Director

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2023 | 65 |  | 3,521,365 |  | 3,132 |  |

Changes in equity

Dividends | - |  | (190,399 | ) | - |  |

Total comprehensive income | - |  | 47,462 |  | - |  |

Balance at 31 December 2023 | 65 |  | 3,378,428 |  | 3,132 |  |

Changes in equity

Dividends | - |  | (152,465 | ) | - |  |

Total comprehensive income | - |  | 285,451 |  | - |  |

Balance at 31 December 2024 | 65 |  | 3,511,414 |  | 3,132 |  |

| Capital |

| redemption |  | Other |  | Total

| reserve |  | reserves |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 60 |  | 815 |  | 3,525,437 |  |

Changes in equity

Dividends | - |  | - |  | (190,399 | ) |

Total comprehensive income | - |  | - |  | 47,462 |  |

Balance at 31 December 2023 | 60 |  | 815 |  | 3,382,500 |  |

Changes in equity

Dividends | - |  | - |  | (152,465 | ) |

Total comprehensive income | - |  | - |  | 285,451 |  |

Balance at 31 December 2024 | 60 |  | 815 |  | 3,515,486 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 246,013 |  | 1,525,235 |  |

Interest paid | (73,766 | ) | (71,857 | ) |

Interest element of hire purchase payments paid | (12,140 | ) | (16,876 | ) |

Tax paid | (79,138 | ) | (162,780 | ) |

Net cash from operating activities | 80,969 |  | 1,273,722 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (774,273 | ) | (312,223 | ) |

Purchase of fixed asset investments | - |  | (7,667 | ) |

Sale of tangible fixed assets | 8,700 |  | 16,731 |  |

Interest received | 28,716 |  | 13,971 |  |

Dividends received | 97,581 |  | - |  |

Net cash from investing activities | (639,276 | ) | (289,188 | ) |

Cash flows from financing activities

New loans in year | 1,250,000 |  | - |  |

Loan repayments in year | (961,670 | ) | (96,228 | ) |

Capital repayments in year | 17,330 |  | (177,876 | ) |

Equity dividends paid | (152,465 | ) | (190,399 | ) |

Net cash from financing activities | 153,195 |  | (464,503 | ) |

(Decrease)/increase in cash and cash equivalents | (405,112 | ) | 520,031 |  |

Cash and cash equivalents at beginning of year | 2 | 1,262,861 |  | 742,830 |  |

Cash and cash equivalents at end of year | 2 | 857,749 |  | 1,262,861 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 325,877 |  | 69,721 |  |

| Depreciation charges | 273,084 |  | 288,546 |  |

| (Profit)/loss on disposal of fixed assets | (8,366 | ) | 1,997 |  |

| Finance costs | 85,906 |  | 88,733 |  |

| Finance income | (126,297 | ) | (13,971 | ) |

550,204 |  | 435,026 |  |

| Decrease in stocks | 1,275 |  | 35,583 |  |

| (Increase)/decrease in trade and other debtors | (216,728 | ) | 1,541,931 |  |

| Decrease in trade and other creditors | (88,738 | ) | (487,305 | ) |

| Cash generated from operations | 246,013 |  | 1,525,235 |  |

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:

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 857,749 |  | 1,262,861 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 1,262,861 |  | 742,830 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,262,861 |  | (405,112 | ) | 857,749 |  |

1,262,861 |  | (405,112 | ) | 857,749 |  |

| Debt

| Finance leases | (165,483 | ) | (17,330 | ) | (182,813 | ) |

| Debts falling due within 1 year | (99,180 | ) | 8,013 |  | (91,167 | ) |

| Debts falling due after 1 year | (996,093 | ) | (296,344 | ) | (1,292,437 | ) |

(1,260,756 | ) | (305,661 | ) | (1,566,417 | ) |

| Total | 2,105 |  | (710,773 | ) | (708,668 | ) |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| T Bourne & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible fixed assets

| Amortisation is provided at the following rates in order to write off each asset over its estimated useful life:

| Computer Software

| - 15% reducing balance or straight line over 10 years.

| Goodwill

| - Over 5 years from its date of purchase in 2021

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property |  | - 2% on cost |  |

| Plant and equipment |  | - 15% on reducing balance |  |

| Computer equipment |  | - straight line over 3 years |  |

| Fixtures and fittings |  | - 15% on reducing balance |  |

| Motor vehicles |  | - 25% on reducing balance, straight line over 10 years and straight line over 6 years |  |

| Leasehold property is depreciated over the remaining term of the lease. |  |  |

| No depreciation is provided on freehold land.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 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 year 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.

| The interest element of these obligations is charged to total comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to total comprehensive income as incurred.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Investments

| Investments are in unlisted companies and are not publicly traded. As their fair value cannot be measured reliably they are included at cost less impairment.

