ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

ELITE MOVING SYSTEMS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30falseNo description of principal activity52false2022-05-0143false 05477374 2022-05-01 2023-04-30 05477374 c:KeyManagementIndividualGroup1 2022-05-01 2023-04-30 05477374 2021-05-01 2022-04-30 05477374 2023-04-30 05477374 c:KeyManagementIndividualGroup1 2023-04-30 05477374 2022-04-30 05477374 c:KeyManagementIndividualGroup1 2022-04-30 05477374 2021-05-01 05477374 5 2022-05-01 2023-04-30 05477374 5 2021-05-01 2022-04-30 05477374 1 2022-05-01 2023-04-30 05477374 e:CompanySecretary1 2022-05-01 2023-04-30 05477374 e:Director1 2022-05-01 2023-04-30 05477374 e:Director2 2022-05-01 2023-04-30 05477374 e:RegisteredOffice 2022-05-01 2023-04-30 05477374 c:PlantMachinery 2022-05-01 2023-04-30 05477374 c:PlantMachinery 2023-04-30 05477374 c:PlantMachinery 2022-04-30 05477374 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05477374 c:MotorVehicles 2022-05-01 2023-04-30 05477374 c:MotorVehicles 2023-04-30 05477374 c:MotorVehicles 2022-04-30 05477374 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05477374 c:FurnitureFittings 2022-05-01 2023-04-30 05477374 c:FurnitureFittings 2023-04-30 05477374 c:FurnitureFittings 2022-04-30 05477374 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05477374 c:OfficeEquipment 2022-05-01 2023-04-30 05477374 c:OfficeEquipment 2023-04-30 05477374 c:OfficeEquipment 2022-04-30 05477374 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05477374 c:ComputerEquipment 2022-05-01 2023-04-30 05477374 c:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 05477374 c:CurrentFinancialInstruments 2023-04-30 05477374 c:CurrentFinancialInstruments 2022-04-30 05477374 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 05477374 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 05477374 c:ReportableOperatingSegment1 2022-05-01 2023-04-30 05477374 c:ReportableOperatingSegment1 2021-05-01 2022-04-30 05477374 c:UKTax 2022-05-01 2023-04-30 05477374 c:UKTax 2021-05-01 2022-04-30 05477374 c:ShareCapital 2022-05-01 2023-04-30 05477374 c:ShareCapital 2023-04-30 05477374 c:ShareCapital 2021-05-01 2022-04-30 05477374 c:ShareCapital 2022-04-30 05477374 c:ShareCapital 2021-05-01 05477374 c:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05477374 c:RetainedEarningsAccumulatedLosses 2023-04-30 05477374 c:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 05477374 c:RetainedEarningsAccumulatedLosses 2022-04-30 05477374 c:RetainedEarningsAccumulatedLosses 2021-05-01 05477374 e:OrdinaryShareClass1 2022-05-01 2023-04-30 05477374 e:OrdinaryShareClass1 2023-04-30 05477374 e:OrdinaryShareClass1 2022-04-30 05477374 e:OrdinaryShareClass2 2022-05-01 2023-04-30 05477374 e:OrdinaryShareClass2 2023-04-30 05477374 e:OrdinaryShareClass2 2022-04-30 05477374 e:OrdinaryShareClass3 2022-05-01 2023-04-30 05477374 e:OrdinaryShareClass3 2023-04-30 05477374 e:OrdinaryShareClass3 2022-04-30 05477374 e:FRS102 2022-05-01 2023-04-30 05477374 e:Audited 2022-05-01 2023-04-30 05477374 e:FullAccounts 2022-05-01 2023-04-30 05477374 e:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05477374 c:WithinOneYear 2023-04-30 05477374 c:WithinOneYear 2022-04-30 05477374 c:BetweenOneFiveYears 2023-04-30 05477374 c:BetweenOneFiveYears 2022-04-30 05477374 2 2022-05-01 2023-04-30 05477374 7 2022-05-01 2023-04-30 05477374 c:AcceleratedTaxDepreciationDeferredTax 2023-04-30 05477374 c:AcceleratedTaxDepreciationDeferredTax 2022-04-30 05477374 c:TaxLossesCarry-forwardsDeferredTax 2023-04-30 05477374 c:TaxLossesCarry-forwardsDeferredTax 2022-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05477374

