REGISTERED NUMBER: 02675059 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

SIRVA Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

M Gijp

L E Hills

REGISTERED OFFICE:

Kingston House

Lydiard Fields

Swindon

Wiltshire

SN5 8UB

REGISTERED NUMBER:

02675059 (England and Wales)

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

SIRVA Ltd ("the Company") is a subsidiary of SIRVA Relocation Holdings Limited. The SIRVA group holds the shares of a group of other moving and relocation services companies throughout Western, Northern and Eastern Europe. The Company is part of a global group, the ultimate shareholder is SIRVA Inc., Chicago, USA.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

SIRVA has maintained its position within the relocation industry with regards to operational excellence, market share and financial performance with numerous ongoing client pursuits in both domestic and global markets. The UK operations continue to benefit from the global reach of our ultimate parent company, SIRVA Inc. which has operating subsidiaries and franchises in over 190 countries around the world. This provides many cross-selling opportunities of services between geographical regions with the UK being a key location for many international clients. SIRVA's client list includes numerous global blue-chip companies who benefit from end-to-end relocation and moving solutions, flexibility to meet individual needs and innovative technology solutions.

PRINCIPAL RISKS AND UNCERTAINTIES

As a provider of global relocation services to large international corporations, the company could be subject to the on-going risks surrounding the global financial and economic climate. Increases in global interest rates has had an impact on trading and management continue to work closely with clients to innovate our services and adapt to their changing requirements. The outlook is now more favourable with interest rates forecast to reduce gradually over the coming years. The financial statements have been prepared on a going concern basis.

FUTURE DEVELOPMENTS

The future development of the company will remain focused upon new sales and increasing market share within the relocation industry both within the UK and in mainland Europe.

KEY PERFORMANCE INDICATORS

The revenue in the financial year 2024 decreased by 1.3m compared to last financial year (2024: 8.9m and 2023: 10.2m). The gross margin percentage decreased by 2.1% compared to the prior year (2024: 31.0% and 2023: 33.1%). Overhead expenses including premises related expenses and administration expenses increased slightly by 32k compared to last financial year (2024: 1.372k and 2023: 1.340k). Given the nature of the business, the company's directors are of the opinion that analysis using financial KPI's, other than those already disclosed in the accounts, is not necessary for an understanding of the development, performance or position of the business.

CHANGE IN ULTIMATE PARENT COMPANY

Subsequent to year-end, on 20 August 2024, the Company's intermediate parent company, SIRVA Worldwide, Inc., completed a debt restructuring transaction with its lenders and equity sponsors. Through this transaction, the Company is under a new ownership group led by certain credit funds and accounts managed by KKR Credit Advisors (US) LLC, Evolution Credit Partners, BlackRock Financial Management, Inc. and affiliates thereof, and Indaba Capital Management, L.P.. As a result, the Company's ultimate parent company is considered to be SIRVA Holdings LLC, a corporation domiciled in the United States.

ON BEHALF OF THE BOARD:

M Gijp - Director

29 September 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 period ended 31 December 2024 will be £nil (2023: £10.5m).

DIRECTORS

M Gijp has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

R Post - resigned 31 December 2024

L E Hills was appointed as a director after 31 December 2024 but prior to the date of this report.

EMPLOYEE MATTERS

The SIRVA Limited company policy booklet is sent out to all new starters upon commencement of employment. All company policies can also be found on the intranet for all staff to access.

SIRVA Limited recongises its responsibility towards disabled employees and seeks to eliminate unjustified discrimination on the grounds of disability. We recognise the wealth of talent and skill possessed by disable people. We will interview any disabled job applicants who fulfil selection criteria and consider them on their abilities.

Reasonable adjustments will be made to ensure the continued employment of the individual employee if possible, where they are disable from the time they join the Company, or where they become disabled while in the company's employment.

All staff receive the same training and career development. SIRVA Limited is committed to the personal development of all employees. Personal and career development will be based upon an individual's talents, skills and contributions without regards to race, colour, gender, age or disability.

GOING CONCERN

After making enquiries, the directors are satisfied, after taking into account the Company's latest forecast and reasonably possible adverse variations in trading performance, that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors continue to adopt the going concern basis in preparing the accounts.

