Company registration number 01125690 (England and Wales)
BELL TRUCK SALES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
BELL TRUCK SALES LIMITED
COMPANY INFORMATION
Directors
M S Powar
D S Sawrij
B Sowersby
Company number
01125690
Registered office
Bell Truck Sales
Kingsway North
Team Valley Trading Estate
Gateshead
Tyne & Wear
United Kingdom
NE11 0JH
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
BELL TRUCK SALES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
BELL TRUCK SALES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Principal activities

The principal activity of the company is that of commercial vehicle sales and servicing and the supply of replacement parts.

Review of the business

The performance achieved during the year is set out in the Income Statement on page 10.


The company made a pre-tax profit of £1,766,381 (2023 - £3,439,855).

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

 

Unit

2024

2023

Turnover

£

141,082,613

167,209,438

Profit before tax

£

1,766,381

3,439,855

Return on sales

%

1

2

The company increased its customer database by 6% to 40,224 unique customers.

Principal risks and uncertainties

The company is subject to a number of risks and uncertainties. These include the competitive environment in which the business operates, economic factors which influence customer behaviour and credit worthiness.The directors are aware of these risks and manage these accordingly.

The company is also governed by a wide range of legislation and takes great care to keep up to date with all new legislation and regulations to ensure that it can maintain its position within the industry.

Promoting the success of the company

The Directors of the company have acted in accordance with their duties codified in law which include their duty to act in the way in which they consider, in good faith, would be most like to promote the success of the company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

Section 172 considerations are embedded in decision making at Board level throughout the Group.

On behalf of the board

B Sowersby
Director
29 January 2025
BELL TRUCK SALES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

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 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:

M S Powar
D S Sawrij
B Sowersby
Financial instruments
Objectives and policies

The company finances its activities from cash generated from operations. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.

Price risk, credit risk and liquidity risk

Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the company. The company does not consider that it is materially exposed to price risk.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.


The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Employee involvement

The company is committed to involving all employees in its performance and development. The company takes a proactive approach to training and development which in many cases is undertaken alongside the requirements of the manufacturer. The company also has an ongoing program of developing senior leaders in order to assist in the development of all staff in the business and places great importance on staff engagement and retention. The company does not discriminate against disabled workers and recruits based on the ability to undertake the role. Arrangements are made to enable employees to perform their duties if anything in their circumstances were to change.

Business relationships

The company has a number of important relationships with customers, suppliers and other stakeholders. These relationships are managed by key managers and directors of the business.

The company agree terms with its creditors on an individual basis and will pay invoices as they fall due.

Future developments

Post year-end the company has performed well. The financial performance of the company has resulted in further balance sheet improvements strengthening its position as a going concern.

The company remains flexible in its approach to meeting the needs of its customers in an ever-changing environment where the health and well-being of our staff, customers and other visitors have been a priority.

BELL TRUCK SALES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company has taken the exemption not to disclose the requirements which are set out in The Companies (Directors' Report) and Limited Liability (Energy and Carbon Report) Regulations 2018 ('2018 Regulations' or 'SECR Requirements') as these are disclosed in its parent company's financial statements, Bell Trucks (Holdings) Limited, for the financial year ended 30 April 2024.

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.

On behalf of the board
B Sowersby
Director
29 January 2025
BELL TRUCK SALES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BELL TRUCK SALES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BELL TRUCK SALES LIMITED
- 5 -
Opinion

We have audited the financial statements of Bell Truck Sales Limited (the 'company') for the year ended 30 April 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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:

BELL TRUCK SALES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BELL TRUCK SALES LIMITED
- 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.

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.

BELL TRUCK SALES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BELL TRUCK SALES LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with UK Companies Act.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Claire Hinshaw ACCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
30 January 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
BELL TRUCK SALES LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
141,082,613
167,209,438
Cost of sales
(125,096,245)
(152,109,456)
Gross profit
15,986,368
15,099,982
Administrative expenses
(11,842,478)
(10,552,918)
Other operating income
66,579
-
0
Operating profit
4
4,210,469
4,547,064
Interest receivable and similar income
8
381
-
0
Interest payable and similar expenses
9
(2,444,469)
(1,107,209)
Profit before taxation
1,766,381
3,439,855
Tax on profit
10
(445,689)
(665,935)
Profit for the financial year
1,320,692
2,773,920

The income statement has been prepared on the basis that all operations are continuing operations.

