Uk Trailer Parts Limited 06939824 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Manufacture of other technical and industrial textiles and Wholesale of other machinery and equipment Digita Accounts Production Advanced 6.30.9574.0 true 06939824 2023-04-01 2024-03-31 06939824 2024-03-31 06939824 core:CurrentFinancialInstruments 2024-03-31 06939824 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06939824 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06939824 core:Goodwill 2024-03-31 06939824 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 06939824 core:MotorVehicles 2024-03-31 06939824 core:PlantMachinery 2024-03-31 06939824 bus:SmallEntities 2023-04-01 2024-03-31 06939824 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06939824 bus:FullAccounts 2023-04-01 2024-03-31 06939824 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06939824 bus:RegisteredOffice 2023-04-01 2024-03-31 06939824 bus:Director1 2023-04-01 2024-03-31 06939824 bus:Director2 2023-04-01 2024-03-31 06939824 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06939824 core:Goodwill 2023-04-01 2024-03-31 06939824 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 06939824 core:LeaseholdImprovements 2023-04-01 2024-03-31 06939824 core:MotorVehicles 2023-04-01 2024-03-31 06939824 core:PlantMachinery 2023-04-01 2024-03-31 06939824 countries:AllCountries 2023-04-01 2024-03-31 06939824 2023-03-31 06939824 core:Goodwill 2023-03-31 06939824 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 06939824 core:MotorVehicles 2023-03-31 06939824 core:PlantMachinery 2023-03-31 06939824 2022-04-01 2023-03-31 06939824 2023-03-31 06939824 core:CurrentFinancialInstruments 2023-03-31 06939824 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06939824 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06939824 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 06939824 core:MotorVehicles 2023-03-31 06939824 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06939824

Uk Trailer Parts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Uk Trailer Parts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Uk Trailer Parts Limited

Company Information

Directors

Mrs Tracey Gillett

Mr Andrew Gillett

Registered office

Estate Road No.1
South Humberside Industrial Estate
Grimsby
North East Lincolnshire
DN31 2TB

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Uk Trailer Parts Limited

(Registration number: 06939824)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

387,367

333,795

Current assets

 

Stocks

7

118,000

160,838

Debtors

8

506,555

457,017

Cash at bank and in hand

 

376,129

344,608

 

1,000,684

962,463

Creditors: Amounts falling due within one year

9

(368,180)

(317,717)

Net current assets

 

632,504

644,746

Total assets less current liabilities

 

1,019,871

978,541

Creditors: Amounts falling due after more than one year

9

(74,423)

(52,247)

Provisions for liabilities

(20,418)

(19,054)

Net assets

 

925,030

907,240

Capital and reserves

 

Called up share capital

100

100

Retained earnings

924,930

907,140

Shareholders' funds

 

925,030

907,240

 

Uk Trailer Parts Limited

(Registration number: 06939824)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 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.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Gillett
Director

 

Uk Trailer Parts Limited

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

1

General information

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

The address of its registered office is:
Estate Road No.1
South Humberside Industrial Estate
Grimsby
North East Lincolnshire
DN31 2TB
England

These financial statements were authorised for issue by the Board on 22 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.

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.

 

Uk Trailer Parts Limited

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

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% \ 15% \ 5% - Straight Line

Leasehold Property

99 Years - Straight Line

 

Uk Trailer Parts Limited

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

Motor Vehicle

20% - straight line

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

20% - Straight line

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Uk Trailer Parts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Uk Trailer Parts Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 16).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

28,028

17,129

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Amortisation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Carrying amount

At 31 March 2024

-

-

 

Uk Trailer Parts Limited

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

6

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

277,180

166,248

13,981

457,409

Additions

-

31,203

54,163

85,366

Disposals

-

(6,700)

-

(6,700)

At 31 March 2024

277,180

190,751

68,144

536,075

Depreciation

At 1 April 2023

19,599

90,034

13,981

123,614

Charge for the year

2,799

16,202

9,027

28,028

Eliminated on disposal

-

(2,934)

-

(2,934)

At 31 March 2024

22,398

103,302

23,008

148,708

Carrying amount

At 31 March 2024

254,782

87,449

45,136

387,367

At 31 March 2023

257,581

76,214

-

333,795

Included within the net book value of land and buildings above is £254,782 (2023 - £257,581) in respect of long leasehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

118,000

160,838

8

Debtors

Current

2024
£

2023
£

Trade debtors

248,164

266,130

Prepayments

7,061

6,960

Other debtors

251,330

183,927

 

506,555

457,017

 

Uk Trailer Parts Limited

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

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

6,997

(20)

Trade creditors

 

177,547

166,085

Taxation and social security

 

89,545

67,768

Accruals and deferred income

 

51,814

35,153

Other creditors

 

42,277

48,731

 

368,180

317,717

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

22,750

-

Deferred income

 

51,673

52,247

 

74,423

52,247