ELITE MOVING SYSTEMS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

ELITE MOVING SYSTEMS LIMITED

COMPANY INFORMATION

Directors	R Woodhouse
	N Stevens


Company secretary	K Woodhouse


Registered number	05477374


Registered office	Unit 2,Nucleus
	Central Way
	Park Royal
	London
	NW10 7XT


Independent auditors	Xeinadin Audit Limited
	Chartered Accountants & Statutory Auditor
	8th Floor
	Becket House
	36 Old Jewry
	London
	EC2R 8DD


Accountants	Elman Wall Limited
	8th Floor
	Becket House
	36 Old Jewry
	London
	EC2R 8DD

ELITE MOVING SYSTEMS LIMITED

CONTENTS

	Page
Strategic report	1 - 3
Directors' report	4 - 5
Independent auditors' report	6 - 9
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12 - 13
Statement of cash flows	14
Analysis of net debt	15
Notes to the financial statements	16 - 28

ELITE MOVING SYSTEMS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2023

Introduction

The principal activity continued to be that of international corporate moving services covering moves by sea freight, air freight and road freight.

Business review

Elite Moving Systems Ltd (EMS), have had another exceptional trading year, with Revenue and Profit margins substantially increased on the prior year 2021/2022. The International Moving sector saw large growth and EMS, due to its established position of strength, was able to benefit greatly from this huge growth.
EMS was able to maintain all existing clients whilst adding a number of major multi national organizations to its existing portfolio, which further enhanced our own revenues.
In the year gone, we continued to see major increases in volumes due to a continued post Covid surge in international moves, many of which were on hold during the actual Covid period.
We continue to be recognised by our clients and our peers as one of the pre eminent suppliers of moving services to the Relocation Management Industry on a Global basis; this is evidenced by the awards recognition that we continue to achieve on an annual basis and by the increased volumes of business we receive from existing customers. EMS have, once again, been nominated for several of the industry’s top awards in the 2022/2023 year and are the recent recipients of the Moving Industry’s most prestigious award for Global Moving Services.
During the year EMS established a more Global footprint with the opening of Service centres in India and The Philippines. Nearer to home we employed several additional staff at locations throughout mainland and Central Europe.

Page 1

ELITE MOVING SYSTEMS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

Principal risks and uncertainties

Whilst the current year has shown exceptional growth, this is unlikely to continue throughout the whole of the upcoming 2023/2024 Financial year. Some of our major client’s, particularly in the IT sector, have, for the first time seen slow growth and reduced activity levels. This is certain to have a knock on effect to their supply chains and in the medium term, EMS will not be immune to these. EMS has a strong residual amount of activity already booked with our organisation, but we would anticipate, that once this works through our systems in the fourth quarter of the Calendar year 2023, that we are likely to see some reductions in business levels. We will continue to monitor International Moving activity closely in the 4th Quarter of 2023 and into 2024 to see if activity levels are showing a short term reduction or if we may be looking at a longer term reduction in business activity. EMS will continue to be proactive in ensuring that we can respond with agility to any changes in the marketplace.
EMS has ongoing risk to Foreign Exchange fluctuations as well as potential liquidity risks.
Exchange rate volatility is mitigated by hedging our foreign currency accounts. This is managed daily by EMS Head of Finance in conjunction with EMS Bank facilities managers.
Liquidity is a minor but importance risk to EMS; payment terms may be onerous and ongoing cash management is a high priority for EMS Finance Department
EMS has invested quite substantially in the areas of ESG and sustainability during the current year and have hired an experienced full time ESG Manager. This will continue form part of our short to long term strategy.
As a company we remain committed to improvements to health, safety and the environment.