FINANCIAL RISK MANAGEMENT

Financial risk management has been considered as part of the Strategic report.

DIRECTORS INDEMNITIES

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made in prior years and remain in force at the date of this report.

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). 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.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Gijp - Director

29 September 2025

Opinion

We have audited the financial statements of SIRVA Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 101 'Reduced Disclosure Framework' (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 three, 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance

with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Review of tax compliance;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing

of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals

with round numbers.

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.

David Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

29 September 2025

TURNOVER

4

8,915,104

10,188,157

Cost of sales

6,150,568

6,812,206

GROSS PROFIT

2,764,536

3,375,951

Administrative expenses

1,371,636

1,339,977

1,392,900

2,035,974

Other operating income

1,034

180,423

OPERATING PROFIT

1,393,934

2,216,397

Interest receivable and similar income

6

12,065

618,695

PROFIT BEFORE TAXATION

7

1,405,999

2,835,092

Tax on profit

8

-

-

PROFIT FOR THE FINANCIAL YEAR

1,405,999

2,835,092

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,405,999

2,835,092

FIXED ASSETS

Tangible assets

10

7,030

8,597

Investments

11

6,882

6,882

13,912

15,479

CURRENT ASSETS

Debtors

12

2,920,086

2,623,990

Cash at bank

3,183,842

2,007,498

6,103,928

4,631,488

CREDITORS

Amounts falling due within one year

13

1,279,206

1,214,332

NET CURRENT ASSETS

4,824,722

3,417,156

TOTAL ASSETS LESS CURRENT LIABILITIES

4,838,634

3,432,635

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

4,838,534

3,432,535

SHAREHOLDERS' FUNDS

4,838,634

3,432,635

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M Gijp - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

11,097,443

11,097,543

Changes in equity

Dividends

-

(10,500,000

)

(10,500,000

)

Total comprehensive income

-

2,835,092

2,835,092

Balance at 31 December 2023

100

3,432,535

3,432,635

Changes in equity

Total comprehensive income

-

1,405,999

1,405,999

Balance at 31 December 2024

100

4,838,534

4,838,634

1.	STATUTORY INFORMATION

SIRVA 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 preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements are prepared on a going concern basis, under the historical cost convention.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends on the financial support of the SIRVA BGRS Worldwide Inc. group in order that it meets its third party liabilities as they fall due for at least twelve months. The company has received a letter of support from its parent to this effect.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases;

the requirements of paragraph 58 of IFRS 16;

•

the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraphs 53(a), (h) and (j) of IFRS 16;

-

paragraph 79(a)(iv) of IAS 1; and

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

•

the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;

•

the requirements of

-

paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and

-

paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;

•

the requirements of paragraph 74(b) of IAS 16;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Changes in accounting policies

The following standards and amendments were effective for the periods beginning on or after:

New standards

-

IFRS 18 'Presentation and disclosure in financial statements' (effective 1 January 2027)

-

IFRS 19 Subsidiaries without Public Accountability Disclosure (effective 1 January 2027)

Amendments

-

IAS 1 'Presentation of financial statements' on classification of liabilities (effective 1 January 2024)

-

IAS 1 'Presentation of financial statements' on non-current liabilities with covenants (effective

1 January 2024)

-

IFRS 16 'Leases' Lease Liability in a Sale and Leaseback (effective 1 January 2024)

-

IAS 7 and IFRS 7 Supplier finance (effective 1 January 2024)

-

IAS 21 Lack of Exchangeablility (effective 1 January 2025)

-

IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (effective 1 January 2026)

-

IFRS 9 and IFRS 7 Contracts Referencing Nature- dependent Electricity (effective 1 January 2026)

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the rendering of services.

Turnover from the rendering of services is recognised by reference to the stage of completion of relocation assignment management services provided by using a proportional method to recognise revenue when the company fulfils its obligations and the customer receives value for the services provided.

Specifically, turnover comprises of fees, net of Value Added Tax, for the provision of relocation services in relation to client companies' employees, including recharged disbursements. Turnover is recognised as the services are provided or liability for disbursements incurred. All of the company's turnover was derived from its principal activity.

