Registered number: NI671615
Director's Report and Financial Statements
For the Year Ended
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Uni-Trunk Group Holdings Limited
Company Information
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Uni-Trunk Group Holdings Limited
Contents
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Uni-Trunk Group Holdings Limited
Group Strategic Report
For the Year Ended 31 December 2023
The director presents his Group report and financial statements for the year ended 31 December 2023.
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.
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.
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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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.
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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.
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.
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 2006. He 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.
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).
The director who served during the year was:
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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Uni-Trunk Group Holdings Limited
Director's Report (continued)
For the Year Ended 31 December 2023
There have been no significant events affecting the Group since the year end.
The auditors, ASM (B) Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Uni-Trunk Group Holdings Limited
Independent Auditors' Report to the Members of Uni-Trunk Group Holdings Limited
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 policies. The 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).
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.
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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Uni-Trunk Group Holdings Limited
Independent Auditors' Report to the Members of Uni-Trunk Group Holdings Limited (continued)
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 Report. Our 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.
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.
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.
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Uni-Trunk Group Holdings Limited
Independent Auditors' Report to the Members of Uni-Trunk Group Holdings Limited (continued)
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.
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 2006. Our 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.
for and on behalf of
Glendinning House
6 Murray Street
BT1 6DN
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Uni-Trunk Group Holdings Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Registered number: NI671615
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2024.
The notes on pages 17 to 34 form part of these financial statements.
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Uni-Trunk Group Holdings Limited
Registered number: NI671615
Consolidated Balance Sheet (continued)
As at 31 December 2023
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Uni-Trunk Group Holdings Limited
Registered number: NI671615
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 34 form part of these financial statements.
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Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2023
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Company Statement of Changes in Equity
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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
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:
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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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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:
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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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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.
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
11.Taxation (continued)
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 30
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
Page 31
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
22.Deferred taxation (continued)
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £409,367 (2022: £340,060).
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Uni-Trunk Group Holdings Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
The ultimate controlling party is David Morrow.
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