IRIS Accounts Production v24.2.0.383 12152853 director 31.12.23 1.1.23 31.12.23 31.12.23 a holding company. true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh121528532022-12-31121528532023-12-31121528532023-01-012023-12-31121528532021-12-31121528532022-01-012022-12-31121528532022-12-3112152853ns15:EnglandWales2023-01-012023-12-3112152853ns14:PoundSterling2023-01-012023-12-3112152853ns10:Director12023-01-012023-12-3112152853ns10:Consolidated2023-12-3112152853ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3112152853ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112152853ns10:Consolidatedns10:FRS1022023-01-012023-12-3112152853ns10:Consolidatedns10:Audited2023-01-012023-12-3112152853ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3112152853ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3112152853ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3112152853ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3112152853ns10:FullAccounts2023-01-012023-12-311215285312023-01-012023-12-3112152853ns10:OrdinaryShareClass12023-01-012023-12-3112152853ns10:Consolidated2023-01-012023-12-3112152853ns10:RegisteredOffice2023-01-012023-12-3112152853ns10:Consolidated2022-01-012022-12-3112152853ns5:CurrentFinancialInstruments2023-12-3112152853ns5:CurrentFinancialInstruments2022-12-3112152853ns5:ShareCapital2023-12-3112152853ns5:ShareCapital2022-12-3112152853ns5:RetainedEarningsAccumulatedLosses2023-12-3112152853ns5:RetainedEarningsAccumulatedLosses2022-12-3112152853ns5:ShareCapital2021-12-3112152853ns5:RetainedEarningsAccumulatedLosses2021-12-3112152853ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3112152853ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112152853ns5:NetGoodwill2023-01-012023-12-3112152853ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3112152853ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3112152853ns5:PlantMachinery2023-01-012023-12-3112152853ns5:FurnitureFittings2023-01-012023-12-3112152853ns5:MotorVehicles2023-01-012023-12-3112152853ns5:CostValuation2022-12-3112152853ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112152853ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112152853ns10:OrdinaryShareClass12023-12-3112152853ns5:RetainedEarningsAccumulatedLosses2022-12-31
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: G Culora





REGISTERED OFFICE: 147a High Street
Waltham Cross
Hertfordshire
EN8 7AP





REGISTERED NUMBER: 12152853 (England and Wales)





AUDITORS: Thickbroom Coventry
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:





G Culora - Director


5 August 2024

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
G Culora held office during the whole of the period from 1 January 2023 to the date of this report.

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:





G Culora - Director


5 August 2024

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.




Iain McMurray ACA (Senior Statutory Auditor)
for and on behalf of Thickbroom Coventry
Chartered Accountants
and Statutory Auditors
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

5 August 2024

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 532,824 311,819
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 11 798,033 798,033
798,033 798,033

CURRENT ASSETS
Debtors 13 1,598,386 1,540,036
Cash at bank 9,643 4,972
1,608,029 1,545,008
CREDITORS
Amounts falling due within one year 14 2,116,684 1,966,183
NET CURRENT LIABILITIES (508,655 ) (421,175 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

289,378

376,858

CAPITAL AND RESERVES
Called up share capital 20 202 202
Retained earnings 21 289,176 376,656
SHAREHOLDERS' FUNDS 289,378 376,858

Company's loss for the financial year (3,480 ) (4,272 )

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)

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 202 468,928 469,130

Changes in equity
Dividends - (88,000 ) (88,000 )
Total comprehensive income - (4,272 ) (4,272 )
Balance at 31 December 2022 202 376,656 376,858

Changes in equity
Dividends - (84,000 ) (84,000 )
Total comprehensive income - (3,480 ) (3,480 )
Balance at 31 December 2023 202 289,176 289,378

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost and over lease term
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 61 58

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 798,033
NET BOOK VALUE
At 31 December 2023 798,033
At 31 December 2022 798,033


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 952,686 921,086 952,686 921,086
Directors' loan accounts 482,766 462,766 482,766 462,766
Tax 162,934 156,184 162,934 156,184
Prepayments and accrued income 206,218 237,504 - -
3,612,603 3,247,099 1,598,386 1,540,036

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 - - 1,970,729 1,750,729
Tax 313,602 248,647 99,118 156,184
Social security and other taxes 53,381 44,868 - -
VAT 173,404 171,125 - -
Other creditors 183,666 172,397 39,602 50,000
Invoice discounting 231,190 126,317 - -
Accrued expenses 147,184 166,828 7,235 9,270
2,786,688 2,397,775 2,116,684 1,966,183

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: £    £   
202 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 376,656
Deficit for the year (3,480 )
Dividends (84,000 )
At 31 December 2023 289,176


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.