ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 04200686

CLOCKWORK REMOVALS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025


CLOCKWORK REMOVALS LIMITED

COMPANY INFORMATION

Directors	J C Morison
	P R Handley


Registered number	04200686


Registered office	Tower Bridge House
	St. Katharines Way
	London
	E1W 1DD


Independent auditors	AAB Audit & Accountancy Limited
	81 George Street
	Edinburgh
	EH2 3ES


Bankers	The Royal Bank of Scotland Plc
	36 St Andrew Square
	Edinburgh
	EH2 2AD


Solicitors	McDougall McQueen
	20 High Street Penicuik EH26 8HW
	Wake Smith Solicitors No 1 Velocity 2 Tenter Street Sheffield S1 4BY


CLOCKWORK REMOVALS LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3
Directors' responsibilities statement	4
Independent auditor's report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10 - 11
Statement of changes in equity	12
Notes to the financial statements	13 - 30


CLOCKWORK REMOVALS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

Introduction

The Directors present their Strategic Report for the year ended 30 November 2025.

Business review

The Company's principal activity remained unchanged throughout the current year.

The Company performed well during the financial year despite the continued economic uncertainty and, in particular, the volatility around the United Kingdom housing markets.

The risks posed by fluctuations in the housing markets, which are inherent in the residential removals industry, are mitigated by the diversity of the Company’s revenue streams. The Company continues to seek growth in areas less affected by the current economic climate in particular commercial contracts and overseas removals.

Principal risks and uncertainties

Management continually monitor the key risks facing the Company together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the Company are as follows:

1)Economic downturn - the Company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties.

2)Competitor pressure - the market in which the Company operates is considered to be relatively competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing a quality service and maintaining strong relationships with its key customers.

3)Loss of key personnel - this would present significant operational difficulties for the Company. Management seeks to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.

Financial key performance indicators

Turnover increased to £15,350,628 (2024 - £14,045,811). The gross profit margin decreased to 51% (2024 – 52%). Operating profit decreased to £580,551 (2024 - £622,592). Operating profit is stated after depreciation on tangible fixed assets of £727,862 (2024 - £622,256) and amortisation of intangibles of £62,359 (2024 - £33,954).

The Company generated a profit before tax of £543,231 (2024 - £601,424) and a positive EBITDA of £1,370,772 (2024 - £1,278,802).

The Company's Statement of Financial Position shows net current assets of £1,689,496 (2024 - £2,010,494) and a net asset position of £4,066,968 (2024 - £4,270,982).

Although the company recorded a decrease in profit generated for 2025, the Directors are satisfied with a good trading performance in the year, especially taking into account the decrease in demand for domestic removal services due to the increased cost of living and uncertainty over interest rates.

The Directors continue to employ new strategies to grow turnover and improve underlying performance.

Financial risk management objectives and policies

The Company makes little use of financial instruments other than an operational bank account, overdraft and fixed rate bank loans and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the Company.

Page 1


CLOCKWORK REMOVALS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2025

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events such as the war in Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.

The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.

Clockwork Removals Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

This report was approved by the board and signed on its behalf.

................................................

J C Morison

Director

Date: 27 August 2026

Page 2


CLOCKWORK REMOVALS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

The directors present their report and the financial statements for the year ended 30 November 2025.

Principal activity

The principal activity of the Company during the year continued to be the operation of a domestic and commercial removals and storage company.

Results and dividends

The profit for the year, after taxation, amounted to £365,986 (2024 - £439,187).

Dividends in specie of £570,000 (2024 - £620,000) represent the waiver of loans between group companies.

Directors

The directors who served during the year were:

J C Morison

A M Blyth (resigned 10 December 2025)

P R Handley

Future developments

The Directors continue to employ new strategies to grow turnover and improve underlying performance.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor are aware of that information.

Auditor

The auditor, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

J C Morison

Director

Date: 27 August 2026

Page 3


CLOCKWORK REMOVALS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.

Page 4


CLOCKWORK REMOVALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK REMOVALS LIMITED

Opinion

We have audited the financial statements of Clockwork Removals Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 November 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 5


CLOCKWORK REMOVALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK REMOVALS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 Directors' report.

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

∙adequate accounting records have not been kept, 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 Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Page 6


CLOCKWORK REMOVALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK REMOVALS LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

∙timing of revenue recognition,

∙compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading,

∙management override of controls to manipulate the Company’s key performance indicators to meet targets.

