Master Removers Group 2019 Ltd - Limited company accounts 20.1

Master Removers Group 2019 Ltd - Limited company accounts 20.1

MASTER REMOVERS GROUP 2019 LTD - Company Information

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REGISTERED NUMBER: 11800346 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

MASTER REMOVERS GROUP 2019 LTD
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


MASTER REMOVERS GROUP 2019 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTORS: T Bloch
C A S Rickards
A Ward Thomas
I E R Wason
R M Henry





SECRETARY: J Kok





REGISTERED OFFICE: 141 Acton Lane
London
NW10 7PB





REGISTERED NUMBER: 11800346 (England and Wales)





AUDITORS: Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR
Page 1
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020


The directors present their strategic report of the company and the group for the year ended 30 September 2020.

REVIEW OF BUSINESS
The year ended 30 September 2020 was the first full year of trading for the group. The group was formed on 6 June 2019 when Master Removers Group 2019 Ltd purchased 100% of the issued share capital of Master Removers Group Limited. As a result the comparative figures for 2019 only include the results of Master Removers Group Limited from 6 June 2019 to 30 September 2019. For further information and full year results for 2019, please refer to the financial statements of Master Removers Group Limited for the year ended 30 September 2019.

2020 saw the Coronavirus pandemic have a significant impact on the group. Following the nationwide lockdown and the freeze on the housing market at the end of March, removal sales all but collapsed. However, the group's high level of ongoing storage revenue, coupled with the benefits of being able to furlough staff under the Government's Job Retention Scheme, meant that the group remained in a strong and stable position with significant cash reserves and no bank loans. There was a significant upturn in the removals business following the end of the housing market freeze in late May.

In June 2020 the group acquired the entire issued share capital of Gentleman & A Van Group Ltd to further compliment the group's existing brands and to add geographical coverage in South London. The company contributed approximately £650,000 in turnover to the group results in the period from acquisition to the year end.

The Group's specialist logistics business, Bishopsgate, also traded very strongly during the period demonstrating sustained organic growth. Turnover for the group is set to increase from £27m in 2019/20 to approximately £38m in 2020/21.

The directors are pleased to report that despite the tough market conditions the group's businesses performed well. The directors and management continue to monitor operational and overhead costs to identify opportunities for cost cutting measures whilst maintaining the group's high standards of customer service. In the context of the Key Performance Indicators mentioned below, the directors are satisfied with the results for the financial year.

Key performance indicators


2020 2019
Turnover £26,983,716 £10,208,466
Gross profit % 42.5% 45.4%
EBITDA % 15.2% 17.3%
(Loss)/Profit before tax % (0.7% ) 3.6%

Profit before tax is after a goodwill amortisation charge of £2,614,467 (2019 £845,783).

The directors assess the performance of the business by reference to two main measurements seeking to achieve an EBITDA of 15% and a PBIT of 10%. The board regularly meet to consider management accounts and to compare actual results to the stated financial objectives and budgets.

Health and safety, employees and environment
The group's operations aim to identify, assess and control occupational health hazards and, where practicable, to eliminate work related diseases. Every new case of an occupational disease is reported.

The directors believe that every work-related incident, illness and injury is preventable. Every new case of a work related injury is reported to the board, including outcomes of and corrective action resulting from regular Health and Safety inspections.


Page 2
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider the main financial risks to the business as being the volatility in the commercial and residential property market resulting from interest rate movements. The group seeks to limit these business risks by offering on-site storage facilities to generate recurring income and by diversifying into other areas such as value added distribution services.

EMPLOYEES
Arrangements exist to ensure employee involvement in matters of concern to them and also to provide employees with all relevant information.

It is the group's policy that people with disabilities should have the same consideration as others with respect to recruitment, retention and personal development. Depending on their skills and abilities, they enjoy the same career prospects as other employees and the same scope for realising potential.

FUTURE DEVELOPMENTS
Despite the continued impact of the Coronavirus pandemic, with further lockdowns in November 2020 and early 2021, the housing market has remained buoyant with homebuyers benefitting from the stamp duty holiday. The group is continuing to perform well and is seeing organic growth leading to both turnover and profit exceeding budgeted levels.

ON BEHALF OF THE BOARD:





C A S Rickards - Director


24 September 2021

Page 3
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2020


The directors present their report with the financial statements of the company and the group for the year ended 30 September 2020.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of specialist moving, distribution, warehousing, removals and storage.

