Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-312062No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-11-01false107truetruefalse 09803092 2023-11-01 2024-10-31 09803092 2022-11-01 2023-10-31 09803092 2024-10-31 09803092 2023-10-31 09803092 c:Director3 2023-11-01 2024-10-31 09803092 d:Buildings d:LongLeaseholdAssets 2023-11-01 2024-10-31 09803092 d:Buildings d:LongLeaseholdAssets 2024-10-31 09803092 d:Buildings d:LongLeaseholdAssets 2023-10-31 09803092 d:PlantMachinery 2023-11-01 2024-10-31 09803092 d:PlantMachinery 2024-10-31 09803092 d:PlantMachinery 2023-10-31 09803092 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09803092 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 09803092 d:MotorVehicles 2023-11-01 2024-10-31 09803092 d:MotorVehicles 2024-10-31 09803092 d:MotorVehicles 2023-10-31 09803092 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09803092 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 09803092 d:FurnitureFittings 2023-11-01 2024-10-31 09803092 d:FurnitureFittings 2024-10-31 09803092 d:FurnitureFittings 2023-10-31 09803092 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09803092 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 09803092 d:ComputerEquipment 2023-11-01 2024-10-31 09803092 d:OtherPropertyPlantEquipment 2023-11-01 2024-10-31 09803092 d:OtherPropertyPlantEquipment 2024-10-31 09803092 d:OtherPropertyPlantEquipment 2023-10-31 09803092 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09803092 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 09803092 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09803092 d:LeasedAssetsHeldAsLessee 2023-11-01 2024-10-31 09803092 d:CurrentFinancialInstruments 2024-10-31 09803092 d:CurrentFinancialInstruments 2023-10-31 09803092 d:Non-currentFinancialInstruments 2024-10-31 09803092 d:Non-currentFinancialInstruments 2023-10-31 09803092 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 09803092 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09803092 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 09803092 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 09803092 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-10-31 09803092 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 09803092 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 09803092 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 09803092 d:ShareCapital 2024-10-31 09803092 d:ShareCapital 2023-10-31 09803092 d:RetainedEarningsAccumulatedLosses 2024-10-31 09803092 d:RetainedEarningsAccumulatedLosses 2023-10-31 09803092 c:FRS102 2023-11-01 2024-10-31 09803092 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 09803092 c:FullAccounts 2023-11-01 2024-10-31 09803092 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09803092 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-10-31 09803092 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-10-31 09803092 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Registered number: 09803092









EXCEL TRUCKS LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
EXCEL TRUCKS LTD
REGISTERED NUMBER: 09803092

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,293,015
1,013,802

  
1,293,015
1,013,802

Current assets
  

Stocks
  
242,750
100,000

Debtors: amounts falling due within one year
 5 
565,608
609,405

Cash at bank and in hand
  
78,920
36

  
887,278
709,441

Creditors: amounts falling due within one year
 6 
(693,441)
(647,258)

Net current assets
  
 
 
193,837
 
 
62,183

Total assets less current liabilities
  
1,486,852
1,075,985

Creditors: amounts falling due after more than one year
 7 
(355,789)
(273,965)

Provisions for liabilities
  

Deferred tax
  
(88,815)
(39,790)

Net assets
  
1,042,248
762,230


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,042,148
762,130

  
1,042,248
762,230


Page 1

 
EXCEL TRUCKS LTD
REGISTERED NUMBER: 09803092
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 February 2025.




A B Dales
Director

Page 2

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Excel Trucks Limited (company number 09803092) is a private limited company incorporated and domiciled in England.  Its registered office is situated at Cromwell House, 68 West Gate, Mansfield, Nottinghamshire NG18 1RR.  Its principal place of business is Egmanton Hill Farm, Laxton Road, Egmanton, Nottinghamshire, NG22 0NS.
The principal activity of the company is sale and hiring of commercial vehicles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The directors believe that the company has sufficient resources to be able to continue to trade until at least February 2026.
At the time of signing there is a degree of uncertainty about the full economic impact of Brexit, the cost of living and wider geopolitical issues. The directors continue to monitor the position closely, however they believe that the company will continue at a reasonable level of activity subject to continued support and hence continue to adopt the going concern basis.

 
2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.5

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.

Depreciation is provided on the following basis:

Leasehold impovements
-
straight line over the term of the lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
Vehicles held for hire
-
12.5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 7).

Page 5

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Vehicles Held for Hire
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2023
20,617
101,942
71,126
36,748
1,387,428
1,617,861


Additions
-
18,680
43,037
68,132
591,043
720,892


Disposals
-
-
-
-
(406,229)
(406,229)



At 31 October 2024

20,617
120,622
114,163
104,880
1,572,242
1,932,524



Depreciation


At 1 November 2023
2,062
77,468
46,799
23,012
454,718
604,059


Charge for the year on owned assets
2,062
7,754
9,024
7,832
76,230
102,902


Charge for the year on financed assets
-
-
-
-
121,215
121,215


Disposals
-
-
-
-
(188,667)
(188,667)



At 31 October 2024

4,124
85,222
55,823
30,844
463,496
639,509



Net book value



At 31 October 2024
16,493
35,400
58,340
74,036
1,108,746
1,293,015



At 31 October 2023
18,555
24,474
24,327
13,736
932,710
1,013,802

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Motor vehicles held for hire
876,730
472,673

Page 6

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
332,274
384,809

Amounts owed by group undertakings
206,000
207,000

Other debtors
-
146

Prepayments and accrued income
27,334
17,450

565,608
609,405



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
81,153

Loans
36,979
31,931

Other loans
211,000
91,000

Trade creditors
71,161
210,215

Other taxation and social security
92,082
57,459

Obligations under finance lease and hire purchase contracts
264,979
161,379

Other creditors
16,015
13,496

Accruals and deferred income
1,225
625

693,441
647,258


The following liabilities were secured:

2024
2023
£
£



Hire purchase due within one year
264,979
161,379

Details of security provided:

The hire purchase liability is secured on the related assets.

Page 7

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loans
103,150
133,918

Net obligations under finance leases and hire purchase contracts
252,639
140,047

355,789
273,965


The following liabilities were secured:

2024
2023
£
£



Hire purchase due after one year
252,639
140,047

Details of security provided:

The hire purchase liabilities are secured on the related assets.

Page 8

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Loans
36,979
31,931

Other loans
211,000
91,000

Amounts falling due 1-2 years

Loans
41,109
35,665

Amounts falling due 2-5 years

Loans
62,041
98,252


351,129
256,848


Page 9

 
EXCEL TRUCKS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,383 (2023 - £6,139). There were no contributions (2023 - £1,193) payable to the fund at the balance sheet date.


10.


Related party transactions

During the previous year the company purchased fixed assets from a related party at a discount.


11.


Controlling party

The company is a wholly owned subsidiary of Excel Trucks Holdings Ltd, a company incorporated in England. No single individual holds a controlling interest in the parent company.

 
Page 10