The directors present the strategic report for the year ended 31 December 2025.
During the period under review, the company acquired Kelerbay Limited, incorporating the Doree Bonner brand.
With this acquisition, the Group's turnover in 2025 increased to £18.3 million from £8.9 million in 2024.
The Group continued to see increases in costs throughout 2025, driven by cost and wage inflation in the UK, but able to mitigate these and recognise synergies with the acquisition, to improve Gross margin from 17% in 2024 to 39.6% in 2025. Unfortunately, despite this improvement in Gross margin the Group remains loss making, with a loss for the year before tax of £544,620 compared to a loss of £875,615 in 2024.
Given the nature of the business, the directors believe that no KPIs are needed beyond those arising from the financial statements and discussed in the business review above to understand the company’s performance.
Its primary commercial risk is its relative lack of profitability in recent years. The ultimate parent, Gosselin Group NV, continues to regard the UK as a strategic market with substantial untapped potential as demonstrated by its recent acquisition of Kelerbay Limited and continues to offer support to the Group to ensure its continued operation.
Financial risk operations
Although the board of the company is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities, they rely on the wider Gosselin Group which has sufficient resources to manage these for the company.
Liquidity risk
The Group relies on the wider Gosselin Group to manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The Group limits its exposure to interest rate risk on its fixed rate borrowings by ensuring that they are taken out at the most competitive rates available and by keeping borrowings to the minimum conducive to the profitable growth of the business.
Foreign currency risk
The Group's principal foreign currency exposure arises from trading with overseas companies. The Group relies on the wider Gosselin group to help limit the currency exposure.
These financial statements have been made on a going concern basis. The UK moving market has faced significant challenges over the past few years, testing the resilience of many industry participants. Nonetheless, the ultimate parent, Gosselin Group NV, continues to regard the UK as a strategic market with substantial untapped potential.
In line with this commitment, Gosselin Group has consistently provided, and will continue to provide, ongoing support to Gosselin Mobility UK and subsidiaries. This support ensures operational continuity while reinforcing the company’s investment in both local and international growth.
The growth strategy emphasises not only revenue increase but, more importantly, the generation of profitability. A central component of this strategy is the acquisition of Kelerbay Limited incorporating the Doree Bonner brand. Beyond the benefits of economies of scale, Doree Bonner’s strong presence across 11 locations, including the London area, coupled with its well-established local brands, offers significant synergies for the existing Gosselin UK business. Accordingly, this acquisition aligns seamlessly with our objective to expand our footprint within the UK.
The acquisition is particularly strategic as Doree Bonner’s primary focus is on the domestic UK market, which complements Gosselin UK’s strong emphasis on international relocation services. This synergy is expected to drive revenue growth while fostering a more cost-efficient operational structure. The multiple locations serviced by Doree Bonner will enable Gosselin UK to execute jobs more efficiently, further enhancing our competitive advantage.
The Group also continues its strategy to grow the business by developing existing revenue streams and existing customers but also putting extra focus on expanding the B2C marketshare.
Collectively, these initiatives underline Gosselin’s unwavering commitment to sustainable growth and profitability in the evolving UK moving market.
The Group enjoys strong management engagement by its parent, Gosselin Group NV, including a letter of support to confirm parent company ongoing financial commitment to ensure the company will meet its liabilities as they fall due over the next twelve months. Accordingly, the directors are satisfied that the company can meet its liabilities as they fall due, being a period of not less than twelve months from the date of approval of these financial statements.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, 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 whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Gosselin Mobility UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £151,406 (2024 - £12,123 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Gosselin Mobility UK Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is International House, 19 Kennet Road, Dartford, DA1 4QN.
The group consists of Gosselin Mobility UK Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Gosselin Mobility UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
These financial statements have been made on a going concern basis. The UK moving market has faced significant challenges over the past few years, testing the resilience of many industry participants. Nonetheless, the ultimate parent, Gosselin Group NV, continues to regard the UK as a strategic market with substantial untapped potential.
In line with this commitment, Gosselin Group has consistently provided, and will continue to provide, ongoing support to Gosselin Mobility UK and subsidiaries. This support ensures operational continuity while reinforcing the company’s investment in both local and international growth.
The growth strategy emphasises not only revenue increase but, more importantly, the generation of profitability. A central component of this strategy was the acquisition of Kelerbay Limited incorporating the Doree Bonner brand. Beyond the benefits of economies of scale, Doree Bonner’s strong presence across 11 locations, including the London area, coupled with its well-established local brands, offers significant synergies for the existing Gosselin UK business. Accordingly, this acquisition aligns seamlessly with our objective to expand our footprint within the UK.
