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Registration number: 05434192

Ipswich Truck Services Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 30 April 2024

 

Ipswich Truck Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

Ipswich Truck Services Limited

Company Information

Directors

Mr C Canham

Mr S J Canham

Registered office

Addison Way
Great Blakenham
Ipswch
Suffolk
IP6 0RL

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ipswich Truck Services Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ipswich Truck Services Limited for the year ended 30 April 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Ipswich Truck Services Limited, as a body, in accordance with the terms of our engagement letter dated 12 November 2024. Our work has been undertaken solely to prepare for your approval the accounts of Ipswich Truck Services Limited and state those matters that we have agreed to state to the Board of Directors of Ipswich Truck Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ipswich Truck Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ipswich Truck Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ipswich Truck Services Limited. You consider that Ipswich Truck Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ipswich Truck Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

12 November 2024

 

Ipswich Truck Services Limited

(Registration number: 05434192)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

118,912

79,571

Current assets

 

Stocks

6

10,195

9,195

Debtors

7

365,957

605,900

Cash at bank and in hand

 

453,173

194,428

 

829,325

809,523

Creditors: Amounts falling due within one year

8

(186,317)

(209,205)

Net current assets

 

643,008

600,318

Total assets less current liabilities

 

761,920

679,889

Creditors: Amounts falling due after more than one year

8

-

(20,833)

Provisions for liabilities
(deferred taxation)

(27,930)

(17,880)

Net assets

 

733,990

641,176

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

733,890

641,076

Total equity

 

733,990

641,176

 

Ipswich Truck Services Limited

(Registration number: 05434192)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

.........................................
Mr C Canham
Director

 

Ipswich Truck Services Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2023

100

641,076

641,176

Profit for the year

-

146,980

146,980

Total comprehensive income

-

146,980

146,980

Dividends

-

(54,166)

(54,166)

At 30 April 2024

100

733,890

733,990

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 May 2022

100

561,646

561,746

Profit for the year

-

125,263

125,263

Total comprehensive income

-

125,263

125,263

Dividends

-

(45,833)

(45,833)

At 30 April 2023

100

641,076

641,176

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Addison Way
Great Blakenham
Ipswch
Suffolk
IP6 0RL

These financial statements were authorised for issue by the Board on 12 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Office building

write off cost over 15 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Stocks relate to the value of parts held at the accounting year end.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 May 2023

12,000

12,000

At 30 April 2024

12,000

12,000

Amortisation

At 1 May 2023

12,000

12,000

At 30 April 2024

12,000

12,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Office building
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 May 2023

12,700

36,522

104,884

154,106

Additions

-

29,495

43,616

73,111

Disposals

-

(20,500)

-

(20,500)

At 30 April 2024

12,700

45,517

148,500

206,717

Depreciation

At 1 May 2023

4,653

19,149

50,733

74,535

Charge for the year

846

2,919

16,325

20,090

Eliminated on disposal

-

(6,820)

-

(6,820)

At 30 April 2024

5,499

15,248

67,058

87,805

Carrying amount

At 30 April 2024

7,201

30,269

81,442

118,912

At 30 April 2023

8,047

17,373

54,151

79,571

6

Stocks

2024
£

2023
£

Other inventories

10,195

9,195

 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

2024
£

2023
£

Trade debtors

285,621

531,891

Prepayments

22,114

7,387

Other debtors

58,222

66,622

365,957

605,900

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Business bounce back bank loan

-

10,000

Trade creditors

 

69,298

62,182

Taxation and social security

 

101,612

129,768

Accruals and deferred income

 

10,700

4,975

Other creditors

 

4,707

2,280

 

186,317

209,205

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Business bounce back bank loan

-

20,833

9

Reserves

The profit and loss reserves of the company are wholly distributable.

10

Dividends

2024

2023

£

£

Interim dividend of £541.67 (2023 - £458.33) per ordinary share

54,167

45,833

 

 
 

Ipswich Truck Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £78,516 (2023 - £21,866). The commitments not included in the balance sheet relate to the operating lease commitments in respect of the total rent payments payable by the company to the end of the current leases on lease agreements for the telephone system and a workshop tool.

12

Related party transactions

Other transactions with directors

Included in other debtors at 30th April 2024 is the sum of £20,022 (2023 £20,022) in respect of monies advanced as a loan and owed to the company by a UK registered trading company known as DJ Spall Recovery Ltd.

This loan was repaid to Ipswich Truck Services Limited in July 2024.

DJ Spall Recovery Ltd has a principal activity of vehicle recovery services.

The Director C Canham is also a director in DJ Spall Recovery Ltd and he owns 25% of the issued share capital in the company. The Director S Canham is also a director in DJ Spall Recovery Ltd and he owns 75% of the issued share capital in the company.