DIVIDENDS
Interim dividends totalling £382,343 were paid on the Ordinary and A Ordinary shares during the year. The directors recommend that no final dividend be paid on either class of share.

The total distribution of dividends for the year ended 30 September 2020 will be £382,343.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2019 to the date of this report.

T Bloch
C A S Rickards
A Ward Thomas

Other changes in directors holding office are as follows:

I E R Wason and R M Henry were appointed as directors after 30 September 2020 but prior to the date of this report.

R A Babington ceased to be a director after 30 September 2020 but prior to the date of this 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;
- 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.

Page 4
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2020


AUDITORS
The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C A S Rickards - Director


24 September 2021

Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MASTER REMOVERS GROUP 2019 LTD


Opinion
We have audited the financial statements of Master Removers Group 2019 Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2020 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 group's and of the parent company affairs as at 30 September 2020 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MASTER REMOVERS GROUP 2019 LTD


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 four, 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.

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.




Simon Ellingham BA FCA DChA (Senior Statutory Auditor)
for and on behalf of Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

24 September 2021

Page 7
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020

Period
31.1.19
Year Ended to
30.9.20 30.9.19
Notes £    £   

TURNOVER 26,983,716 10,208,466

Cost of sales 15,505,397 5,571,277
GROSS PROFIT 11,478,319 4,637,189

Administrative expenses 12,313,300 4,071,024
(834,981 ) 566,165

Other operating income 1,274,845 -
OPERATING PROFIT 4 439,864 566,165

Exceptional items 5 17,386 8,084
422,478 558,081

Interest receivable and similar income 1,359 2,914
423,837 560,995

Interest payable and similar expenses 6 607,638 194,284
(LOSS)/PROFIT BEFORE TAXATION (183,801 ) 366,711

Tax on (loss)/profit 7 434,832 209,890
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (618,633 ) 156,821
(Loss)/profit attributable to:
Owners of the parent (618,633 ) 156,821

The notes form part of these financial statements

Page 8
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2020

Period
31.1.19
Year Ended to
30.9.20 30.9.19
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (618,633 ) 156,821


OTHER COMPREHENSIVE INCOME
Purchase of own shares (221,031 ) -
Transfer to capital redemption reserve 67,233 -
Income tax relating to components of other
comprehensive income
-
-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX
(153,798
)
-
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR
(772,431
)
156,821

Total comprehensive income attributable to:
Owners of the parent (772,431 ) 156,821

The notes form part of these financial statements

Page 9
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 23,466,659 24,527,718
Tangible assets 11 3,985,562 4,076,377
Investments 12 19,711 19,711
27,471,932 28,623,806

CURRENT ASSETS
Debtors 13 5,204,507 4,795,420
Cash at bank 1,844,359 356,571
7,048,866 5,151,991
CREDITORS
Amounts falling due within one year 14 8,079,800 6,746,110
NET CURRENT LIABILITIES (1,030,934 ) (1,594,119 )
TOTAL ASSETS LESS CURRENT LIABILITIES 26,440,998 27,029,687

CREDITORS
Amounts falling due after more than one year 15 (11,943,118 ) (12,101,501 )

PROVISIONS FOR LIABILITIES 19 (211,530 ) (238,163 )
NET ASSETS 14,286,350 14,690,023

CAPITAL AND RESERVES
Called up share capital 20 4,601,004 4,420,257
Share premium 21 10,683,299 10,112,945
Capital redemption reserve 21 67,233 -
Retained earnings 21 (1,065,186 ) 156,821
SHAREHOLDERS' FUNDS 14,286,350 14,690,023

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2021 and were signed on its behalf by:





C A S Rickards - Director


The notes form part of these financial statements

Page 10
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

COMPANY BALANCE SHEET
30 SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 34,785,232 33,289,776
34,785,232 33,289,776

CURRENT ASSETS
Debtors 13 3,834 -
Cash at bank 11,936 -
15,770 -
CREDITORS
Amounts falling due within one year 14 9,720,303 7,684,417
NET CURRENT LIABILITIES (9,704,533 ) (7,684,417 )
TOTAL ASSETS LESS CURRENT LIABILITIES 25,080,699 25,605,359

CREDITORS
Amounts falling due after more than one year 15 11,076,798 11,252,999
NET ASSETS 14,003,901 14,352,360

