REGISTERED NUMBER: 12152853 (England and Wales) |
Group Strategic Report, Director's Report and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
UK Truckcentre Limited |
REGISTERED NUMBER: 12152853 (England and Wales) |
Group Strategic Report, Director's Report and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
UK Truckcentre Limited |
UK Truckcentre Limited (Registered number: 12152853) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Director's Report | 3 |
Independent Auditors' Report | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows |
16 |
Notes to the Consolidated Financial Statements |
18 |
UK Truckcentre Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
147a High Street |
Waltham Cross |
Hertfordshire |
EN8 7AP |
UK Truckcentre Limited (Registered number: 12152853) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The director presents his strategic report of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
During the year under review the group's principal activity was that of the maintenance and repair of motor vehicles & the sale and distribution of truck and trailer parts. There has not been any significant changes in the company's principal activities in the year under review. The directors are not aware, at the date of this report, of any likely changes to the company's activities in the next year. |
REVIEW OF THE BUSINESS AND KEY PERFORMANCE INDICATORS |
The company continues to set itself the goal to provide a high quality service to its customers. |
The key performance indicators of the group are those that communicate the financial performance and strength of the group as a whole and these include turnover, gross profit margins and profits before tax. |
The business improved both revenue and profitability in 2023 when compared to 2022, £10.07m from £8.26m and £0.74m from £0.39m. |
The business also improved gross profit margins in 2023 compared to 2022, 31.14% from 30.66%. |
In a highly competitive industry, the directors foresee continued growth and are confident that the business can continue to adapt to market trends. The directors are satisfied with the results and performance of the company during the year ended 31 December 2023. |
FINANCIAL RISK MANAGEMENT |
The company's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest if required. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. This includes the monitoring of foreign currencies in order to minimise the company's exposure to exchange fluctuations. |
ON BEHALF OF THE BOARD: |
UK Truckcentre Limited (Registered number: 12152853) |
Director's Report |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
No interim dividend was paid during the year. The director recommends a final dividend of £415.84 per share. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 84,000 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTOR |
CHARITABLE DONATIONS |
During the year the group made charitable donations of £15,620 (2022: £6,527) principally to local charities and businesses. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
UK Truckcentre Limited (Registered number: 12152853) |
Director's Report |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
UK Truckcentre Limited |
Opinion |
We have audited the financial statements of UK Truckcentre Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company 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 UK, including the FRC'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 and 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. |
Independent Auditors' Report to the Members of |
UK Truckcentre Limited |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Director's Report, but does not include the financial statements and our Auditors' Report thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 where 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 director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 has no realistic alternative but to do so. |
Independent Auditors' Report to the Members of |
UK Truckcentre Limited |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the operate. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws. |
We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include: |
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- challenging assumptions and judgements made by management in its significant accounting estimates; |
- identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and |
- assessing the extent of compliance with the relevant laws and regulations. |
We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud. |
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. |
Independent Auditors' Report to the Members of |
UK Truckcentre Limited |
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 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 |
Chartered Accountants |
and Statutory Auditors |
147a High Street |
Waltham Cross |
Hertfordshire |
EN8 7AP |
UK Truckcentre Limited (Registered number: 12152853) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 10,076,902 | 8,261,137 |
Cost of sales | 6,938,945 | 5,728,132 |
GROSS PROFIT | 3,137,957 | 2,533,005 |
Administrative expenses | 2,305,782 | 2,084,393 |
832,175 | 448,612 |
Other operating income | - | 16,789 |
OPERATING PROFIT | 4 | 832,175 | 465,401 |
Interest payable and similar expenses |
5 |
87,684 |
71,301 |
PROFIT BEFORE TAXATION | 744,491 | 394,100 |
Tax on profit | 6 | 211,667 | 82,281 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 532,824 | 311,819 |
UK Truckcentre Limited (Registered number: 12152853) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 532,824 | 311,819 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
532,824 |
311,819 |