Key performance indicators
Revenue and profit margins during the year have been exceptionally strong; this is mainly due to previously mentioned increases in the volume of International Moving activity and EMS position of strength to benefit from these increases.
EMS will have a strong focus on business investment over the coming year(s); the main areas of investment will be in Sales & Marketing. Despite our ongoing success, we still feel that as an organisation globally, we are undersold and have not been marketed to our full potential. This increased focus will assist in developing new revenues and opportunities.
The company will continue to invest in our People Strategy. This will not solely focus on training and the professional aspects of the individual roles, but we will additionally put more emphasis on staff welfare and wellbeing. To this end, we have now had a full time HR Department with a full time Office based HR Manager who is very committed to staff wellbeing and creating a culture of caring within EMS.
EMS key KPIs are our Client Service Scores
Across all of our major clients, we maintain service levels between 94.7% and 98%; this would be considered exceptional by any measure.
These scores are provided to the Company by our clients and authenticated by an independent third party audit group, thus guaranteeing their accuracy and legitimacy

Page 2

ELITE MOVING SYSTEMS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

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

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

R Woodhouse

Director

Date: 17 November 2023

Page 3

ELITE MOVING SYSTEMS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors' responsibilities statement

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 judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £4,403,737 (2022 - £2,020,058).

Dividends paid to directors in the year amounted to £3,390,767 (2022 - £831,610).

Directors

The directors who served during the year were:

R Woodhouse

N Stevens

Future developments

The future developments for the company have been discussed in the Strategic Report.

Page 4

ELITE MOVING SYSTEMS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2023

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 auditors are aware of that information.

Auditors

The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 November 2023 and signed on its behalf.

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

R Woodhouse

Director

Page 5

ELITE MOVING SYSTEMS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS LIMITED

Opinion

We have audited the financial statements of Elite Moving Systems Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, 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 April 2023 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 6

ELITE MOVING SYSTEMS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS 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 7

ELITE MOVING SYSTEMS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS 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:

•Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Reviewing minutes of meetings of those charged with governance;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
• Enquiry of management and those charged with governance to identify any instances of non compliance with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies’ legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to environmental regulations where the consequence of non compliance could have a material effect on amounts or disclosures in the financial statements. Auditing standards limit the required audit procedures to identify non compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Owing to the inherent limitations of an audit there is unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. In addition as with any audit there remained a higher risk of nondetection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentation or the overrode of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 8

ELITE MOVING SYSTEMS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELITE MOVING SYSTEMS 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.

Y E Khandwalla (Senior Statutory Auditor)

for and on behalf of

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

17 November 2023

Page 9

ELITE MOVING SYSTEMS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2023

	2023	2022
Note	£	£


Turnover	4	35,321,571	20,026,896
Cost of sales		(25,164,797)	(14,670,223)
Gross profit		10,156,774	5,356,673
Administrative expenses		(4,638,962)	(2,883,902)
Other operating income	5	-	21,563
Operating profit	6	5,517,812	2,494,334
Interest receivable and similar income	10	4,053	48
Interest payable and similar expenses	11	(2,300)	(1,466)
Profit before tax		5,519,565	2,492,916
Tax on profit	12	(1,115,828)	(472,858)
Profit for the year		4,403,737	2,020,058

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 28 form part of these financial statements.

Page 10

ELITE MOVING SYSTEMS LIMITED

REGISTERED NUMBER: 05477374

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	14		51,830		22,548
			51,830		22,548
Current assets
Stocks	15	50,826		91,024
Debtors: amounts falling due within one year	16	7,213,190		6,428,677
Cash at bank and in hand	17	4,373,955		1,822,784
		11,637,971		8,342,485
Creditors: amounts falling due within one year	18	(7,919,671)		(5,611,673)
Net current assets			3,718,300		2,730,812
Total assets less current liabilities			3,770,130		2,753,360
Provisions for liabilities
Deferred tax	19	(5,056)		(1,256)
			(5,056)		(1,256)
Net assets			3,765,074		2,752,104

Capital and reserves
Called up share capital	20	400	400
Profit and loss account	21	3,764,674	2,751,704
		3,765,074	2,752,104

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

R Woodhouse

Director

Date: 17 November 2023

The notes on pages 16 to 28 form part of these financial statements.

Page 11

ELITE MOVING SYSTEMS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 May 2022	400	2,751,704	2,752,104
Comprehensive income for the year
Profit for the year	-	4,403,737	4,403,737
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	4,403,737	4,403,737
Contributions by and distributions to owners
Dividends: Equity capital	-	(3,390,767)	(3,390,767)
Total transactions with owners	-	(3,390,767)	(3,390,767)
At 30 April 2023	400	3,764,674	3,765,074

The notes on pages 16 to 28 form part of these financial statements.

