Company registration number 09856063 (England and Wales)
TRUSK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSK LIMITED
COMPANY INFORMATION
Directors
Mr S Tronel
Mr P Bazin
Mr T Effantin
Mr D Schwarz
Secretary
OHS Secretaries Limited
Company number
09856063
Registered office
9th Floor
107 Cheapside
LONDON
EC2V 6DN
Auditor
Old Mill Audit Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
England
SN15 1BN
TRUSK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 33
TRUSK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report of Trusk Limited and its subsidaries for the year ended 31 December 2023.

 

The strategic report has been prepared to provide shareholders of the Group with additional information to assess the Group's strategies and the potential for those strategies to succeed. The strategic report contains forward-looking statements. These statements are made by the Directors in good faith based on the information available up to the time of their approval of this report and such statements should be treated with caution due to inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

Fair review of the business

Activity

 

We operate as a last-mile delivery marketplace, linking businesses and consumers with professional transportation providers via our advanced technological platform. Our role is akin to that of a freight forwarder, specialising in the delivery of bulky items. We ensure our subcontractors meet our high standards and industry requirements through rigorous selection and training at the Trusk Academy. Our commitment to service excellence is demonstrated through continuous monitoring of key performance indicators such as Net Promoter Score and delivery accuracy. Trusk comprises two primary business divisions:

Differentiating Factor

 

Trusk’s competitive edge is rooted in the exceptional quality of our services. We provide unparalleled flexibility in scheduling, the capability to deliver to upper floors, and real-time shipment tracking for end-customers. Our B2B services are designed to seamlessly integrate with varying logistical setups, offering options like store-based shipments, cross-docking, or deliveries using electric vehicles.

 

In 2023, we achieved a Net Promoter Score of 80, positioning us as a leader in last-mile delivery quality. Furthermore, over 30% of our deliveries now utilise electric vehicles, underscoring our commitment to sustainability. This achievement led to our recognition as the best operator for IKEA in France in the category of zero-emission deliveries.

Development and performance

Areas of Development

 

Our primary focus is on expanding our geographical footprint across France sustainably and profitably. Since initiating our warehouse infrastructure for last-mile deliveries in 2020, we have significantly extended our reach, with facilities in major cities including Ile-de-France, Nice, Toulouse, Bordeaux, and Marseille. In 2023, we deepened our partnerships with regional and national transport and logistics networks to accelerate this expansion.

 

Revenue Growth

 

In 2023, our revenue growth was primarily driven by our ability to upsell to existing clients. Increased volume, coupled with continuous operational optimisation, has significantly enhanced our gross margin.

TRUSK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Competition

 

The transportation sector remains highly competitive. We are focused on expanding our business revenue and achieving further economies of scale to maintain our competitive stance. The market for our primary clientele—DIY and furniture businesses—is notably concentrated. Winning upcoming tenders in 2024 is crucial to not only retaining but also expanding our market share. Continued investments in technology and personnel are essential to maintain our competitive advantage.

 

Technology and Systems

 

Our operations rely heavily on our technological platform, which is susceptible to cyber threats. We have implemented robust security measures to mitigate these risks and have insured against potential cyber incidents that could disrupt our operations.

 

Regulation

 

Operating in a regulated market, we bear responsibility for the deliveries conducted by our subcontractors. It is imperative that these deliveries adhere to all applicable social and fiscal laws to mitigate legal and financial risks. Our dedicated legal team ensures compliance through meticulous checks and the establishment of appropriate contracts and processes.

 

Cash

 

In 2023, we achieved profitability through economies of scale and the maturation of our operations, as forecasted in our 2022 strategic report. We anticipate a continued increase in profitability in 2024, obviating the need for additional funding to sustain our operations. Nevertheless, we remain open to fundraising opportunities to bolster our cash reserves and further our investment capacity.

 

 

On behalf of the board

Mr S Tronel
Director
24 September 2024
TRUSK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of transportation support activities.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Tronel
Mr P Bazin
Mr T Effantin
Mr D Schwarz
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Financial instruments
Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Auditor

Old Mill Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

TRUSK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

These financial statements are prepared on the going concern basis. At the balance sheet date, the group had net cash inflow from operating activities of £556,483 (2022 - £358,700), and, at the balance sheet date, the group had net current assets of £1,949,747 (2022 - £2,317,054). Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S Tronel
Director
24 September 2024
2024-09-24
TRUSK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRUSK LIMITED
- 5 -
Opinion

We have audited the financial statements of Trusk Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 group's and 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 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TRUSK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUSK LIMITED
- 6 -
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 their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TRUSK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUSK LIMITED
- 7 -

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 auditor's 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.