The acquisition is particularly strategic as Doree Bonner’s primary focus is on the domestic UK market, which complements Gosselin UK’s strong emphasis on international relocation services. This synergy is expected to drive revenue growth while fostering a more cost-efficient operational structure. The multiple locations serviced by Doree Bonner will enable Gosselin UK to execute jobs more efficiently, further enhancing our competitive advantage.
Collectively, these initiatives underline Gosselin’s unwavering commitment to sustainable growth and profitability in the evolving UK moving market.
The company enjoys strong management engagement by its parent, Gosselin Group NV, including a letter of support to confirm parent company ongoing financial commitment to ensure the company will meet its liabilities as they fall due over the next twelve months. Accordingly, the directors are satisfied that the company can meet its liabilities as they fall due, being a period of not less than twelve months from the date of approval of these financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair
value of consideration takes into account trade and settlement discounts.
The company generates its revenue from its removal trade and also storage services. Revenue is recognised
when customers' belongings are collected for transportation or delivered, depending on their stated
destinations, whilst revenue on storage of customers' belongings are recognised over the period of storage.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Contingent liabilities
A contingent liability is either a possible but uncertain obligation or a present obligation that is not recognised because it fails to meet one or both of the conditions of a provision. Contingent liabilities are not recognised as a liability in the financial statements. See note.
In the application of the group’s accounting policies, 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The directors have applied judgement in order to determine whether there are indicators of impairment of the company's investments and intercompany debtors at the year end.
Determining whether assets are impaired requires an estimation of the value in use of the relevant businesses being tested for impairment. The value in use calculation requires the entity to estimate the future profitability expected to arise from the cash generating unit, taking into account the long term business plans.
Estimation is required in determining the valuation of certain accruals and deferred income. Certain accruals
and deferred income are inherently uncertain as the pertaining invoices are not received / issued until after the reporting period end. Given this, the value of accruals and deferred income is determined based on an
estimation of the costs incurred by the company at the reporting date. The carrying value of accruals and
deferred income is disclosed in the Creditors note.
The auditors' remuneration, £3,750 (2024: £3,500), is borne by the subsidiary company.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
During the year, the total compensation paid for qualifying services by key management personnel amounted to £320,246 (2024: £162,773).
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
The group has provided a guarantee under section 479C of the Companies Act 2006 in respect of the liabilities arising in the subsidiary Advanced Removals & Storage Limited. Therefore the subsidiary is exempt from the requirements of the Companies Act 2006 relating to the audit of the individual accounts under section 479A of the Companies Act, for the period ended 31 December 2025.
Amounts owed by group undertakings are unsecured, repayable on demand and interest free.
Included within other debtors is £28,051 (2024: £nil) of funds owed to the group that relate to an invoice discount facility held with Close Invoice Finance Limited. Fixed and floating charges over all property and undertakings of Kelerbay Limited are held by Close Invoice Finance Limited.
All amounts owed to group undertakings are unsecured, repayable on demand and interest free.
Banking facilities were secured over the group's assets. This charge was satisfied on 24 April 2025.
Bank loans relates to a cash flow loan agreement with Close Invoice Finance Limited. At the balance sheet date the group owed £416,667 (2024: £nil) to Close Invoice Finance Limited in respect of the cash flow loan. Interest of 7% per annum over base rate is due on the loan and the loan matures in December 2026.
The group's bank has a charge on cash deposits up to a limit of £56,000 (2024: £nil).
A charge was registered in May 2025 over assets of Gosselin UK Limited. This charge forms part of a group security arrangement in connection with financing facilities held by Kelerbay Limited.
Although the charge is registered against Gosselin UK Limited, the underlying borrowing is held entirely by Kelerbay Limited. No loan liability relating to this facility is recognised in these financial statements, and Gosselin UK Limited has no payment obligations other than the security interest granted.
Amounts owed to group undertakings accrue interest at a rate of the official Bank of England base rate +2%, are unsecured and are repayable on demand with a notice period of 13 months.
Finance lease payments represent rentals payable by the Group for certain items of plant and machinery, fixtures, fittings and equipment, and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The liabilities are secured against certain assets.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The other movement is a result of business combinations, see note.
Deferred taxation is provided in full, without discounting, on all tax deferred from reversing timing differences at the rate of corporation tax anticipated to apply at the time of the future reversal of the timing difference. Deferred tax liabilities are expected to reverse within in the next 12 months. The future rate of corporation tax applied to timing differences is 25%.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
On 29 April 2025 the group acquired 100 percent of the issued capital of Kelerbay Limited.
Some rental agreements the company is party to include provisions to repair and redecorate the property before expiry of the lease. The amount of future obligation cannot be reliably estimated due to uncertainties surrounding the cost and extent of any future repairs.
Lease payments recognised as an expense during the year amounted to £1,335,064 (2024: £116,673).
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has taken exemption under FRS102 section 1AC.35 from disclosing transactions with group companies on the basis that each company party to the transactions is wholly owned within the group.