Silverfin false 31/12/2022 01/01/2022 31/12/2022 Brian Clifford Trebble 30/09/2022 01/11/2001 Daniel Ross Trebble 17/09/2010 Elizabeth Trebble 30/09/2022 01/11/2001 Emma-Angelique Chantal Trebble 17/09/2010 23 November 2023 The principal activity of the Company during the financial year was that of vehicle body manufacturers. 04314801 2022-12-31 04314801 bus:Director1 2022-12-31 04314801 bus:Director2 2022-12-31 04314801 bus:Director3 2022-12-31 04314801 bus:Director4 2022-12-31 04314801 2021-12-31 04314801 core:CurrentFinancialInstruments 2022-12-31 04314801 core:CurrentFinancialInstruments 2021-12-31 04314801 core:Non-currentFinancialInstruments 2022-12-31 04314801 core:Non-currentFinancialInstruments 2021-12-31 04314801 core:ShareCapital 2022-12-31 04314801 core:ShareCapital 2021-12-31 04314801 core:RetainedEarningsAccumulatedLosses 2022-12-31 04314801 core:RetainedEarningsAccumulatedLosses 2021-12-31 04314801 core:Goodwill 2021-12-31 04314801 core:Goodwill 2022-12-31 04314801 core:LeaseholdImprovements 2021-12-31 04314801 core:PlantMachinery 2021-12-31 04314801 core:Vehicles 2021-12-31 04314801 core:FurnitureFittings 2021-12-31 04314801 core:LeaseholdImprovements 2022-12-31 04314801 core:PlantMachinery 2022-12-31 04314801 core:Vehicles 2022-12-31 04314801 core:FurnitureFittings 2022-12-31 04314801 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2022-12-31 04314801 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2021-12-31 04314801 core:MoreThanFiveYears 2022-12-31 04314801 core:MoreThanFiveYears 2021-12-31 04314801 2020-12-31 04314801 bus:OrdinaryShareClass1 2022-12-31 04314801 bus:OrdinaryShareClass2 2022-12-31 04314801 core:WithinOneYear 2022-12-31 04314801 core:WithinOneYear 2021-12-31 04314801 core:BetweenOneFiveYears 2022-12-31 04314801 core:BetweenOneFiveYears 2021-12-31 04314801 2022-01-01 2022-12-31 04314801 bus:FullAccounts 2022-01-01 2022-12-31 04314801 bus:SmallEntities 2022-01-01 2022-12-31 04314801 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 04314801 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04314801 bus:Director1 2022-01-01 2022-12-31 04314801 bus:Director2 2022-01-01 2022-12-31 04314801 bus:Director3 2022-01-01 2022-12-31 04314801 bus:Director4 2022-01-01 2022-12-31 04314801 core:Goodwill core:TopRangeValue 2022-01-01 2022-12-31 04314801 core:LeaseholdImprovements 2022-01-01 2022-12-31 04314801 core:PlantMachinery 2022-01-01 2022-12-31 04314801 core:Vehicles 2022-01-01 2022-12-31 04314801 core:FurnitureFittings 2022-01-01 2022-12-31 04314801 2021-01-01 2021-12-31 04314801 core:Goodwill 2022-01-01 2022-12-31 04314801 core:Non-currentFinancialInstruments 2022-01-01 2022-12-31 04314801 core:MoreThanFiveYears 2022-01-01 2022-12-31 04314801 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 04314801 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 04314801 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 04314801 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04314801 (England and Wales)

TRUCKSMITH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

TRUCKSMITH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

TRUCKSMITH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
TRUCKSMITH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 8,000 12,000
Tangible assets 4, 13 927,344 990,919
935,344 1,002,919
Current assets
Stocks 5 502,034 279,187
Debtors
- due within one year 6 1,057,639 758,815
- due after more than one year 6 209,234 0
Cash at bank and in hand 254,559 52,744
2,023,466 1,090,746
Creditors: amounts falling due within one year 7 ( 1,851,813) ( 2,159,451)
Net current assets/(liabilities) 171,653 (1,068,705)
Total assets less current liabilities 1,106,997 (65,786)
Creditors: amounts falling due after more than one year 8 ( 2,219,091) ( 1,090,113)
Provision for liabilities 9 0 ( 19,452)
Net liabilities ( 1,112,094) ( 1,175,351)
Capital and reserves
Called-up share capital 10 280 280
Profit and loss account ( 1,112,374 ) ( 1,175,631 )
Total shareholders' deficit ( 1,112,094) ( 1,175,351)

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Trucksmith Limited (registered number: 04314801) were approved and authorised for issue by the Director. They were signed on its behalf by:

Daniel Ross Trebble
Director

23 November 2023

TRUCKSMITH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
TRUCKSMITH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
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 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 King Place, Hitchcocks Business Park, Uffculme, 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 company has over recent years faced significant external factors namely:

-The effect of Brexit on the movement of motor vehicle parts in and out of the EU;
-Mandatory factory shut-downs during the covid pandemic;
-Worldwide shortage of computer chips.

