REGISTERED NUMBER: 02036610 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

SIRVA Relocation (No.1) 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:

L E Hills

M Gijp

SECRETARY:

L E Hills

REGISTERED OFFICE:

Kingston House

Lydiard Fields

Swindon

Wiltshire

SN5 8UB

REGISTERED NUMBER:

02036610 (England and Wales)

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the provision of relocation services.

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 volume of assignments undertaken in the year decreased by 7% compared to the prior year. Our Turnover increased by 3% and our Gross Profit increased by 15%. The mix of services and increases in average fee rates generated an increase in Turnover and Gross Profit despite volumes decreasing. Our client retention rate remains at over 90%. 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.

ON BEHALF OF THE BOARD:

L E Hills - Director

29 September 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

L E Hills 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:

S D Marshall - resigned 31 December 2024

M Gijp was appointed as a director after 31 December 2024 but prior to the date of this report.

STREAMLINED ENERGY AND CARBON REPORTING

We are mindful of the environment and have embraced the cultural shift to hybrid working with the majority of staff now working from home enabling us to operate out of a single head office location in the UK. In this office we operate a recycling policy and our staff only travel for business when required. These actions contribute to the on-going reduction in our carbon footprint.

Under the UK's Streamlined Energy and Carbon Reporting (SECR) framework the group has assessed its total UK energy consumption for the financial year. Under Scope 2 (Indirect emissions) the energy usage amounted to approximately 28MWh of electricity and 23MWh of gas. This is estimated to generate 6.5 tonnes of CO2 which is the equivalent of 24kg per person employed. The group had no emissions falling within Scope 1 (Direct emissions) or Scope 3 (Other indirect emissions). The Directors continue to monitor energy consumption and assess potential actions to reduce this in future years. In April 2025 the electricity tariff was changed to 100% renewables.

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;

-	state whether applicable accounting standards 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'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:

L E Hills - Director

29 September 2025

Opinion

We have audited the financial statements of SIRVA Relocation (No.1) 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 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 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 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 Corporation Tax Act 2010. 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 Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

30 September 2025

TURNOVER

88,936,987

86,077,252

Cost of sales

81,267,237

79,406,314

GROSS PROFIT

7,669,750

6,670,938

Administrative expenses

8,564,752

8,734,340

OPERATING LOSS

(895,002

)

(2,063,402

)

Interest receivable and similar income

39,332

51,163

(855,670

)

(2,012,239

)

Interest payable and similar expenses

4

280,063

200,388

LOSS BEFORE TAXATION

5

(1,135,733

)

(2,212,627

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(1,135,733

)

(2,212,627

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,135,733

)

(2,212,627

)

FIXED ASSETS

Intangible assets

7

-

48,828

Tangible assets

8

91,560

127,015

91,560

175,843

CURRENT ASSETS

Debtors

9

21,548,037

22,318,357

Cash at bank

755,377

902,394

22,303,414

23,220,751

CREDITORS

Amounts falling due within one year

10

18,283,653

18,149,540

NET CURRENT ASSETS

4,019,761

5,071,211

TOTAL ASSETS LESS CURRENT LIABILITIES

4,111,321

5,247,054

CAPITAL AND RESERVES

Called up share capital

14

100

100

Other reserves

15

13,977,646

13,977,646

Retained earnings

15

(9,866,425

)

(8,730,692

)

SHAREHOLDERS' FUNDS

4,111,321

5,247,054

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:

L E Hills - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

100

(6,518,065

)

13,977,646

7,459,681

Changes in equity

Total comprehensive income

-

(2,212,627

)

-

(2,212,627

)

Balance at 31 December 2023

100

(8,730,692

)

13,977,646

5,247,054

Changes in equity

Total comprehensive income

-

(1,135,733

)

-

(1,135,733

)

Balance at 31 December 2024

100

(9,866,425

)

13,977,646

4,111,321

1.	STATUTORY INFORMATION

SIRVA Relocation (No.1) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 Holdings LLC. 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;

-

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

-

paragraph 118(e) of IAS 38 Intangible Assets;

•

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 Contracts Referencing Nature- dependent Electricity (effective 1 January 2026)

-

IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (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.