BELL TRUCK SALES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
1,320,692
2,773,920
Other comprehensive income
-
-
Total comprehensive income for the year
1,320,692
2,773,920
BELL TRUCK SALES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,825,538
1,358,353
Current assets
Stocks
12
77,669,919
52,395,321
Debtors
13
7,844,549
8,832,341
Cash at bank and in hand
10,563,491
9,393,603
96,077,959
70,621,265
Creditors: amounts falling due within one year
14
(90,251,475)
(65,727,491)
Net current assets
5,826,484
4,893,774
Total assets less current liabilities
7,652,022
6,252,127
Provisions for liabilities
Deferred tax liability
15
318,542
239,339
(318,542)
(239,339)
Net assets
7,333,480
6,012,788
Capital and reserves
Called up share capital
17
41,600
41,600
Profit and loss reserves
7,291,880
5,971,188
Total equity
7,333,480
6,012,788
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
B  Sowersby
Director
Company Registration No. 01125690
BELL TRUCK SALES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2022
41,600
3,197,268
3,238,868
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
2,773,920
2,773,920
Balance at 30 April 2023
41,600
5,971,188
6,012,788
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
1,320,692
1,320,692
Balance at 30 April 2024
41,600
7,291,880
7,333,480
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information

Bell Truck Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bell Truck Sales, Kingsway North, Team Valley Trading Estate, Gateshead, Tyne & Wear, United Kingdom, NE11 0JH.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

 

The financial statements of the company are consolidated in the financial statements of Bell Trucks (Holdings) Limited. These consolidated financial statements are available from its registered office, Swalesmoor Farm, Swalesmoor Road, Halifax, United Kingdom, HX3 6UF.

BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The financail statements have been prepared on a going concern basis.true

 

The company meets its day to day working capital requirements through cash generated from operations.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the ongoing issues facing the wider economy.

 

In the directors' assessment of possible changes, they have considered a fall in demand and potential initiatives to mitigate this which are reflective of their business continuity plan.

 

The directors have stress tested their forecasts, taking into account various scenarios, and remain confident that the uncertainties do not cast significant doubt on the company's ability to continue as a going concern.

 

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised;

Revenue from the sale of vehicles and parts is recognised on despatch or when collected by the customer.

Revenue from servicing vehicles is recognised when the work has been completed.

1.4
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:

Leasehold land and buildings
Over the term of the lease
Plant and equipment
5-10 years straight line basis
Fixtures and fittings
3-10 years straight line basis
Motor vehicles
4-6 years straight line basis

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

 

The cost of vehicles supplied to the company on extended terms are included in stock and trade creditors on the basis that the risks and rewards of ownership pass to the company on delivery and such vehicles are not routinely returnable to the supplier in normal circumstances.

1.7
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.

1.8
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 statement of financial position 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.

BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
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 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, 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.

BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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 company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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 income statement 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 income statement, 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.

BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.11
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.

1.12
Retirement benefits

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

1.13
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.

1.14

Manufacturer bonuses

The company receives bonus payments from its key suppliers, which are dependent on achievement of certain quantitative and qualitative targets. This income is recognised when the bonus payments have been earned and is included in the Income Statement as a credit within cost of sales.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Stock provision

The company has made an assumption of writing down the value of stock on items in which they expect the cost to exceed the net realisable value before it is fully sold/utilised. This assumption has involved looking at the historic sales patterns and expected sales in future years

Impairment of debtors

The company makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Vehicle sales
116,947,915
144,267,820
Parts sales
14,840,336
13,775,075
Servicing
9,294,362
9,166,543
141,082,613
167,209,438
2024
2023
£
£
Other revenue
Interest income
381
-

All turnover arose within the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
411,586
185,358
(Profit)/loss on disposal of tangible fixed assets
-
600
Operating lease charges
122,478
252,646
5
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
25,000
22,900
For other services
Taxation compliance services
2,750
2,500
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
6
Employees

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

2024
2023
Number
Number
Directors
3
3
Administration and support
21
19
Sales and servicing
166
162
Total
190
184

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
7,954,441
7,369,613
Social security costs
827,895
797,302
Pension costs
203,091
196,621
8,985,427
8,363,536
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
171,391
167,488
Company pension contributions to defined contribution schemes
1,321
1,321
172,712
168,809