We discussed these risks with client management, designed audit procedures to address these risks including:

∙reviewed internal documentation and correspondence with regulators for evidence of irregularities

∙testing a sample of sales transactions and reviewing transactions around the year end to confirm recognised in the correct period

∙reviewed areas of judgement and tested a sample of journal entries for indicators of management bias

∙performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement due to fraud

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 7


CLOCKWORK REMOVALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLOCKWORK REMOVALS LIMITED (CONTINUED)

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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Shaw (Senior statutory auditor)

for and on behalf of

AAB Audit & Accountancy Limited

Statutory Auditor

81 George Street

Edinburgh

EH2 3ES

28 August 2026

Page 8


CLOCKWORK REMOVALS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

	2025	2024
Note	£	£


Turnover	4	15,350,628	14,045,811
Cost of sales		(7,507,856)	(6,740,069)
Gross profit		7,842,772	7,305,742
Administrative expenses		(7,348,155)	(6,760,225)
Other operating income	5	85,934	111,075
Fair value movements		-	(34,000)
Operating profit	6	580,551	622,592
Interest receivable and similar income	10	15,239	22,514
Interest payable and similar expenses	11	(52,559)	(43,682)
Profit before tax		543,231	601,424
Tax on profit	12	(177,245)	(162,237)
Profit for the financial year		365,986	439,187

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 13 to 30 form part of these financial statements.

Page 9


CLOCKWORK REMOVALS LIMITED REGISTERED NUMBER:04200686

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		288,603		109,539
Tangible assets	15		2,074,147		2,437,404
Investment property	17		700,000		700,000
			3,062,750		3,246,943
Current assets
Stock	18	30,664		40,285
Debtors	19	3,625,753		3,284,623
Cash at bank and in hand	20	1,378,034		1,731,418
		5,034,451		5,056,326
Creditors: amounts falling due within one year	21	(3,344,955)		(3,045,832)
Net current assets			1,689,496		2,010,494
Total assets less current liabilities			4,752,246		5,257,437
Creditors: amounts falling due after more than one year	22		(208,456)		(453,918)
Provisions for liabilities
Deferred tax		(476,822)		(532,537)
			(476,822)		(532,537)
Net assets			4,066,968		4,270,982

Capital and reserves
Called up share capital	25	301,304	301,304
Revaluation reserve	26	154,025	154,025
Profit and loss account	26	3,611,639	3,815,653
		4,066,968	4,270,982

Page 10


CLOCKWORK REMOVALS LIMITED REGISTERED NUMBER:04200686

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 NOVEMBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2026.

................................................

J C Morison

Director

The notes on pages 13 to 30 form part of these financial statements.

Page 11


CLOCKWORK REMOVALS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 December 2023	301,304	179,525	3,970,966	4,451,795

Profit for the financial year	-	-	439,187	439,187
Transfer of increase in fair value of investment property	-	(34,000)	34,000	-
Movement in deferred tax on revaluation of investment property	-	8,500	(8,500)	-
Dividends in specie	-	-	(620,000)	(620,000)

At 1 December 2024	301,304	154,025	3,815,653	4,270,982

Profit for the financial year	-	-	365,986	365,986
Dividends in specie	-	-	(570,000)	(570,000)
At 30 November 2025	301,304	154,025	3,611,639	4,066,968

The notes on pages 13 to 30 form part of these financial statements.

Page 12


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

Clockwork Removals Limited is a private company limited by shares incorporated and registered in England and Wales. The registered office is Tower Bridge House, St. Katharines Way, London, E1W 1DD. The Company's registered number is 04200686.

The principal activity of the Company during the year continued to be the operation of a domestic and commercial removals and storage company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Monetary amounts in these financial statements are rounded to the nearest Pounds Sterling (£).

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Clockwork Group Holdings Limited as at 30 November 2025 and these financial statements may be obtained from the registered office.

2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 13


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Interest expenses

Interest expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue expenses are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life of 4 years on contracts acquired and 10 years on contracts acquired through business combinations.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements	-	25% straight line
Plant and machinery	-	25% straight line
Motor vehicles	-	15% and 25% straight line
Fixtures and fittings	-	25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.14

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.16

Stock

Stock is stated at the lower of cost and net realisable value.

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.17

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 17


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.19

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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.

