Ballards Removals Holdings Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—6
Consolidated Profit and Loss Account	7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9
Company Balance Sheet	10—11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Company Statement of Cash Flows	16
Notes to the Company Statement of Cash Flows	17
Notes to the Financial Statements	18—29

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

Principal Activity

The group's principal activity continues to be that of storage and removal services.

Review of the Business

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

The Group's key financial and other performance indicators during the year were as follows:

Financial KPI's	Unit	2024	2023
Gross profit margin	%	13	15
Overheads	£	1,247,765	1,326,421

The gross margin reduced during the year due to a higher proportion of lower margin distribution contract income coupled with the rising cost of staffing needed to maintain productivity levels throughout the business. Overheads represent the ongoing costs required to operate the business which are not directly attributable to the trading aspects of the business. The decrease in overhead costs this year is driven by improved cost control within administration expenses and reductions in depreciation by utilising the reducing balance method.

Principal Risks and Uncertainties

The principal risks and uncertainties are largely external factors and in particular the state of the UK housing market and wider political environment.

On behalf of the board

Mr M R Ballard

Director

8 July 2025

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Ballards Removals Holdings Limited

Company No. 09236718

Directors' Report For The Year Ended 30 September 2024

Directors' Report

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

Directors

The directors who held office during the year were as follows:

Mr R P Ballard	Resigned	04/02/2025
Mrs J Ballard	Resigned	04/02/2025
Mr S P Cooke	Resigned	04/02/2025
Mr J L Ballard
Mr M R Ballard
Mr S R Robinson	Appointed	04/02/2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr M R Ballard

Director

8 July 2025

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Independent Auditor's Report

to the Members of

Ballards Removals Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Ballards Removals Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 September 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2024 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Ballards Removals Holdings Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Ballards Removals Holdings Limited

Auditor's Responsibilities for the Audit of the Financial Statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Detecting irregularities, including fraud

Based on our knowledge and understanding of the Group and industry, we identified that the key risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made.

Management override of control.

Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included but were not limited to:

Enquiring of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud.

Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud, or management override.

Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is indication of management bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent Auditor's Report (continued)

to the Members of

Ballards Removals Holdings Limited

Mr Daniel Johnson FCCA (Senior Statutory Auditor)

for and on behalf of Nuvo Audit Limited , Statutory Auditor

8 July 2025

Nuvo Audit Limited

First Floor, Sterling House

Outrams Wharf

Little Eaton

Derby

DE21 5EL

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Ballards Removals Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 30 September 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	7,453,854	7,620,128
Cost of sales		(6,489,430 )	(6,506,629 )

GROSS PROFIT		964,424	1,113,499

Administrative expenses		(1,247,765 )	(1,326,421 )

OPERATING LOSS	4	(283,341 )	(212,922 )
(Loss)/profit on disposal of fixed assets		(28,570 )	1,211,904
Other interest receivable and similar income	9	3,063	2,599
Interest payable and similar charges	10	(483,835 )	(430,762 )

(LOSS)/PROFIT BEFORE TAXATION		(792,683 )	570,819
Tax on (Loss)/profit	11	31,339	(182,862 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(761,344 )	387,957

The notes on pages 15 to 29 form part of these financial statements.

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Ballards Removals Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 30 September 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
LOSS FOR THE FINANCIAL YEAR	(761,344 )	387,957
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	(761,344 )	387,957

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Ballards Removals Holdings Limited

Consolidated Balance Sheet

As At 30 September 2024

Consolidated Balance Sheet

Registered number: 09236718

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		125,722		166,196
Tangible Assets	14		4,304,037		4,245,907

			4,429,759		4,412,103
CURRENT ASSETS
Stocks	16	43,898		39,212
Debtors	17	1,670,504		1,384,460
Cash at bank and in hand		429,256		512,952

		2,143,658		1,936,624
Creditors: Amounts Falling Due Within One Year	18	(4,525,239 )		(4,569,974 )

NET CURRENT ASSETS (LIABILITIES)			(2,381,581 )		(2,633,350 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,048,178		1,778,753

Creditors: Amounts Falling Due After More Than One Year	19		(1,962,188 )		(722,174 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(176,308 )		(199,476 )

NET (LIABILITIES)/ASSETS			(90,318 )		857,103

CAPITAL AND RESERVES
Called up share capital	24		100		100
Revaluation reserve			845,856		845,856
Profit and Loss Account			(936,274 )		11,147

SHAREHOLDERS' FUNDS			(90,318)		857,103

On behalf of the board

Mr M R Ballard

Director

8 July 2025

The notes on pages 15 to 29 form part of these financial statements.

