SIRVA Relocation Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 02772788 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

SIRVA Relocation Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Profit or Loss and Other

Comprehensive Income

8

Consolidated Statement of Financial Position

9

Company Statement of Financial Position

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Company Statement of Cash Flows

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

L E Hills

M Gijp

REGISTERED OFFICE:

Kingston House

Lydiard Fields

Swindon

Wiltshire

SN5 8UB

REGISTERED NUMBER:

02772788 (England and Wales)

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group 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. SIRVA continues to work closely with clients to expand and innovate our services to adapt to their changing requirements. The outlook remains favourable with economists predicting global interest rates to continue a gradual downward trend in the medium term. The financial statements have been prepared on a going concern basis.

SECTION 172(1) STATEMENT

The directors of SIRVA Relocation Holdings Limited and those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in the UK's Companies Act and include a duty to promote the success of the Company, detailed below is how the Company ensure this is achieved.

Statement of corporate governance

The directors of the company act together for the long-term benefits of the business. Decisions made take into account the aims, ethics and values of the Group as a whole and are undertaken with reference to corporate guidelines.

Engagement with employees

Short term and longer-term business planning takes into account the interests of employees who are key to the success of the company. We strive to be the employer of choice, encouraging employee engagement and working together as one for everyone's benefit.

Engagement with suppliers, customers and others

The company works closely with its business partners, suppliers and customers with the aim to deliver the highest levels of customer service. The business aims to operate at the highest standards, continuously improving how we work and how we support our customers. The company supports local charities raising money through employee events.

FUTURE DEVELOPMENTS

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

KEY PERFORMANCE INDICATORS

The volume of assignments undertaken in the year decreased by 10% compared to the prior year. Our Turnover decreased by 13% and our Gross Profit increased by 13%. 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

30 September 2025

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

PRINCIPAL ACTIVITY

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

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.

FINANCIAL INSTRUMENTS

The company and the group holds or issues financial instruments in order to achieve three main objectives, being:

a) to finance its operations;

b) to manage its exposure to interest risks arising from its operations and from its sources of finance;

c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company and the group operations.

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 company 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. The company 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.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have chosen to report on the principal risks and uncertainties effecting the group and their review of the business and the review of engagement with employees, suppliers and customers and others in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 UK-adopted international accounting standards. 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 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 that the financial statements comply with IFRS;

-	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 and the 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.

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 group'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 group'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

30 September 2025

Opinion

We have audited the financial statements of SIRVA Relocation Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Cash Flows 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

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 31 December 2024 and of the group's loss for the year then ended;

-	the group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK;

-	the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and

-	the financial statements 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 group 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's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 group's and the 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.

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 Group 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 group. 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 group'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 group'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

CONTINUING OPERATIONS

Revenue

3

399,768,396

458,755,804

Cost of sales

(386,726,825

)

(447,234,820

)

GROSS PROFIT

13,041,571

11,520,984

Other operating income

1,034

180,423

Administrative expenses

(16,031,070

)

(19,576,056

)

OPERATING LOSS

(2,988,465

)

(7,874,649

)

Finance costs

5

(6,807,495

)

(5,760,816

)

Finance income

5

3,803,064

2,026,144

LOSS BEFORE INCOME TAX

6

(5,992,896

)

(11,609,321

)

Income tax

7

(3,976

)

(13,543

)

LOSS FOR THE YEAR

(5,996,872

)

(11,622,864

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

(5,996,872

)

(11,622,864

)

Loss attributable to:

Owners of the parent

(5,996,872

)

(11,622,864

)

Total comprehensive income attributable to:

Owners of the parent

(5,996,872

)

(11,622,864

)