CAPITAL AND RESERVES
Called up share capital 20 4,601,004 4,420,257
Share premium 21 10,683,299 10,112,945
Capital redemption reserve 21 67,233 -
Retained earnings 21 (1,347,635 ) (180,842 )
SHAREHOLDERS' FUNDS 14,003,901 14,352,360

Company's loss for the financial year (563,419 ) (180,842 )

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2021 and were signed on its behalf by:





C A S Rickards - Director


The notes form part of these financial statements

Page 11
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Changes in equity
Issue of share capital 4,420,257 - 10,112,945 - 14,533,202
Total comprehensive income - 156,821 - - 156,821
Balance at 30 September 2019 4,420,257 156,821 10,112,945 - 14,690,023

Changes in equity
Issue of share capital 180,747 - 570,354 - 751,101
Dividends - (382,343 ) - - (382,343 )
Total comprehensive income - (839,664 ) - 67,233 (772,431 )
Balance at 30 September 2020 4,601,004 (1,065,186 ) 10,683,299 67,233 14,286,350

The notes form part of these financial statements

Page 12
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Changes in equity
Issue of share capital 4,420,257 - 10,112,945 - 14,533,202
Total comprehensive income - (180,842 ) - - (180,842 )
Balance at 30 September 2019 4,420,257 (180,842 ) 10,112,945 - 14,352,360

Changes in equity
Issue of share capital 180,747 - 570,354 - 751,101
Dividends - (382,343 ) - - (382,343 )
Total comprehensive income - (784,450 ) - 67,233 (717,217 )
Balance at 30 September 2020 4,601,004 (1,347,635 ) 10,683,299 67,233 14,003,901

The notes form part of these financial statements

Page 13
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020

Period
31.1.19
Year Ended to
30.9.20 30.9.19
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,114,470 1,892,718
Interest paid (563,603 ) (180,842 )
Interest element of hire purchase payments
paid
(44,035
)
(13,442
)
Tax paid (553,807 ) 2,430
Net cash from operating activities 3,953,025 1,700,864

Cash flows from investing activities
Purchase of intangible fixed assets (1,553,408 ) (25,373,501 )
Purchase of tangible fixed assets (1,011,021 ) (668,551 )
Sale of tangible fixed assets 22,667 -
Interest received 1,359 2,914
Net cash from investing activities (2,540,403 ) (26,039,138 )

Cash flows from financing activities
Loan note repayments in year (176,201 ) -
Loan notes issued - 11,252,999
New hire purchase agreements 337,042 735,285
Capital repayments in year (424,907 ) (508,762 )
Share issue 751,101 14,533,202
Share buyback (153,798 ) -
Hire purchase agreements acquired 124,272 (1,317,879 )
Equity dividends paid (382,343 ) -
Net cash from financing activities 75,166 24,694,845

Increase in cash and cash equivalents 1,487,788 356,571
Cash and cash equivalents at beginning of
year
2
356,571
-

Cash and cash equivalents at end of year 2 1,844,359 356,571

The notes form part of these financial statements

Page 14
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
(Loss)/profit before taxation (183,801 ) 366,711
Depreciation charges 3,702,872 1,209,148
Profit on disposal of fixed assets (9,236 ) -
Finance costs 607,638 194,284
Finance income (1,359 ) (2,914 )
4,116,114 1,767,229
(Increase)/decrease in trade and other debtors (317,236 ) 251,525
Increase/(decrease) in trade and other creditors 1,315,592 (126,036 )
Cash generated from operations 5,114,470 1,892,718

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2020
30.9.20 1.10.19
£    £   
Cash and cash equivalents 1,844,359 356,571
Period ended 30 September 2019
30.9.19 31.1.19
£    £   
Cash and cash equivalents 356,571 -


The notes form part of these financial statements

Page 15
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.19 Cash flow At 30.9.20
£    £    £   
Net cash
Cash at bank 356,571 1,487,788 1,844,359
356,571 1,487,788 1,844,359
Debt
Finance leases (1,544,402 ) (36,407 ) (1,580,809 )
Debts falling due after 1 year (11,252,999 ) 176,201 (11,076,798 )
(12,797,401 ) 139,794 (12,657,607 )
Total (12,440,830 ) 1,627,582 (10,813,248 )

The notes form part of these financial statements

Page 16
MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020


1. STATUTORY INFORMATION

Master Removers Group 2019 Ltd 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.


2. ACCOUNTING POLICIES

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

The financial statements are presented in sterling which is the functional currency of the group.

