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Registered number: NI005095














Uni-Trunk Limited






Director's Report and Financial Statements

For the Year Ended 31 December 2023

 
Uni-Trunk Limited
 

Company Information


Director
D Morrow 




Company secretary
M Clarke



Registered number
NI005095



Registered office
4 Altona Road

Lisburn

BT27 5QB




Independent auditors
ASM (B) Ltd

Glendinning House

6 Murray Street

Belfast

BT1 6DN





 
Uni-Trunk Limited
 

Contents



Page
Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 7
Statement of Comprehensive Income
 
 
8
Balance Sheet
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 23


 
Uni-Trunk Limited
 

Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present their report and financial statements for the year ended 31 December 2023.

Business review
 
The Company remained profitable in the year returning a net profit after tax of £6,769,601 (2022: £7,351,872). 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 company's strategy are subject to a number of risks. The principal risks are set out below.
The directors are aware of these risks and accept 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 Company operates in a competitive market which can put pressure on prices and margins. The Company 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 Company's assets.
The directors monitor the operation of internal controls. The objective of the system is to safeguard the Company'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 Company's system of internal control for the financial period and the period up to date of approval of the financial statements.

Liquidity Risk
The Company 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 directors consider gross profit margin and profit before tax as the main measures of financial performance.  There has been a increase in turnover in the year from £52,340,532 in 2022 to £53,557,918 in 2023.  Gross margin has increased from 34% in 2022 to 36% in 2023.  Overall the pre-tax profit has decreased from £8,356,480 in 2022 to £7,433,593 in 2023.

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Page 1

 
Uni-Trunk Limited
 

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.



M Clarke
Secretary

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Page 2

 
Uni-Trunk 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 Strategic Report, the Director's Report and the 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company 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 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 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 £6,284,340 (2022: £7,351,872).

Dividends declared for the year ended 31 December 2023 were £3,000,000 (2022: £4,683,216).

Director

The director who served during the year was:

D Morrow 

Future developments

The Company 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 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  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company 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.
 





M Clarke
Secretary

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Page 4

 
Uni-Trunk Limited
 

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

Opinion


We have audited the financial statements of Uni-Trunk Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 December 2023 and of its 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 Company 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 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 Limited
 

 
Independent Auditors' Report to the Members of Uni-Trunk 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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 Company or to cease operations, or have no realistic alternative but to do so.


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Page 6

 
Uni-Trunk Limited
 

 
Independent Auditors' Report to the Members of Uni-Trunk 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 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 timing of revenue, tested a sample of journals to confirm they were appropriate and reviewed 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 Limited
 

Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
53,557,918
52,340,532

Cost of sales
  
(34,204,618)
(34,296,041)

Gross profit
  
19,353,300
18,044,491

Administrative expenses
  
(12,403,713)
(9,782,571)

Other operating income
 5 
85,860
94,560

Operating profit
 6 
7,035,447
8,356,480

Interest receivable and similar income
 10 
398,146
-

Profit before tax
  
7,433,593
8,356,480

Tax on profit
 11 
(1,149,253)
(1,004,608)

Profit for the financial year
  
6,284,340
7,351,872

The notes on pages 11 to 23 form part of these financial statements.

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Page 8

 
Uni-Trunk Limited
Registered number: NI005095

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,288,189
1,343,718

Investments
 14 
21,555
3

  
3,309,744
1,343,721

Current assets
  

Stocks
 15 
7,133,238
7,056,957

Debtors: amounts falling due within one year
 16 
13,666,612
13,654,767

Cash at bank and in hand
 17 
20,215,559
14,567,878

  
41,015,409
35,279,602

Creditors: amounts falling due within one year
 18 
(27,411,384)
(23,479,155)

Net current assets
  
 
 
13,604,025
 
 
11,800,447

Total assets less current liabilities
  
16,913,769
13,144,168

Provisions for liabilities
  

Deferred tax
 19 
(707,417)
(222,156)

  
 
 
(707,417)
 
 
(222,156)

Net assets
  
16,206,352
12,922,012


Capital and reserves
  

Called up share capital 
 20 
144,138
144,138

Capital redemption reserve
 21 
188,362
188,362

Profit and loss account
 21 
15,873,852
12,589,512

  
16,206,352
12,922,012


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 11 to 23 form part of these financial statements.

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Page 9

 
Uni-Trunk Limited
 

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
144,138
188,362
9,920,856
10,253,356



Profit for the year
-
-
7,351,872
7,351,872

Dividends: Equity capital
-
-
(4,683,216)
(4,683,216)



At 1 January 2023
144,138
188,362
12,589,512
12,922,012



Profit for the year
-
-
6,284,340
6,284,340

Dividends: Equity capital
-
-
(3,000,000)
(3,000,000)


At 31 December 2023
144,138
188,362
15,873,852
16,206,352


The notes on pages 11 to 23 form part of these financial statements.

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Page 10

 
Uni-Trunk Limited
 

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

1.


General information

Uni-Trunk 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 sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Uni-Trunk Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors of Uni-Trunk Limited have reviewed the appropriateness of the going concern assumption and consider that the company has sufficient resources to continue as a trading entity for the foreseeable future.
Accordingly, the directors believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

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Page 11

 
Uni-Trunk 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 Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

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

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Uni-Trunk Limited
 

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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.9

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
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.

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Page 13

 
Uni-Trunk Limited
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

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

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

 
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.

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Page 14

 
Uni-Trunk Limited
 

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

2.Accounting policies (continued)

 
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.