ASSETS

NON-CURRENT ASSETS

Goodwill

9

15,013,438

Owned

Intangible assets

10

-

48,830

Property, plant and equipment

11

175,948

218,621

Right-of-use

Property, plant and equipment

11, 19

-

Investments

12

81,446

307,352

15,270,832

15,588,241

CURRENT ASSETS

Trade and other receivables

13

151,428,455

141,627,051

Cash and cash equivalents

14

18,495,872

12,223,207

169,924,327

153,850,258

TOTAL ASSETS

185,195,159

169,438,499

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

15

6,152,180

Share premium

16

1,477,051

Capital redemption reserve

16

216,000

Other reserves

16

64,618,639

Retained earnings

16

(38,241,833

)

(32,244,961

)

TOTAL EQUITY

34,222,037

40,218,909

LIABILITIES

NON-CURRENT LIABILITIES

Trade and other payables

17

6,237,435

5,840,758

CURRENT LIABILITIES

Trade and other payables

17

142,439,258

122,648,073

Financial liabilities - borrowings

Bank overdrafts

18

2,296,429

-

Lease liabilities

18, 19

-

730,759

144,735,687

123,378,832

TOTAL LIABILITIES

150,973,122

129,219,590

TOTAL EQUITY AND LIABILITIES

185,195,159

169,438,499

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

L E Hills - Director

ASSETS

NON-CURRENT ASSETS

Goodwill

9

-

Owned

Intangible assets

10

-

Property, plant and equipment

11

-

Right-of-use

Investments

12

38,609,816

44,480,206

38,609,816

44,480,206

CURRENT ASSETS

Trade and other receivables

13

1,250,000

2,300,000

Cash and cash equivalents

14

1,486,159

436,231

2,736,159

2,736,231

TOTAL ASSETS

41,345,975

47,216,437

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

15

6,152,180

Share premium

16

1,477,051

Capital redemption reserve

16

216,000

Other reserves

16

64,618,639

Retained earnings

16

(37,355,330

)

(31,088,191

)

TOTAL EQUITY

35,108,540

41,375,679

LIABILITIES

NON-CURRENT LIABILITIES

Trade and other payables

17

6,237,435

5,840,758

TOTAL LIABILITIES

6,237,435

5,840,758

TOTAL EQUITY AND LIABILITIES

41,345,975

47,216,437

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

L E Hills - Director

Called up

share

Retained

Share

capital

earnings

premium

£

Balance at 1 January 2023

6,152,180

(20,622,097

)

1,477,051

Changes in equity

Total comprehensive income

-

(11,622,864

)

-

Balance at 31 December 2023

6,152,180

(32,244,961

)

1,477,051

Changes in equity

Total comprehensive income

-

(5,996,872

)

-

Balance at 31 December 2024

6,152,180

(38,241,833

)

1,477,051

Capital

redemption

Other

Total

reserve

reserves

equity

£

Balance at 1 January 2023

216,000

64,618,639

51,841,773

Changes in equity

Total comprehensive income

-

(11,622,864

)

Balance at 31 December 2023

216,000

64,618,639

40,218,909

Changes in equity

Total comprehensive income

-

(5,996,872

)

Balance at 31 December 2024

216,000

64,618,639

34,222,037

Called up

share

Retained

Share

capital

earnings

premium

£

Balance at 1 January 2023

6,152,180

(11,489,080

)

1,477,051

Changes in equity

Total comprehensive income

-

(19,599,111

)

-

Balance at 31 December 2023

6,152,180

(31,088,191

)

1,477,051

Changes in equity

Total comprehensive income

-

(6,267,139

)

-

Balance at 31 December 2024

6,152,180

(37,355,330

)

1,477,051

Capital

redemption

Other

Total

reserve

reserves

equity

£

Balance at 1 January 2023

216,000

64,618,639

60,974,790

Changes in equity

Total comprehensive income

-

(19,599,111

)

Balance at 31 December 2023

216,000

64,618,639

41,375,679

Changes in equity

Total comprehensive income

-

(6,267,139

)

Balance at 31 December 2024

216,000

64,618,639

35,108,540

Cash flows from operating activities

Cash generated from operations

23

6,798,359

(3,608,160

)

Interest paid

(674,759

)

(583,571

)

Finance costs paid

(5,906,830

)

(5,177,245

)

