Company Registration No. 08914294 (England and Wales)
QUICK MOVE PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
QUICK MOVE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr S G Abbley
Mr J G M Haugh
Company number
08914294
Registered office
15 Interface Business Park
Bincknoll Lane
Royal Wootton Bassett
Swindon
United Kingdom
SN4 8SY
Auditor
Azets Audit Services
Pillar House
113-115 Bath Road
Cheltenham
Gloucestershire
United Kingdom
GL53 7LS
QUICK MOVE PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 21
QUICK MOVE PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 1 -
The directors present the strategic report for the year ended 30 November 2020.
Review of business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
Principal risks and uncertainties
The main financial risks to the business continue to be the Property Market and Selling Times. However, the geographical split of our property portfolio and the avoidance of high value properties, combined with constantly turning over of our stock, and with new properties assessed on the current market means that there is enough resilience in our model to mitigate the risks.
In early 2020, an international pandemic due to Covid-19 emerged and resulted in the UK Government introducing a number of restrictions. Naturally there has been a short-term impact on the business, but this has been well managed and the directors have taken steps to ensure the business continues to trade and operate within its available resources. The directors are therefore confident that the business is well placed going forward.
Development and performance
Our principle business activity is the buying and selling of residential property in the United Kingdom. We consider our key financial performance indicators to be turnover and gross margin. The results for the company are:
(Gross Margin is calculated as turnover less cost of sales as % of turnover)
During the prior year, the business was also successful in securing an increased banking facility for the next three years which will fund the expected continuing increase in volumes.
The key focus in the new financial year is to develop our client base while at all times managing our inventory levels to ensure the continuing turnover of stock.
Mr S G Abbley
Director
24 August 2021
QUICK MOVE PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 2 -
The directors present their annual report and financial statements for the year ended 30 November 2020.
Principal activities
The principal activity of the company in the year under review was that of property acquisition, development and resale, related property services and provision of relocation and financial services to the Park Homes sector.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S G Abbley
Mr J G M Haugh
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 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 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 and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
Disclosure in the stratetgic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
'Review of Business' and 'Development and performance' of the company for the year.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
QUICK MOVE PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 3 -
On behalf of the board
Mr S G Abbley
Director
24 August 2021
QUICK MOVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUICK MOVE PROPERTIES LIMITED
- 4 -
Opinion
We have audited the financial statements of Quick Move Properties Limited (the 'company') for the year ended 30 November 2020 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 November 2020 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.
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
Auditor's
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 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 company’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
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 our audit
:
-
the information given in the strategic report and the directors' r
eport 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.
QUICK MOVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUICK MOVE PROPERTIES LIMITED
- 5 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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, 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'
r
esponsibilities
s
tatement, 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.
Auditor's 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 auditor's 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
QUICK MOVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUICK MOVE PROPERTIES LIMITED
- 6 -
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 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Hull (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
24 August 2021
Chartered Accountants
Statutory Auditor
Pillar House
113-115 Bath Road
Cheltenham
Gloucestershire
United Kingdom
GL53 7LS
QUICK MOVE PROPERTIES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
2020
2019
Notes
£
£
Turnover
3
27,305,329
24,197,102
Cost of sales
(22,877,660)
(20,544,311)
Gross profit
4,427,669
3,652,791
Administrative expenses
(1,810,416)
(1,763,758)
Operating profit
4
2,617,253
1,889,033
Interest receivable and similar income
7
68,544
249
Interest payable and similar expenses
8
(238,506)
(150,779)
Profit before taxation
2,447,291
1,738,503
Tax on profit
9
(454,941)
(357,434)
Profit for the financial year
1,992,350
1,381,069
Retained earnings brought forward
6,528,601
5,147,532
Retained earnings carried forward
8,520,951
6,528,601
The profit and loss account has been prepared on the basis that all operations are continuing operations.
