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REGISTERED NUMBER: 06266037 (England and Wales)


Truck Technics Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






Truck Technics Limited (Registered number: 06266037)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Truck Technics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D J Metcalfe
B J Metcalfe
A P Metcalfe
K Tyrala





SECRETARY: D J Metcalfe





REGISTERED OFFICE: Washfold Farm
Leyburn
North Yorkshire
DL8 5JZ





REGISTERED NUMBER: 06266037 (England and Wales)





ACCOUNTANTS: Addison & Co
Ebor House
91 Galgate
Barnard Castle
Co Durham
DL12 8ES

Truck Technics Limited (Registered number: 06266037)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 646,744 683,469

CURRENT ASSETS
Stocks 90,361 46,157
Debtors 5 675,084 567,067
Cash at bank and in hand 87,880 94,255
853,325 707,479
CREDITORS
Amounts falling due within one year 6 589,547 490,452
NET CURRENT ASSETS 263,778 217,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

910,522

900,496

CREDITORS
Amounts falling due after more than one
year

7

(181,468

)

(256,480

)

PROVISIONS FOR LIABILITIES (84,964 ) (98,334 )
NET ASSETS 644,090 545,682

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 643,990 545,582
SHAREHOLDERS' FUNDS 644,090 545,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Truck Technics Limited (Registered number: 06266037)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2023 and were signed on its behalf by:





K Tyrala - Director


Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Truck Technics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tools and equipment - 15% on reducing balance
Furniture and fixtures - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Furniture
Tools and and Motor Office
equipment fixtures vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 309,377 20,940 1,331,518 10,355 1,672,190
Additions 55,449 - 119,557 - 175,006
Disposals (33,183 ) (720 ) (89,833 ) (7,170 ) (130,906 )
At 31 March 2023 331,643 20,220 1,361,242 3,185 1,716,290
DEPRECIATION
At 1 April 2022 217,419 17,426 745,370 8,506 988,721
Charge for year 21,599 697 172,838 156 195,290
Eliminated on disposal (29,768 ) (688 ) (77,652 ) (6,357 ) (114,465 )
At 31 March 2023 209,250 17,435 840,556 2,305 1,069,546
NET BOOK VALUE
At 31 March 2023 122,393 2,785 520,686 880 646,744
At 31 March 2022 91,958 3,514 586,148 1,849 683,469

Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Tools and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 April 2022 - 600,829 600,829
Additions 36,227 49,949 86,176
Transfer to ownership - (36,000 ) (36,000 )
At 31 March 2023 36,227 614,778 651,005
DEPRECIATION
At 1 April 2022 - 298,327 298,327
Charge for year 5,434 110,199 115,633
Transfer to ownership - (124,346 ) (124,346 )
At 31 March 2023 5,434 284,180 289,614
NET BOOK VALUE
At 31 March 2023 30,793 330,598 361,391
At 31 March 2022 - 302,502 302,502

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 498,215 465,685
Amounts owed by group undertakings 82,820 -
Directors' current accounts 92,388 99,738
Prepayments 1,661 1,644
675,084 567,067

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 176,404 178,608
Trade creditors 181,737 183,257
Corporation tax 64,558 16,999
Social security and other taxes 24,839 21,305
VAT 121,455 76,476
Other creditors 5,438 3,809
Directors' current accounts 246 -
Accruals and deferred income 14,870 9,998
589,547 490,452

Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 181,468 256,480

8. SECURED DEBTS

Company borrowings are covered by joint and several personal guarantees given by DJ, BJ and AP Metcalfe.

9. RESERVES
Retained
earnings
£   

At 1 April 2022 545,582
Profit for the year 230,908
Dividends (132,500 )
At 31 March 2023 643,990

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2023, the directors had the following overdrawn balances on their director's loan accounts:

DJ Metcalfe £30,796 (2022 £15,834), on which interest of £462 (2022 £203) was charged.
BJ Metcalfe £30,796 (2022 £15,834), on which interest of £462 (2022 £203) was charged.
AP Metcalfe £30,796 (2022 £15,834), on which interest of £462 (2022 £203) was charged.
K Tyrala £245 in credit (2022 £52,232 overdrawn), on which interest of £522 (2022 £799) was charged.

The company operates rent free from premises owned by the parents of DJ, BJ and AP Metcalfe.

11. RELATED PARTY DISCLOSURES

During the year, there have been various transactions at market value with connected parties. At the year end, Truck Technics Ltd was owed by the connected parties £236,223 (2022 £245,522) and similarly it owed the connected parties £55,341(2022 £43,923).

Included in debtors is a loan of £82,820 to Tyrala Holdings Ltd, a company which owns 40% of the ordinary share capital of Truck Technics Ltd. Interest of £820 has been charged on the outstanding balance.