Tax paid

(3,977

)

(13,543

)

Net cash from operating activities

212,793

(9,382,519

)

Cash flows from investing activities

Purchase of intangible fixed assets

(3,286

)

(2,987

)

Purchase of tangible fixed assets

(36,335

)

(100,061

)

Interest received

3,803,064

2,026,144

Net cash from investing activities

3,763,443

1,923,096

Increase/(decrease) in cash and cash equivalents

3,976,236

(7,459,423

)

Cash and cash equivalents at beginning

of year

24

12,223,207

19,682,630

Cash and cash equivalents at end of year

24

16,199,443

12,223,207

Cash flows from operating activities

Cash generated from operations

23

1,446,605

(10,302,911

)

Interest paid

(396,677

)

(985,268

)

Net cash from operating activities

1,049,928

(11,288,179

)

Cash flows from investing activities

Dividends received

-

10,500,000

Net cash from investing activities

-

10,500,000

Increase/(decrease) in cash and cash equivalents

1,049,928

(788,179

)

Cash and cash equivalents at beginning

of year

24

436,231

1,224,410

Cash and cash equivalents at end of year

24

1,486,159

436,231

1.	STATUTORY INFORMATION

SIRVA Relocation Holdings 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 general information page.

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

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all subsidiary undertakings. These are adjusted, where appropriate, to conform to group accounting policies.

Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and reviewed for impairment annually. The results of the companies acquired or disposed are included in the profit and loss account after or up to the date that control passes respectively.

Going Concern

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The Strategic Report and Directors' Report describe the financial position of the group; its cash flows, liquidity position and borrowing facilities; the groups objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposure to credit risk and liquidity risk.

As at 31 December 2024, the group has negative retained earnings of £38,241,833 (2023: £32,244,961). The group has a loss for the year of £5,996,872 (2023: £11,622,864)

The group meets day-to-day working capital requirements through a combination of its own operating cash flows and intercompany funding facilities for periods of shortfall.

The nature of the group is such that they enter into contracts which will benefit the group but, from time-to-time, may cause losses on an entity basis. The cash flows and benefits of the company are primarily assessed on a group level wherein it provides a continued benefit to the group.

SIRVA Holdings LLC, the company's intermediate parent, has confirmed that it will provide the necessary support to enable the company to meet their financial obligations as they fall due for the 12 months from approval of these financial statements.

After making enquiries and considering the financial abilities of the group, the directors have a reasonable expectation that the company have adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding discounts, rebates, customer returns and other sales taxes or duty.

The group recognises revenue from contracts with customers based on a five-step model as set out in IFRS 15:

1

Identify the contract(s) with a customer: A contract is defined as an agreement between two or more
parties that creates enforceable rights and obligations and sets out the criteria for every contract that
must be met.

2

Identify the performance obligations in the contract: A performance obligation is a promise in a contract
with a customer to transfer a good or service to the customer.

3

Determine the transaction price: The transaction price is the amount of consideration to which the
company expects to be entitled in exchange for transferring promised goods or services to a customer,
excluding amounts collected on behalf of third parties.

4

Allocate the transaction price to the performance obligations in the contract: For a contract that has more
than one performance obligation, the group will allocate the transaction price to each performance
obligation in an amount that depicts the amount of consideration to which the company expects to be
entitled in exchange for satisfying each performance obligation.

5

Recognise revenue when (or as) the entity satisfies a performance obligation at a point in time or over
time.

The group satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

-

The customer simultaneously receives and consumes the benefits provided by the group's performance
as the group performs; or

-

The group's performance creates or enhances an asset that the customer controls as the asset is
created or enhanced; or

-

The group's performance does not create an asset with an alternative use to the group and the entity
has an enforceable right to payment for performance completed to date.

