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Company registration number: 13412242

Truck Tech Yorkshire Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Truck Tech Yorkshire Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Truck Tech Yorkshire Limited

(Registration number: 13412242)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

62,935

64,634

Current assets

 

Stocks

5

8,000

40,947

Debtors

6

182,128

209,233

Cash at bank and in hand

 

147,476

99,188

 

337,604

349,368

Creditors: Amounts falling due within one year

7

(640,455)

(580,461)

Net current liabilities

 

(302,851)

(231,093)

Net liabilities

 

(239,916)

(166,459)

Capital and reserves

 

Called up share capital

111

111

Profit and loss account

(240,027)

(166,570)

Total equity

 

(239,916)

(166,459)

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

   
 

Truck Tech Yorkshire Limited

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:
Yorkshire House
Weeland Road
Hensall
North Yorkshire
DN14 0QE

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 (£).

 

Truck Tech Yorkshire Limited

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

Key sources of estimation uncertainty

Key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimate have been made include:

1. The going concern basis of preparation
The directors consider it appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the directors have assessed the company’s future trading and cash requirements. However as the company is a member of the S R Keedwell Holdings Limited group (together the “group”) the directors have also assessed the viability of both the company and the
group in forming their conclusion.

At the year end the company had a loss of £73,457 with net current liabilities and net liabilities of (£302,851) and (£239,916) respectively. However, the company trades with other group companies and at the year end was owed £73,987 and owed £268,538 to fellow group companies. It has been confirmed, by group confirmation, for at least 12 months from the approval of these financial statements, that the group companies will not seek settlement of outstanding balances if it is considered detrimental to the ability of that company to continue trading. It has also been confirmed that the group will provide its members with any required support for at least 12 months from the approval date of these financial statements. The group, per its consolidated financial statements has consolidated net current assets of £14,639,646 (2022 - £14,262,010) and net assets of £28,060,369 as at 31 October 2023 (2022 - £27,503,988).

The directors have concluded that the trading forecast combined with the funding arrangements will enable the company and group to meet their liabilities as they fall due for at least 12 months from the date of approving the financial statements.

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.

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.

 

Truck Tech Yorkshire Limited

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

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

Furniture, fittings and 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.

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.

 

Truck Tech Yorkshire Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 16 (2022 - 12).

 

Truck Tech Yorkshire Limited

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

10,553

52,125

22,250

84,928

Additions

517

21,250

11,700

33,467

Disposals

-

(16,500)

-

(16,500)

At 31 October 2023

11,070

56,875

33,950

101,895

Depreciation

At 1 November 2022

2,606

13,921

3,767

20,294

Charge for the year

2,724

12,735

6,739

22,198

Eliminated on disposal

-

(3,532)

-

(3,532)

At 31 October 2023

5,330

23,124

10,506

38,960

Carrying amount

At 31 October 2023

5,740

33,751

23,444

62,935

At 31 October 2022

7,947

38,204

18,483

64,634

5

Stocks

2023
£

2022
£

Stocks

8,000

40,947

 

Truck Tech Yorkshire Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

108,030

120,809

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

73,987

87,953

Prepayments

-

360

Other debtors

111

111

 

182,128

209,233

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

305,435

252,756

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

268,538

245,063

Taxation and social security

44,027

60,339

Other creditors

22,455

22,303

640,455

580,461

8

Related party transactions

Summary of transactions with 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.

 

 

Truck Tech Yorkshire Limited

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

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.