Company registration number 11852366 (England and Wales)
KRONE TRAILER UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
KRONE TRAILER UK LTD
COMPANY INFORMATION
Directors
Mr F Pickering
Mr A Arns
Company number
11852366
Registered office
Carbon Court, Peckfield Business Park
Phoenix Avenue
Micklefield
Leeds
West Yorkshire
UK
LS25 4DY
Auditor
Hentons
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
KRONE TRAILER UK LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
5 - 7
Statement of comprehensive income
4
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
KRONE TRAILER UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Review of the business

The business year has presented significant challenges due to prevailing market conditions, resulting in a notable decline in revenues. Despite these adversities, we are pleased to report a positive financial outcome for the year. This achievement underscores our resilience and adaptability in navigating a turbulent economic landscape.

 

The downturn in market conditions has led to a substantial decrease in sales of new equipment. However, through rigorous cost management and focus on service activities, we have successfully maintained profitability. This positive result is a testament to our robust operational framework and the dedication of our team.

 

Looking ahead, we anticipate a challenging start to the next business year. The market is expected to remain volatile, and we foresee continued pressure on our revenue generation capabilities. Nevertheless, we are optimistic about a recovery in the second half of the year. Our strategic initiatives, aimed at enhancing operational efficiency, are expected to bear fruit as market conditions stabilize.

Principal risks and uncertainties

The company is a wholly owned subsidiary of Krone Commercial Vehicle SE and as such is subject to the overall risk of the group; consequently the principal risks and uncertainties facing the company are its interdependence for continued product supply, financial support and information technology (IT) system support.

Key performance indicators

The Group's key financial and other performance indicators during the year were as follows:

 

 

Unit

2024

2023

2022

2021

Turnover

£

16,077,461

37,884,367

21,526,151

12,810,271

GP

%

7.62

6.19

9.39

7.91

Shareholders funds

£

864,190

679,398

359,415

-84,750

 

On behalf of the board

Mr F Pickering
Director
21 October 2024
KRONE TRAILER UK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company continued to be that of the sale of lorry trailers.

Results and dividends

The results for the year are set out on page 4.

No ordinary dividends were paid. The directors do not recommend payment of a final 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 F Pickering
Mr A Arns
Auditor

In accordance with the company's articles, a resolution proposing that Hentons be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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 company’s auditor 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 company’s auditor is aware of that information.

KRONE TRAILER UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
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 F Pickering
Director
21 October 2024
KRONE TRAILER UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
2024
2023
Notes
£
£
Turnover
1
16,077,461
37,884,367
Cost of sales
(14,853,035)
(35,538,031)
Gross profit
1,224,426
2,346,336
Distribution costs
(115,820)
(417,547)
Administrative expenses
(818,621)
(1,729,231)
Other operating income
-
0
205,456
Operating profit
4
289,985
405,014
Interest receivable and similar income
6
52
5
Interest payable and similar expenses
7
(38,737)
-
0
Profit before taxation
251,300
405,019
Tax on profit
8
(66,508)
(85,036)
Profit for the financial year
184,792
319,983

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 19 form part of these financial statements.

KRONE TRAILER UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KRONE TRAILER UK LTD
- 5 -
Opinion

We have audited the financial statements of Krone Trailer UK Ltd (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

KRONE TRAILER UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KRONE TRAILER UK LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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.

KRONE TRAILER UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KRONE TRAILER UK LTD
- 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.

Chris Howitt
Senior Statutory Auditor
For and on behalf of Hentons
21 October 2024
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
KRONE TRAILER UK LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
8,278
8,599
Current assets
Stocks
10
1,282,596
1,638,169
Debtors
12
4,356,758
6,258,384
Cash at bank and in hand
1,229,891
2,229,032
6,869,245
10,125,585
Creditors: amounts falling due within one year
11
(5,563,333)
(9,004,786)
Net current assets
1,305,912
1,120,799
Net assets
1,314,190
1,129,398
Capital and reserves
Called up share capital
14
450,000
450,000
Profit and loss reserves
864,190
679,398
Total equity
1,314,190
1,129,398

The notes on pages 11 to 19 form part of these financial statements.

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 21 October 2024 and are signed on its behalf by:
Mr F Pickering
Director
Company registration number 11852366 (England and Wales)
KRONE TRAILER UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2022
450,000
359,415
809,415
Year ended 31 July 2023:
Profit and total comprehensive income
-
319,983
319,983
Balance at 31 July 2023
450,000
679,398
1,129,398
Year ended 31 July 2024:
Profit and total comprehensive income
-
184,792
184,792
Balance at 31 July 2024
450,000
864,190
1,314,190

The notes on pages 11 to 19 form part of these financial statements.