Turnover includes passthrough costs that are are arranged and purchased by the company and are recharged at cost to the customer.

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 and arose in the United Kingdom.

Intangible assets

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

Computer software - 33% on straight line basis

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

over period of lease

Fixtures and fittings

-

20% on straight line basis

Computer equipment

-

20% on straight line basis

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.

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 Company'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. The measurement of deferred tax liabilities and assets reflects 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 or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

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.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,801,434

5,903,603

Social security costs

630,226

472,288

Other pension costs

189,076

97,061

6,620,736

6,472,952

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

2024

2023

Employees

137

144

2024

2023

£

£

Directors' remuneration

352,410

400,581

Directors' pension contributions to money purchase schemes

14,153

13,701

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

227,293

265,966

Pension contributions to money purchase schemes

8,195

8,201

4.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

280,063

200,388

5.	LOSS BEFORE TAXATION

The loss before taxation is stated after charging:

2024

2023

£

£

Depreciation - owned assets

36,495

44,574

Computer software amortisation

52,114

32,180

Auditors' remuneration

27,379

29,922

Foreign exchange differences

116,690

73,536

6.

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 higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Loss before income tax

(1,135,733

)

(2,212,627

)

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

(283,933

)

(553,157

)

Effects of:

Losses carried forward

268,134

547,494

Accelerated capital allowances

-

(7,987

)

Depreciation in excess of capital allowances

6,967

-

Expenses not deductible for tax purposes

8,832

13,650

Tax expense

-

-

At 31 December 2024 the company had unused tax losses of £8,752,128 (2023: £7,700,678).

7.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2024

218,106

Additions

3,286

At 31 December 2024

221,392

AMORTISATION

At 1 January 2024

169,278

Amortisation for year

52,114

At 31 December 2024

221,392

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

48,828

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

149,910

127,941

603,240

881,091

Additions

-

-

1,040

1,040

At 31 December 2024

149,910

127,941

604,280

882,131

DEPRECIATION

At 1 January 2024

147,287

107,344

499,445

754,076

Charge for year

2,623

3,681

30,191

36,495

At 31 December 2024

149,910

111,025

529,636

790,571

NET BOOK VALUE

At 31 December 2024

-

16,916

74,644

91,560

At 31 December 2023

2,623

20,597

103,795

127,015

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

17,155,588

19,581,851

Amounts owed by group undertakings

3,197,296

2,498,304

Other debtors

1,006,298

75,000

Prepayments and accrued income

188,855

163,202

21,548,037

22,318,357

Amounts owed by group undertakings falling due within one year included amounts of £190,845 (2023: £Nil) which are unsecured, bear interest at 8.0%, have no fixed date of repayment and are repayable on demand. £781,366 (2023: £273,219) is unsecured, interest free and repayable on demand. Included within the total of amounts due from group undertakings is £2,225,085 (2023: £2,225,085) is unsecured, bears interest of 8.0%, which is considered receivable in more than one year.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 11)

2,493,956

1,787,769

Trade creditors

10,462,047

10,630,461

Amounts owed to group undertakings

3,248,062

4,563,976

Social security and other taxes

302,585

302,347

Accruals and deferred income

1,181,584

803,191

Other creditors

595,419

61,796

18,283,653

18,149,540

Social security and other taxes above includes £37,539 (2023: £77,743) of outstanding pension contributions at 31 December 2024.

Amounts owed to group undertakings falling due within one year included amounts of £1,998,062 (2023: £897,709) which are unsecured, bear interest at 8.0% and have no fixed date of repayment and are repayable on demand. The remaining balance of £1,250,000 (2023: £3,666,267) is unsecured, interest free and repayable on demand.

11.

FINANCIAL LIABILITIES - BORROWINGS

2024

2023

£

£

Current:

Bank overdrafts

2,493,956

1,787,769

Terms and debt repayment schedule

1 year or

less

£

Bank overdrafts

2,493,956

12.	SECURED DEBTS

The company has a £3,000,000 overdraft facility with its bankers Barclays Bank Plc. This overdraft is secured by a limited guarantee provided by SIRVA Worldwide Inc.