Tim Lerwill BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited
25 September 2024
Statutory Auditor
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
England
SN15 1BN
TRUSK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
36,142,543
1,212
36,143,755
31,020,754
(8,363)
31,012,391
Cost of sales
(21,357,296)
-
(21,357,296)
(20,992,420)
48,998
(20,943,422)
Gross profit
14,785,247
1,212
14,786,459
10,028,334
40,635
10,068,969
Administrative expenses
(13,997,259)
(20,037)
(14,017,296)
(11,012,572)
41,023
(10,971,549)
Other operating income
-
-
-
134,867
-
134,867
Operating profit/(loss)
4
787,988
(18,825)
769,163
(849,371)
81,658
(767,713)
Interest receivable and similar income
6
713
-
713
-
-
-
Interest payable and similar expenses
7
(155,487)
-
(155,487)
(135,177)
-
(135,177)
Amounts written off investments
8
49,556
-
49,556
-
-
-
Profit/(loss) before taxation
682,770
(18,825)
663,945
(984,548)
81,658
(902,890)
Tax on profit/(loss)
9
9,652
-
9,652
-
-
-
Profit/(loss) for the financial year
692,422
(18,825)
673,597
(984,548)
81,658
(902,890)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
TRUSK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit/(loss) for the year
673,597
(902,890)
Other comprehensive income
Share-based payments
-
0
(62,923)
Total comprehensive income for the year
673,597
(1,169,567)
Total comprehensive income for the year is all attributable to the owners of the parent company.
TRUSK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
2,189,833
1,986,314
Tangible assets
12
220,631
174,259
2,410,464
2,160,573
Current assets
Debtors
15
5,735,034
4,111,739
Cash at bank and in hand
2,059,954
3,423,912
7,794,988
7,535,651
Creditors: amounts falling due within one year
16
(5,845,241)
(5,218,597)
Net current assets
1,949,747
2,317,054
Total assets less current liabilities
4,360,211
4,477,627
Creditors: amounts falling due after more than one year
17
(1,527,940)
(2,336,202)
Provisions for liabilities
Provisions
19
17,339
-
0
(17,339)
-
Net assets
2,814,932
2,141,425
Capital and reserves
Called up share capital
22
13,749
13,749
Share premium account
10,797,851
10,797,851
Other reserves
42,922
43,012
Profit and loss reserves
(8,039,590)
(8,713,187)
Total equity
2,814,932
2,141,425

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr S Tronel
Director
Company registration number 09856063 (England and Wales)
TRUSK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
8,607,258
7,648,954
Current assets
Debtors
15
1,636,115
1,275,875
Cash at bank and in hand
553,356
1,818,083
2,189,471
3,093,958
Creditors: amounts falling due within one year
16
(35,902)
(29,056)
Net current assets
2,153,569
3,064,902
Net assets
10,760,827
10,713,856
Capital and reserves
Called up share capital
22
13,749
13,749
Share premium account
10,797,851
10,797,851
Other reserves
105,606
105,606
Profit and loss reserves
(156,379)
(203,350)
Total equity
10,760,827
10,713,856