For performance obligations where any one of the above conditions are not met, revenue is recognised at a point in time at which the performance obligation is satisfied. The group is required to assess each of its contracts with customers to determine whether performance obligations are satisfied over time or at a point in time in order to determine the appropriate method of recognising revenue. The group has concluded that for majority of its arrangements, it is either creating or enhancing an asset controlled by the customer or it is creating an asset with no alternative use and has an enforceable right to payment for work completed. Therefore, it meets the criteria to recognise revenue over time and measure progress of its projects through the time-based (output approach) as it best depicts the transfer of control of products and services under each performance obligation

When the group satisfies a performance obligation by delivering the promised goods or services it creates a contract asset based on the amount of consideration earned by the performance. Where the amount of consideration received from a customer exceeds the amount of revenue recognised this gives rise to a contract liability.

Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes and duty. The group assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The group has concluded that it is acting as an agent in all of its revenue arrangements.

Revenue is recognised when the group completes its performance obligation and control is transferred to the customer.

The group combines two or more contracts entered into at or near the same time with the same customer and accounts for the contracts as a single contract if one or more of the following criteria are met:

-

The two or more contracts entered into at or near the same time with the same customer are negotiated as
a package, with a single commercial objective;

-

The amount of consideration to be paid in a contract depends on the price or performance of the other
contract; or

-

The goods or services promised in the contracts (or some goods or services promised in each of the
contracts) are a single performance obligation.

If the above criteria are met, the arrangements are combined and accounted for as a single arrangement for revenue recognition.

The group applies the practical expedient in IFRS 15:94 and recognises incremental costs of obtaining contracts as an expense when incurred if the amortisation period of the assets the group would otherwise have recognised is one year or less. Contract costs with assessed amortisation period over one year are immaterial.

Revenue is recognised in the statement of comprehensive income to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur and the revenue and costs, if applicable, can be measured reliably.

The group recognises the following types of revenue from contracts with customers:

Service fees from clients

Service fees associated with the provision of relocation management services to customers (i.e., employees of clients) are generally recognised over the period in which services are rendered with the percentage of completion measured by specific milestones. Consideration from the client is usually received up front, as such it is initially recorded as contract liabilities and then recognised over the relocation lifecycle as the performance obligation to the client is satisfied.

Supplier referral fees

The group earns referral fees from various suppliers who provide services directly to customers as part of the company's service offerings. While the entity typically satisfies its performance obligation at the point of referral, consideration is variable and its estimate typically constrained until known as the earned referral fee is dependent on the underlying services the referred transferee receives, if any.

Finance income

Finance income is primarily derived from amounts paid by the company for reimbursable costs, but not yet billed and collected from clients, and is generally variable based on market rates plus a negotiated spread. Finance income is recognised in revenue in the amount to which the entity has a right to invoice.

Affiliated companies - transfer pricing

The group is party to transfer pricing arrangements with affiliated companies under common control. Costs relating to services rendered on behalf of these companies are recharged with a mark-up commensurate with the profit margin earned by businesses providing similar services to arm's length. Revenue is recognised as the performance obligation is satisfied as service is rendered.

Due to the nature of the services provided, the company does not incur any obligations for returns, refunds, warranties or other similar obligations.

Pass through costs

Pass through costs which are incurred on behalf of and reimbursed by clients are recorded as turnover and cost of sales.

Finance costs

Finance costs include interest payable recognised using the effective interest method.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over it's estimated useful life of three years.

Property, plant and equipment

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

Short leasehold

-

over period of lease

Improvements to property

-

over period of lease

Fixtures and fittings

-

20% on straight line basis

Computer equipment

-

33% on straight line basis and 20% on straight line basis

Property plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of items.

The assets residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.

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 statement of financial position 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.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

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

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. In accordance with IFRS 9: Financial Instruments, the financial instruments are recorded initially at fair value. Subsequent measurement of those instruments at the year-end date reflects the designation of the financial instrument.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when the company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Trade and other receivables

Trade and other receivables 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.

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rate at the dates of the transactions. At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are translated using the exchange rate when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

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 payables

Trade and other payables 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 group if:

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

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

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

(iv) the party is a member of key management personnel of the group or the group'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 group or of any entity that is a related party of the group.

