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REGISTERED NUMBER: 07713728 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

CMS FORK TRUCKS LTD

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CMS FORK TRUCKS LTD

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: N J Whiteley
Mrs D M Whiteley





REGISTERED OFFICE: Holmsfield Road
Howley
Warrington
Cheshire
WA1 2DS





REGISTERED NUMBER: 07713728 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

STATEMENT OF FINANCIAL POSITION
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,284,147 1,932,259

CURRENT ASSETS
Stocks 10,000 7,000
Debtors 5 518,350 609,590
Cash at bank and in hand 12,696 69,906
541,046 686,496
CREDITORS
Amounts falling due within one year 6 515,008 484,440
NET CURRENT ASSETS 26,038 202,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,310,185

2,134,315

CREDITORS
Amounts falling due after more than one year 7 (288,483 ) (360,796 )

PROVISIONS FOR LIABILITIES (533,753 ) (444,842 )
NET ASSETS 1,487,949 1,328,677

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,487,849 1,328,577
SHAREHOLDERS' FUNDS 1,487,949 1,328,677

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

STATEMENT OF FINANCIAL POSITION - continued
31 January 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2024 and were signed on its behalf by:





N J Whiteley - Director


CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

CMS Fork Trucks Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for fork truck hire, trucks sold, servicing and repairs, excluding value added tax.

Turnover from trucks on hire is recognised in the period in which the hire took place.

Turnover from truck sales is recognised when the significant risks and rewards of ownership of the trucks has transferred to the customer, usually at the point when the customer receives the truck.

Turnover from servicing and repairs is recognised once the repair work has been completed.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following rates in order to write off the costs less estimated residual value of each asset over its estimated useful life.

Long leasehold2% on cost
Plant and machinery5% on reducing balance
Motor Vehicles25% on reducing balance
Computer Equipment25% on reducing balance


Stocks
Stocks are recognised at the lower of cost and selling price, after making due allowance for obsolete and slow moving items.

Financial instruments
Debt instruments that are payable or receivable within one year, typically trade creditors and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash that is expected to be paid or received.

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 statement of financial position date.


CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 February 2023 186,850 1,988,478 6,358
Additions - 600,547 -
Disposals - (244,000 ) -
At 31 January 2024 186,850 2,345,025 6,358
DEPRECIATION
At 1 February 2023 34,255 301,966 4,705
Charge for year 3,737 103,548 248
Eliminated on disposal - (27,899 ) -
At 31 January 2024 37,992 377,615 4,953
NET BOOK VALUE
At 31 January 2024 148,858 1,967,410 1,405
At 31 January 2023 152,595 1,686,512 1,653

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 225,754 6,290 2,413,730
Additions 148,805 2,440 751,792
Disposals (49,250 ) - (293,250 )
At 31 January 2024 325,309 8,730 2,872,272
DEPRECIATION
At 1 February 2023 135,281 5,264 481,471
Charge for year 54,626 867 163,026
Eliminated on disposal (28,473 ) - (56,372 )
At 31 January 2024 161,434 6,131 588,125
NET BOOK VALUE
At 31 January 2024 163,875 2,599 2,284,147
At 31 January 2023 90,473 1,026 1,932,259

The net book value of tangible fixed assets includes £ 601,967 (2023 - £ 509,836 ) in respect of assets held under hire purchase contracts.

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 356,266 430,351
Other debtors 162,084 179,239
518,350 609,590

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 61,331 66,709
Hire purchase contracts (see note 8) 240,854 185,564
Trade creditors 148,609 173,858
Taxation and social security 44,496 51,729
Other creditors 19,718 6,580
515,008 484,440

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 153,163 209,117
Hire purchase contracts (see note 8) 135,320 151,679
288,483 360,796

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 274,076 211,282
Between one and five years 157,400 174,044
431,476 385,326

Finance charges repayable:
Within one year 33,222 25,718
Between one and five years 22,080 22,365
55,302 48,083

Net obligations repayable:
Within one year 240,854 185,564
Between one and five years 135,320 151,679
376,174 337,243

Non-cancellable operating leases
2024 2023
£    £   
Within one year 10,200 -
Between one and five years 21,248 -
31,448 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 214,494 275,826
Hire purchase contracts 376,174 337,243
590,668 613,069

The company has a legal mortgage over the leasehold property, and a bank loan and overdraft which is secured by way of a fixed and floating charge dated 10th August 2015, over all assets of the company, in favour of HSBC Bank PLC.

CMS FORK TRUCKS LTD (REGISTERED NUMBER: 07713728)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
N J Whiteley
Balance outstanding at start of year 45,979 31,995
Amounts advanced 101,375 112,684
Amounts repaid (98,700 ) (98,700 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,654 45,979

Mrs D M Whiteley
Balance outstanding at start of year 66,337 66,404
Amounts advanced 5,635 25,733
Amounts repaid (14,100 ) (25,800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 57,872 66,337

The loans are repayable on demand. No interest has been charged on the loans.

11. RELATED PARTY DISCLOSURES

Included in other debtors is £NIL (2022: £7,946) owed to the company by Mr C Whiteley. The loan is repayable on demand. No interest has been charged on the loan.

Included in other creditors is £13,864 owed by the company to Mr C Whiteley.