Silverfin false 31/12/2021 31/12/2021 01/01/2021 Mr Daniel Ross Trebble 14/04/2014 09 September 2022 The principal activity of the Company during the financial year was the serving and repair of commercial vehicles. 08994680 2021-12-31 08994680 bus:Director1 2021-12-31 08994680 2020-12-31 08994680 core:CurrentFinancialInstruments 2021-12-31 08994680 core:CurrentFinancialInstruments 2020-12-31 08994680 core:ShareCapital 2021-12-31 08994680 core:ShareCapital 2020-12-31 08994680 core:RetainedEarningsAccumulatedLosses 2021-12-31 08994680 core:RetainedEarningsAccumulatedLosses 2020-12-31 08994680 bus:OrdinaryShareClass1 2021-12-31 08994680 2021-01-01 2021-12-31 08994680 bus:FullAccounts 2021-01-01 2021-12-31 08994680 bus:SmallEntities 2021-01-01 2021-12-31 08994680 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 08994680 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08994680 bus:Director1 2021-01-01 2021-12-31 08994680 2020-01-01 2020-12-31 08994680 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 08994680 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08994680 (England and Wales)

TRUCKSMITH SERVICE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

TRUCKSMITH SERVICE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

TRUCKSMITH SERVICE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2021
TRUCKSMITH SERVICE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2021
Note 2021 2020
£ £
Current assets
Stocks 3 37,316 20,000
Debtors 4 56,071 177,109
Cash at bank and in hand 11,569 4,448
104,956 201,557
Creditors
Amounts falling due within one year 5 ( 452,314) ( 307,683)
Net current liabilities (347,358) (106,126)
Total assets less current liabilities (347,358) (106,126)
Net liabilities ( 347,358) ( 106,126)
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 347,359 ) ( 106,127 )
Total shareholder's deficit ( 347,358) ( 106,126)

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Trucksmith Service Limited (registered number: 08994680) were approved and authorised for issue by the Director on 09 September 2022. They were signed on its behalf by:

Mr Daniel Ross Trebble
Director
TRUCKSMITH SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
TRUCKSMITH SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Trucksmith Service Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 King Place, Hitchcocks Business Park, Uffculme, Cullompton, EX15 3FH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, despite the Company generating a loss after tax of £241,232 during the year and having net liabilities of £347,358 at the year end.

The Company continued to receive support from HMRC during the year in the form of a Time to Pay Arrangement.

Post year end, the Company has undertaken a reassessment of its contracts and is looking to restructure its offering, as well as focusing on areas where there is an increased level of demand, which is expected to return the Company to profitability. In addition, the Company expects to work more closely with Trucksmith Limited, which the Director expects should also facilitate improved performance for the Company.

Based on the forecast and in light of the above, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Stocks

2021 2020
£ £
Work in progress 17,316 0
Finished goods 20,000 20,000
37,316 20,000

4. Debtors

2021 2020
£ £
Trade debtors 48,316 139,108
Amounts owed by director 1 1
Accrued income 7,754 38,000
56,071 177,109

5. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 27,012 13,531
Other creditors 386,090 225,273
Accruals and deferred income 5,100 24,975
Other taxation and social security 34,112 43,904
452,314 307,683

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with the entity's director

Credit transactions with director

Other debtors of £1 (2020: £1) relate to amounts owed to the Company by the Director.

Other related party transactions

During the year, recharges of £395,877 (2020: £305,512) were charged to the Company by Trucksmith Limited, a Company that the Director has a significant influence in, and at the year end the Company owed £386,090 (2020: £225,273).