The company took advantage of government support packages which assisted it in weathering the above economic shocks. This period though depleted the company’s historical reserves and left it relying on the support of HMRC and other creditors. The company has streamlined its cost base and has a very strong order book. It is confident that, in the absence of any further large economic shocks, it will trade profitably. In order to give the company sufficient time to repay the creditors that supported it during the above years, the company entered into a company voluntary arrangement (CVA) on 21st December 2022. The CVA is set to last for five years and plans and forecasts have been prepared that show that all creditors, subject to the CVA, will be repaid 100%. Accordingly, the directors have prepared the accounts on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 15 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 10 - 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade [and other] creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting
Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 63

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2022 40,000 40,000
At 31 December 2022 40,000 40,000
Accumulated amortisation
At 01 January 2022 28,000 28,000
Charge for the financial year 4,000 4,000
At 31 December 2022 32,000 32,000
Net book value
At 31 December 2022 8,000 8,000
At 31 December 2021 12,000 12,000

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2022 120,810 1,037,016 669,805 328,303 2,155,934
Additions 0 47,992 17,950 24,076 90,018
Disposals 0 ( 6,500) ( 156,000) 0 ( 162,500)
At 31 December 2022 120,810 1,078,508 531,755 352,379 2,083,452
Accumulated depreciation
At 01 January 2022 65,595 501,049 388,933 209,438 1,165,015
Charge for the financial year 8,282 29,394 30,555 21,216 89,447
Disposals 0 ( 1,099) ( 97,255) 0 ( 98,354)
At 31 December 2022 73,877 529,344 322,233 230,654 1,156,108
Net book value
At 31 December 2022 46,933 549,164 209,522 121,725 927,344
At 31 December 2021 55,215 535,967 280,872 118,865 990,919

5. Stocks

2022 2021
£ £
Stocks 502,034 279,187

6. Debtors

2022 2021
£ £
Debtors: amounts falling due within one year
Trade debtors 289,243 85,338
Amounts owed by connected companies 52,309 0
Amounts owed by directors 156,983 138,595
Prepayments 268,349 63,450
Other debtors 290,755 471,432
1,057,639 758,815
Debtors: amounts falling due after more than one year
Amounts owed by connected companies 209,234 0

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 241,074 242,824
Trade creditors 568,105 253,807
Amounts owed to directors 0 39,982
Accruals and deferred income 483,449 199,593
Taxation and social security 207,507 1,391,979
Obligations under finance leases and hire purchase contracts 2,280 23,416
Other creditors 349,398 7,850
1,851,813 2,159,451

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 862,733 1,087,832
Obligations under finance leases and hire purchase contracts 0 2,281
Other creditors 1,356,358 0
2,219,091 1,090,113

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans 0 177,760

Included within other creditors is an amount of £1,695,447 which forms part of the CVA agreement disclosed in the going concern policy.

9. Deferred tax

2022 2021
£ £
At the beginning of financial year ( 19,452) 0
Credited/(charged) to the Statement of Income and Retained Earnings 19,452 ( 7,642)
At the end of financial year 0 ( 19,452)

The deferred taxation balance is made up as follows:

2022 2021
£ £
0 ( 19,452)

10. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 0.10 each 200 200
8,000 Employee Profit 1p ordinary shares of £ 0.01 each 80 80
280 280

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
within one year 214,584 211,787
between one and five years 590,106 858,328
804,690 1,070,115

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. During the year, contributions of £ 23,574 (2021: £29,265) were paid into the scheme

12. Related party transactions

Transactions with the entity's directors

At the year end, the Directors owed the company £156,983 (2021: £138,595). Interest on these loans is payable at HMRC rates.

Other related party transactions

During the year, recharges of £247,426 (2021: £395,877) were charged by the company to Trucksmith Service Limited, a company controlled by a director. At the year end the company was owed £237,707 (2021: £386,090). At 31 December 2022, Trucksmith Service Limited had Net Liabilities of £477,453. The Directors are confident that, following Trucksmith Service Limited’s restructure of contracts and focus on specific areas of the business, it is expected to return to profitability, which will facilitate the repayment of this debt. As such, the Directors have concluded that no provision is required in respect of this balance.

13. Exceptional items

2022 2021
£ £
Loss on disposal of motor vehicles 0 26,097
Debt waived 0 122,710
Debt waived (125,139) 0
(125,139) 148,807