Basis of consolidation
The group financial statements consolidate the financial statements of Master Removers Group 2019 Limited and all its subsidiary undertakings.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of the subsidiary undertakings acquired or disposed of during the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Group and value added tax.

Goodwill
Goodwill arising on the acquisition of the assets and trading activities of subsidiary companies is the amount by which the consideration paid for the acquisition exceeds the fair value of the net tangible assets acquired. Goodwill is amortised through the profit and loss account on a straight line basis at a rate sufficient to write it down over its estimated useful life. The directors estimate this amortisation period to be 10 years.

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.

Tangible fixed assets
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.
Freehold and leasehold property - 20% on cost, Not depreciated and Straight line over 30 years
Plant and machinery - 25% on reducing balance, 25% on cost and 15% on reducing balance
Motor vehicles - 25% on cost, 25% on reducing balance, 20% on cost and 10% to 20% on cost

Government grants and covid-19
The group has received support from the UK Government as part of a package of measures introduced to support businesses during the coronavirus pandemic. Government grants are recognised in the financial statements in the period in which they become receivable.


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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently, at the undiscounted amount of the cash, or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or, in the case of an outright short-term loan, not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


2. ACCOUNTING POLICIES - continued

Exceptional items
The Group classifies certain one-off charges or credits that have a material impact on the Group's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the Group.

3. EMPLOYEES AND DIRECTORS
Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Wages and salaries 12,012,489 4,087,736
Social security costs 1,064,817 364,691
Other pension costs 243,361 65,600
13,320,667 4,518,027

The average number of employees during the year was as follows:
Period
31.1.19
Year Ended to
30.9.20 30.9.19

Sales and administration 93 91
Operations 330 299
423 390

Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Directors' remuneration 239,750 74,083
Directors' pension contributions to money purchase schemes 3,000 1,389

Information regarding the highest paid director for the year ended 30 September 2020 is as follows:


Year Ended
30.9.20
£   
Emoluments etc 103,000

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


4. OPERATING PROFIT

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

Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Depreciation - owned assets 734,647 186,819
Depreciation - assets on hire purchase contracts 353,758 176,546
Profit on disposal of fixed assets (9,236 ) -
Goodwill amortisation 2,614,467 845,783
Auditors' remuneration 41,840 24,193

5. EXCEPTIONAL ITEMS
Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Exceptional items (17,386 ) (8,084 )

The exceptional expenditure consists of professional fees and relocation and reorganisation costs. In line with the accounting policy, these one off costs have been treated as exceptional costs.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Bank interest 5 -
Other interest 501 -
Loan note interest 563,097 180,842
Hire purchase 44,035 13,442
607,638 194,284

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Current tax:
UK corporation tax 461,465 170,677

Deferred tax (26,633 ) 39,213
Tax on (loss)/profit 434,832 209,890

Tax effects relating to effects of other comprehensive income

2020
Gross Tax Net
£    £    £   
Purchase of own shares (221,031 ) - (221,031 )
Transfer to capital redemption reserve 67,233 - 67,233
(153,798 ) - (153,798 )

8. INDIVIDUAL INCOME STATEMENT

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.


9. DIVIDENDS
Period
31.1.19
Year Ended to
30.9.20 30.9.19
£    £   
Ordinary shares of £1 each
Interim 382,343 -

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2019 25,373,501
Additions 1,553,408
At 30 September 2020 26,926,909
AMORTISATION
At 1 October 2019 845,783
Amortisation for year 2,614,467
At 30 September 2020 3,460,250
NET BOOK VALUE
At 30 September 2020 23,466,659
At 30 September 2019 24,527,718

11. TANGIBLE FIXED ASSETS

Group
Freehold
and
leasehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 October 2019 131,700 550,301 3,757,741 4,439,742
Additions 83,618 384,223 543,180 1,011,021
Disposals - - (362,601 ) (362,601 )
At 30 September 2020 215,318 934,524 3,938,320 5,088,162
DEPRECIATION
At 1 October 2019 9,292 59,717 294,356 363,365
Charge for year 17,704 211,265 859,436 1,088,405
Eliminated on disposal - - (349,170 ) (349,170 )
At 30 September 2020 26,996 270,982 804,622 1,102,600
NET BOOK VALUE
At 30 September 2020 188,322 663,542 3,133,698 3,985,562
At 30 September 2019 122,408 490,584 3,463,385 4,076,377

Included within the group's net book value of fixed assets is £2,391,106 (2019 £2,671,262) in respect of assets held under hire purchase agreements.