Page 12

ELITE MOVING SYSTEMS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 May 2021	400	1,563,256	1,563,656
Comprehensive income for the year
Profit for the year	-	2,020,058	2,020,058
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	2,020,058	2,020,058
Contributions by and distributions to owners
Dividends: Equity capital	-	(831,610)	(831,610)
Total transactions with owners	-	(831,610)	(831,610)
At 30 April 2022	400	2,751,704	2,752,104

The notes on pages 16 to 28 form part of these financial statements.

Page 13

ELITE MOVING SYSTEMS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2023

			2023	2022
			£	£

Cash flows from operating activities
Profit for the financial year	4,403,737	2,020,058
Adjustments for:
Depreciation of tangible assets	17,369	18,479
Loss on disposal of tangible assets	145	-
Government grants	-	(21,563)
Interest paid	2,300	1,466
Interest received	(4,053)	(48)
Taxation charge	1,115,828	472,858
Decrease/(increase) in stocks	40,198	(41,271)
(Increase) in debtors	(784,684)	(3,502,976)
Increase in creditors	1,791,055	2,684,121
Corporation tax (paid)	(598,951)	(149,291)
Foreign exchange	4,037	-
Net cash generated from operating activities	5,986,981	1,481,833

Cash flows from investing activities
Purchase of tangible fixed assets	(48,230)	(14,051)
Sale of tangible fixed assets	1,434	-
Government grants received	-	21,563
Interest received	4,053	48
Net cash from investing activities	(42,743)	7,560
Cash flows from financing activities
Dividends paid	(3,390,767)	(831,610)
Interest paid	(2,300)	(1,466)
Net cash used in financing activities	(3,393,067)	(833,076)
Net increase in cash and cash equivalents	2,551,171	656,317
Cash and cash equivalents at beginning of year	1,822,784	1,166,467
Cash and cash equivalents at the end of year	4,373,955	1,822,784

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	4,373,955	1,822,784
	4,373,955	1,822,784

Page 14

ELITE MOVING SYSTEMS LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 APRIL 2023


At 1 May 2022	Cash flows	At 30 April 2023
£	£	£

Cash at bank and in hand	1,822,784	2,551,171	4,373,955
Debt due within 1 year	-	-	-
	1,822,784	2,551,171	4,373,955

The notes on pages 16 to 28 form part of these financial statements.

Page 15

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

1.	General information

Elite Moving Systems Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The nature of the company's operations and principal activities are recorded in the Strategic Report and the Directors Report.

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 judgment in applying the Company's accounting policies (see note 3).

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.3

Revenue

Revenue represents the amounts receivable, exclusive of VAT for the provision of services to customers during the year. Turnover for all moving and storage services is recognised on completion of the service provided. Where sales invoices are raised in advance of the service provided the amounts are recorded as deferred income and included as part of creditors within one year.

Page 16

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.4

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.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.6

Interest income

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

2.7

Finance costs

Finance costs 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 costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

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.

Page 17

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.9

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 reporting 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.

2.10

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:

Motor vehicles	-	25% straight line
Fixtures and fittings	-	10% straight line
Office equipment	-	20% straight line
Computer equipment	-	33.3% 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 18

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.11

Stocks

Stocks represents packaging material and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are 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.

2.12

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.

2.13

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.14

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.

2.15

Holiday pay accrual

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

2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 19

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

In the application of the company'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 recognised 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 revision and future periods where the revision affects both current and future periods.
Critical judgements
Management do not believe there are any critical judgements in the preparation of the financial statements.

4.	Turnover
		2023	2022
		£	£

Sales - UK and Overseas	35,321,571	20,026,896
	35,321,571	20,026,896

5.	Other operating income
		2023	2022
		£	£

	Government grants receivable	-	21,563

Page 20

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Depreciation of tangible fixed assets	17,369	18,480
Exchange differences	179,541	(255,596)
Defined contribution pension cost	72,601	49,501
Government grants	-	(21,563)

Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts

19,500

16,660

Wages and salaries	2,253,035	1,694,764
Social security costs	263,271	187,690
Cost of defined contribution scheme	72,601	49,501
	2,588,907	1,931,955

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

	2023	2022
	No.	No.

