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Registration number: 03284629

Truck Links Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Truck Links Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Truck Links Limited

(Registration number: 03284629)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,311,752

14,389,674

Current assets

 

Stocks

5

170,505

55,837

Debtors

6

661,922

797,184

Cash at bank and in hand

 

1,665

6,682

 

834,092

859,703

Creditors: Amounts falling due within one year

7

(5,788,339)

(5,392,116)

Net current liabilities

 

(4,954,247)

(4,532,413)

Total assets less current liabilities

 

10,357,505

9,857,261

Creditors: Amounts falling due after more than one year

7

(6,373,221)

(5,605,320)

Provisions for liabilities

(385,800)

(436,228)

Net assets

 

3,598,484

3,815,713

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

3,598,384

3,815,613

Shareholders' funds

 

3,598,484

3,815,713

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
D Bright
Company secretary and director

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Links House Estate Road 2
South Humberside Industrial Estate
Grimsby
DN31 2TG

These financial statements were authorised for issue by the Board on 9 May 2024.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact on the business and they are satisfied that the company has sufficient financial headroom to continue trading for the next twelve months. For this reason the financial statements have been prepared on a going concern basis.

The directors monitor cash flow on a regular basis and continues to support the company as necessary via their directors loan accounts. There are no plans to seek repayment of the directors loan accounts until cash flow permits.

Revenue 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 deferred tax. Tax is recognised in profit or loss, 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.

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Hire Fleet

15-20% Reducing Balance and 12-15% Straight Line

Office Equipment

33.3% Reducing Balance

Plant and Machinery

25% Reducing Balance

Motor Vehicles

20% Reducing Balance

Leasehold property

Equal instalments over the period of lease

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.

Trade 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.

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 makes contributions into its employees personal pension schemes under Auto Enrolment regulations. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 24 (2022 - 26).

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Hire Fleet
 £

Total
£

Cost or valuation

At 1 December 2022

808,679

419,475

147,418

22,199,162

23,574,734

Additions

-

16,780

-

5,170,858

5,187,638

Disposals

-

(13,250)

-

(6,958,795)

(6,972,045)

At 30 November 2023

808,679

423,005

147,418

20,411,225

21,790,327

Depreciation

At 1 December 2022

81,782

300,863

48,404

8,754,011

9,185,060

Charge for the year

7,865

32,930

27,027

2,305,996

2,373,818

Eliminated on disposal

-

(13,228)

-

(5,067,075)

(5,080,303)

At 30 November 2023

89,647

320,565

75,431

5,992,932

6,478,575

Carrying amount

At 30 November 2023

719,032

102,440

71,987

14,418,293

15,311,752

At 30 November 2022

726,897

118,612

99,014

13,445,151

14,389,674

Included within the net book value of land and buildings above is £719,032 (2022 - £726,897) in respect of long leasehold land and buildings.
 

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Stocks

2023
£

2022
£

Other inventories

170,505

55,837

6

Debtors

Current

2023
£

2022
£

Trade debtors

577,522

710,523

Prepayments

73,459

85,882

Other debtors

10,941

779

 

661,922

797,184

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,602,630

4,178,990

Trade creditors

 

365,608

561,178

Taxation and social security

 

87,013

86,978

Accruals and deferred income

 

59,884

68,419

Other creditors

 

673,204

496,551

 

5,788,339

5,392,116

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

6,317,547

5,549,028

Deferred income

 

55,674

56,292

 

6,373,221

5,605,320

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

5,974,358

5,054,028

Other borrowings

343,189

495,000

6,317,547

5,549,028

 

Truck Links Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

149,586

264,167

Bank overdrafts

533,497

406,227

Hire purchase contracts

3,789,576

3,441,929

Other borrowings

129,971

66,667

4,602,630

4,178,990

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,037,800 (2022 - £2,062,372).