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Registered number: 06548649
















WW TRUCK AND BUS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































img6e3c.png


WW TRUCK AND BUS LIMITED

 
COMPANY INFORMATION


DIRECTORS
J R Clarke 
R I J Millar 
W Nairn 




COMPANY SECRETARY
J R Clarke



REGISTERED NUMBER
06548649



REGISTERED OFFICE
Unit 2 East Cliff Business Park
Severn Road

Hallen

Bristol

BS10 7GD




INDEPENDENT AUDITORS
Bishop Fleming Bath Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Lloyds Bank plc
125 Colmore Row

Birmingham

B3 3SD






WW TRUCK AND BUS LIMITED


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 28


WW TRUCK AND BUS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

BUSINESS REVIEW
 
Following on from 2022, turnover has continued to rise. Expenses remain tightly controlled, however, have increased as inflationary pressures continue. 
 
The Directors believe 2024 and beyond will continue to be challenging, there are ongoing issues with labour shortages, higher interest rates, supply disruption and high inflation. However as a business we are confident in our continuing ability to manage the future landscape and the challenges that we will face. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The board has a proactive approach to risk management with the aim of protecting its employees and customers and safeguarding the interests of the company and its stakeholders. The company has specific policies to ensure that risks are properly evaluated and managed at appropriate levels in the business. The key risks affecting the company are considered to be competitive pressures and any change in the global economy affecting vehicle demand.
Financial risk management objectives and policies
The company's principal financial instruments comprise a bank overdraft, finance lease contracts, and cash and short-term deposits. The main purpose of these financial instruments is to raise finance for the company's operations. The company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The company does not enter into derivative contracts.
It is, and has been throughout the year under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate risk, credit risk and liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The company's exposure to market risk for changes in interest rates relates primarily to the company's bank overdraft, bank loans and invoice discounting facility. The company's policy is to manage its interest cost using a mix of fixed and variable rate debt. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of commercial rates variously related to LIBOR, the Bank of England base rate and Finance House Base Rates.
Credit risk
The company only trades with recognised, creditworthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.
Liquidity risk
The company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, and finance lease costs.
The directors have prepared budgets and cash flow forecasts, and on the basis of facilities available and associated levels of headroom, the accounts have been prepared on the going concern basis.

FUTURE DEVELOPMENTS
 
In line with our ambition to provide improved facilities for both customers and staff we continue to look for opportunities to both upgrade and add to our existing sites.

Page 1


WW TRUCK AND BUS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 16 September 2024 and signed on its behalf.




W Nairn
Director
Page 2


WW TRUCK AND BUS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

PRINCIPAL ACTIVITY

The company's principal activity is the sale of Volvo trucks and parts and the provision of truck and bus maintenance and parts.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £3,462,657 (2022: £3,684,417).

During the year dividends of £1,500,000 (2022: £2,000,000) were paid to the shareholders.

DIRECTORS

The directors who served during the year were:

J R Clarke 
R I J Millar 
W Nairn 

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The company’s greenhouse gas emissions for the year ended 31 December 2023 increased to 942 tonnes of CO2 (2022: 853 tonnes of CO2). Although we have seen an increase in CO2 this has largely been put down to the introduction of radiant electric heating in the Hallen workshop plus the introduction of move EV charging points after introducing further EV cars and vans plus PHEV cars into the business. 
We have also installed at all of our locations mobile EV Truck chargers which has also impacted on the amount of CO2 used, these are a necessary requirement to charge our new range of EV Volvo Truck and Bus products plus our own Demonstration EV Truck Fleet. 

MATTERS COVERED IN THE STRATEGIC REPORT

The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 requires a Strategic Report to be prepared. Where mandatory disclosures in the Directors' Report are considered by the directors to be of strategic importance these have been included within the Strategic Report rather than the Directors' Report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director 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 auditorsBishop Fleming Bath Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3


WW TRUCK AND BUS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 16 September 2024 and signed on its behalf.
 





W Nairn
Director

Page 4


WW TRUCK AND BUS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

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

make judgements 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 5


WW TRUCK AND BUS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WW TRUCK AND BUS LIMITED
OPINION


We have audited the financial statements of WW Truck and Bus Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity, the Analysis of Net Debt, 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are 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.


