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Registered number: 04946187









TRUCKHAVEN (CARNFORTH) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
TRUCKHAVEN (CARNFORTH) LIMITED
REGISTERED NUMBER: 04946187

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
Unaudited 2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,895,604
3,084,020

  
7,895,604
3,084,020

Current assets
  

Stocks
 5 
122,603
165,497

Debtors: amounts falling due within one year
 6 
355,816
309,799

Cash at bank and in hand
 7 
557,827
736,253

  
1,036,246
1,211,549

Creditors: amounts falling due within one year
 8 
(772,721)
(501,308)

Net current assets
  
 
 
263,525
 
 
710,241

Total assets less current liabilities
  
8,159,129
3,794,261

Provisions for liabilities
  

Deferred tax
 9 
(759,456)
(1,770)

  
 
 
(759,456)
 
 
(1,770)

Net assets
  
7,399,673
3,792,491


Capital and reserves
  

Called up share capital 
 10 
100
100

Revaluation reserve
  
3,984,985
(25,024)

Profit and loss account
  
3,414,588
3,817,415

  
7,399,673
3,792,491


Page 1

 
TRUCKHAVEN (CARNFORTH) LIMITED
REGISTERED NUMBER: 04946187
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 18 March 2025.




J P Hallam MBA MSc MA (Oxon)
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Truckhaven (Carnforth) Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT.
The company specialises in the provision of automotive related products and services.

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 director notes that the company is trading adequately has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in his assessment of whether the business is a going concern and therefore has prepared the accounts on a going concern basis.

Page 3

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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.
 

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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 the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Other fixed assets
-
25%
reducing balance

Depreciation is also not charged on freehold buildings as the director believes the long economic useful and high residual value would render any depreciation immaterial.
The treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. However it is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.
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 the Statement of comprehensive income.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.

 
2.10

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 reporting 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 the Statement of comprehensive income.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at each reporting date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was 48 (unaudited 2023 - 47).

Page 7

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2023 (unaudited)
3,167,471
281,460
21,517
3,470,448


Additions
-
118,629
2,000
120,629


Disposals
-
(170,226)
(2,500)
(172,726)


Revaluations
4,750,000
-
-
4,750,000



At 30 June 2024

7,917,471
229,863
21,017
8,168,351



Depreciation


At 1 July 2023 (unaudited)
167,471
209,996
8,961
386,428


Charge for the year
-
54,500
3,139
57,639


Disposals
-
(170,226)
(1,094)
(171,320)



At 30 June 2024

167,471
94,270
11,006
272,747



Net book value



At 30 June 2024
7,750,000
135,593
10,011
7,895,604



At 30 June 2023 (unaudited)
3,000,000
71,464
12,556
3,084,020

Cost or valuation at 30 June 2024 is as follows:

Freehold land and buildings
£


At cost (unaudited)
3,167,471
At valuation:

30 June 2024
4,750,000



7,917,471

Page 8

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
Unaudited 2023
£
£



Cost
3,197,621
3,197,621

Net book value
3,197,621
3,197,621


5.


Stocks

2024
Unaudited 2023
£
£

Finished goods and goods for resale
122,603
165,497

122,603
165,497



6.


Debtors

2024
Unaudited 2023
£
£


Trade debtors
147,207
159,739

Other debtors
191,609
135,060

Prepayments and accrued income
17,000
15,000

355,816
309,799



7.


Cash and cash equivalents

2024
Unaudited 2023
£
£

Cash at bank and in hand
557,827
736,253

557,827
736,253


Page 9

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
Unaudited  2023
£
£

Trade creditors
326,587
188,549

Amounts owed to group undertakings
87,199
100,474

Corporation tax
70,012
76,074

Other taxation and social security
151,473
19,461

Accruals and deferred income
137,450
116,750

772,721
501,308



9.


Deferred taxation




2024


£






At beginning of year (unaudited)
1,770


Charged to the Statement of comprehensive income
17,695


Charged to Other comprehensive income
739,991



At end of year
759,456

The provision for deferred taxation is made up as follows:

2024
Unaudited 2023
£
£


Accelerated capital allowances
19,465
1,770

Potential capital gains tax
739,991
-

759,456
1,770


10.


Share capital

2024
Unaudited 2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100


Page 10

 
TRUCKHAVEN (CARNFORTH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


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 £16,816 (unaudited 2023 - £10,493).


12.


Post balance sheet events

There have been no subsequent events that require disclosure or adjustments to the financial statements.


13.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent company is Stonplan Limited, a company incorporated in England and Wales. Its registered office is 4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT. This is the smallest and largest company in which the results of this company are consolidated. The financial statements of Stonplan Limited may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. 
The ultimate controlling party is Mr J P Hallam MBA MSc MA (Oxon), by virtue of his majority shareholding in Stonplan Limited.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.
Other matters
The year ended 30 June 2024 was the first year in which the financial statements were audited. The
comparative figures in these financial statements are therefore unaudited.

The audit report was signed on 18 March 2025 by Elliot S J Arwas (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 11