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Ballards Removals Holdings Limited

Company Balance Sheet

As At 30 September 2024

Company Balance Sheet

Registered number: 09236718

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		3,875		4,375
Tangible Assets	14		4,230,873		4,151,299
Investments	15		2		2

			4,234,750		4,155,676
CURRENT ASSETS
Debtors	17	1,465,062		1,482,758
Cash at bank and in hand		265,489		369

		1,730,551		1,483,127
Creditors: Amounts Falling Due Within One Year	18	(2,335,949 )		(2,911,680 )

NET CURRENT ASSETS (LIABILITIES)			(605,398 )		(1,428,553 )

TOTAL ASSETS LESS CURRENT LIABILITIES			3,629,352		2,727,123

Creditors: Amounts Falling Due After More Than One Year	19		(1,935,546 )		(666,907 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(176,308 )		(199,476 )

NET ASSETS			1,517,498		1,860,740

CAPITAL AND RESERVES
Called up share capital	24		100		100
Revaluation reserve			845,856		845,856
Profit and Loss Account			671,542		1,014,784

SHAREHOLDERS' FUNDS			1,517,498		1,860,740

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Ballards Removals Holdings Limited

Company Balance Sheet (continued)

As At 30 September 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's (loss)/profit for the year was £(157,165 ) (2023: £ 896,760 profit/(loss)).

On behalf of the board

Mr M R Ballard

Director

8 July 2025

The notes on pages 15 to 29 form part of these financial statements.

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Ballards Removals Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 30 September 2024

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 October 2022	100	845,856	(220,936 )	625,020
Profit for the year and total comprehensive income	-	-	387,957	387,957

Dividends paid	-	-	(155,874)	(155,874)

As at 30 September 2023 and 1 October 2023	100	845,856	11,147	857,103


Loss for the year and total comprehensive income	-	-	(761,344 )	(761,344)

Dividends paid	-	-	(186,077)	(186,077)

As at 30 September 2024	100	845,856	(936,274 )	(90,318)

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Ballards Removals Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 30 September 2024

Company Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 October 2022	100	845,856	273,898	1,119,854
Profit for the year and total comprehensive income	-	-	896,760	896,760

Dividends paid	-	-	(155,874)	(155,874)

As at 30 September 2023 and 1 October 2023	100	845,856	1,014,784	1,860,740


Loss for the year and total comprehensive income	-	-	(157,165 )	(157,165)

Dividends paid	-	-	(186,077)	(186,077)

As at 30 September 2024	100	845,856	671,542	1,517,498

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Ballards Removals Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 30 September 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	587,116	(959,700 )
Interest paid		(373,628 )	(209,462 )
Tax paid		(8,172 )	-

Net cash generated from/(used in) operating activities		205,316	(1,169,162 )

Cash flows from investing activities
Purchase of tangible assets		(404,988 )	(136,372 )
Proceeds from disposal of tangible assets		71,926	1,759,841
Interest received		3,063	2,599

Net cash (used in)/generated from investing activities		(329,999 )	1,626,068

Cash flows from financing activities
Equity dividends paid		(186,077 )	(155,874 )
Repayment of bank borrowings		(43,333 )	(575,325 )
Proceeds from new other loans		1,672,703	606,255
Repayment of finance leases		(302,306 )	(175,923 )
Amount withdrawn by directors		(1,100,000)	-

Net cash generated from/(used in) financing activities		40,987	(300,867 )



(Decrease)/increase in cash and cash equivalents		(83,696 )	156,039
Cash and cash equivalents at beginning of year	2	512,952	356,913

Cash and cash equivalents at end of year	2	429,256	512,952

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Ballards Removals Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 30 September 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
(Loss)/profit for the financial year	(761,344 )	387,957
Adjustments for:
Tax on (loss)/profit	(31,339 )	182,862
Interest expense	483,835	350,981
Interest income	(3,063 )	(2,599 )
Amortisation of intangible assets	40,474	40,474
Depreciation of tangible assets	246,362	273,908
Loss/(profit) on disposal of tangible assets	28,570	(1,211,904)
Movements in working capital:
(Increase)/decrease in stocks	(4,686 )	16,378
Increase in trade and other debtors	(253,589 )	(168,265 )
Increase/(decrease) in trade and other creditors	841,896	(829,492 )

Net cash generated from/(used in) operations	587,116	(959,700 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	429,256	512,952