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 group 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.

3.

REVENUE

Revenue from contracts with customers

Disaggregation of turnover

The tables below summarise revenue by nature and the timing of revenue recognition under IFRS 15:

2024

2023

Turnover recognised from contracts with customers

£

Pass through Turnover

352,909,567

408,982,420

Service Fees

41,769,796

46,951,764

Referral Fees

2,362,336

2,777,317

397,041,699

458,755,801

Timing of Turnover recognition

2024

2023

£

At a point in time

352,271,902

411.759,737

Over time

41,769,797

46,996,064

397,041,699

458,755,801

Contract balances

The table below provides information about receivables, contract assets and deferred Revenues from contracts with customers

Group

Company

2024

2023

2024

2023

£

Receivables (i)

9,221,343

11,154,660

-

Contract assets (i)

14,198,359

16,110,735

-

Deferred Revenue (ii)

476,891

622,816

-

i ) Included in the 'Trade and other receivables'

ii ) Included in 'Trade and other payables- amounts falling due within one year.

The contract assets primarily relate to the Group's right to consideration for work completed but not billed at the reporting date on client contracts. The contract assets are transferred to receivables when the right becomes unconditional. The deferred revenues primarily relate to the advance consideration received from client contracts, for which revenue is recognised over the period in which services are provided.

Contract assets

Deferred Revenue

2024

2023

2024

2023

£

Group

Revenue recognised that was

included in the contact balance at

the beginning of the period.

(177,824)

755,634

Increases due to cash received,

excluding amounts recognised as

revenue during the period

62,093

177,824

Transfers from contract assets

recognised at the beginning of the

period to receivables

(16,110,735)

(15,153,029)

Increases as a result of changes in

the measure of progress

14,198,359

16,110,735

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

Wages and salaries

14,356,896

16,488,821

Social security costs

1,421,812

1,556,961

Other pension costs

500,311

503,528

16,279,019

18,549,310

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

2024

2023

Sales

4

5

Account management

34

46

Operations

205

240

Administration

30

56

273

347

2024

2023

£

Directors' remuneration

352,410

400,581

Directors' pension contributions to money purchase schemes

14,153

13,701

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

Money purchase schemes

2

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

5.	NET FINANCE COSTS

2024

2023

£

Finance income:

Group interest receivable

12,065

-

Other interest

3,608,810

1,842,464

Interest Income

182,189

183,680

3,803,064

2,026,144

Finance costs:

Gain/loss on revaluation of investments

225,906

-

Group interest payable

396,677

366,573

Other interest

278,082

216,998

Interest on lease liabilities

25,845

133,966

Interest paid to related

2,118

16,610

Loss on securitised receivable

5,878,867

5,043,279

Other interest charges

-

(16,610

)

6,807,495

5,760,816

Net finance costs

3,004,431

3,734,672

6.	LOSS BEFORE INCOME TAX

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

2024

2023

£

Other operating leases

-

Depreciation - owned assets

79,010

102,731

Amortisation - computer software

52,116

32,180

Auditors' remuneration

100,144

83,936

Foreign exchange differences

1,186,992

(97,798

)

Goodwill impairment

-

3,610,946

7.	INCOME TAX

Analysis of tax expense

2024

2023

£

Current tax:

Tax

3,976

13,543

Total tax expense in consolidated statement of profit or loss and other

comprehensive income

3,976

13,543

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

(5,992,896

)

(11,609,321

)

Loss multiplied by the standard rate of corporation tax in the UK of 25 %

(2023 - 25 %)

(1,498,224

)

(2,902,330

)

Effects of:

Losses carried forward

1,583,798

1,692,382

Goodwill impairment

-

902,736

Capital allowances

-

(125,455

)

Disallowable expenses

11,587

566,632

Non trade loan relationship credits

-

(133,966

)

Foreign taxes

3,976

13,544

Movement in provision

(142,725

)

-

Depreciation in excess of capital allowances

45,564

-

Tax expense

3,976

13,543

At 31 December 2024 the group had unused tax losses of £24,180,259 (2023: £17,866,151).

