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REGISTERED NUMBER: 06266037 (England and Wales)


Truck Technics Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Truck Technics Limited (Registered number: 06266037)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Truck Technics Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D J Metcalfe
B J Metcalfe
A P Metcalfe
K Tyrala





SECRETARY: D J Metcalfe





REGISTERED OFFICE: Washfold Farm
Leyburn
North Yorkshire
DL8 5JZ





REGISTERED NUMBER: 06266037 (England and Wales)





ACCOUNTANTS: Addison & Co
Ebor House
91 Galgate
Barnard Castle
Co Durham
DL12 8ES

Truck Technics Limited (Registered number: 06266037)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 727,472 646,744

CURRENT ASSETS
Stocks 48,988 90,361
Debtors 5 738,711 675,084
Cash at bank and in hand 213,753 87,880
1,001,452 853,325
CREDITORS
Amounts falling due within one year 6 753,684 589,547
NET CURRENT ASSETS 247,768 263,778
TOTAL ASSETS LESS CURRENT
LIABILITIES

975,240

910,522

CREDITORS
Amounts falling due after more than one
year

7

(147,242

)

(181,468

)

PROVISIONS FOR LIABILITIES (127,455 ) (84,964 )
NET ASSETS 700,543 644,090

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 700,443 643,990
SHAREHOLDERS' FUNDS 700,543 644,090

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Truck Technics Limited (Registered number: 06266037)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:





K Tyrala - Director


Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Truck Technics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tools and equipment - 15% on reducing balance
Furniture and fixtures - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Furniture
Tools and and Motor Office
equipment fixtures vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 331,643 20,220 1,361,242 3,185 1,716,290
Additions - - 336,955 - 336,955
Disposals (32,279 ) - (48,590 ) - (80,869 )
At 31 March 2024 299,364 20,220 1,649,607 3,185 1,972,376
DEPRECIATION
At 1 April 2023 209,250 17,435 840,556 2,305 1,069,546
Charge for year 16,972 557 208,823 132 226,484
Eliminated on disposal (23,035 ) - (28,091 ) - (51,126 )
At 31 March 2024 203,187 17,992 1,021,288 2,437 1,244,904
NET BOOK VALUE
At 31 March 2024 96,177 2,228 628,319 748 727,472
At 31 March 2023 122,393 2,785 520,686 880 646,744

Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Tools and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 April 2023 36,227 614,778 651,005
Additions - 302,950 302,950
Transfer to ownership - (73,794 ) (73,794 )
At 31 March 2024 36,227 843,934 880,161
DEPRECIATION
At 1 April 2023 5,434 284,180 289,614
Charge for year 4,619 150,604 155,223
Transfer to ownership - (42,663 ) (42,663 )
At 31 March 2024 10,053 392,121 402,174
NET BOOK VALUE
At 31 March 2024 26,174 451,813 477,987
At 31 March 2023 30,793 330,598 361,391

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 548,334 498,215
Amounts owed by group undertakings 88,728 82,820
Directors' current accounts 100,533 92,388
Prepayments 1,116 1,661
738,711 675,084

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 209,660 176,404
Trade creditors 295,326 181,737
Corporation tax 81,933 64,558
Social security and other taxes 21,205 24,839
VAT 127,112 121,455
Other creditors 5,154 5,438
Directors' current accounts 245 246
Accruals and deferred income 13,049 14,870
753,684 589,547

Truck Technics Limited (Registered number: 06266037)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 147,242 181,468

8. SECURED DEBTS

Company borrowings are covered by joint and several personal guarantees given by DJ, BJ and AP Metcalfe.

9. RESERVES
Retained
earnings
£   

At 1 April 2023 643,990
Profit for the year 261,453
Dividends (205,000 )
At 31 March 2024 700,443

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2024, the directors had the following overdrawn balances on their director's loan accounts:

DJ Metcalfe £33,511 (2023 £30,796), on which interest of £715 (2023 £462) was charged.
BJ Metcalfe £33,511 (2023 £30,796), on which interest of £715 (2023 £462) was charged.
AP Metcalfe £33,511 (2023 £30,796), on which interest of £715 (2023 £462) was charged.

The company operates rent free from premises owned by the mother of DJ, BJ and AP Metcalfe.

11. RELATED PARTY DISCLOSURES

During the year, there have been various transactions at market value with connected parties. At the year end, Truck Technics Ltd was owed by the connected parties £292,616 (2023 £236,223) and similarly it owed the connected parties £77,910 (2023 £55,341).

Included in debtors is a loan of £88,728 (2023 £82,820) to Tyrala Holdings Ltd, a company which owns 40% of the ordinary share capital of Truck Technics Ltd. Interest of £1,908 (2023 £820) has been charged on the outstanding balance.