Page 6


WW TRUCK AND BUS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WW TRUCK AND BUS LIMITED (CONTINUED)

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Directors' 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 directors' 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 Directors' Responsibilities Statement set out on page 5, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7


WW TRUCK AND BUS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WW TRUCK AND BUS 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and,
Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes;
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and,
Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
Page 8


WW TRUCK AND BUS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WW TRUCK AND BUS LIMITED (CONTINUED)


Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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.






Andrew Sandiford BCom FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming Bath Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

23 September 2024
Page 9


WW TRUCK AND BUS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
88,502,227
72,681,878

Cost of sales
  
(71,541,251)
(56,303,893)

Gross profit
  
16,960,976
16,377,985

Administrative expenses
  
(11,963,411)
(11,553,141)

Operating profit
 5 
4,997,565
4,824,844

Interest receivable and similar income
  
22,483
288

Interest payable and similar expenses
 9 
(401,495)
(183,794)

Profit before tax
  
4,618,553
4,641,338

Tax on profit
 10 
(1,155,896)
(956,921)

Profit for the financial year
  
3,462,657
3,684,417

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 28 form part of these financial statements.
Page 10


WW TRUCK AND BUS LIMITED
REGISTERED NUMBER:06548649

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
10,355,875
10,643,906

  
10,355,875
10,643,906

Current assets
  

Stocks
 13 
19,713,723
9,950,273

Debtors: amounts falling due within one year
 14 
4,169,530
4,078,634

Cash at bank and in hand
 15 
574,294
2,756,252

  
24,457,547
16,785,159

Creditors: amounts falling due within one year
 16 
(20,868,278)
(15,145,592)

Net current assets
  
 
 
3,589,269
 
 
1,639,567

Total assets less current liabilities
  
13,945,144
12,283,473

Creditors: amounts falling due after more than one year
 17 
(14,155)
(424,306)

Provisions for liabilities
  

Deferred tax
 18 
(1,131,318)
(1,022,153)

Net assets
  
12,799,671
10,837,014


Capital and reserves
  

Called up share capital 
 19 
250
250

Profit and loss account
 20 
12,799,421
10,836,764

  
12,799,671
10,837,014


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





W Nairn
Director

Date: 16 September 2024

The notes on pages 16 to 28 form part of these financial statements.

Page 11


WW TRUCK AND BUS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
250
9,152,347
9,152,597



Profit for the year
-
3,684,417
3,684,417

Dividends: Equity capital
-
(2,000,000)
(2,000,000)



At 1 January 2023
250
10,836,764
10,837,014



Profit for the year
-
3,462,657
3,462,657

Dividends: Equity capital
-
(1,500,000)
(1,500,000)


At 31 December 2023
250
12,799,421
12,799,671


The notes on pages 16 to 28 form part of these financial statements.
Page 12


WW TRUCK AND BUS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,462,657
3,684,417

Adjustments for:

Depreciation of tangible assets
1,277,472
1,429,756

Profit on disposal of tangible assets
(73,706)
(50,062)

Interest expense
401,495
183,794

Interest income
(22,483)
(288)

Taxation charge
1,155,896
956,921

(Increase)/decrease in stocks
(8,851,180)
1,047,996

(Increase) in debtors
(90,896)
(292,481)

Increase in creditors
5,962,369
1,320,050

Corporation tax (paid)
(1,092,599)
(475,000)

Net cash generated from operating activities

2,129,025
7,805,103


Cash flows from investing activities

Purchase of tangible fixed assets
(1,990,038)
(1,162,738)

Sale of tangible fixed assets
162,033
112,224

Interest received
22,483
288

HP interest paid
(24,422)
(43,284)

Net cash from investing activities

(1,829,944)
(1,093,510)

Cash flows from financing activities

Repayment of loans
(25,905)
(34,500)

Repayment of/new finance leases
(518,121)
(1,599,932)

Dividends paid
(1,500,000)
(2,000,000)

Interest paid
(377,073)
(140,510)

Repayment of directors loan
(59,940)
-

Net cash used in financing activities
(2,481,039)
(3,774,942)

Net (decrease)/increase in cash and cash equivalents
(2,181,958)
2,936,651

Cash and cash equivalents at beginning of year
2,756,252
(180,399)

Cash and cash equivalents at the end of year
574,294
2,756,252


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
574,294
2,756,252

574,294
2,756,252


Page 13


WW TRUCK AND BUS LIMITED

The notes on pages 16 to 28 form part of these financial statements.
Page 14


WW TRUCK AND BUS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,756,252

(2,181,958)

574,294

Debt due within 1 year

(85,845)

85,845

-

Finance leases

(943,071)

518,121

(424,950)



1,727,336
(1,577,992)
149,344

The notes on pages 16 to 28 form part of these financial statements.
Page 15


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES

 
1.1

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 judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
1.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

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

 
1.3

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.