Total comprehensive income attributable to: |
Owners of the parent | 532,824 | 311,819 |
UK Truckcentre Limited (Registered number: 12152853) |
Consolidated Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 6,264 | 7,323 |
Tangible assets | 10 | 981,495 | 783,885 |
Investments | 11 | - | - |
987,759 | 791,208 |
CURRENT ASSETS |
Stocks | 12 | 798,312 | 680,610 |
Debtors | 13 | 3,612,603 | 3,247,099 |
Cash at bank | 455,617 | 411,687 |
4,866,532 | 4,339,396 |
CREDITORS |
Amounts falling due within one year | 14 | 2,786,688 | 2,397,775 |
NET CURRENT ASSETS | 2,079,844 | 1,941,621 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,067,603 |
2,732,829 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(834,391 |
) |
(996,489 |
) |
PROVISIONS FOR LIABILITIES | 19 | (81,537 | ) | (33,489 | ) |
NET ASSETS | 2,151,675 | 1,702,851 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 202 | 202 |
Other reserves | 21 | 663,847 | 663,847 |
Retained earnings | 21 | 1,487,626 | 1,038,802 |
SHAREHOLDERS' FUNDS | 2,151,675 | 1,702,851 |
The financial statements were approved by the director and authorised for issue on 5 August 2024 and were signed by: |
G Culora - Director |
UK Truckcentre Limited (Registered number: 12152853) |
Company Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (3,480 | ) | (4,272 | ) |
The financial statements were approved by the director and authorised for issue on |
UK Truckcentre Limited (Registered number: 12152853) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 202 | 814,983 | 663,847 | 1,479,032 |
Changes in equity |
Dividends | - | (88,000 | ) | - | (88,000 | ) |
Total comprehensive income | - | 311,819 | - | 311,819 |
Balance at 31 December 2022 | 202 | 1,038,802 | 663,847 | 1,702,851 |
Changes in equity |
Dividends | - | (84,000 | ) | - | (84,000 | ) |
Total comprehensive income | - | 532,824 | - | 532,824 |
Balance at 31 December 2023 | 202 | 1,487,626 | 663,847 | 2,151,675 |
UK Truckcentre Limited (Registered number: 12152853) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
UK Truckcentre Limited (Registered number: 12152853) |
Consolidated Statement of Cash Flows |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 738,893 | 703,282 |
Interest paid | (84,477 | ) | (69,076 | ) |
Interest element of hire purchase payments paid |
(3,207 |
) |
(2,225 |
) |
Tax paid | (106,438 | ) | (110,988 | ) |
Net cash from operating activities | 544,771 | 520,993 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (360,288 | ) | (185,583 | ) |
Sale of tangible fixed assets | 17,859 | 3,528 |
Net cash from investing activities | (342,429 | ) | (182,055 | ) |
Cash flows from financing activities |
New loans in year | 161,879 | 472,500 |
Loan repayments in year | (293,823 | ) | (275,156 | ) |
Invoice discounting finance | 104,873 | 126,317 |
Capital repayments in year | (27,341 | ) | (17,095 | ) |
Amount withdrawn by directors | (20,000 | ) | (462,846 | ) |
Equity dividends paid | (84,000 | ) | (88,000 | ) |
Net cash from financing activities | (158,412 | ) | (244,280 | ) |
Increase in cash and cash equivalents | 43,930 | 94,658 |
Cash and cash equivalents at beginning of year |
2 |
411,687 |
317,029 |
Cash and cash equivalents at end of year |
2 |
455,617 |
411,687 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 744,491 | 394,100 |
Depreciation charges | 157,342 | 135,043 |
Profit on disposal of fixed assets | (11,462 | ) | - |
Government grants | - | (16,789 | ) |
Finance costs | 87,684 | 71,301 |
978,055 | 583,655 |
(Increase)/decrease in stocks | (117,702 | ) | 45,321 |
Increase in trade and other debtors | (338,754 | ) | (2,556 | ) |
Increase in trade and other creditors | 217,294 | 76,862 |
Cash generated from operations | 738,893 | 703,282 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 455,617 | 411,687 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 411,687 | 317,029 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 31 December 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank | 411,687 | 43,930 | 455,617 |
411,687 | 43,930 | 455,617 |
Debt |
Finance leases | (70,513 | ) | (139,578 | ) | (210,091 | ) |
Debts falling due within 1 year | (268,618 | ) | (6,182 | ) | (274,800 | ) |
Debts falling due after 1 year | (939,006 | ) | 274,800 | (664,206 | ) |
(1,278,137 | ) | 129,040 | (1,149,097 | ) |
Total | (866,450 | ) | 172,970 | (693,480 | ) |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
UK Truckcentre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,102,439 | 1,997,965 |
Social security costs | 59,316 | 58,953 |
Other pension costs | 36,372 | 36,703 |
2,198,127 | 2,093,621 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative staff |
The average number of employees by undertakings that were proportionately consolidated during the year was 61 (2022 - 58 ) . |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Director's remuneration | 9,096 | 9,032 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 3,170 | 4,978 |
Other operating leases | 370,500 | 380,100 |
Depreciation - owned assets | 156,281 | 133,984 |
Profit on disposal of fixed assets | (11,462 | ) | - |
Goodwill amortisation | 1,059 | 1,059 |
Auditors' remuneration | 19,400 | 19,700 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest | 84,477 | 69,076 |
Hire purchase | 3,207 | 2,225 |
87,684 | 71,301 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 163,619 | 91,972 |
Deferred tax | 48,048 | (9,691 | ) |
Tax on profit | 211,667 | 82,281 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final | 84,000 | 88,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 10,588 |
AMORTISATION |
At 1 January 2023 | 3,265 |
Amortisation for year | 1,059 |
At 31 December 2023 | 4,324 |
NET BOOK VALUE |
At 31 December 2023 | 6,264 |