8.	LOSS OF PARENT COMPANY

As permitted by Section 408 of the Companies ACT 2006, the income statement of the parent company is not presented as part of these financial statements. The parent company's loss for the financial year was £6,267,139 (2023: £19,599,111)

9.

GOODWILL

Group

£

COST

At 1 January 2024

and 31 December 2024

21,127,592

AMORTISATION

At 1 January 2024

and 31 December 2024

6,114,154

NET BOOK VALUE

At 31 December 2024

15,013,438

At 31 December 2023

15,013,438

10.	INTANGIBLE ASSETS

Group

Computer

software

£

COST

At 1 January 2024

218,107

Additions

3,286

At 31 December 2024

221,393

AMORTISATION

At 1 January 2024

169,277

Amortisation for year

52,116

At 31 December 2024

221,393

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

48,830

11.	PROPERTY, PLANT AND EQUIPMENT

Group

Improvements

Fixtures

Short

to

and

Computer

leasehold

property

fittings

equipment

Totals

£

COST

At 1 January 2024

1,882,997

203,515

135,128

786,902

3,008,542

Additions

-

36,335

Disposals

(1,882,997

)

(53,605

)

(7,187

)

(432,250

)

(2,376,039

)

At 31 December 2024

-

149,910

127,941

390,987

668,838

DEPRECIATION

At 1 January 2024

1,882,997

200,893

114,530

591,501

2,789,921

Charge for year

-

2,622

3,681

72,705

79,008

Eliminated on disposal

(1,882,997

)

(53,605

)

(7,187

)

(432,250

)

(2,376,039

)

At 31 December 2024

-

149,910

111,024

231,956

492,890

NET BOOK VALUE

At 31 December 2024

-

16,917

159,031

175,948

At 31 December 2023

-

2,622

20,598

195,401

218,621

12.	INVESTMENTS

Group

Unlisted

investments

£

COST

At 1 January 2024

307,352

Impairments

(225,906

)

At 31 December 2024

81,446

NET BOOK VALUE

At 31 December 2024

81,446

At 31 December 2023

307,352

Company

Shares in

group

Unlisted

undertakings

investments

Totals

£

COST

At 1 January 2024

74,843,901

-

74,843,901

Impairments

-

(5,870,390

)

(5,870,390

)

At 31 December 2024

74,843,901

(5,870,390

)

68,973,511

PROVISIONS

At 1 January 2024

and 31 December 2024

30,363,695

-

30,363,695

NET BOOK VALUE

At 31 December 2024

44,480,206

(5,870,390

)

38,609,816

At 31 December 2023

44,480,206

-

44,480,206

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

BGRS Global (Germany) Gmbh- Incorporated in Germany

Registered office: Stadthuasbrecke 1-3, 20355 Hamburg, Germany

Nature of business: Provision of relocation services

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

78,135

100,150

(Loss)/profit for the year

(22,015

)

9,321

BGRS Global Poland LLC sp.z.o.o

Registered office: Grzybowska 62, 00-855, Warszawa, Poland

Nature of business: Provision of relocation services

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

(16,485

)

9,546

Loss for the year

(26,031

)

(4,111

)

The above subsidiaries are not consolidated into these financial statements.

The company's subsidiaries at the balance sheet date included in the consolidated accounts are the following:

Company Name

Registered Office

Nature of business

Class of
shares held

%
held

SIRVA Relocation
(No.1) Limited

Kingston House, Lydiard Fields,
Swindon, SN5 8UB.

Trading company-
Relocation services

Ordinary

100%

SIRVA Limited

Kingston House, Lydiard Fields,
Swindon, SN5 8UB.

Trading company-
Relocation services

Ordinary

100%

GHS Global
Relocation U.K
Limited

Kingston House, Lydiard Fields,
Swindon, SN5 8UB.