Page 16


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (continued)


1.3
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Long-term leasehold property
-
Straight line over the lease period
Plant and machinery
-
10% - 33% straight line
Cars and vans
-
25% straight line
Trucks
-
20% straight line

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.

 
1.4

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
1.5

OPERATING LEASES: THE COMPANY AS LESSEE

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

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

 
1.6

OPERATING LEASES: THE COMPANY AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 17


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (continued)

 
1.7

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Under various supply agreements, the company has access to 'consignment stock' during a consignment period. Where the nature of these supply agreements transfer risks and rewards to the company, which in substance gives the company control over the stock during the consignment period and liabilities in respect of holding costs, the company recognises these stocks in the Statement of financial position together with an equivalent liability. Where supply agreements do not provide risks and rewards to the company until such time as legal title actually passes at the end of the consignment period, these stocks are not included in the Statement of financial position.

 
1.8

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.

 
1.9

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.

 
1.10

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.

 
1.11

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 18


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.ACCOUNTING POLICIES (continued)

 
1.12

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 reporting 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 reporting 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 reporting date.


2.


GENERAL INFORMATION

WW Truck and Bus Limited is a limited liability company incorporated in England and Wales. The registered office is Unit 2, Severn Road, East Cliff Business Park, Hallen, BS10 7GD. 


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these significant judgments and estimates have been made include:
Depreciation
Within each fixed asset class, management allocate an appropriate depreciation rate for each asset based on their assessment of the asset's useful economic life and expected residual value. These vary due to the differing nature of the assets.
Accruals
Included within accruals, management have provided for potential maintenance contract losses. Management have obtained relevant data and the provisions included are management's best estimate of the potential projected losses.
Dilapidations
Management have assessed and provided for the potential provision required on the ceasing of the various property leases. In calculating the provision management have considered all available data.
Page 19


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TURNOVER

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


2023
2022
£
£

Sale of new and used trucks
59,351,330
45,862,165

Parts and servicing
29,150,897
26,819,713

88,502,227
72,681,878


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
88,425,665
72,612,327

Rest of Europe
76,562
63,087

Rest of the world
-
6,464

88,502,227
72,681,878



5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
1,277,472
1,429,756

Other operating lease rentals
623,997
561,806

Defined contribution pension cost
206,478
191,364

Profit on the sale of tangible fixed assets
(73,706)
(50,062)


6.


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 auditor and its associates for the audit of the company's annual accounts
22,000
20,950

Fees payable to the company's auditors and their associates in respect of:

All other services
2,250
2,140
Page 20


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
8,317,768
7,687,946

Social security costs
889,686
853,107

Cost of defined contribution scheme
206,478
191,364

9,413,932
8,732,417


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


        2023
        2022
            No.
            No.







Workshop production
101
101



Workshop administration
21
23



Parts staff
34
36



Sales force
13
15



Administration
36
34

205
209


8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
564,175
585,830

Company contributions to defined contribution pension schemes
30,000
30,000

594,175
615,830


During the year retirement benefits were accruing to 3 directors (2022: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £240,260 (2022: £243,502).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2022: £10,000).

Other than the directors there were no key management.

Page 21


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
377,073
140,510

Finance leases and hire purchase contracts
24,422
43,284

401,495
183,794


10.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
1,044,465
797,628

Adjustments in respect of previous periods
2,266
20,166


1,046,731
817,794


TOTAL CURRENT TAX
1,046,731
817,794

DEFERRED TAX


Origination and reversal of timing differences
109,165
139,127

TOTAL DEFERRED TAX
109,165
139,127


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
1,155,896
956,921
Page 22


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 23.52% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,618,553
4,641,338


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
1,105,360
881,854

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,106
3,410

Capital allowances for year in excess of depreciation
40,117
18,101

Adjustments to tax charge in respect of prior periods
2,266
20,166

Other differences leading to an increase (decrease) in the tax charge
(439)
(1)

Effect of tax rate changes on deferred tax balance
6,486
33,391

TOTAL TAX CHARGE FOR THE YEAR
1,155,896
956,921


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no factors expected to materially impact future tax charges, other than the increase in corporation tax rates announced in the 2022 Budget. 


