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REGISTERED NUMBER: 06035519 (England and Wales)






TRUCKS DIRECT UK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)






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


TRUCKS DIRECT UK LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTOR: A Bellerby





REGISTERED OFFICE: Unit C
Doranda Way Industrial Park
Doranda Way
West Bromwich
West Midlands
B71 4LE





REGISTERED NUMBER: 06035519 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
Chartered Accountants
100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

BALANCE SHEET
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 89,564 83,280
89,564 83,280

CURRENT ASSETS
Stocks 2,979,706 2,014,381
Debtors 6 1,104,993 856,281
Cash at bank 865,504 461,052
4,950,203 3,331,714
CREDITORS
Amounts falling due within one year 7 (2,341,916 ) (1,009,444 )
NET CURRENT ASSETS 2,608,287 2,322,270
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,697,851

2,405,550

CREDITORS
Amounts falling due after more than one
year

8

(708,867

)

(640,804

)

PROVISIONS FOR LIABILITIES (37,266 ) (15,823 )
NET ASSETS 1,951,718 1,748,923

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,951,618 1,748,823
SHAREHOLDERS' FUNDS 1,951,718 1,748,923

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 director acknowledges his 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.

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

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 director and authorised for issue on 23 November 2023 and were signed by:





A Bellerby - Director


TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Trucks Direct UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 and income
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Turnover from the rental of trucks is recognised in the income statement in the period to which it relates.

Interest receivable is recognised in the income statement in the period to which it relates.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants
Government grants are recognised using the accruals model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Government grant income relating to the interest and charges on the Coronavirus Business Interruption Loan Scheme (CBILS) has been recognised in the income statement in the period to which it relates.

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

As part of its normal trading activities, in order to raise finance, the company has sold and contracted to repurchase, at predetermined values and dates, certain items of stock. Although the title to these goods remains with the finance provider until the goods have been paid for in full, the company is responsible for insuring and storing the goods from the time of delivery and has permission to resell the goods before ownership has passed to the company, at full market value during their ordinary course of business. At which point, any finance outstanding on the item of stock shall be repaid in full.

In order to record the economic substance of the transaction rather than just the legal form, the company recognises these items as part of the stock value at the year end based on the original purchase price before finance was raised, with the finance due on them recognised in other loans. Interest and charges payable are recongnised in the income statement.

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.

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.

Pension costs and other post-retirement benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a work place pension defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 9,000
AMORTISATION
At 1 April 2022
and 31 March 2023 9,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 46,006 66,115 5,727 117,848
Additions - 27,749 5,997 33,746
At 31 March 2023 46,006 93,864 11,724 151,594
DEPRECIATION
At 1 April 2022 14,699 17,489 2,380 34,568
Charge for year 4,695 19,094 3,673 27,462
At 31 March 2023 19,394 36,583 6,053 62,030
NET BOOK VALUE
At 31 March 2023 26,612 57,281 5,671 89,564
At 31 March 2022 31,307 48,626 3,347 83,280

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 4,150 47,615 51,765
DEPRECIATION
At 1 April 2022 622 11,903 12,525
Charge for year 529 8,928 9,457
At 31 March 2023 1,151 20,831 21,982
NET BOOK VALUE
At 31 March 2023 2,999 26,784 29,783
At 31 March 2022 3,528 35,712 39,240

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 493,825 426,973
Other debtors 151,981 45,003
Directors' loan accounts 347,976 312,693
Tax 75,721 71,612
Prepayments 35,490 -
1,104,993 856,281

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 70,438 64,946
Other loans 300,367 311,057
Hire purchase contracts 17,237 17,237
Trade creditors 1,180,547 342,121
Corporation tax payable 152,771 66,675
Social security & other taxes 12,326 21,002
VAT 381,667 129,539
Other creditors 44,867 36,301
Wages control - 6,376
Accrued expenses 181,696 14,190
2,341,916 1,009,444

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/23 31/3/22
£    £   
Bank loans - 1-2 years 76,557 70,438
Bank loans - 2-5 years 109,650 176,816
Bank loans more 5 yr by instal - 9,390
Other loans - 1-2 years 510,731 354,994
Hire purchase contracts 11,929 29,166
708,867 640,804

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 9,390

9. SECURED DEBTS

The following secured debts are included within creditors:

31/3/23 31/3/22
£    £   
Bank loans 256,645 321,590
Other loans 811,098 666,051
1,067,743 987,641

The bank loan is secured by way of personal guarantee from the director. The CBILS loan is covered by the CBILS guarantee and provides the lender with a partial guarantee for the amount outstanding. The balance remaining on this loan at the year end amounts to £190,148.

Other loans relates to finance raised on stock and are guaranteed on the stock items to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
100 Ordinary £1 100 100

TRUCKS DIRECT UK LIMITED (REGISTERED NUMBER: 06035519)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23 31/3/22
£    £   
A Bellerby
Balance outstanding at start of year 312,693 295,344
Amounts advanced 155,842 169,114
Amounts repaid (120,559 ) (151,765 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 347,976 312,693

No interest is charged on directors loans. There are no fixed repayment terms, amounts are repayable on demand.

12. RELATED PARTY DISCLOSURES

During the year, a company under common control has operated from the premises for which a management charge of £3,666 (2022: £Nil) has been charged. Trucks Direct UK Limited has provided the company with the use of a vehicle for which no charge has been made.

The company has also provided a guarantee in favour of Allica Financial Services Limited for all amounts outstanding by the related party. At 31 March 2023, the amounts due to Allicia Financial Services Limited are £118,393.