Holding company

Ordinary

100%

BGRS Global UK
Limited

Kingston House, Lydiard Fields,
Swindon, SN5 8UB.

Trading company-
Relocation Services

Ordinary

100%

13.	TRADE AND OTHER RECEIVABLES

Group

Company

2024

2023

2024

2023

£

Current:

Trade debtors

22,021,837

26,407,877

-

Amounts owed by group undertakings

126,412,508

113,596,868

1,250,000

2,300,000

Other debtors

1,006,298

75,000

-

VAT

309,774

154,663

-

Prepayments and accrued income

1,678,038

1,392,643

-

151,428,455

141,627,051

1,250,000

2,300,000

14.	CASH AND CASH EQUIVALENTS

Group

Company

2024

2023

2024

2023

£

Bank accounts

18,495,872

12,223,207

1,486,159

436,231

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

6,152,180

Ordinary

£1

6,152,980

6,152,180

There are no restrictions on the distribution of dividends and the repayment of capital.

16.

RESERVES

Group

Capital

Retained

Share

redemption

Other

earnings

premium

reserve

reserves

Totals

£

At 1 January 2024

(32,244,961

)

1,477,051

216,000

64,618,639

34,066,729

Deficit for the year

(5,996,872

)

(5,996,872

)

At 31 December 2024

(38,241,833

)

1,477,051

216,000

64,618,639

28,069,857

Company

Capital

Retained

Share

redemption

Other

earnings

premium

reserve

reserves

Totals

£

At 1 January 2024

(31,088,191

)

1,477,051

216,000

64,618,639

35,223,499

Deficit for the year

(6,267,139

)

(6,267,139

)

At 31 December 2024

(37,355,330

)

1,477,051

216,000

64,618,639

28,956,360

Retained earnings - includes all current and prior period retained profits and losses.

Share premium account - includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption - includes the nominal value of share capital that has been redeemed.

Other reserves - includes capital contributions received by the company from its parent.

17.	TRADE AND OTHER PAYABLES

Group

Company

2024

2023

2024

2023

£

Current:

Trade creditors

13,465,567

13,462,269

-

Amounts owed to group undertakings

117,404,358

95,730,377

-

Social security and other taxes

378,855

368,928

-

Accruals and deferred income

3,204,052

3,899,550

-

Other creditors

7,986,426

9,186,949

-

142,439,258

122,648,073

-

Non-current:

Amounts owed to group undertakings

6,237,435

5,840,758

6,237,435

5,840,758

6,237,435

5,840,758

6,237,435

5,840,758

Aggregate amounts

148,676,693

128,488,831

6,237,435

5,840,758

18.

FINANCIAL LIABILITIES - BORROWINGS

Group

2024

2023

£

Current:

Bank overdrafts

2,296,429

-

Leases (see note 19)

-

730,759

2,296,429

730,759

Terms and debt repayment schedule

Group

1 year or

less

£

Bank overdrafts

2,296,429

19.

LEASING

Group

Right-of-use assets

Property, plant and equipment

2024

2023

£

COST

At 1 January 2024

1,882,997

Disposals

(1,882,997

)

-

1,882,997

DEPRECIATION

At 1 January 2024

1,882,997

Eliminated on disposal

(1,882,997

)

-

1,882,997

NET BOOK VALUE

-

Group

Lease liabilities

Minimum lease payments fall due as follows:

2024

2023

£

Gross obligations repayable:

Within one year

-

756,605

-

756,605

Finance charges repayable:

Within one year

-

25,846

Net obligations repayable:

Within one year

-

730,759

20.	FINANCIAL INSTRUMENTS

Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the company's business. These risks are limited by the groups financial management policies and practices described below.

Foreign currency risk

The group is exposed to foreign currency risk due to a significant proportion of its sales and operating expenses being denominated in non sterling currencies.

Credit risk and market risk

The group is at risk from its customers defaulting in making payments for services that have been supplied to them. The company is at risk to the extent that a customer may not be able to pay a debt on the specified due date. This risk is mitigated by strong on going customer relationships.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

Cash flow interest rate risk

The group is exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The group's policy is to obtain the most favourable interest rates available for its borrowings.

