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Registered number: NI671615














Uni-Trunk Group Holdings Limited






Director's Report and Financial Statements

For the Year Ended 31 December 2023

 
Uni-Trunk Group Holdings Limited
 

Company Information


Director
D Morrow 




Company secretaries
M Clarke, H Morrow



Registered number
NI671615



Registered office
4 Altona Road
Lisburn

BT27 5QB




Independent auditors
ASM (B) Ltd

Glendinning House

6 Murray Street

Belfast

BT1 6DN





 
Uni-Trunk Group Holdings Limited
 

Contents



Page
Group Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 7
Consolidated Statement of Comprehensive Income
 
 
8
Consolidated Balance Sheet
 
 
9 - 10
Company Balance Sheet
 
 
11
Consolidated Statement of Changes in Equity
 
 
12
Company Statement of Changes in Equity
 
 
13
Consolidated Statement of Cash Flows
 
 
14 - 15
Consolidated Analysis of Net Debt
 
 
16
Notes to the Financial Statements
 
 
17 - 34


 
Uni-Trunk Group Holdings Limited
 

Group Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The director presents his Group report and financial statements for the year ended 31 December 2023.

Business review
 
The Group remained profitable in the year returning a net profit after tax of £11,506,995. This is largely due to the good relationships which the group has forged over a great many years with customers and suppliers.

Principal risks and uncertainties
 
The management of the business and the nature of the Group's strategy are subject to a number of risks. The principal risks are set out below.
The director is aware of these risks and accepts they can be difficult to manage. Costs are reviewed on a monthly basis and are carefully managed. Customer relationship management is under constant review.
Competition
The Group operates in a competitive market which can put pressure on prices and margins. The Group has countered this by offering tailored solutions to move the focus towards value for money and quality. Nevertheless, some customers will buy on price.
Internal Control
The Board is responsible for maintaining a sound system of internal controls to safeguard shareholder investment and the Group's assets.
The director monitors the operation of internal controls. The objective of the system is to safeguard the Group's assets, ensure proper accounting records are maintained and that the financial information used within the business and for publication is reliable. Any such systems of internal control can only provide reasonable, but not absolute assurance, against material misstatement or loss.
Internal financial control procedures undertaken by the Board include:
• Review of monthly financial reports and monitoring performance;
• Prior approval of all significant expenditure including major investment decisions; and
• Review of continuing financing requirements.
The Board has reviewed the operation and effectiveness of the Group's system of internal control for the financial period and the period up to date of approval of the financial statements.
Liquidity Risk
The Group seeks to manage financial risk to ensure sufficient liquidity is available to meet the foreseeable needs and to invest cash assets safely and profitably. Other current assets are managed for this purpose. The procedures put in place to manage liquidity risk are operating satisfactorily.

Financial key performance indicators
 
The director considers gross profit margin and profit before tax as the main measures of financial performance.
The turnover in the year amounts to £73,577,732 (2022: £67,264,531). Gross margin for the year was 41% (2022:40%). Overall the pre-tax profit for the year was £14,406,704 (2022: £13,619,298).

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Page 1

 
Uni-Trunk Group Holdings Limited
 

Group Strategic Report (continued)
For the Year Ended 31 December 2023


This report was approved by the board on 17 April 2024 and signed on its behalf.



D Morrow
Director

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Page 2

 
Uni-Trunk Group Holdings Limited
 

 
Director's Report
For the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £11,506,995 (2022: £11,708,696).

Dividends declared for the period ended 31 December 2023 were £123,874 (2022: £119,009).

Director

The director who served during the year was:

D Morrow 

Future developments

The Group continues to develop its product and its market place within the United Kingdom and oversees.
The director considers that both the results for the year and trading prospects are satisfactory and that the current level of performance can be maintained.

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Page 3

 
Uni-Trunk Group Holdings Limited
 

 
Director's Report (continued)
For the Year Ended 31 December 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsASM (B) Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 April 2024 and signed on its behalf.
 