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £46,971 (2022 - £3,273 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Mr S Tronel
Director
Company registration number 09856063 (England and Wales)
TRUSK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Foreign Exchange Reserves
Share Based Payments Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
12,131
7,877,566
(62,594)
168,529
(7,802,412)
193,220
Year ended 31 December 2022:
Loss for the year
-
-
-
-
(902,890)
(902,890)
Other comprehensive income:
Currency translation differences
-
-
-
(62,923)
-
0
(62,923)
Total comprehensive income for the year
-
-
-
(62,923)
(902,890)
(965,813)
Issue of share capital
22
1,618
2,920,285
-
-
-
2,921,903
Transfers
-
-
-
-
(7,885)
(7,885)
Balance at 31 December 2022
13,749
10,797,851
(62,594)
105,606
(8,713,187)
2,141,425
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
673,597
673,597
Other movements
-
-
(90)
-
-
(90)
Balance at 31 December 2023
13,749
10,797,851
(62,684)
105,606
(8,039,590)
2,814,932
TRUSK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Share Based Payments Reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
12,131
7,877,566
168,529
(200,077)
7,858,149
Year ended 31 December 2022:
Loss for the year
-
-
-
(3,273)
(3,273)
Other comprehensive income:
Currency translation differences
-
-
(62,923)
-
0
(62,923)
Total comprehensive income for the year
-
-
(62,923)
(3,273)
(66,196)
Issue of share capital
22
1,618
2,920,285
-
-
2,921,903
Balance at 31 December 2022
13,749
10,797,851
105,606
(203,350)
10,713,856
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
46,971
46,971
Balance at 31 December 2023
13,749
10,797,851
105,606
(156,379)
10,760,827
TRUSK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
694,662
518,938
Interest paid
(155,487)
(135,177)
Income taxes refunded/(paid)
17,308
(25,061)
Net cash inflow from operating activities
556,483
358,700
Investing activities
Purchase of intangible assets
(1,021,954)
(881,926)
Purchase of tangible fixed assets
(83,705)
(150,626)
Proceeds from disposal of subsidiaries, net of cash disposed
12,945
(5,730)
Interest received
713
-
0
Net cash used in investing activities
(1,092,001)
(1,038,282)
Financing activities
Proceeds from issue of shares
-
2,921,903
Repayment of bank loans
(828,350)
(263,707)
Net cash (used in)/generated from financing activities
(828,350)
2,658,196
Net (decrease)/increase in cash and cash equivalents
(1,363,868)
1,978,614
Cash and cash equivalents at beginning of year
3,423,912
1,576,798
Effect of foreign exchange rates
(90)
(131,500)
Cash and cash equivalents at end of year
2,059,954
3,423,912
TRUSK LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(1,385,727)
(1,491,908)
Interest paid
-
0
(190)
Income taxes refunded/(paid)
27,151
(25,061)
Net cash outflow from operating activities
(1,358,576)
(1,517,159)
Investing activities
Proceeds from disposal of subsidiaries
(10,376)
(240,631)
Interest received
104,225
28,561
Net cash generated from/(used in) investing activities
93,849
(212,070)
Financing activities
Proceeds from issue of shares
-
2,921,903
Net cash (used in)/generated from financing activities
-
2,921,903
Net (decrease)/increase in cash and cash equivalents
(1,264,727)
1,192,674
Cash and cash equivalents at beginning of year
1,818,083
625,409
Cash and cash equivalents at end of year
553,356
1,818,083
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Trusk Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office can be found on the Company Information page.

 

The group consists of Trusk Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. The functional currency differs to the presentational currency for the three subsidiaries: Trusk Switzerland Sàrl (Swiss Francs), Société Trusk France (Euros) and Société Trusk Rental (Euros). Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

The consolidated group financial statements consist of the financial statements of the parent company Trusk Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Trusk Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

These financial statements are prepared on the going concern basis. At the balance sheet date, the group had net cash inflow from operating activities of £556,483 (2022 - £358,700), and, at the balance sheet date, the group had net current assets of £1,949,747 (2022 - £2,317,054). Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% straight line
Development costs
20% straight line
Other intangibles assets
33% straight line

Intangible assets are reviewed for impairment if there are factors indicating that the carrying amount may be impaired.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% to 50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the expense model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

 

The expense in relation to options over the company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Government grants

Included within other operating income are amounts in relation to government grants. Government grants in relation to expenditure are credited when the expenditure is charged to the income statement.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and amortisation

The directors use their knowledge of the business and the industry to estimate the useful and residual value of intangible and tangible fixed assets in order to arrive at applicable amortisation and depreciation rates. In accordance with section 17 of FRS102, the directors review and update these estimated is there are indicators that current estimates should change. During the year there was no change in depreciation and amortisation rates. It must be noted that there is inherent uncertainty with these estimates as factors such as unexpected wear and tear, technological advancement and changes in market price may result in future changes to the appropriate rate of depreciation.

Provision for bad and doubtful debts

Significant overdue items are assessed on the debtors ledger with specific provision for debtors in financial difficulty.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Transportation services
36,143,755
31,012,391
2023
2022
£
£
Turnover analysed by geographical market
France
36,142,543
31,004,028
Switzerland
1,212
8,363
36,143,755
31,012,391
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 23 -
2023
2022
£
£
Other revenue
Interest income
713
-
Grants received
-
134,867
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
58,588
(90,507)
Government grants
-
(134,867)
Fees payable to the group's auditor for the audit of the group's financial statements
13,440
11,520
Depreciation of owned tangible fixed assets
37,333
22,121
Amortisation of intangible assets
818,435
600,065
Share-based payments
-
(62,923)
Operating lease charges
1,843,566
1,189,594
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
25
25
-
-
Non-Administration
61
44
-
-
Management
27
26
4
4
Total
113
95
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,102,603
5,473,404
-
0
(62,923)
Social security costs
1,538,453
1,191,995
-
-
Pension costs
42,953
35,748
-
0
-
0
8,684,009
6,701,147
-
0
(62,923)
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
713
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
713
-
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
77,931
88,436
Other finance costs:
Interest on finance leases and hire purchase contracts
77,556
46,551
Other interest
-
190
Total finance costs
155,487
135,177
8
Amounts written off investments
2023
2022
£
£
Other gains and losses
49,556
-