3. Analysis of changes in net debt

	As at 1 October 2023	Cash flows	As at 30 September 2024
	£	£	£
Cash at bank and in hand	512,952	(83,696)	429,256
Finance leases	(509,887)	(195,944)	(705,831)
Debts falling due within one year	(1,076,898 )	(510,072)	(1,586,970 )
Debts falling due after more than one year	(423,714)	(1,119,298)	(1,543,012)

	(1,497,547)	(1,909,010)	(3,406,557)

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Ballards Removals Holdings Limited

Company Statement of Cash Flows

For The Year Ended 30 September 2024

Company Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	842,259	(970,240 )
Interest paid		(108,753 )	(192,839 )
Tax paid		(8,172 )	-

Net cash generated from/(used in) operating activities		725,334	(1,163,079 )

Cash flows from investing activities
Purchase of tangible assets		(404,988 )	(135,532 )
Proceeds from disposal of tangible assets		71,926	1,759,841
Interest received		-	1,320

Net cash (used in)/generated from investing activities		(333,062 )	1,625,629

Cash flows from financing activities
Equity dividends paid		(186,077 )	(155,874 )
Proceeds from new bank borrowings		-	(293 )
Proceeds from new other loans		1,662,461	-
Repayment of other loans		(201,230)	(131,034)
Repayment of finance leases		(302,306 )	(175,630 )
Amount withdrawn by directors		(1,100,000)	-

Net cash used in financing activities		(127,152 )	(462,831 )



Increase/(decrease) in cash and cash equivalents		265,120	(281 )
Cash and cash equivalents at beginning of year	2	369	650

Cash and cash equivalents at end of year	2	265,489	369

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Ballards Removals Holdings Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 30 September 2024

Notes to the Company Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
(Loss)/profit for the financial year	(157,165 )	896,760
Adjustments for:
Tax on (loss)/profit	(31,339 )	182,862
Interest expense	108,753	334,358
Interest income	-	(1,320 )
Amortisation of intangible assets	500	500
Depreciation of tangible assets	224,918	230,956
Loss/(profit) on disposal of tangible assets	28,570	(1,211,904)
Movements in working capital:
Decrease/(increase) in trade and other debtors	50,151	(730,113 )
Increase/(decrease) in trade and other creditors	617,871	(672,339 )

Net cash generated from/(used in) operations	842,259	(970,240 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	265,489	369

3. Analysis of changes in net debt

	As at 1 October 2023	Cash flows	As at 30 September 2024
	£	£	£
Cash at bank and in hand	369	265,120	265,489
Finance leases	(509,887)	(195,944)	(705,831)
Debts falling due within one year	(401,710 )	(313,308)	(715,018 )
Debts falling due after more than one year	(368,447)	(1,147,923)	(1,516,370)

	(1,279,675)	(1,392,055)	(2,671,730)

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Ballards Removals Holdings Limited

Notes to the Financial Statements

For The Year Ended 30 September 2024

Notes to the Financial Statements

1. General Information

Ballards Removals Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09236718 . The registered office is Ballards Business Park Old London Road, Markham Moor, Retford, Nottinghamshire, DN22 0TE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 September 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

Page 18

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Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

2.5. Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.6. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.7. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets is the domain name. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.8. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% Reducing Balance
Leasehold	2% Reducing Balance
Plant & Machinery	15% Reducing Balance
Motor Vehicles	15% Reducing Balance
Fixtures & Fittings	15% Reducing Balance
Computer Equipment	15% Reducing Balance

2.9. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.10. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Page 19

Page 20

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

2.11. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.12. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.13. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	2024	2023
	£	£
Distribution	4,871,475	4,537,961
Other	84,266	166,401
Removals	1,885,136	2,248,995
Storage	612,977	666,771

	7,453,854	7,620,128

4. Operating Loss

The operating loss is stated after charging:

	2024	2023
	£	£
Bad debts	17,414	7,863
Depreciation of tangible fixed assets	246,362	273,908
Amortisation of intangible fixed assets	40,474	40,474

Page 20

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Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

5. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	2,100	2,000

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	2,405,187	2,543,815
Social security costs	245,901	261,010
Other pension costs	52,538	59,720

	2,703,626	2,864,545

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 73 (2023: 77)

Company

Average number of employees, including directors, during the year was as follows:

	2024		2023

	5		5

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	50,280	38,321

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Other interest receivable	3,063	2,599

Page 21

Page 22

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

10. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	201,626	64,826
Interest payable on other loans	110,208	221,519
Factoring charges	106,139	79,700
Finance charges payable under finance leases and hire purchase contracts	50,971	47,936
Foreign exchange charges	-	81
Other finance charges	14,891	16,700