D Morrow
Director

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Page 4

 
Uni-Trunk Group Holdings Limited
 

 
Independent Auditors' Report to the Members of Uni-Trunk Group Holdings Limited
 

Opinion


We have audited the financial statements of Uni-Trunk Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


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Page 5

 
Uni-Trunk Group Holdings Limited
 

 
Independent Auditors' Report to the Members of Uni-Trunk Group Holdings Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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Page 6

 
Uni-Trunk Group Holdings Limited
 

 
Independent Auditors' Report to the Members of Uni-Trunk Group Holdings Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: completeness of income and management override of controls. We discussed these risks with client management, designed audit procedures to test the completeness of income, tested a sample of journals to confirm they were appropriate and review areas of judgment for indicators of management bias to address these risks.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Michael Nixon (Senior Statutory Auditor)
  
for and on behalf of
ASM (B) Ltd
 
Glendinning House
6 Murray Street
Belfast
BT1 6DN

17 April 2024
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Page 7

 
Uni-Trunk Group Holdings Limited
 

Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
73,577,732
67,264,531

Cost of sales
  
(43,254,791)
(40,276,850)

Gross profit
  
30,322,941
26,987,681

Administrative expenses
  
(15,861,308)
(12,893,357)

Other operating income
 5 
27,361
8,700

Operating profit
 6 
14,488,994
14,103,024

Interest receivable and similar income
 9 
402,367
-

Interest payable and similar expenses
 10 
(484,657)
(483,726)

Profit before taxation
  
14,406,704
13,619,298

Tax on profit
 11 
(2,899,709)
(1,910,602)

Profit for the financial year
  
11,506,995
11,708,696

  

Currency translation differences
  
(82,994)
102,382

Other comprehensive income for the year
  
(82,994)
102,382

Total comprehensive income for the year
  
11,424,001
11,811,078

Profit for the year attributable to:
  

Owners of the parent Company
  
11,506,995
11,708,696

  
11,506,995
11,708,696

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
11,424,001
11,811,078

  
11,424,001
11,811,078

The notes on pages 17 to 34 form part of these financial statements.

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Page 8

 
Uni-Trunk Group Holdings Limited
Registered number: NI671615

Consolidated Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
1,850,498
2,114,855

Tangible assets
 14 
16,187,381
13,641,059

  
18,037,879
15,755,914

Current assets
  

Stocks
 16 
14,824,472
13,796,576

Debtors: amounts falling due within one year
 17 
13,260,243
16,018,510

Cash at bank and in hand
 18 
26,587,605
19,563,678

  
54,672,320
49,378,764

Creditors: amounts falling due within one year
 19 
(18,303,228)
(17,575,641)

Net current assets
  
 
 
36,369,092
 
 
31,803,123

Total assets less current liabilities
  
54,406,971
47,559,037

Creditors: amounts falling due after more than one year
 20 
(22,499,990)
(27,499,990)

Provisions for liabilities
  

Deferred taxation
 22 
(1,013,667)
(465,860)

  
 
 
(1,013,667)
 
 
(465,860)

Net assets
  
30,893,314
19,593,187


Capital and reserves
  

Called up share capital 
 23 
100
100

Capital redemption reserve
  
9,000,000
4,000,000

Foreign exchange reserve
  
(45,345)
37,649

Profit and loss account
  
21,938,559
15,555,438

Equity attributable to owners of the parent Company
  
30,893,314
19,593,187

  
30,893,314
19,593,187


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.


D Morrow
Director

The notes on pages 17 to 34 form part of these financial statements.
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Page 9

 
Uni-Trunk Group Holdings Limited
Registered number: NI671615

Consolidated Balance Sheet (continued)
As at 31 December 2023


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Page 10

 
Uni-Trunk Group Holdings Limited
Registered number: NI671615

Company Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
36,064,430
36,064,430

  
36,064,430
36,064,430

Current assets
  

Debtors: amounts falling due within one year
 17 
7,284,000
7,284,000

Cash at bank and in hand
 18 
9,329
96,641

  
7,293,329
7,380,641

Creditors: amounts falling due within one year
 19 
(1,562,156)
(1,040,817)

Net current assets
  
 
 
5,731,173
 
 
6,339,824

Total assets less current liabilities
  
41,795,603
42,404,254

  

Creditors: amounts falling due after more than one year
 20 
(22,499,990)
(27,499,990)

  

Net assets
  
19,295,613
14,904,264


Capital and reserves
  

Called up share capital 
 23 
100
100

Capital redemption reserve
  
9,000,000
4,000,000

Profit and loss account
  
10,295,513
10,904,164

  
19,295,613
14,904,264


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.


