Company Registration No. SC082193 (Scotland)
Truckpoint Limited
Unaudited Accounts
for the year ended 6 June 2023
Truckpoint Limited
Unaudited Accounts
Contents
Truckpoint Limited
Company Information
for the year ended 6 June 2023
Directors
Mr J E Medine
Mrs L S C Medine
Mr N E Medine
Mrs K S Hendrie
Company Number
SC082193 (Scotland)
Registered Office
7-9 Irvine Road
Crosshouse
KILMARNOCK
Ayrshire
KA2 0HE
Scotland
Accountants
Hugh Ferguson & Co. Ltd.
22 West Main Street
DARVEL
Ayrshire
KA17 0AQ
Truckpoint Limited
Statement of financial position
as at 6 June 2023
Tangible assets
162,918
174,598
Inventories
120,086
127,170
Cash at bank and in hand
115,851
109,001
Creditors: amounts falling due within one year
(369,032)
(411,388)
Net current liabilities
(28,730)
(46,439)
Total assets less current liabilities
134,188
128,159
Creditors: amounts falling due after more than one year
(20,000)
(30,000)
Provisions for liabilities
Deferred tax
(7,349)
(9,358)
Called up share capital
1,000
1,000
Profit and loss account
105,839
87,801
Shareholders' funds
106,839
88,801
For the year ending 6 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by
Mr J E Medine
Director
Company Registration No. SC082193
Truckpoint Limited
Notes to the Accounts
for the year ended 6 June 2023
Truckpoint Limited is a private company, limited by shares, registered in Scotland, registration number SC082193. The registered office is 7-9 Irvine Road, Crosshouse, KILMARNOCK, Ayrshire, KA2 0HE, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is the amount derived from ordinary activities and stated after trade discounts, other taxes and VAT.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
not provided
Plant & machinery
20% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 accounts. 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.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Truckpoint Limited
Notes to the Accounts
for the year ended 6 June 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 7 June 2022
125,348
114,759
232,270
51,044
523,421
At 6 June 2023
125,348
114,759
232,270
51,044
523,421
At 7 June 2022
-
102,369
195,720
50,734
348,823
Charge for the year
-
2,480
9,140
60
11,680
At 6 June 2023
-
104,849
204,860
50,794
360,503
At 6 June 2023
125,348
9,910
27,410
250
162,918
At 6 June 2022
125,348
12,390
36,550
310
174,598
Amounts falling due within one year
Trade debtors
102,228
122,712
Accrued income and prepayments
2,137
6,066
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
24,376
28,636
Taxes and social security
39,562
43,101
Loans from directors
287,124
320,516
7
Creditors: amounts falling due after more than one year
2023
2022
Truckpoint Limited
Notes to the Accounts
for the year ended 6 June 2023
8
Transactions with related parties
At 7th June 2022 the company owed £320,516 to Mr. J. Medine, Mrs. L. Medine, Mr. N. Medine and Mrs. K. Hendrie by way of a loan. During the period under review the company repaid £33,392 of this loan to Mr. J. Medine, Mrs. L. Medine, Mr. N. Medine and Mrs. K. Hendrie. The balance due by the company to Mr. J. Medine, Mrs. L. Medine, Mr. N. Medine and Mrs. K. Hendrie at 6th June 2023 was £287,124. This loan, which is included in Creditors above, is unsecured, interest free and repayable on demand. Mr. J. Medine, Mrs. L. Medine, Mr. N. Medine and Mrs. K. Hendrie are all directors of the company and they each own 25% of the company's called up share capital.
9
Average number of employees
During the year the average number of employees was 9 (2022: 11).