Management, administrative and operational	52	43

Page 21

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

9.	Directors' remuneration
		2023	2022
		£	£

Directors' emoluments	17,640	17,327
	17,640	17,327

There are no key management personnel in the company other than the directors.

10.	Interest receivable
		2023	2022
		£	£

	Other interest receivable	4,053	48
		4,053	48

11.	Interest payable and similar expenses
		2023	2022
		£	£

	Bank interest paid	2,300	1,466
		2,300	1,466

Page 22

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Corporation tax
Current tax on profits for the year	1,106,320	475,799
Adjustments in respect of previous periods	5,708	(2,346)
	1,112,028	473,453

Total current tax	1,112,028	473,453

Deferred tax
Fixed asset and short term timing differences	3,800	(595)
Total deferred tax	3,800	(595)


	Taxation on profit on ordinary activities	1,115,828	472,858

Profit on ordinary activities before tax

5,519,565

2,492,916

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.49% (2022 - 19%)	1,074,127	473,654
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,255	2,064
Capital allowances for year in excess of depreciation	(1,742)	(514)
Adjustments to tax charge in respect of prior periods	5,708	(2,346)
Other differences leading to an increase (decrease) in the tax charge	34,480	-
Total tax charge for the year	1,115,828	472,858

Page 23

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

12.Taxation (continued)

Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.

13.	Dividends
		2023	2022
		£	£

	Dividends paid	3,390,767	831,610
		3,390,767	831,610

14.	Tangible fixed assets

	Computer equipment	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 May 2022	185,862	68,580	15,083	259,839	529,364
Additions	28,847	16,532	-	2,851	48,230
Disposals	(2,043)	-	-	-	(2,043)
At 30 April 2023	212,666	85,112	15,083	262,690	575,551
Depreciation
At 1 May 2022	177,559	68,580	6,704	253,973	506,816
Charge for the year on owned assets	10,015	3,444	1,509	2,401	17,369
Disposals	(464)	-	-	-	(464)
At 30 April 2023	187,110	72,024	8,213	256,374	523,721
Net book value
At 30 April 2023	25,556	13,088	6,870	6,316	51,830
At 30 April 2022	8,303	-	8,379	5,866	22,548

Page 24

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

15.	Stocks
		2023	2022
		£	£

Packaging materials	50,826	91,024
	50,826	91,024

16.

Debtors

					2023	2022
					£	£


Trade debtors	5,995,337	5,400,201
Other debtors	356,148	296,192
Prepayments and accrued income	861,705	732,284
	7,213,190	6,428,677

17.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	4,373,955	1,822,784
	4,373,955	1,822,784

18.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	3,051,273	3,285,579
Corporation tax	1,074,792	555,475
Other taxation and social security	67,433	57,233
Other creditors	2,323,291	16,153
Accruals and deferred income	1,402,882	1,697,233
	7,919,671	5,611,673

Page 25

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

19.	Deferred taxation

	2023	2022
	£	£

At beginning of year	(1,256)	(1,851)
Charged to profit or loss	(3,800)	595
At end of year	(5,056)	(1,256)

The provision for deferred taxation is made up as follows:
	2023	2022
	£	£

Fixed asset timing differences	(6,614)	(2,329)
Short term timing differences	1,558	1,073
	(5,056)	(1,256)

Page 26

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

20.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

300 (2022 - 300) Ordinary shares of £1.00 each	300	300
80 (2022 - 80) Ordinary A shares of £1.00 each	80	80
20 (2022 - 20) Ordinary B shares of £1.00 each	20	20

	400	400

21.

Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profits.

22.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £72,601 (2022: £49,501). Contributions totalling £14,894 (2022: £8,299) were payable to the fund at the balance sheet date.

Not later than 1 year	488,461	488,685
Later than 1 year and not later than 5 years	1,187,341	1,669,594
	1,675,802	2,158,279

Page 27

ELITE MOVING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

24.	Related party transactions
	At the year end the company owed the directors as follows:

		2023	2022
		£	£

R Woodhouse	(1,715,331)	(12)
N Stevens	(583,315)	(44)
	(2,298,646)	(56)

During the year the company declared dividends amounting to £3,390,767 (2022: £831,610) to the shareholders.

25.	Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the company.

26.	Controlling party

The ultimate controlling party is Ronan Woodhouse.

Page 28