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 October 2019
and 30 September 2020 19,711
NET BOOK VALUE
At 30 September 2020 19,711
At 30 September 2019 19,711
Company
Shares in
group
undertakings
£   
COST
At 1 October 2019 33,289,776
Additions 1,495,456
At 30 September 2020 34,785,232
NET BOOK VALUE
At 30 September 2020 34,785,232
At 30 September 2019 33,289,776

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Master Removers Group Limited
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Distribution, removals and storage
%
Class of shares: holding
Ordinary, Ordinary A, B and C 100.00
2020 2019
£    £   
Aggregate capital and reserves 17,191,103 15,897,875
Profit for the year/period 1,293,228 1,262,049

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


12. FIXED ASSET INVESTMENTS - continued

Gentleman & A Van Group Ltd
Registered office: 141 Acton Lane, London, NW10 7PB
Nature of business: Removals and storage
%
Class of shares: holding
A & B Ordinary 100.00
2020
£   
Aggregate capital and reserves 45,094
Profit for the year 45,081


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Trade debtors 3,679,577 3,442,568 - -
Due from group companies - - 3,834 -
Other debtors 146,208 11,472 - -
Corporation tax 91,851 - - -
Prepayments 1,286,871 1,341,380 - -
5,204,507 4,795,420 3,834 -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Hire purchase contracts (see note 17) 714,489 695,900 - -
Payments on account 249,444 189,977 - -
Trade creditors 963,553 937,822 - -
Owed to group companies - - 9,526,177 7,503,575
Corporation tax 172,616 173,107 - -
Social security and other taxes 2,100,083 1,281,156 - -
Other creditors 879,830 925,946 - -
Accruals and deferred income 2,999,785 2,542,202 194,126 180,842
8,079,800 6,746,110 9,720,303 7,684,417

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2020 2019 2020 2019
£    £    £    £   
Other loans (see note 16) 11,076,798 11,252,999 11,076,798 11,252,999
Hire purchase contracts (see note 17) 866,320 848,502 - -
11,943,118 12,101,501 11,076,798 11,252,999

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2020 2019 2020 2019
£    £    £    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
5% Unsecured loan notes 11,076,798 11,252,999 11,076,798 11,252,999

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2020 2019
£    £   
Net obligations repayable:
Within one year 714,489 695,900
Between one and five years 866,320 848,502
1,580,809 1,544,402

Group
Non-cancellable operating leases
2020 2019
£    £   
Within one year 2,104,603 2,005,730
Between one and five years 6,517,260 7,278,830
In more than five years 7,723,215 8,950,918
16,345,078 18,235,478

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2020 2019
£    £   
Hire purchase contracts 1,580,809 1,544,402

Amounts due under hire purchase agreements are secured on their associated assets.

19. PROVISIONS FOR LIABILITIES

Group
2020 2019
£    £   
Deferred tax 211,530 238,163

Group
Deferred
tax
£   
Balance at 1 October 2019 238,163
Credit to Income Statement during year (26,633 )
Balance at 30 September 2020 211,530

20. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
2,920,257 Ordinary £1 3,101,004 2,920,257
1,500,000 A Ordinary £1 1,500,000 1,500,000
4,601,004 4,420,257

247,980 Ordinary shares of £1 each were allotted as fully paid at a premium of £2.30 per share during the year.

During the year the company purchased 67,233 Ordinary shares for £221,031.

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MASTER REMOVERS GROUP 2019 LTD (REGISTERED NUMBER: 11800346)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020


21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 October 2019 156,821 10,112,945 - 10,269,766
Deficit for the year (618,633 ) (618,633 )
Dividends (382,343 ) (382,343 )
Purchase of own shares (221,031 ) - 67,233 (153,798 )
Cash share issue - 570,354 - 570,354
At 30 September 2020 (1,065,186 ) 10,683,299 67,233 9,685,346

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 October 2019 (180,842 ) 10,112,945 - 9,932,103
Deficit for the year (563,419 ) (563,419 )
Dividends (382,343 ) (382,343 )
Purchase of own shares (221,031 ) - 67,233 (153,798 )
Cash share issue - 570,354 - 570,354
At 30 September 2020 (1,347,635 ) 10,683,299 67,233 9,402,897


Page 27