D Morrow
Director

The notes on pages 17 to 34 form part of these financial statements.

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Page 11

 

 
Uni-Trunk Group Holdings Limited


 

Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2023



Called up share capital
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2022
100
4,000,000
(64,733)
3,965,751
7,901,118



Comprehensive income for the year


Profit for the year
-
-
-
11,708,696
11,708,696


Currency translation differences
-
-
102,382
-
102,382


Dividends: Equity capital
-
-
-
(119,009)
(119,009)





At 1 January 2023
100
4,000,000
37,649
15,555,438
19,593,187



Comprehensive income for the year


Profit for the year
-
-
-
11,506,995
11,506,995


Currency translation differences
-
-
(82,994)
-
(82,994)


Dividends: Equity capital
-
-
-
(123,874)
(123,874)


Transfer to/from profit and loss account
-
5,000,000
-
(5,000,000)
-



At 31 December 2023
100
9,000,000
(45,345)
21,938,559
30,893,314



The notes on pages 17 to 34 form part of these financial statements.

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Page 12

 

 
Uni-Trunk Group Holdings Limited


 

Company Statement of Changes in Equity
For the Year Ended 31 December 2023



Called up share capital
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£



At 1 January 2022
100
4,000,000
6,828,376
10,828,476



Comprehensive income for the year


Profit for the year
-
-
4,194,797
4,194,797


Dividends: Equity capital
-
-
(119,009)
(119,009)





At 1 January 2023
100
4,000,000
10,904,164
14,904,264



Comprehensive income for the year


Profit for the year
-
-
4,515,223
4,515,223


Dividends: Equity capital
-
-
(123,874)
(123,874)


Transfer to/from profit and loss account
-
5,000,000
(5,000,000)
-



At 31 December 2023
100
9,000,000
10,295,513
19,295,613



The notes on pages 17 to 34 form part of these financial statements.

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Page 13

 
Uni-Trunk Group Holdings Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
11,506,995
11,708,696

Adjustments for:

Amortisation of intangible assets
264,357
264,357

Depreciation of tangible assets
1,068,507
688,593

Loss on disposal of tangible assets
(17,480)
(7,485)

Government grants
-
(8,700)

Interest paid
484,657
483,726

Interest received
(402,367)
-

Taxation charge
2,899,709
1,910,602

(Increase) in stocks
(1,027,897)
(3,660,436)

Decrease/(increase) in debtors
2,349,480
(6,459,491)

Increase in creditors
556,384
1,318,433

Corporation tax (paid)
(1,771,910)
(2,065,746)

Foreign exchange
(82,994)
102,382

Net cash generated from operating activities

15,827,441
4,274,931


Cash flows from investing activities

Purchase of tangible fixed assets
(3,638,024)
(659,841)

Sale of tangible fixed assets
40,674
8,431

Government grants received
-
8,700

Interest received
402,367
-

Net cash from investing activities

(3,194,983)
(642,710)
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Page 14

 
Uni-Trunk Group Holdings Limited
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2023


2023
2022

£
£



Cash flows from financing activities

Shares treated as debt - redeemed
(5,000,000)
-

Dividends paid
(123,874)
(119,009)

Interest paid
(484,657)
(483,726)

Net cash used in financing activities
(5,608,531)
(602,735)

Net increase in cash and cash equivalents
7,023,927
3,029,486

Cash and cash equivalents at beginning of year
19,563,678
16,534,192

Cash and cash equivalents at the end of year
26,587,605
19,563,678


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
26,587,605
19,563,678

26,587,605
19,563,678


The notes on pages 17 to 34 form part of these financial statements.