11.


DIVIDENDS

2023
2022
£
£


Dividends paid
1,500,000
2,000,000

Page 23


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


TANGIBLE FIXED ASSETS





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2023
5,821,553
390,242
3,971,027
4,494,306
14,677,128


Additions
62,949
-
288,312
1,638,777
1,990,038


Disposals
-
-
-
(394,691)
(394,691)


Transfers between classes
-
-
-
(1,520,450)
(1,520,450)



At 31 December 2023
5,884,502
390,242
4,259,339
4,217,942
14,752,025



DEPRECIATION


At 1 January 2023
265,873
106,619
2,162,767
1,497,963
4,033,222


Charge for the year on owned assets
134,927
7,805
333,843
800,897
1,277,472


Disposals
-
-
-
(306,364)
(306,364)


Transfers between classes
-
-
-
(608,180)
(608,180)



At 31 December 2023
400,800
114,424
2,496,610
1,384,316
4,396,150



NET BOOK VALUE



At 31 December 2023
5,483,702
275,818
1,762,729
2,833,626
10,355,875



At 31 December 2022
5,555,680
283,623
1,808,260
2,996,343
10,643,906

Included within motor vehicles are hire fleet trucks with a cost of £2,393,233 (2022: £2,891,150) with a net book value of £1,836,207 (2022: £2,181,622).
During the year, motor vehicles with a net book value of £912,270 (2022: £1,117,262) were transferred to used vehicle stock.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
499,096
2,181,622

499,096
2,181,622

Page 24


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


STOCKS

2023
2022
£
£

Consignment stock
13,981,028
6,289,232

Work in progress (goods to be sold)
69,405
97,730

Finished goods and goods for resale
4,743,499
2,978,984

Used vehicle stock
919,791
584,327

19,713,723
9,950,273


Finished goods includes £2,153,991 (2022: 668,237) new trucks that are currently in progress.


14.


DEBTORS

2023
2022
£
£


Trade debtors
2,225,830
2,241,056

Other debtors
1,438,959
1,343,224

Prepayments and accrued income
504,741
494,354

4,169,530
4,078,634



15.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
574,294
2,756,252

574,294
2,756,252


Page 25


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
-
25,905

Trade creditors
1,627,371
2,010,524

Corporation tax
543,385
589,253

Other taxation and social security
260,508
928,346

Obligations under finance lease and hire purchase contracts
424,950
537,948

Other creditors
16,119,597
8,147,554

Accruals
1,892,467
2,906,062

20,868,278
15,145,592


Bank loans and overdrafts include £Nil (2022: £25,905) by a fixed charge over the freehold and leasehold properties. 
Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
Included within other creditors is £14,173,808 (2022: £6,289,232) that is secured against the consignment stock.


17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
405,123

Accruals
14,155
19,183

14,155
424,306


 

Page 26


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(1,022,153)
(883,026)


Charged to the profit or loss
(109,165)
(139,127)



AT END OF YEAR
(1,131,318)
(1,022,153)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,140,127)
(1,025,305)

Other short term timing differences
8,809
3,152

(1,131,318)
(1,022,153)


19.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



250,000 (2022: 250,000) Ordinary Shares of £0.001 each
250
250



20.


RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses. All are considered distributable.


21.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022

£
£


Not later than 1 year
245,015
245,140

Later than 1 year and not later than 5 years
653,587
694,628

Later than 5 years
549,740
745,380

1,448,342
1,685,148

Page 27


WW TRUCK AND BUS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


RELATED PARTY TRANSACTIONS


2023
2022
£
£

Owed by directors
-
85,000
Owed to directors
-
59,940
Dividends paid to shareholders
1,500,000
2,000,000
1,500,000
2,144,940


23.


CONTROLLING PARTY

The ultimate controlling party is deemed to be W Nairn by virtue of his majority shareholding in the company.



 
Page 28