Investment properties are valued by the directors on an open market basis. The directors have considered current market rents and investment property yields for comparable properties and believe that these valuations are appropriate at 30 November 2025. The carrying value of the Company's investment property is £700,000.

Page 18


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Domestic and commercial removals and storage	15,350,628	14,045,811
	15,350,628	14,045,811

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	15,350,628	14,045,811
	15,350,628	14,045,811

5.	Other operating income
		2025	2024
		£	£

Miscellaneous income	85,934	111,075
	85,934	111,075

Depreciation of tangible fixed assets	727,862	622,256
Exchange differences	4,019	1,974
Other operating lease rentals	1,955,110	1,681,565
Amortisation of intangible assets	62,359	33,954
(Gain)/Loss on disposal of fixed assets	20,365	596

Page 19


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Fees payable to the Company's auditors for the audit of the Company's financial statements

18,550

17,940

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	4,787,396	4,430,967
Social security costs	567,874	446,873
Cost of defined contribution scheme	106,550	94,742
	5,461,820	4,972,582

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Production staff	96	92
Administrative staff	43	42

	139	134

Page 20


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	110,990	129,339
Company contributions to defined contribution pension schemes	1,321	21,304
	112,311	150,643

	During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £108,066 (2024 - £92,654).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £991).

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	15,239	22,514
		15,239	22,514

11.	Interest payable and similar expenses
		2025	2024
		£	£

	Finance leases and hire purchase contracts	52,559	43,682
		52,559	43,682

Page 21


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Corporation tax
Current tax on profits for the year	290,793	104,018
Adjustments in respect of previous periods	-	(6,860)
	290,793	97,158

Total current tax	290,793	97,158

Deferred tax
Origination and reversal of timing differences	(141,675)	65,079
Adjustments in repect of prior periods	28,127	-
Total deferred tax	(113,548)	65,079


	Tax on profit	177,245	162,237

Page 22


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

543,231

601,424

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	135,808	150,356
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	8,880	14,260
Capital allowances for year in excess of depreciation	(30,875)	5,136
Adjustments to tax charge in respect of prior periods	-	(6,860)
Adjustments to tax charge in respect of prior periods - deferred tax	28,127	-
Non-taxable income	(917)	(917)
Other differences leading to an increase (decrease) in the tax charge	43,425	262
Group relief claimed	(7,203)	-
Total tax charge for the year	177,245	162,237

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

	Dividends in specie	570,000	620,000
		570,000	620,000

Dividends in specie represent the waiver of loans between group companies.

Page 23


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

14.	Intangible assets

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 December 2024	16,470	213,387	229,857
Additions	26,630	27,123	53,753
Acquisition of trade and assets	-	213,816	213,816
At 30 November 2025	43,100	454,326	497,426
Amortisation
At 1 December 2024	9,698	110,620	120,318
Charge for the year on owned assets	1,890	60,469	62,359
Impairment charge	-	26,146	26,146
At 30 November 2025	11,588	197,235	208,823
Net book value
At 30 November 2025	31,512	257,091	288,603
At 30 November 2024	6,772	102,767	109,539

On 3 January 2025, the Company acquired the share capital of CBT Limited for £213,816. The trade, assets and liabilities were transferred to the Company at net book value which was assessed as fair value. Following the transfer, the investment was transferred to goodwill as permitted by FRS102.

Page 24


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

15.	Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 December 2024	58,778	750,556	3,552,733	352,694	4,714,761
Additions	17,662	81,065	114,250	17,434	230,411
Acquisition of trade and assets	-	-	173,700	-	173,700
Disposals	-	(16,627)	(189,377)	(1,982)	(207,986)
At 30 November 2025	76,440	814,994	3,651,306	368,146	4,910,886
Depreciation
At 1 December 2024	53,068	462,208	1,581,286	180,795	2,277,357
Charge for the year on owned assets	8,813	130,071	516,232	72,725	727,841
Disposals	-	(14,547)	(151,949)	(1,963)	(168,459)
At 30 November 2025	61,881	577,732	1,945,569	251,557	2,836,739
Net book value
At 30 November 2025	14,559	237,262	1,705,737	116,589	2,074,147
At 30 November 2024	5,710	288,348	1,971,447	171,899	2,437,404

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	7,215	18,037
Motor vehicles	1,382,121	1,311,804
	1,389,336	1,329,841

Page 25


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

16.	Fixed asset investments

		Investments in subsidiary companies
		£

	Additions	213,816
	Transfer to goodwill	(213,816)
	At 30 November 2025	-

On 3 January 2025, the Company acquired 100% of the share capital of CBT Limited. The assets and liabilities of CBT Limited were transferred to the Company on the acquisition date, see note 14 and 15.

