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Registered number: 08062888
Asm Truck Diagnostics Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Asm Truck Diagnostics Limited For The Year Ended 31 May 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Asm Truck Diagnostics Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Asm Truck Diagnostics Limited , as a body, in accordance with the terms of our engagement letter dated 08 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of Asm Truck Diagnostics Limited and state those matters that we have agreed to state to the directors of Asm Truck Diagnostics Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Asm Truck Diagnostics Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Asm Truck Diagnostics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Asm Truck Diagnostics Limited . You consider that Asm Truck Diagnostics Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Asm Truck Diagnostics Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
05/02/2025
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Page 1
Page 2
Statement of Financial Position
Registered number: 08062888
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 643,722 384,619
643,722 384,619
CURRENT ASSETS
Stocks 5 5,000 5,000
Debtors 6 467,743 463,397
Cash at bank and in hand 31,410 740
504,153 469,137
Creditors: Amounts Falling Due Within One Year 7 (487,206 ) (569,696 )
NET CURRENT ASSETS (LIABILITIES) 16,947 (100,559 )
TOTAL ASSETS LESS CURRENT LIABILITIES 660,669 284,060
Creditors: Amounts Falling Due After More Than One Year 8 (257,591 ) (74,296 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (153,161 ) (92,909 )
NET ASSETS 249,917 116,855
CAPITAL AND RESERVES
Called up share capital 11 2 2
Income Statement 249,915 116,853
SHAREHOLDERS' FUNDS 249,917 116,855
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Page 3
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Antoney Martin
Director
05/02/2025
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Asm Truck Diagnostics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08062888 . The registered office is 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 20% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 9)
11 9
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 June 2023 35,016 153,498 705,387 893,901
Additions - 41,396 321,215 362,611
Disposals - (18,975 ) (11,770 ) (30,745 )
As at 31 May 2024 35,016 175,919 1,014,832 1,225,767
Depreciation
As at 1 June 2023 995 85,651 422,636 509,282
Provided during the period 3,502 18,414 71,365 93,281
Disposals - (15,024 ) (5,494 ) (20,518 )
As at 31 May 2024 4,497 89,041 488,507 582,045
Net Book Value
As at 31 May 2024 30,519 86,878 526,325 643,722
As at 1 June 2023 34,021 67,847 282,751 384,619
5. Stocks
2024 2023
£ £
Finished goods 5,000 5,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 396,868 425,920
Prepayments and accrued income 61,522 37,477
Other debtors 9,353 -
467,743 463,397
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 78,448 95,892
Trade creditors 144,720 153,356
Bank loans and overdrafts 30,159 36,522
Corporation tax 83,231 57,496
Other taxes and social security 57,191 111,427
Other creditors 93,457 115,003
487,206 569,696
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 247,380 53,663
Bank loans 10,211 20,633
257,591 74,296
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 25,990 -
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured. 
The net obligations under finance lease and hire purchase contracts are secured against the asset relating to these loans.
Included in other creditors is an invoice finance facility which is secured against Trade Debtors by way of a fixed and floating charge.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 325,828 149,555
Other Creditors 45,044 103,936
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 78,448 95,892
Later than one year and not later than five years 221,390 53,663
Later than five years 25,990 -
325,828 149,555
325,828 149,555
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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