	483,835	430,762

11. Tax on Profit

	Tax Rate		2024	2023
The tax (credit)/charge on the (loss)/profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	19.5%	(8,171 )	8,171
Deferred Tax
Origination and reversal of timing differences			(23,168 )	174,691


Total tax charge for the period			(31,339 )	182,862


The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(792,683)	570,819

Tax on profit at 25% (UK standard rate)			(198,171 )	138,906
Expenses not deductible for tax purposes			1,647	-
Tax losses utilised			-	42,870
Capital allowances			30,824	64,599
Tax losses unutilised carried forward			134,361	-
Deferred tax from unrecognised timing difference from a prior period			-	(63,513 )

Total tax charge for the period			(31,339)	182,862

12. Prior Period Adjustment

A prior year adjustment has been included in these financial statements to reflect the recognition of interest on an outstanding director's loan which had previously been waived. An adjustment of £141,519 has been made to 'Interest payable on other loans' in the Profit & Loss account for the year ending 30 September 2023. A further adjustment of £112,533 has been made to the opening retained earnings for the comparative period to reflect interest of earlier accounting periods.

Page 22

Page 23

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

13. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 October 2023	259,737	145,000	404,737

As at 30 September 2024	259,737	145,000	404,737

Amortisation
As at 1 October 2023	123,749	114,792	238,541
Provided during the period	25,974	14,500	40,474

As at 30 September 2024	149,723	129,292	279,015

Net Book Value
As at 30 September 2024	110,014	15,708	125,722

As at 1 October 2023	135,988	30,208	166,196

Company

	Goodwill
	£
Cost
As at 1 October 2023	5,000

As at 30 September 2024	5,000

Amortisation
As at 1 October 2023	625
Provided during the period	500

As at 30 September 2024	1,125

Net Book Value
As at 30 September 2024	3,875

As at 1 October 2023	4,375

Page 23

Page 24

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

14. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 October 2023	3,366,728	392,811	1,192,050	520,697
Additions	-	1,400	397,088	6,500
Disposals	-	(21,155 )	(197,545 )	-

As at 30 September 2024	3,366,728	373,056	1,391,593	527,197

Depreciation
As at 1 October 2023	194,710	171,489	489,534	398,080
Provided during the period	57,279	33,077	126,081	20,800
Disposals	-	(14,362 )	(103,842 )	-

As at 30 September 2024	251,989	190,204	511,773	418,880

Net Book Value
As at 30 September 2024	3,114,739	182,852	879,820	108,317

As at 1 October 2023	3,172,018	221,322	702,516	122,617


	Computer Equipment	Total
	£	£
Cost
As at 1 October 2023	106,846	5,579,132
Additions	-	404,988
Disposals	-	(218,700 )

As at 30 September 2024	106,846	5,765,420

Depreciation
As at 1 October 2023	79,412	1,333,225
Provided during the period	9,125	246,362
Disposals	-	(118,204 )

As at 30 September 2024	88,537	1,461,383

Net Book Value
As at 30 September 2024	18,309	4,304,037

As at 1 October 2023	27,434	4,245,907

Page 24

Page 25

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2024	2023
	£	£
Plant & Machinery	107,983	127,038
Motor Vehicles	854,016	675,553

	961,999	802,591

The fair value of the group's land and buildings was revalued on 30 September 2020 by an independent valuer. If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

	Land & Property
	Freehold
	£
Cost	2,562,672
Accumulated depreciation and impairment	216,295

Carrying amount	2,346,377

Company

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 October 2023	3,366,728	392,811	1,192,050	102,850	5,054,439
Additions	-	1,400	397,088	6,500	404,988
Disposals	-	(21,155 )	(197,545 )	-	(218,700 )

As at 30 September 2024	3,366,728	373,056	1,391,593	109,350	5,240,727

Depreciation
As at 1 October 2023	194,710	171,489	489,534	47,407	903,140
Provided during the period	57,279	33,077	126,081	8,481	224,918
Disposals	-	(14,362 )	(103,842 )	-	(118,204 )

As at 30 September 2024	251,989	190,204	511,773	55,888	1,009,854

Net Book Value
As at 30 September 2024	3,114,739	182,852	879,820	53,462	4,230,873

