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Company registration number: 12925256

Junction 22 Trailers Ltd

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Junction 22 Trailers Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Junction 22 Trailers Ltd

(Registration number: 12925256)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

27,453

20,056

Current assets

 

Stocks

5

5,272

5,272

Debtors

6

170,563

91,521

Cash at bank and in hand

 

241,927

175,423

 

417,762

272,216

Creditors: Amounts falling due within one year

7

(223,871)

(147,731)

Net current assets

 

193,891

124,485

Net assets

 

221,344

144,541

Capital and reserves

 

Called up share capital

111

111

Profit and loss account

221,233

144,430

Total equity

 

221,344

144,541

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 


S R Keedwell
Director

   
 

Junction 22 Trailers Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

The principal place of business is:
Commerce Way
Walrow Industrial Estate
Highbridge
Somerset
TA9 4AG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Going concern

The directors have assessed the ability of the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Junction 22 Trailers Ltd

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

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% SL

Computer equipment

25% SL

Motor vehicles

25% SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Junction 22 Trailers Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period profits and losses.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 10 (2022 - 8).

 

Junction 22 Trailers Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

770

11,533

16,188

28,491

Additions

-

17,000

-

17,000

At 31 October 2023

770

28,533

16,188

45,491

Depreciation

At 1 November 2022

277

3,625

4,533

8,435

Charge for the year

193

5,362

4,048

9,603

At 31 October 2023

470

8,987

8,581

18,038

Carrying amount

At 31 October 2023

300

19,546

7,607

27,453

At 31 October 2022

493

7,908

11,655

20,056

5

Stocks

2023
£

2022
£

Stocks

5,272

5,272

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

63,833

38,836

Amounts owed by related parties

8

102,253

52,574

Prepayments

 

4,366

-

Other debtors

 

111

111

   

170,563

91,521

 

Junction 22 Trailers Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

155,730

100,650

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,097

-

Taxation and social security

44,000

20,622

Corporation tax

-

8,211

Other creditors

23,044

18,248

223,871

147,731

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company has taken advantage of the exemption in FRS102 paragraph 33.1A from disclosing transactions and balances from wholly owned subsidiaries of its parent company.
 

Summary of transactions with other related parties

The company has not entered in to any material transactions with related parties that have not been concluded under normal market conditions.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is R T Keedwell (Holdings) Limited, incorporated in England and Wales.

 The ultimate parent is S R Keedwell (Holdings) Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is S R Keedwell (Holdings) Limited. These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

10

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 July 2024 was Simon Morrison FCA, who signed for and on behalf of Bishop Fleming LLP.