The £49,556 relates to the net current assets of Trusk Switzerland as at the date of liquidation and hence the date when the subsidiary is excluded from the consolidation.

9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
7,656
-
0
Adjustments in respect of prior periods
(27,151)
-
0
Total UK current tax
(19,495)
-
0
Foreign current tax on profits for the current period
9,843
-
0
Total current tax
(9,652)
-
0
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 25 -

The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
663,945
(902,890)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
156,160
(171,549)
Tax effect of expenses that are not deductible in determining taxable profit
7,769
(7,471)
Adjustments in respect of prior years
-
0
(85)
Effect of overseas tax rates
(143,751)
219,774
Under/(over) provided in prior years
(27,151)
8,834
Deferred tax adjustments in respect of prior years
-
0
(1,554)
Foreign exchange differences
3,912
(40,813)
Other timing differences
-
0
(7,091)
Non trading loan relationship loss carried forward
-
0
(45)
Deferred tax not recognised
(6,270)
-
0
Marginal relief
(321)
-
0
Taxation credit
(9,652)
-
10
Discontinued operations
Trusk Switzerland

On 20 June 2023 Trusk Switzerland Sàrl, a wholly owned subsidiary of Trusk Limited, entered into liquidation. The results up to this date have been included as discontinued operations. The results after this date have been excluded from consolidation, along with the net assets of the subsidiary.

 

A gain of £49,556 arose on the exclusion, being the carrying amount of the net assets of Trusk Switzerland Sàrl as at the date of entering liquidation.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
11
Intangible fixed assets
Group
Software
Development costs
Other intangibles assets
Total
£
£
£
£
Cost
At 1 January 2023
60,768
3,189,653
212,777
3,463,198
Additions - internally developed
-
0
1,021,954
-
0
1,021,954
At 31 December 2023
60,768
4,211,607
212,777
4,485,152
Amortisation and impairment
At 1 January 2023
57,008
1,207,099
212,777
1,476,884
Amortisation charged for the year
3,760
814,675
-
0
818,435
At 31 December 2023
60,768
2,021,774
212,777
2,295,319
Carrying amount
At 31 December 2023
-
0
2,189,833
-
0
2,189,833
At 31 December 2022
3,760
1,982,554
-
0
1,986,314
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2023
225,210
Additions
83,705
At 31 December 2023
308,915
Depreciation and impairment
At 1 January 2023
50,951
Depreciation charged in the year
37,333
At 31 December 2023
88,284
Carrying amount
At 31 December 2023
220,631
At 31 December 2022
174,259
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
8,607,258
7,648,954
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
7,648,954
958,304
At 31 December 2023
8,607,258
Carrying amount
At 31 December 2023
8,607,258
At 31 December 2022
7,648,954
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Société Trusk France
14 Rue Palouzie 93400, Saint-Ouen, France
Transportation support activities
Ordinary
100.00
Société Trusk Rental
14 Rue Palouzie 93400, Saint-Ouen, France
Transportation support activities
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Société Trusk France
712,327
627,691
Société Trusk Rental
50,832
36,384
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,392,024
3,444,700
-
0
-
0
Amounts owed by group undertakings
-
-
1,635,102
1,274,648
Other debtors
842,648
223,259
1,013
1,227
Prepayments and accrued income
178,884
153,238
-
0
-
0
5,413,556
3,821,197
1,636,115
1,275,875
Amounts falling due after more than one year:
Other debtors
321,478
290,542
-
0
-
0
Total debtors
5,735,034
4,111,739
1,636,115
1,275,875
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
788,538
808,626
-
0
-
0
Trade creditors
3,391,270
3,436,620
834
4,716
Corporation tax payable
7,656
-
0
7,656
-
0
Other taxation and social security
882,634
863,161
-
-
Other creditors
184,982
71,722
796
796
Accruals and deferred income
590,161
38,468
26,616
23,544
5,845,241
5,218,597
35,902
29,056
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
1,527,940
2,336,202
-
0
-
0
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,316,478
3,144,828
-
0
-
0
Payable within one year
788,538
808,626
-
0
-
0
Payable after one year
1,527,940
2,336,202
-
0
-
0

The long-term loans are secured by fixed charges over the group's assets.

