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

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

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

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%

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

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

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.

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.

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

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

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

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

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

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

)

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.

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

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