As at 1 October 2023	3,172,018	221,322	702,516	55,443	4,151,299

Page 25

Page 26

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

15. Investments

Company

	Subsidiaries
	£
Cost
As at 1 October 2023	2

As at 30 September 2024	2

Provision
As at 1 October 2023	-

As at 30 September 2024	-

Net Book Value
As at 30 September 2024	2

As at 1 October 2023	2

Subsidiaries

Details of the group's subsidiaries as at 30 September 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Ballards Removals Limited	Ballards Business Park, Old London Road, Markham Moor, Retford, Nottinghamshire DN22 0TE	Ordinary	100.00%	-

16. Stocks

	2024	2023
	£	£
Materials	43,898	39,212

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	1,137,018	885,830	-	-
Prepayments and accrued income	270,242	242,397	11,542	9,623
Other debtors	211,939	246,902	211,939	246,902
Corporation tax recoverable assets	32,455	-	32,455	-
VAT	18,850	9,331	18,850	9,331
Due after more than one year
Amounts owed by related parties	-	-	1,190,276	1,216,902

	1,670,504	1,384,460	1,465,062	1,482,758

Page 26

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Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	286,655	211,427	286,655	211,427
Trade creditors	808,928	416,362	18,050	2,364
Bank loans and overdrafts	26,667	60,000	-	-
Other loans	1,560,303	1,016,898	715,018	401,710
Corporation tax	24,283	8,171	24,283	8,171
Other taxes and social security	312,621	390,703	-	-
Other creditors	335,826	336,027	326,400	326,400
Accruals and deferred income	212,946	183,583	8,533	14,805
Directors' loan accounts	957,010	1,946,803	957,010	1,946,803

	4,525,239	4,569,974	2,335,949	2,911,680

Within loans and borrowings is a secured invoice factoring facility of £826,659 (2023: £598,658) backed by trade debtors of £1,135,923 (2023: £729,445).

Within other loans is an amount due within one year of £18,626 (2023: £16,530) which is secured on the property known as 34 Milton Drive, Worksop, S81 0DL.

Within other loans is an amount due within one year of £118,060 (2023: £Nil) which is secured on land to the south west of London Road.

19. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	419,176	298,460	419,176	298,460
Bank loans	7,500	17,500	-	-
Other loans	1,535,512	406,214	1,516,370	368,447

	1,962,188	722,174	1,935,546	666,907

Within other loans is an amount due after more than one year of £19,142 (2023: £37,767) which is secured on the property known as 34 Milton Drive, Worksop, S81 0DL.

Within other loans is an amount due after more than one year of £1,156,940 (2023: £Nil) which is secured on land to the south west of London Road.

20. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	26,667	60,000	-	-
Other loans	1,560,303	1,016,898	715,018	401,710

	1,586,970	1,076,898	715,018	401,710

Page 27

Page 28

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	7,500	17,500	-	-
Other loans	1,535,512	406,214	1,516,370	368,447

	1,543,012	423,714	1,516,370	368,447

21. Obligations Under Finance Leases and Hire Purchase

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
The future minimum finance lease payments are as follows:
Not later than one year	286,655	211,427	286,655	211,427
Later than one year and not later than five years	290,438	136,010	290,438	136,010
Later than five years	128,738	162,450	128,738	162,450

	705,831	509,887	705,831	509,887

	705,831	509,887	705,831	509,887

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Other timing differences	176,308	199,476	176,308	199,476

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 October 2023	199,476	199,476
Reversals	(23,168 )	(23,168)

Balance at 30 September 2024	176,308	176,308

Company
	Deferred Tax	Total
	£	£
As at 1 October 2023	199,476	199,476
Reversals	(23,168 )	(23,168)

Balance at 30 September 2024	176,308	176,308

Page 28

Page 29

Ballards Removals Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2024

24. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

25. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than one year	244,330	338,531	40,266	31,750
Later than one year and not later than five years	768,597	294,350	233,450	210,031
Later than five years	238,819	302,504	238,819	302,504

	1,251,746	935,385	512,535	544,285

26. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £52,538 (2023: £59,720).

At the balance sheet date contributions of £10,026 (2023: £10,117) were due to the fund and are included in creditors.

27. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 October 2023	Amounts advanced	Amounts repaid	Amounts written off	As at 30 September 2024
	£	£	£	£	£
Mr Richard Ballard	48,465	32,494	(48,465)	-	32,494
Mrs Janette Ballard	48,465	32,494	(48,465)	-	32,494
Mr Joseph Ballard	42,066	25,000	(42,066 )	-	25,000
Mr Matthew Ballard	32,907	49,044	(35,000 )	-	46,951

The above loan is unsecured, interest free and repayable on demand.

28. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	186,077	155,874

Page 29