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Removal and shipping | 8,859,805 |  | 8,166,546 |  |

| Storage | 1,018,414 |  | 1,060,872 |  |

9,878,219 |  | 9,227,418 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,034,894 |  | 3,203,663 |  |

| Social security costs | 274,339 |  | 296,187 |  |

| Other pension costs | 61,159 |  | 64,522 |  |

3,370,392 |  | 3,564,372 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Administrative | 39 |  | 38 |  |

| Operative | 58 |  | 67 |  |

| Managerial | 1 |  | - |  |

98 |  | 105 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 182,976 |  | 164,555 |  |

| Directors' pension contributions to money purchase schemes | 3,375 |  | 2,930 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 4 |  | 4 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Other operating leases | 84,431 |  | 64,000 |  |

| Depreciation - owned assets | 217,377 |  | 215,293 |  |

| Depreciation - assets on hire purchase contracts | 52,735 |  | 70,277 |  |

| (Profit)/loss on disposal of fixed assets | (8,366 | ) | 1,997 |  |

| Goodwill amortisation | 933 |  | 936 |  |

| Computer software amortisation | 2,039 |  | 2,040 |  |

| Auditors' remuneration | 12,100 |  | 10,090 |  |

| Auditors' remuneration for non audit work | - |  | 4,805 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank loan interest | 68,447 |  | 65,458 |  |

| Other loan interest | 5,319 |  | 6,399 |  |

| Hire purchase | 12,140 |  | 16,876 |  |

85,906 |  | 88,733 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 89,535 |  | 79,146 |  |

| Deferred tax:

| Accelerated capital allowances | (49,109 | ) | (56,887 | ) |

| Tax on profit | 40,426 |  | 22,259 |  |

| UK corporation tax has been charged at 25% (2023 - 23.52%).

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 325,877 |  | 69,721 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | 81,469 |  | 16,398 |  |

| Effects of:

| Expenses not deductible for tax purposes | 972 |  | 629 |  |

| Income not taxable for tax purposes | (24,395 | ) | - |  |

| Depreciation in excess of capital allowances | 31,639 |  | 62,212 |  |

| Other short term timing difference | (150 | ) | (93 | ) |

| Movement on deferred tax (as above) | (49,109 | ) | (56,887 | ) |

| Total tax charge | 40,426 |  | 22,259 |  |

8. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each |

| Interim | 152,465 |  | 190,399 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | INTANGIBLE FIXED ASSETS

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 5,598 |  | 20,385 |  | 25,983 |  |

| AMORTISATION

| At 1 January 2024 | 2,149 |  | 12,232 |  | 14,381 |  |

| Amortisation for year | 933 |  | 2,039 |  | 2,972 |  |

| At 31 December 2024 | 3,082 |  | 14,271 |  | 17,353 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,516 |  | 6,114 |  | 8,630 |  |

| At 31 December 2023 | 3,449 |  | 8,153 |  | 11,602 |  |

10. | TANGIBLE FIXED ASSETS

| Long |

| Freehold |  | leasehold |  | Plant and

| property |  | property |  | equipment

£ | £ | £ |

| COST

| At 1 January 2024 | 2,010,671 |  | 541,672 |  | 539,022 |  |

| Additions | 600,252 |  | - |  | - |  |

| Disposals | - |  | - |  | - |  |

| At 31 December 2024 | 2,610,923 |  | 541,672 |  | 539,022 |  |

| DEPRECIATION

| At 1 January 2024 | 678,703 |  | 19,980 |  | 416,437 |  |

| Charge for year | 35,786 |  | 8,880 |  | 18,402 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 December 2024 | 714,489 |  | 28,860 |  | 434,839 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,896,434 |  | 512,812 |  | 104,183 |  |

| At 31 December 2023 | 1,331,968 |  | 521,692 |  | 122,585 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 68,988 |  | 2,682,727 |  | 5,843,080 |  |

| Additions | 10,121 |  | 163,900 |  | 774,273 |  |

| Disposals | - |  | (101,276 | ) | (101,276 | ) |

| At 31 December 2024 | 79,109 |  | 2,745,351 |  | 6,516,077 |  |

| DEPRECIATION

| At 1 January 2024 | 52,355 |  | 1,815,723 |  | 2,983,198 |  |

| Charge for year | 12,480 |  | 194,564 |  | 270,112 |  |

| Eliminated on disposal | - |  | (100,942 | ) | (100,942 | ) |

| At 31 December 2024 | 64,835 |  | 1,909,345 |  | 3,152,368 |  |

| NET BOOK VALUE

| At 31 December 2024 | 14,274 |  | 836,006 |  | 3,363,709 |  |

| At 31 December 2023 | 16,633 |  | 867,004 |  | 2,859,882 |  |

| Included in cost of land and buildings is freehold land of £ 295,493 (2023 - £ 295,493 ) which is not depreciated.

| In addition to the main operational sites in Rye, freehold land and buildings includes a property in Tunbridge Wells.The long leasehold property relates to the site in Aylesbury acquired during 2021.