The group does not use any derivative instruments to reduce its economic exposure to changes in interest rates.

2024

2023

£

Financial assets

At amortised cost

- Trade and other receivables

148,515,791

140,312,096

- Cash at bank and at hand

16,199,444

12,223,207

164,715,235

152,535,303

Financial liabilities

At amortised cost

- Trade and other payables and accruals

(148,297,838

)

(128,119,902

)

- Lease liabilities (current and non current)

-

(730,759

)

(148,297,838

)

(128,850,661

)

Fair values of financial assets and financial liabilities

The carrying amounts of cash at bank and in hand, restricted cash, trade and other receivables and trade and other payables approximate their respective fair values due to the relatively short term maturity of these financial instruments.

21.	ULTIMATE PARENT COMPANY

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

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

22.	RELATED PARTY DISCLOSURES

Related Party transactions

The group entered into a variety of transactions with companies and entities that fall within the definition of a related party as contained in IAS 24 related party disclosures. Related parties comprise the group's directors and entities related to them, companies under common ownership and/or common management and control, their partners and key management personal. Management decides on the terms and conditions of the transactions and services received from/rendered to related parties as well as on other charges.

Balances and transactions between the group and it's subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

The nature of significant related party transactions and the amounts involved were as follows.

Group

2024

2023

Entities under common control

£

Cost of sales

23,444,702

25,884,060

Revenue

15,744,888

15,495,459

Finance (Income) / expense net

375,077

324,001

Administrative expenses

12,326,746

7,703,433

The group earns revenue and incurs costs under transfer pricing arrangements with related companies. These arrangements aim to compensate, based on the arm's length principle, each group for services performed on behalf of other related companies for the delivery of relocation services to clients.

At the end of the reporting year, amounts due from/to related parties were as follows:

Group

Company

2024

2023

2024

2023

£

Entities under common control

Interest bearing - net loans

receivable/payable

(410,181)

(90,680,208)

(4,987,434)

(5,840,758)

Non - interest bearing - net loans

receivable/payable

3,180,896

107,707,415)

-

The amounts due from/to related parties are current, unsecured and are repayable on demand. The interest bearing portion carries floating interest at LIBOR ranging from 1.9% - 8.125% (2022: 1.9% - 8.125%)

23.	RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

Group

2024

2023

£

Loss before income tax

(5,992,896

)

(11,609,321

)

Depreciation charges

131,126

134,911

Loss on revaluation of fixed assets

225,906

-

Goodwill impairment

-

3,610,946

Finance costs

6,581,589

5,760,816

Finance income

(3,803,064

)

(2,026,144

)

(2,857,339

)

(4,128,792

)

Increase in trade and other receivables

(9,801,404

)

(27,594,126

)

Increase in trade and other payables

19,457,102

28,114,758

Cash generated from operations

6,798,359

(3,608,160

)

Company

2024

2023

£

Loss before income tax

(6,267,139

)

(19,599,111

)

Depreciation charges

-

29,113,768

Loss on revaluation of fixed assets

5,870,390

-

Finance costs

396,677

985,268

Finance income

-

(10,500,000

)

(72

)

(75

)

Decrease/(increase) in trade and other receivables

1,050,000

(2,300,000

)

Increase/(decrease) in trade and other payables

396,677

(8,002,836

)

Cash generated from operations

1,446,605

(10,302,911

)

24.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Group

Company

Year ended 31 December 2024

31.12.24

1.1.24

31.12.24

1.1.24

£

Cash and cash equivalents

18,495,872

12,223,207

1,486,159

436,231

Bank overdrafts

(2,296,429

)

-

16,199,443

12,223,207

1,486,159

436,231

Year ended 31 December 2023

31.12.23

1.1.23

31.12.23

1.1.23

£

Cash and cash equivalents

12,223,207

19,682,630

436,231

1,224,410