QUICK MOVE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 8 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
10
101,518
81,218
Current assets
Stocks
11
11,857,049
8,237,795
Debtors
12
1,625,657
5,031,697
Cash at bank and in hand
4,309,737
17,792,443
13,269,492
Creditors: amounts falling due within one year
13
(9,373,009)
(6,822,108)
Net current assets
8,419,434
6,447,384
Total assets less current liabilities
8,520,952
6,528,602
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
17
8,520,951
6,528,601
Total equity
8,520,952
6,528,602
The financial statements were approved by the board of directors and authorised for issue on 24 August 2021 and are signed on its behalf by:
Mr S G Abbley
Director
Company Registration No. 08914294
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 9 -
1
Accounting policies
Company information
Quick Move Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
15 Interface Business Park, Bincknoll Lane, Royal Wootton Bassett, Swindon, United Kingdom, SN4 8SY.
1.1
Accounting convention
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This 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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
- 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 each category of financial instrument;
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 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
QMP Group Limited.
These consolidated financial statements are available from its registered office,
15 Interface Business Park, Bincknoll Lane, Royal Wootton Bassett, Swindon, Wiltshire, United Kingdom, SN4 8SY.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
As described further in the Principal risks and uncertainties section of the Strategic Report, the directors are confident that they have taken the necessary steps to manage the ongoing operations of the business in light of the Covid-19 pandemic and have taken the appropriate actions to respond to this.
1.3
Turnover
Turnover represents income receivable from the sale of land and property, and services arising from other property related activities during the period. Turnover on the sale of property is recognised on exchange of contract.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 10 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% - 50% straight line
Motor vehicles
15% straight line
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 credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
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.
1.6
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Stock cost represents the costs incurred in respect of the acquisition of land and property. Cost includes all expenditure in respect of an acquisition, including initial expenditure in assessing the viability of a property transaction, together with costs incurred in bringing the property to its present condition.
Property purchase price will have been determined at the outset with reference to independent valuations. Where it is likely that the initial speculative costs will not then result in the final acquisition of the property, those costs are recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 11 -
1.8
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
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
Basic financial assets, which include debtors and cash and bank balances, 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
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.
Impairment of financial assets
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
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.
Classification of financial liabilities
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 company after deducting all of its liabilities.
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 12 -
Basic financial 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
paymen
ts 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. A
m
ounts 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.
Other financial liabilities
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
s
ubsequently 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 that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 13 -
Deferred tax
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 when the
company
has 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.
1.11
Employee benefits
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 lease asset are consumed.
1.14
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 14 -
2
Judgements 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 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.
3
Turnover and other revenue
The turnover and profit before taxation are attributable to the principal activity of the company.
Turnover represents the amounts, excluding value added tax, receivable during the year for goods and services supplied. All sales are in the United Kingdom.
4
Operating profit
2020
2019
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,700
5,687
Depreciation of owned tangible fixed assets
25,403
17,148
Operating lease charges
45,834
35,883
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Directors
2
2
Sales and administration
16
17
Total
18
19
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
5
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
882,654
829,478
Social security costs
86,995
77,133
Pension costs
169,696
50,582
1,139,345
957,193
Unpaid pension costs amounting to £
115,674
(201
9
: £
58,517
) were outstanding at the year end and are included within other creditors and accruals.
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
74,542
72,555
Company pension contributions to defined contribution schemes
62,229
18,022
136,771
90,577
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2019 - 1).
Certain directors receive their emoluments through a related entity. During the year, an amount of £
62,000
(201
9
: £
67,000
) was recharged to the company in relation to this director’s costs.
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
23
249
Other interest income
68,521
Total income
68,544
249
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 16 -
8
Interest payable and similar expenses
2020
2019
£
£
Interest on bank loans
172,052
125,912
Bank interest
15,468
15,742
Other interest
50,986
7,319
Other loan interest
-
1,806
238,506
150,779
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
466,500
356,711
Adjustments in respect of prior periods
(11,559)
723
Total current tax
454,941
357,434
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
2,447,291
1,738,503
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
464,985
330,316
Tax effect of expenses that are not deductible in determining taxable profit
(1,183)
13,201
Under/(over) provided in prior years
(11,559)
723
Other differences
2,698
13,194
Taxation charge for the year
454,941
357,434
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 17 -
10
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2019
23,284
100,774
124,058
Additions
5,673
40,030
45,703
At 30 November 2020
28,957
140,804
169,761
Depreciation and impairment
At 1 December 2019
12,865
29,975
42,840
Depreciation charged in the year
4,602
20,801
25,403
At 30 November 2020
17,467
50,776
68,243
Carrying amount
At 30 November 2020
11,490
90,028
101,518
At 30 November 2019
10,419
70,799
81,218
Tangible fixed assets are pledged as security for the bank borrowings under a fixed and floating charge.