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Motor

| vehicles

£ |

| COST

| At 1 January 2024 | 430,221 |  |

| Additions | 163,900 |  |

| Transfer to ownership | (143,500 | ) |

| At 31 December 2024 | 450,621 |  |

| DEPRECIATION

| At 1 January 2024 | 84,733 |  |

| Charge for year | 52,735 |  |

| Transfer to ownership | (49,528 | ) |

| At 31 December 2024 | 87,940 |  |

| NET BOOK VALUE

| At 31 December 2024 | 362,681 |  |

| At 31 December 2023 | 345,488 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | FIXED ASSET INVESTMENTS

| Unlisted

| investmen

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 979,233 |  |

| NET BOOK VALUE

| At 31 December 2024 | 979,233 |  |

| At 31 December 2023 | 979,233 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Kuhan Pte. Ltd

| Registered office: Republic of Singapore

| Nature of business: Other personal service activities

| %

| Class of shares: | holding |

| Ordinary | 34.50 |

| The shares were purchased in Kuhan Pte Ltd on 26 May 2022, no accounts are yet available in order to disclose profit and reserves.

12. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 46,483 |  | 47,758 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 1,000,072 |  | 821,450 |  |

| Other debtors | 53,832 |  | 2,563 |  |

| Prepayments | 265,095 |  | 278,258 |  |

1,318,999 |  | 1,102,271 |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 16) | 55,167 |  | 63,180 |  |

| Other loans (see note 16) | 36,000 |  | 36,000 |  |

| Hire purchase contracts (see note 17) | 102,545 |  | 108,060 |  |

| Trade creditors | 1,080,871 |  | 1,145,634 |  |

| Corporation tax payable | 89,486 |  | 79,089 |  |

| Social security and other taxes | 71,934 |  | 79,202 |  |

| VAT | 69,521 |  | 86,229 |  |

1,505,524 |  | 1,597,394 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans (see note 16) | 1,172,437 |  | 840,093 |  |

| Other loans (see note 16) | 120,000 |  | 156,000 |  |

| Hire purchase contracts (see note 17) | 80,268 |  | 57,423 |  |

1,372,705 |  | 1,053,516 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 55,167 |  | 63,180 |  |

| Other loans | 36,000 |  | 36,000 |  |

91,167 |  | 99,180 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 78,704 |  | 840,093 |  |

| Other loans - 1-2 years | 36,000 |  | 36,000 |  |

114,704 |  | 876,093 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 1,093,733 |  | - |  |

| Other loans - 2-5 years | 84,000 |  | 108,000 |  |

1,177,733 |  | 108,000 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Other loans | - |  | 12,000 |  |

| The bank loans are repayable by monthly instalment over 3 years with the balancing payments due on maturity. The interest rate charges are Bank of England base rate plus 2.2%.

| Other loans are repayable by monthly instalments over 5 remaining years. The interest rate charge is 3%

| All of the company bank loans are secured by fixed and floating charges on all the assets owned by the company.

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 102,545 |  | 108,060 |  |

| Between one and five years | 80,268 |  | 57,423 |  |

182,813 |  | 165,483 |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 105,934 |  | 114,612 |  |

| Between one and five years | 292,369 |  | 305,047 |  |

| In more than five years | 739,277 |  | 803,694 |  |

1,137,580 |  | 1,223,353 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 1,227,604 |  | 903,273 |  |

| Hire purchase contracts | 182,813 |  | 165,483 |  |

1,410,417 |  | 1,068,756 |  |

| The bank loans are secured by fixed and floating charges over all the assets owned by the company.

| The hire purchase debts on secured on the assets to which the liabilities relate.

19. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 181,088 |  | 230,197 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

19. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 230,197 |  |

| Accelerated capital allowances | (49,109 | ) |

| Balance at 31 December 2024 | 181,088 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 60 | Ordinary | £1 | 60 |  | 60 |  |

| 5 | A Ordinary | £1 | 5 |  | 5 |  |

65 |  | 65 |  |

21. | RESERVES

| Capital |

| Retained |  | Share |  | redemption |  | Other |

| earnings |  | premium |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2024 | 3,378,428 |  | 3,132 |  | 60 |  | 815 |  | 3,382,435 |  |

| Profit for the year | 285,451 |  | - |  | - |  | - |  | 285,451 |  |

| Dividends | (152,465 | ) | - |  | - |  | - |  | (152,465 | ) |

| At 31 December 2024 | 3,511,414 |  | 3,132 |  | 60 |  | 815 |  | 3,515,421 |  |

22. | PENSION COMMITMENTS

| The company operates a workplace pension scheme on behalf of its employees. It is a defined contribution pension and the charge for the year is shown in note 4. Contributions totalling £4,839 were outstanding at the year end.

23. | CAPITAL COMMITMENTS

2024 | 2023 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 403,290 |  | 25,000 |  |

T BOURNE & SON LIMITED (REGISTERED NUMBER: 00447169)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

24. | RELATED PARTY DISCLOSURES

| Consultancy fees totalling £12,500 were paid during the year to a former director who is related to the current directors (2023- £12,500).

| Salaries totalling £34,527 were paid to employees who are members of the director's immediate family (2023 - £36,561).

| Two ex-directors who are close family members of the current directors, lent the company money when directors. The loans are being repaid by monthly instalments over the remaining term of 5 years and interest is being charged at 3%.

| Key management personnel consist of the directors.