17.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 December 2024	700,000
	At 30 November 2025	700,000

Investment properties are valued by the directors on an open market basis. The directors have considered current market rents and investment property yields for comparable properties and believe that these valuations are appropriate at 30 November 2025. The carrying value of the Company's investment property is £700,000 which was valued in December 2024 by Lambert Smith Hampton.

Page 26


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

18.	Stock
		2025	2024
		£	£

Packaging stock	30,664	40,285
	30,664	40,285

19.

Debtors

					2025	2024
					£	£



Trade debtors	1,326,385	768,371
Amounts owed by group undertakings	1,953,273	2,178,048
Other debtors	2,500	5,431
Prepayments and accrued income	343,595	332,773
	3,625,753	3,284,623

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

20.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	1,378,034	1,731,418
	1,378,034	1,731,418

21.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	872,213	891,209
Corporation tax	290,793	104,018
Other taxation and social security	737,044	554,741
Obligations under finance lease and hire purchase contracts	438,846	412,284
Other creditors	39,016	42,974
Accruals and deferred income	967,043	1,040,606
	3,344,955	3,045,832

Page 27


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

22.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	208,456	453,918
	208,456	453,918

Within one year	438,846	412,284
Between 1-5 years	208,456	453,918
	647,302	866,202

24.	Deferred taxation

	2025	2024
	£	£

At beginning of year	(532,537)	(467,458)
Charged to profit or loss	141,675	(65,079)
Arising on business combinations	(57,833)	-
Adjustment in respect of prior period	(28,127)	-
At end of year	(476,822)	(532,537)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	(479,736)	(533,763)
Short term timing differences	2,914	1,226
	(476,822)	(532,537)

Page 28


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

3,013,037 (2024 - 3,013,037) Allotted, called up and fully paid shares of £0.10 each	301,304	301,304

Ordinary shares hold full rights in respect of voting, participation and dividends.

26.

Reserves

Revaluation reserve

This reserve records the surplus on revaluation of the Company's investment property.

Profit and loss account

The profit and loss account includes all current and prior year periods retained profits and losses net of dividends paid.

27.	Pension commitments

The Company makes payments to defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £106,550 (2024 - £97,743). Contributions totalling £1,933 (2024 - £138) were payable to the funds at the reporting date and are included in creditors.

Not later than 1 year	1,855,903	1,721,612
Later than 1 year and not later than 2 years	1,661,672	1,709,771
Later than 2 year and not later than 5 years	3,965,629	3,598,267
Later than 5 years	2,326,604	1,232,854
	9,809,808	8,262,504

Page 29


CLOCKWORK REMOVALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

29.

Related party transactions

At the year end, the Company was due £789,945 (2024 - £909,269) from Clockwork Properties Limited. The loan, which is unsecured, interest free and has no fixed repayment terms, is included in debtors at the reporting date. During the year, the Company paid rental costs in the normal course of trade to Clockwork Properties Limited of £376,000 (2024 - £167,576).

At the year end, the Company was due £1,168,665 (2024 - £1,249,772) from Clockwork Group Holdings Limited. Dividends in specie of £570,000 (2024 - £620,000) represents the waiver of part of the loan due from Clockwork Group Holdings Limited during the year. The balance, which is unsecured, interest free and has no fixed repayment terms, is included in debtors at the reporting date. During the year, the Company paid management charges to Clockwork Group Holdings Limited of £542,326 (2024 - £550,830).

At the year end, the Company was due £663 (2024 - £NIL) to CBT Limited. The balance, which is unsecured, interest free and has no fixed repayment terms, is included in creditors at the reporting date and forms part of the business combination in the year.

Clockwork Group Holdings Limited is the parent undertaking of Clockwork Removals Limited which is the parent underaking of CBT Limited. Clockwork Properties Limited is a subsidiary undertaking of Clockwork Group Holdings Limited.

30.	Controlling party

The Company's ultimate parent undertaking is Clockwork Group Holdings Limited, a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Copies of the group financial statements are available to the public from Companies House.

J C Morison is considered to be the ultimate controlling party due to his majority shareholding in Clockwork Group Holdings Limited.

Page 30