11
Stocks
2020
2019
£
£
Property inventory
11,722,387
8,130,399
Associated inventory costs
134,662
107,396
11,857,049
8,237,795
Stocks are pledged as security for the bank borrowings under a fixed and floating charge.
Impairment losses of £
21,500
(201
9
: £
Nil
) were recognised in profit or loss where the carrying value of stock items exceeded their estimated selling price less costs to complete and sell.
12
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
4,663
872,690
Amounts owed by group undertakings
121,759
309,848
Other debtors
1,413,815
3,736,008
Prepayments and accrued income
85,420
113,151
1,625,657
5,031,697
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
12
Debtors
(Continued)
- 18 -
Debtors are pledged as security for the bank borrowings under a fixed and floating charge.
Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand.
Interest is charged at 3.0% per annum on amounts
owed by certain
related parties
which are held within other debtors
. These balances are unsecured, have no fixed repayment date and are repayable on demand.
13
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans and overdrafts
14
8,000,000
4,505,761
Trade creditors
462,771
1,638,794
Corporation tax
216,815
207,000
Other taxation and social security
227,446
174,850
Other creditors
54,378
8,641
Accruals and deferred income
411,599
287,062
9,373,009
6,822,108
Interest is charged at 2.5% above the relevant bank's base lending rate on bank overdrafts and at LIBOR + 2.15% on bank loans.
14
Loans and overdrafts
2020
2019
£
£
Bank loans
8,000,000
3,500,000
Bank overdrafts
1,005,761
8,000,000
4,505,761
Payable within one year
8,000,000
4,505,761
Bank loans and overdrafts are secured by way of a fixed and floating charge in favour of the bank over the company's assets and undertakings.
Bank loans and overdrafts are also secured by a multilateral guarantee given in favour of the bank by certain group companies. A debenture is held giving a fixed and floating charge over the assets of certain group companies in favour of the bank.
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 19 -
15
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
Called-up share capital represents the nominal value of shares that have been issued.
Ordinary Shares rank pari passu and are each entitled to one vote in any circumstances; pari passu to dividend payments or any distribution; and pari passu to participate in a distribution arising from a winding up of the Company.
16
Controlling parties
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is QMP Group Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the consolidated financial statements of QMP Group Limited can be obtained from 15 Interface Business Park, Bincknoll Lane, Royal Wootton Bassett, Swindon, Wiltshire, SN4 8SY.
The ultimate controlling party is the director, Mr S G Abbley.
17
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
6,528,601
5,147,532
Profit for the year
1,992,350
1,381,069
At the end of the year
8,520,951
6,528,601
Retained earnings includes all current and prior period profits and losses.
18
Contingent liabilities
The company is included within a group VAT registration which incorporates the parent company at the balance sheet date and certain other companies related via common control. As such the company is jointly and severally liable for the amounts owed by the other companies at the balance sheet date. At 30 November 2020 this amounted to £Nil (2019: £Nil).
The company is part of a multilateral guarantee in favour of the bank involving certain group companies. The value of the guarantee at 30 November 2020 was to maximum of £Nil (2019: £Nil).
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 20 -
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2020
2019
£
£
Within one year
84,155
47,488
Between two and five years
67,083
75,613
151,238
123,101
20
Capital commitments
There were no capital commitments at 30 November 20
20
(201
9
: £Nil).
21
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year the company had the following transactions and balances with a company under the common control of a director:
2020
2019
2020
2019
£
£
£
£
Administritive expenses - remuneration recharged
(62,000)
(67,000)
-
-
Interest on intercompany
-
-
(20,793)
-
Total compensation payable to close family members for the year was £146,231 (2019: £35,106).
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Trade creditors
(62,000)
(67,000)
Amounts owed to related parties
(277)
-
QUICK MOVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
21
Related party transactions
(Continued)
- 21 -
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Amounts owed from related parties
1,312,824
50,965
Interest is charged on amounts owed from certain related parties as disclosed above and this balance is unsecured and repayable on demand.
2020-11-30
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