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
268
-
0
Other interest income
113
-
0
Total income
381
-
0
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
2,399,490
1,055,826
Other interest
44,979
51,383
2,444,469
1,107,209
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
364,586
448,890
Adjustments in respect of prior periods
1,900
(819)
Total current tax
366,486
448,071
Deferred tax
Origination and reversal of timing differences
79,203
169,933
Changes in tax rates
-
0
47,931
Total deferred tax
79,203
217,864
Total tax charge
445,689
665,935

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
1,766,381
3,439,855
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
441,595
670,536
Tax effect of expenses that are not deductible in determining taxable profit
2,042
1,706
Tax effect of income not taxable in determining taxable profit
-
0
(51,578)
Adjustments in respect of prior years
1,900
(819)
Effect of change in corporation tax rate
-
0
47,931
Permanent capital allowances in excess of depreciation
76
59
Movements in deferred tax not recognised
76
-
0
other
-
0
(1,900)
Taxation charge for the year
445,689
665,935
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
136,922
2,455,385
933,952
562,280
4,088,539
Additions
37,349
82,436
637,110
140,955
897,850
Disposals
-
0
-
0
-
0
(156,645)
(156,645)
At 30 April 2024
174,271
2,537,821
1,571,062
546,590
4,829,744
Depreciation and impairment
At 1 May 2023
105,133
1,511,895
830,266
282,892
2,730,186
Depreciation charged in the year
14,757
136,065
148,726
112,038
411,586
Eliminated in respect of disposals
-
0
-
0
-
0
(137,566)
(137,566)
At 30 April 2024
119,890
1,647,960
978,992
257,364
3,004,206
Carrying amount
At 30 April 2024
54,381
889,861
592,070
289,226
1,825,538
At 30 April 2023
31,789
943,490
103,686
279,388
1,358,353

The carrying value of land and buildings comprises:

2024
2023
£
£
Long leasehold
54,381
31,789
12
Stocks
2024
2023
£
£
Vehicles
75,422,169
50,141,429
Parts and consumables
2,003,926
1,880,411
Work in progress
243,824
373,481
77,669,919
52,395,321
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,743,805
6,408,217
Amounts owed by group undertakings
269,880
1,235,759
Other debtors
568,786
688,299
Prepayments and accrued income
1,262,078
500,066
7,844,549
8,832,341
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
85,580,829
60,297,450
Amounts owed to group undertakings
425,545
179,905
Corporation tax
364,586
448,890
Other taxation and social security
251,253
243,391
Other creditors
499,895
485,484
Accruals and deferred income
3,129,367
4,072,371
90,251,475
65,727,491

Included within trade creditors is an amount of £71,035,473 (2023 - £46,482,052) which is secured over the stock to which it relates. The creditor is secured over the stock to which it relates in addition to a guarantee provided by Leo Group Limited in relation to the company borrowings.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
321,983
242,548
Short term timing differences
(3,441)
(3,209)
318,542
239,339
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
15
Deferred taxation
(Continued)
- 23 -
2024
Movements in the year:
£
Liability at 1 May 2023
239,339
Charge to profit or loss
79,203
Liability at 30 April 2024
318,542

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
203,091
196,621

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.

Contributions totalling £32,853 (2023 - £28,195) were payable to the scheme at the end of the year and are included in creditors.

 

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
41,600
41,600
41,600
41,600
18
Financial commitments, guarantees and contingent liabilities

The company is party to a multilateral intercompany guarantee in respect to bank facilities for other group companies.

19
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
7,510
100,121
Between two and five years
-
0
6,817
7,510
106,938
BELL TRUCK SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
20
Related party transactions

At year end a balance of £182,892 (2023 - £1,120,042) was included within amounts owed by group companies and £334,787 (2023 - £79,568) was included within amounts owed to group companies. These balances relate to companies in the wider Leo Group, a group in which Bell Truck Sales Limited is not wholly owned.

 

Included within turnover is sales made to the wider Leo Group companies of £66,039 (2023 - £448,373). During the year Bell Truck Sales Limited made purchases amounting of £1,323,285 (2023 - £440,612) from wider Leo Group companies.

21
Ultimate controlling party

The company's immediate parent is Bell Trucks (Holdings) Limited, incorporated in England and Wales. The smallest and largest group of undertakings for which the group accounts have been prepared is that headed by Bell Trucks (Holdings) Limited.

 

The ultimate parent is Leo Group Family Holdings Limited, incorporated in Jersey. The registered office of the ultimate parent company is 11 Bath Street, St Helier, Jersey, JE4 8UT.

 

The ultimate controlling party is deemed to be D S Sawrij by virtue of their shareholding in the ultimate parent company.

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