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Company No: 08994680 (England and Wales)

TRUCKSMITH SERVICE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TRUCKSMITH SERVICE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TRUCKSMITH SERVICE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TRUCKSMITH SERVICE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Stocks 3 3,000 3,000
Debtors 4 110,283 30,251
Cash at bank and in hand 9,023 12,436
122,306 45,687
Creditors: amounts falling due within one year 5 ( 108,614) ( 263,297)
Net current assets/(liabilities) 13,692 (217,610)
Total assets less current liabilities 13,692 (217,610)
Creditors: amounts falling due after more than one year 6 ( 209,234) ( 261,543)
Net liabilities ( 195,542) ( 479,153)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 195,543 ) ( 479,154 )
Total shareholder's deficit ( 195,542) ( 479,153)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Trucksmith Service Limited (registered number: 08994680) were approved and authorised for issue by the Director. They were signed on its behalf by:

D R Trebble
Director

05 September 2024

TRUCKSMITH SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TRUCKSMITH SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Trucksmith Service Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Unit 2 King Place, Hitchcocks Business Park, Uffculme, Cullompton, EX15 3FH, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The financial statements have been prepared on a going concern basis. Although the Company has generated a profit of £287,112 during the year, it had net liabilities of £195,542 at the year end. The company is confident the net liability position will be reversed in the near future and on that basis the accounts have been prepared on a going concern basis.

The company is reliant on the ongoing support from its directors. The director is confident that the company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 5 4

3. Stocks

2023 2022
£ £
Finished goods 3,000 3,000

4. Debtors

2023 2022
£ £
Trade debtors 57,044 30,250
S455 9,986 0
Other debtors 43,253 1
110,283 30,251

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,983 3,535
Taxation and social security 89,303 19,555
Other creditors 14,328 240,207
108,614 263,297

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to connected companies 209,234 261,543

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Other debtors includes amounts owed to the Company by the Director 29,590 1

Other related party transactions

During the year, recharges of £597,143 (2022: £247,426) were charged by the Company to Trucksmith Limited, a Company that the Director has a significant influence on, and at the year end the Company owed £8,828 (2022: £237,707).