KRONE TRAILER UK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
16
(822,985)
471,545
Interest paid
(38,737)
-
0
Income taxes paid
(133,597)
(84,009)
Net cash (outflow)/inflow from operating activities
(995,319)
387,536
Investing activities
Purchase of tangible fixed assets
(3,874)
(6,995)
Interest received
52
5
Net cash used in investing activities
(3,822)
(6,990)
Net (decrease)/increase in cash and cash equivalents
(999,141)
380,546
Cash and cash equivalents at beginning of year
2,229,032
1,848,486
Cash and cash equivalents at end of year
1,229,891
2,229,032

The notes on pages 11 to 19 form part of these financial statements.

KRONE TRAILER UK LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
1
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Trailer sales
15,748,724
36,428,796
Commissions
328,737
1,455,571
16,077,461
37,884,367
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,670,023
37,546,201
EU
261,734
331,905
Other
145,704
6,261
16,077,461
37,884,367
2024
2023
£
£
Other revenue
Interest income
52
5
2
Accounting policies
Company information

Krone Trailer UK Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Carbon Court, Peckfield Business Park, Phoenix Avenue, Micklefield, Leeds, West Yorkshire, LS25 4DY.

2.1
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. 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.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 12 -
2.3
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.

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.

2.4
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:

Plant and equipment
20% 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 credited or charged to profit or loss.

2.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

In determining the cost of used machine inventories, the actual amount paid and payable to date for each item is used. For new inventories, cost is based on the first-in first-out principle and is assigned by using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.6
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.

2.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.

KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 13 -
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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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.

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.

KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2.8
Equity instruments

Equity instruments issued by the company 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 company.

2.9
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 company’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 when the company has 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.

2.10
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.

2.11
Retirement benefits

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

2.12
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 leases asset are consumed.

KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 15 -
2.13
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.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
10,000
For other services
All other non-audit services
3,600
2,681
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(513)
4,777
Depreciation of owned tangible fixed assets
4,195
3,108
Operating lease charges
61,000
32,500
5
Employees

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

2024
2023
Number
Number
10
8

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
628,539
925,692
Social security costs
74,671
119,771
Pension costs
21,706
16,878
724,916
1,062,341
KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
52
5
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
52
5
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
38,737
-
0
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
63,221
85,036
Adjustments in respect of prior periods
3,287
-
0
Total current tax
66,508
85,036

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

2024
2023
£
£
Profit before taxation
251,300
405,019
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
62,825
76,954
Tax effect of expenses that are not deductible in determining taxable profit
3,683
8,082
Taxation charge for the year
66,508
85,036
KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
9
Tangible fixed assets
Plant and equipment
£
Cost
At 1 August 2023
16,837
Additions
3,874
At 31 July 2024
20,711
Depreciation and impairment
At 1 August 2023
8,238
Depreciation charged in the year
4,195
At 31 July 2024
12,433
Carrying amount
At 31 July 2024
8,278
At 31 July 2023
8,599
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,282,596
1,638,169
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
70,279
147,938
Amounts owed to group undertakings
4,491,866
7,179,320
Corporation tax
18,111
85,200
Other taxation and social security
440,442
1,140,241
Other creditors
15,830
7,700
Accruals and deferred income
526,805
444,387
5,563,333
9,004,786
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,323,917
6,251,913
Other debtors
6,471
6,471
Prepayments and accrued income
26,370
-
0
4,356,758
6,258,384
KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,706
16,878

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450,000
450,000
450,000
450,000
15
Ultimate controlling party

The company's immediate parent is Krone Commercial Vehicle SE, incorporated in Germany.

 

The ultimate parent company is Bernard Krone Holding SE & Co. KG, incorporated in Germany.

The address of Bernard Krone Holding SE & Co. KG is Heinrich-Krone-Strasse 10, D-48480, Spelle, Germany.

 

These financial statements are available upon request from www.ebundesanzeiger.de.

16
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit after taxation
184,792
319,982
Adjustments for:
Taxation charged
66,508
85,036
Finance costs
38,737
-
0
Investment income
(52)
(5)
Depreciation and impairment of tangible fixed assets
4,195
3,108
Movements in working capital:
Decrease/(increase) in stocks
355,573
(1,394,511)
Decrease/(increase) in debtors
1,901,626
(2,884,907)
(Decrease)/increase in creditors
(3,374,364)
4,342,841
Cash (absorbed by)/generated from operations
(822,985)
471,544
Difference
-
1
Per cash flow statement page
(822,985)
471,545
KRONE TRAILER UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
17
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,229,032
(999,141)
1,229,891
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