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Page 15

 
Uni-Trunk Group Holdings Limited
 

Consolidated Analysis of Net Debt
For the Year Ended 31 December 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

19,563,678

7,023,927

26,587,605

Debt due after 1 year

(27,499,990)

5,000,000

(22,499,990)

Debt due within 1 year

(3,130,092)

(396,806)

(3,526,898)


(11,066,404)
11,627,121
560,717

The notes on pages 17 to 34 form part of these financial statements.

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Page 16

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Uni-Trunk Group Holdings Limited is a private company limited by shares incorporated in Northern Ireland. The registration number and address of the registered office are given in the company information section of these financial statements.
The presentation currency is that of GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

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Page 17

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

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Page 18

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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Page 19

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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Page 20

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leased assets
-
25%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
30%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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Page 21

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

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Page 22

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

  
2.17

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying the Group’s accounting policies, management has not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation, that have significant risk of raising a material adjustment to the carrying amounts of assets and liabilities within the financial year.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
73,577,732
67,264,531

73,577,732
67,264,531



5.


Other operating income

2023
2022
£
£

Government grants receivable
-
8,700

Other income
27,361
-

27,361
8,700


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Page 23

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(176,149)
(123,862)

Other operating lease rentals
10,869
10,908


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
36,050
35,500










8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
13,205,846
11,789,916
-
-

Cost of defined contribution scheme
409,367
349,060
-
-

13,615,213
12,138,976
-
-


The average monthly number of employees, including directors, during the year was 285 (2022 - 243).

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Page 24

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
402,367
-

402,367
-


10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
484,657
483,726

484,657
483,726


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,351,902
1,903,861


2,351,902
1,903,861


Total current tax
2,351,902
1,903,861

Deferred tax


Origination and reversal of timing differences
547,807
6,741

Total deferred tax
547,807
6,741


Taxation on profit on ordinary activities
2,899,709
1,910,602
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Page 25

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19/25% (2021: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
14,406,704
13,619,298


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19/25% (2021: 19%)
3,369,082
2,534,050

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,005
11,552

Capital allowances for year in excess of depreciation
(522,124)
(33,081)

Interest payable
121,164
91,908

Other adjustments
27,024
25,973

Profit on disposal of fixed assets
(4,111)
(1,422)

Patent box deduction
(446,336)
(367,930)

R&D uplift
(275,725)
(334,389)

Foreign income
73,792
159,666

Foreign tax relief
6,131
(182,466)

Deferred tax
547,807
6,741

Total tax charge for the year
2,899,709
1,910,602


12.


Dividends

2023
2022
£
£


Dividends
123,874
119,009

123,874
119,009

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Page 26

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Intangible assets

Group and Company





Patents
Goodwill
Total

£
£
£



Cost


At 1 January 2023
1
2,643,568
2,643,569



At 31 December 2023

1
2,643,568
2,643,569



Amortisation


At 1 January 2023
-
528,714
528,714


Charge for the year on owned assets
-
264,357
264,357



At 31 December 2023

-
793,071
793,071



Net book value



At 31 December 2023
1
1,850,497
1,850,498



At 31 December 2022
1
2,114,854
2,114,855



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Page 27

 


 
Uni-Trunk Group Holdings Limited


 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023


14.