 

19
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Legal provisions
17,339
-
-
-
Movements on provisions:
Legal provisions
Group
£
Additional provisions in the year
17,339
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,953
35,748

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
21
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
272,280
121,848
13.50
10.00
Granted
-
150,432
-
16.34
Outstanding at 31 December 2023
272,280
272,280
13.50
13.50
Exercisable at 31 December 2023
272,280
272,280
13.50
13.50

 

Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
-
(62,923)
-
(62,923)

The company has an unapproved share option scheme for employees of the subsidiary company. As at 31 December 2023, the company had granted 307,490 share options. The options outstanding had an exercise price ranging from £3.52 to £16.48, and a period ranging from the date of grant to 4 years. As at the year end, 203,621 options were vested but not exercised and 34,500 options were lapsed. During the year, 0 options were exercised. The share options are exercisable on the share capital of the company. The options vest in the event of an exit.

 

The company is unable to directly measure the fair value of employee services received. Instead the fair value of the share options at grant date was determined via applying a discount on the exercise price based on the proportion of options estimated to be exercised.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
418,790
418,790
4,188
4,188
Series A shares of 1p each
120,774
120,774
1,208
1,208
Series A1 shares of 1p each
184,860
184,860
1,849
1,849
Series A2 shares of 1p each
383,018
383,018
3,830
3,830
Deferred shares of 1p each
82,500
82,500
825
825
Series A3 shares of 1p each
184,863
184,863
1,849
1,849
1,374,805
1,374,805
13,749
13,749
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Share capital
(Continued)
- 31 -

Ordinary, Series A, Series A1, Series A2 and Series A3 shares all have full voting and dividend rights.

 

Deferred shares have no voting or dividend rights.

During the financial year there were no changes to shares.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
501,162
820,562
-
-
Between two and five years
715,704
694,702
-
-
1,216,866
1,515,264
-
-
24
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Services received
2023
2022
£
£
Group
Other related parties
321,968
307,700

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
796
796
Company
Key management personnel
796
796
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
25
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
673,597
(902,890)
Adjustments for:
Taxation credited
(9,652)
-
0
Finance costs
155,487
135,177
Investment income
(713)
-
0
Amortisation and impairment of intangible assets
818,435
600,065
Depreciation and impairment of tangible fixed assets
37,333
22,121
Foreign exchange gains on cash equivalents
-
131,500
Other gains and losses
(49,556)
-
Equity settled share based payment expense
-
(62,923)
Increase in provisions
17,339
-
Movements in working capital:
Increase in debtors
(1,586,684)
(321,496)
Increase in creditors
639,076
917,384
Cash generated from operations
694,662
518,938
26
Cash absorbed by operations - company
2023
2022
£
£
Profit/(loss) for the year after tax
46,971
(3,273)
Adjustments for:
Taxation credited
(19,495)
-
0
Finance costs
-
0
190
Investment income
(104,225)
(28,561)
Other gains and losses
10,376
256,643
Equity settled share based payment expense
-
(62,923)
Movements in working capital:
Increase in debtors
(1,318,544)
(1,658,304)
(Decrease)/increase in creditors
(810)
4,320
Cash absorbed by operations
(1,385,727)
(1,491,908)
TRUSK LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
27
Analysis of changes in net debt - group
2023
£
Opening net funds/(debt)
Cash and cash equivalents
3,423,912
Loans
(3,144,828)
279,084
Changes in net debt arising from:
Cash flows of the entity
(572,129)
Acquisition and disposal of subsidiaries
36,611
Changes in market value and exchange rates
(90)
Closing net funds/(debt) as analysed below
(256,524)
Closing net funds/(debt)
Cash and cash equivalents
2,059,954
Loans
(2,316,478)
(256,524)
28
Analysis of changes in net debt - company
2023
£
Opening net funds
Cash and cash equivalents
1,818,083
Changes in net debt arising from:
Cash flows of the entity
(1,264,727)
Closing net funds as analysed below
553,356
Closing net funds
Cash and cash equivalents
553,356
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