At 31 December 2022 | 7,323 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | 685,751 | 184,718 | 109,927 | 302,277 | 1,282,673 |
Additions | 139,987 | 11,076 | 28,795 | 180,430 | 360,288 |
Disposals | - | (8,000 | ) | - | (13,850 | ) | (21,850 | ) |
At 31 December 2023 | 825,738 | 187,794 | 138,722 | 468,857 | 1,621,111 |
DEPRECIATION |
At 1 January 2023 | 126,077 | 109,016 | 85,973 | 177,722 | 498,788 |
Charge for year | 75,052 | 19,224 | 19,184 | 42,821 | 156,281 |
Eliminated on disposal | - | (2,370 | ) | - | (13,083 | ) | (15,453 | ) |
At 31 December 2023 | 201,129 | 125,870 | 105,157 | 207,460 | 639,616 |
NET BOOK VALUE |
At 31 December 2023 | 624,609 | 61,924 | 33,565 | 261,397 | 981,495 |
At 31 December 2022 | 559,674 | 75,702 | 23,954 | 124,555 | 783,885 |
Included within the carrying value of tangible fixed assets are assets held under finance leases or hire purchase agreements amounting to £217,016 (2022: £59,528). |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 798,312 | 680,610 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,807,999 | 1,469,559 |
Other debtors | 952,686 | 921,086 |
Directors' loan accounts | 482,766 | 462,766 | 482,766 | 462,766 |
Tax | 162,934 | 156,184 |
Prepayments and accrued income | 206,218 | 237,504 |
3,612,603 | 3,247,099 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 181,818 |
181,818 |
Other loans (see note 16) | 92,982 | 86,800 |
Hire purchase contracts (see note 17) | 39,906 |
13,030 |
Trade creditors | 1,369,555 | 1,185,945 |
Amounts owed to group undertakings | - | - |
Tax | 313,602 | 248,647 |
Social security and other taxes | 53,381 | 44,868 |
VAT | 173,404 | 171,125 | - | - |
Other creditors | 183,666 | 172,397 |
Invoice discounting | 231,190 | 126,317 | - | - |
Accrued expenses | 147,184 | 166,828 |
2,786,688 | 2,397,775 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) | 439,395 | 621,213 |
Other loans (see note 16) | 224,811 | 317,793 |
Hire purchase contracts (see note 17) | 170,185 |
57,483 |
834,391 | 996,489 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year | or on demand: |
Bank loans | 181,818 | 181,818 |
Other loans | 92,982 | 86,800 |
274,800 | 268,618 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 439,395 | 621,213 |
Other loans - 2-5 years | 224,811 | 317,793 |
664,206 | 939,006 |
Bank loans include loans from Santander UK PLC. These loans are to be repaid by the group in May 2027. Interest is charged on the loans at 3.5% over base rate. Loan repayments consist of both interest and capital. |
Other loans include a loan from Funding Circle Eclipse Lending Limited. This loan is due to be repaid by the group in February 2027. Interest is charged on this loan at 8.0% over base rate. Loan repayments consist of both interest and capital. |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 39,906 | 13,030 |
Between one and five years | 170,185 | 57,483 |
210,091 | 70,513 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 621,213 | 803,031 |
Invoice discounting | 231,190 | 126,317 |
852,403 | 929,348 |
There is a fixed and floating charge over the assets held by Santander UK PLC dated 16 June 2021 in respect of the invoice discounting finance. Charge code 0882 2875 0004. |
The group has granted debentures in favour of Santander UK PLC dated 28 May 2021, with a fixed and floating charge over the assets not covered by the invoice discounting finance granted above. Charge codes 1060 2802 0002, 0882 2875 0003 & 1215 2853 002. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 81,537 | 33,489 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 33,489 |
Provided during year | 48,048 |
Balance at 31 December 2023 | 81,537 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 202 | 202 |
21. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 1,038,802 | 663,847 | 1,702,649 |
Profit for the year | 532,824 | 532,824 |
Dividends | (84,000 | ) | (84,000 | ) |
At 31 December 2023 | 1,487,626 | 663,847 | 2,151,473 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 December 2023 |
22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
G Culora |
Balance outstanding at start of year | 462,766 | - |
Amounts advanced | 20,000 | 462,766 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 482,766 | 462,766 |
UK Truckcentre Limited (Registered number: 12152853) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
23. | RELATED PARTY DISCLOSURES |
All of the following companies are related by the fact that they either have common directors with UK Truckcentre Limited or are ultimately controlled by one or more of the directors or family members of UK Truckcentre Limited. |
Financial information on transactions and balances between related parties are as follows: |
Commercial Fleet Ltd |
UK Truckcentre Limited is connected with Commercial Fleet Ltd due to common directors and control. |
Included within other creditors is a balance due to Commercial Fleet amounting £36,900 (2022: £50,000). This balance is interest free and repayable on demand. |
UK Truckholdings Limited |
UK Truckcentre Limited is connected with UK Truckholdings Limited due to common directors and control. |
Included in other debtors is a balance due from UK Truckholdings Limited amounting to £48,200 (2022: £27,600). This balance is interest free and repayable on demand. |
UK Truck Properties Limited |
UK Truckcentre Limited is connected with UK Truck Properties Limited due to common directors and control. |
Included in other debtors is a balance due from UK Truck Properties Limited amounting to £891,286 (2022: £891,286). This balance is interest free and repayable on demand. |
24. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the group since the year-end. |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr G Culora and Mrs S Culora. |