Tangible fixed assets


Group







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
11,462,669
12,765,292
834,946
2,507,728
664,191
28,234,826


Additions
-
2,379,558
3,803
1,247,600
7,063
3,638,024


Disposals
-
(75,099)
(210,430)
(44,790)
-
(330,319)



At 31 December 2023

11,462,669
15,069,751
628,319
3,710,538
671,254
31,542,531



Depreciation


At 1 January 2023
-
11,273,805
676,138
2,015,528
628,296
14,593,767


Charge for the year
-
659,025
38,774
355,823
14,885
1,068,507


Disposals
-
(69,020)
(197,346)
(40,758)
-
(307,124)



At 31 December 2023

-
11,863,810
517,566
2,330,593
643,181
15,355,150



Net book value



At 31 December 2023
11,462,669
3,205,941
110,753
1,379,945
28,073
16,187,381



At 31 December 2022
11,462,669
1,491,487
158,808
492,200
35,895
13,641,059

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Page 28

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
36,064,430



At 31 December 2023
36,064,430





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Uni-trunk Holdings Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Uni-trunk Holdings Limited
144,238
5,000,000


16.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
3,016,052
3,186,232

Work in progress (goods to be sold)
530,977
618,544

Finished goods and goods for resale
11,277,443
9,991,800

14,824,472
13,796,576


The difference between purchase price or production cost of stocks and their replacement cost is not material.

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Page 29

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
11,774,970
14,064,107
-
-

Amounts owed by group undertakings
-
-
7,284,000
7,284,000

Other debtors
1,183,127
1,741,564
-
-

Prepayments and accrued income
302,146
212,839
-
-

13,260,243
16,018,510
7,284,000
7,284,000



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
26,587,605
19,563,678
9,329
96,641

26,587,605
19,563,678
9,329
96,641



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
4,933,316
4,867,324
-
-

Amounts owed to other participating interests
11,800
11,800
-
-

Corporation tax
1,341,256
1,170,050
-
-

Other taxation and social security
1,631,152
1,772,067
-
-

Other creditors
3,118,167
2,820,528
93,773
57,091

Accruals and deferred income
6,767,537
6,433,872
968,383
483,726

Share capital treated as debt
500,000
500,000
500,000
500,000

18,303,228
17,575,641
1,562,156
1,040,817


Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.

The bank facilities are secured by way of an intercompany cross guarantee between Uni-Trunk Limited, Uni-Trunk Properties Limited and Vantrunk Limited. There is also an intercompany cross guarantee between Uni-Trunk Limited, Uni-Trunk Properties Limited and Vantrunk Limited including a fixed and floating charge over book debts and legal mortgages over the properties at Blaris Industrial Estate, Libsurn and Windmill Lane, Denton.

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Page 30

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Share capital treated as debt
22,499,990
27,499,990
22,499,990
27,499,990

22,499,990
27,499,990
22,499,990
27,499,990







21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
26,587,605
19,563,678
9,329
96,641




22.


Deferred taxation


Group



2023


£






At beginning of year
(465,860)


Charged to profit or loss
(547,807)



At end of year
(1,013,667)

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Page 31

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
22.Deferred taxation (continued)







Group
Group
2023
2022
£
£

Accelerated capital allowances
(1,013,667)
(465,860)

(1,013,667)
(465,860)

img64ce.png
Page 32

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

23.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



90 (2022: 90) Ordinary A shares of £1.00 each
90
90
10 (2022: 10) Ordinary B shares of £1.00 each
10
10

100

100

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



22,999,990 (2022: 27,999,990) Preference shares of £1.00 each
22,999,990
27,999,990


The Preference shares are redeemable at par at the option of the holder of the shares up to a maximum of £500,000 per annum.  Any amount to be redeeemed in excess of £500,000 per annum will require the agreement of the issuer of the shares. £5m of shares were redeemed during the year.


24.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
671,738
1,275,469

671,738
1,275,469


25.


Pension commitments

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £409,367 (2022: £340,060).

img07de.png
Page 33

 
Uni-Trunk Group Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

26.


Related party transactions

Uni-Trunk Group Holdings Limited is a company incorporated in Northern Ireland and is a parent Company for which consolidated group financial statements are prepared. Copies of the individual entity financial statements can be obtained from Companies House.
The Company is controlled by its board of directors.
Key management are considered to be the directors of the Company.
Advantage has been taken of the exemption under FRS 102 Section 33.1A not to disclose transactions between wholly owned members of the Group.


27.


Controlling party

The ultimate controlling party is David Morrow.

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Page 34