Tangible fixed assets

Fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is calculated to write off the cost of an asset, less its provision for impairment, over the estimated useful economic life of that asset as follows:

Office equipment

15-33% on a straight-line basis

Financial instruments

Financial assets and financial liabilities are recognised on the group's balance sheet when the group becomes a party to the contractual provisions of the instrument.

Client receivables are initially recognised at the undiscounted amount receivable, and are subsequently reduced for estimated irrecoverable amounts.

Trade payables are initially measured at the undiscounted amount payable, and are subsequently reduced for discounts given by suppliers.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Foreign currencies

Transactions in foreign currencies other than the functional currency are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Employee benefit costs

The company operates a defined contribution pension scheme for its employees. The contributions are paid to a life assurance company to secure the benefits accruing to members. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounting period.

Financial instruments

The company has chosen to adopt the requirements of sections 11 and 12 of FRS 102 in respect of the measurement and disclosure of financial instruments.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or

- breach of contract, such as a default or delinquency in interest or principal payments; or

- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venturer;

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Trade and other receivables - The allowance for doubtful accounts involves significant management judgement and review of individual receivables based on individual customer creditworthiness, current economic trends and analysis of historical bad debts on a portfolio basis.

Deferred revenue for relocation management fees - management apply their judgement in relation to deferred revenue using a group accounting policy to ensure that revenue is only recognised after a service has been delivered and the customer has received value related to the service provided.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The following are the critical judgements, including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revenue Recognition

Management are required to estimate levels of expense to accrue in regards to the moving business at year end, based on the level of supplier billing to date. This judgement is based on forecast margins, whilst taking into consideration the level of actual post year-end supplier billings.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

6,345,397

6,892,011

Overseas

2,569,707

3,296,146

8,915,104

10,188,157

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,147,031

1,037,840

Social security costs

-

77,226

Other pension costs

(8,581

)

19,451

1,138,450

1,134,517

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

2024

2023

Operational

24

25

2024

2023

£

£

Directors' remuneration

-

-

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Interest received

12,065

618,695

7.	PROFIT BEFORE TAXATION

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

2024

2023

£

£

Depreciation of fixed assets

7,212

6,137

Foreign exchange (gains)/losses

42,025

53,800

Auditors' remuneration

25,685

17,014

8.

TAXATION

Analysis of tax expense

No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Factors affecting the tax expense

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 income tax

1,405,999

2,835,092

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

351,500

708,773

Effects of:

tax

Group relief

(352,132

)

(709,254

)

Expenses not deductible for tax purposes

2,755

566

of depreciation

Depreciation in excess of capital allowances

(2,123

)

(85

)

Tax expense

-

-

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

-

10,500,000

10.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2024

38,651

Additions

5,645

At 31 December 2024

44,296

DEPRECIATION

At 1 January 2024

30,054

Charge for year

7,212

At 31 December 2024

37,266

NET BOOK VALUE

At 31 December 2024

7,030

At 31 December 2023

8,597

11.	INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2024

and 31 December 2024

6,882

NET BOOK VALUE

At 31 December 2024

6,882

At 31 December 2023

6,882

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,247,443

1,162,772

Amounts owed by group undertakings

941,622

970,270

VAT

309,774

154,663

Prepayments and accrued income

421,247

336,285

2,920,086

2,623,990

Amounts owed by group undertakings are payable upon demand and are not interest bearing.

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

616,832

763,219

Amounts owed to group undertakings

77,743

82,302

Contributions to the pension scheme

4,754

-

Accruals and deferred income

579,877

368,811

1,279,206

1,214,332

Amounts owed to group undertakings are payable upon demand and are not interest bearing.

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

All shares rank equally in regards to voting rights.

The shares have a nominal value of £1 and were issued at par.

All shares rank equally in regards to dividends.

All shares rank in proportion to the nominal amount paid up with regards to distributions on winding up or other repayment of capital.

15.	ULTIMATE PARENT COMPANY

SIRVA Holdings LLC (incorporated in United States of America) is regarded by the directors as being the company's ultimate parent company and is the parent company of the largest group of which the company is a member.

At the year end date the immediate and intermediate holding company was SIRVA Relocation Holdings Limited and the next group into which the results of the company are consolidated.

Copies of the consolidated financial statements of SIRVA Relocation Holdings Limited can be found at Kingston House, Lydiard Fields, Swindon, SN5 8UB.