  
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 Company’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
53,557,918
52,340,532

53,557,918
52,340,532


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Page 15

 
Uni-Trunk Limited
 

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

5.


Other operating income

2023
2022
£
£

Management charges
85,860
85,860

Government grants receivable
-
8,700

85,860
94,560



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(213,158)
150,758


7.


Auditors' remuneration

During the year, the Company 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 Company's financial statements
11,000
11,000

Fees payable to the Company's auditors and their associates in connection with the Company's pension scheme(s) in respect of:

Taxation compliance services
750
750

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Page 16

 
Uni-Trunk Limited
 

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

8.


Employees

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


2023
2022
£
£

Wages and salaries
8,679,536
7,471,736

Cost of defined contribution scheme
269,218
254,576

8,948,754
7,726,312


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Production Staff
113
104



Administrative Staff
52
44

165
148


9.


Director's remuneration

2023
2022
£
£

Director's emoluments
12,183
6,591

12,183
6,591



10.


Interest receivable

2023
2022
£
£


Other interest receivable
398,146
-

398,146
-

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Page 17

 
Uni-Trunk Limited
 

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

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
663,992
1,006,046


663,992
1,006,046


Total current tax
663,992
1,006,046

Deferred tax


Origination and reversal of timing differences
485,261
(1,438)

Total deferred tax
485,261
(1,438)


Taxation on profit on ordinary activities
1,149,253
1,004,608

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 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,433,593
8,356,480


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%/25% (2022 - 19%)
1,748,422
1,587,731

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,862
3,454

Capital allowances for year in excess of depreciation
(467,867)
(11,662)

Profit on disposal of fixed assets
505
(228)

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

R&D uplift
(173,594)
(205,319)

Deferred tax
485,261
(1,438)

Total tax charge for the year
1,149,253
1,004,608

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Page 18

 
Uni-Trunk Limited
 

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

12.


Dividends

2023
2022
£
£


Dividends
3,000,000
4,683,216

3,000,000
4,683,216


13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
7,918,425
834,946
2,079,475
540,479
11,373,325


Additions
2,099,831
3,803
522,344
-
2,625,978


Disposals
(12,200)
(210,430)
(44,790)
-
(267,420)



At 31 December 2023

10,006,056
628,319
2,557,029
540,479
13,731,883



Depreciation


At 1 January 2023
7,205,621
676,138
1,638,899
508,950
10,029,608


Charge for the year on owned assets
400,975
38,774
213,936
10,399
664,084


Disposals
(11,894)
(197,346)
(40,758)
-
(249,998)



At 31 December 2023

7,594,702
517,566
1,812,077
519,349
10,443,694



Net book value



At 31 December 2023
2,411,354
110,753
744,952
21,130
3,288,189



At 31 December 2022
712,804
158,808
440,577
31,529
1,343,718

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Page 19

 
Uni-Trunk Limited
 

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

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3


Additions
21,552



At 31 December 2023
21,555





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Unitrunk Cable Trunking Systems Limited
4 Altona Road, Lisburn, BT27 5QB
Ordinary
100%
Vantrunk Limited
4 Altona Road, Lisburn, BT27 5QB
Ordinary
100%
Unitrunk Europe GmbH
Elbring 14, 22880 Wedel, Germany
Ordinary
100%

Additions in the year relate to Unitrunk Europe GmbH.


15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,579,592
1,457,804

Work in progress (goods to be sold)
102,527
136,185

Finished goods and goods for resale
5,451,119
5,462,968

7,133,238
7,056,957


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Page 20

 
Uni-Trunk Limited
 

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

16.


Debtors

2023
2022
£
£


Trade debtors
7,049,003
6,371,278

Amounts owed by group undertakings
6,112,185
5,992,115

Other debtors
350,884
1,150,054

Prepayments and accrued income
154,540
141,320

13,666,612
13,654,767



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
20,215,559
14,567,878

20,215,559
14,567,878



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,040,801
2,035,552

Amounts owed to group undertakings
17,464,104
13,388,354

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

Corporation tax
157,257
625,184

Other taxation and social security
949,288
890,033

Other creditors
3,023,601
2,608,555

Accruals and deferred income
3,764,533
3,919,677

27,411,384
23,479,155


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 21

 
Uni-Trunk Limited
 

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

19.


Deferred taxation




2023


£






At beginning of year
(222,156)


Charged to profit or loss
(485,261)



At end of year
(707,417)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(707,417)
(222,156)

(707,417)
(222,156)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



144,138 (2022: 144,138) Ordinary shares of £1.00 each
144,138
144,138



21.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This balance includes all prior and current periods retained profits and losses

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Page 22

 
Uni-Trunk Limited
 

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

22.


Capital commitments


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

2023
2022
£
£


Contracted for but not provided in these financial statements
229,115
1,156,128

229,115
1,156,128


23.


Pension commitments

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £269,218 (2022: £254,576)


24.


Transactions with directors

There have been no directors advances, credits or guarantees during the year.


25.


Related party transactions

Uni-Trunk Limited is a company incorporated in Northern Ireland (NI005095) and is a subsidiary of Uni-Trunk Group Holdings Limited for which consolidated group financial statements are prepared.  Copies of the group 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.


26.


Controlling party

The immediate parent company is Uni-Trunk Holdings Limited, a company registered in Northern Ireland and the ultimate parent company is Uni-Trunk Group Holdings Limited, a company registered in Northern Ireland. The ultimate controlling party is David Morrow.

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Page 23