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COMPANY REGISTRATION NUMBER: 04310414
Trade Vans UK Ltd
Filleted Unaudited Financial Statements
31 March 2024
Trade Vans UK Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
13,055
25,402
Current assets
Stocks
8
597,662
613,940
Debtors
9
911,121
1,024,852
Cash at bank and in hand
101,706
164,529
------------
------------
1,610,489
1,803,321
Creditors: amounts falling due within one year
10
196,592
376,722
------------
------------
Net current assets
1,413,897
1,426,599
------------
------------
Total assets less current liabilities
1,426,952
1,452,001
Creditors: amounts falling due after more than one year
11
122,505
186,671
Provisions
Taxation including deferred tax
12
996
Other provisions
12
959
2,714
----
-------
959
3,710
------------
------------
Net assets
1,303,488
1,261,620
------------
------------
Capital and reserves
Called up share capital
15
100
100
Profit and loss account
1,303,388
1,261,520
------------
------------
Shareholders funds
1,303,488
1,261,620
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Trade Vans UK Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 December 2024 , and are signed on behalf of the board by:
Mr G J Joyce
Mr G M Joyce
Director
Director
Company registration number: 04310414
Trade Vans UK Ltd
Notes to the Financial Statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Dairy, Mulfords Hill, Tadley, Hampshire, RG26 3JE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Motor Vehicles
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of invoiced cost and net realisable value on an individual asset basis. Cost includes all direct expenditure in bring the stock to its present condition and location. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Where necessary, provisions are made for impairments arising from obsolete, slow moving and defective stocks.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 13 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
15,367
7,858
Deferred tax:
Origination and reversal of timing differences
( 2,190)
( 961)
--------
-------
Tax on profit
13,177
6,897
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 23.62 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
55,045
37,828
--------
--------
Profit on ordinary activities by rate of tax
13,001
7,187
Effect of different UK tax rates on some earnings
176
Superdeduction
( 290)
--------
--------
Tax on profit
13,177
6,897
--------
--------
6. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
50,000
----
--------
7. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1st April 2023
91,294
20,500
111,794
Disposals
( 77,586)
( 77,586)
--------
--------
---------
At 31st March 2024
13,708
20,500
34,208
--------
--------
---------
Depreciation
At 1st April 2023
81,950
4,442
86,392
Charge for the year
3,440
4,100
7,540
Disposals
( 72,779)
( 72,779)
--------
--------
---------
At 31st March 2024
12,611
8,542
21,153
--------
--------
---------
Carrying amount
At 31st March 2024
1,097
11,958
13,055
--------
--------
---------
At 31st March 2023
9,344
16,058
25,402
--------
--------
---------
8. Stocks
2024
2023
£
£
Vehicle stock for resale
593,358
607,335
Parts and consumables
4,304
6,605
---------
---------
597,662
613,940
---------
---------
9. Debtors
2024
2023
£
£
Trade debtors
7,132
24,852
Other debtors
903,989
1,000,000
---------
------------
911,121
1,024,852
---------
------------
Other Debtors relate to short-term advances to related parties £900,000(2023 £1,000,000). Interest is charged on the loan at 3% over bank base rate.
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
46,662
46,662
Trade creditors
92,081
222,964
Corporation tax
15,367
7,859
Social security and other taxes
31,897
91,392
Other creditors
10,585
7,845
---------
---------
196,592
376,722
---------
---------
Bank borrowing of £46,666(2023-£46,666) is secured on the company assets.
Other creditors include an amount of £78(2023 - £78) owed to the directors.
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
122,505
186,671
---------
---------
The Bank loan is for the duration of 6 years from 28th July 2020 at a variable rate of interest over bank base rate of 2.22%. The loan is repayable by 60 monthly instalments from August 2021. The loan is secured by way of a debenture over the company assets.
12. Provisions
Warranties
Deferred tax (note 13)
Total
£
£
£
At 1st April 2023
2,714
996
3,710
Charge against provision
( 1,755)
( 996)
( 2,751)
-------
----
-------
At 31st March 2024
959
959
-------
----
-------
Warranty provision is based on claims history and is considered sufficient to meet any claims which may arise in the future.
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note 9)
1,194
Included in provisions (note 12)
( 996)
-------
----
1,194
( 996)
-------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
( 1,194)
996
-------
----
14. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
909,927
1,024,852
---------
------------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
102,666
230,809
---------
---------
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost
169,167
233,333
---------
---------
15. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
16. Disposals
With effect from 1st June 2023, the company ceased its Service and MOT operation, with a focus on vehicle sales. The onerous site obligations were transferred to Anchor Cars Limited, a related party controlled by Mr G Joyce and Mr S Joyce. A sum of £5,000 was paid for the workshop plant and equipment. The trading activity of the Service Operations for the two months ended 31st May 2023 and previous 12 months were as follows:
2024 2024 2023 2023
£ £ £ £
Turnover 100,998 552,743
Cost of Sales (71,241) (387,888)
--------- ---------
Gross Profit 29,757 164,855
Overheads
Distribution 2,500 27,638
Administration 13,815 81,750
Finance 300 1,500
Depn 685 7,526
Total Overheads (17,300) (118,414)
-------- ---------
Net Profit before tax 12,457 46,441
Taxation (4,285) (10,275)
-------- --------
Net Profit 8,172 36,166
-------- --------
17. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
187,500
255,750
---------
---------
18. Directors' advances, credits and guarantees
2024 2023
£ £
Mr G J Joyce
Balance b/f 78 200,000
Repayment (199,922)
---- ---------
Balance c/f 78 78
---- ---------
Dividend paid to the directors by virtue of their shareholding in the company was £NIL(2023 £40,000.
19. Related party transactions
The company is under the control of the directors who own the majority of the shares in the company. The following transactions took place at market value between the related entities The Anchor Pension Plan The company occupies premises owned by the Anchor Pension Plan. The rent paid by the company was £198,875(2023 - £255,750). The rent review was determined by comparable rents paid for similar properties. Anchor Vans Limited
2024 2023
£ £
Sales 79,812 42,062
Purchases 793,862 456,699
In addition, Anchor Vans Limited charged the company £37,442(2023 £30,966) for the provision of technical,marketing, website,accounting and management services. The net amount owed to Anchor Vans Ltd at the year end was £40,449(2023 £98,244). The loan due from Anchor Vans Limited at year end was £900,000 (2023 £1,000,000). The amount is shown under Debtors. The interest charged for this facility was 3% over bank base rate. Trade Vans UK Ltd received interest of £79,669(2023 - £15,500) in the year ended 31st March 2024. Anchor Cars Limited The company is jointly controlled by the directors Mr G M Joyce and Mr S Joyce.
2024 2023
£ £
Sales 77,846 208,118
Purchases 47,622 13,640
The amount advanced to Anchor Cars Ltd at the year was nil (2023-£nil). The company received interest from the company of £nil (2023-£29,723)calculated at 3% over bank base rate. The trade amount due to (from) Anchor Cars Ltd at the year end was £6,500(2023 £(5,767)). Anchor Cars Ltd acquired the Service Operations of Trade Vans UK Ltd for £5000.00 inclusive of plant and equipment. The directors consider this to be the market value of the service operations. The company has assumed its obligations to employees under TUPE 2006 regulations. /