REGISTERED NUMBER: 03844151 (England and Wales)

BRIAN JAMES TRAILERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

L S James

REGISTERED OFFICE:

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

REGISTERED NUMBER:

03844151 (England and Wales)

SENIOR STATUTORY AUDITOR:

A Morris FCA

INDEPENDENT AUDITORS:

Dains Audit Limited

Statutory Auditor

Chartered Accountants

2 Chamberlain Square, Paradise Circus

Birmingham

B3 3AX

The director presents his strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

2024 was another successful year of trading for the company, despite low economic growth in many of our key territories. Sales have grown by 11.8%, as a result of product launches and ongoing business development efforts across Europe. Gross margin has remained stable, resulting in growth of gross profit from £11.6m to £12.9m.

Overhead costs as a percentage of revenues have decreased resulting in a slight increase in net margin to 18%. Net margin has been helped by interest generated from the company’s strong cash holdings but hindered again by losses on foreign exchange.

During the year, the business has been working hard on multiple new product development projects and business development initiatives which will realise fruition in 2025. The business officially launched itself into the US market in the second half of 2024, where we see lots of potential for our highly differentiated products. Furthermore, multiple new product development projects are nearing completion, giving us access to new product sectors as well as revamping our product offerings in current key market sectors.

PRINCIPAL RISKS AND UNCERTAINTIES

Having committed to the USA as a new sales market, the recent election of Donald Trump brings with it a risk of import tariffs on our products. The existence, scale, timing and details of these tariffs are all currently unknown and add uncertainty to the potential benefits of selling in the USA. However, we are still confident that whatever happens, the USA will be an area of growth for us in 2025 and beyond. Further uncertainties remain around US dealer and customer adoption of our products, processes and retail terms, which are all quite different to what they are used to, although our initial research and feedback indicates strongly that there a gaps in the market which we can fill.

The UK and German economies remain a concern, especially as they are our two biggest sales markets. While they are both stagnant at the moment, there is uncertainty surrounding their chances of recovering, remaining stagnant or dipping into recession. The UK is currently forecasted to grow, but there is growing concern surrounding the risk of stagflation as a result of inflation-increasing and confidence-sapping measures introduced in the October budget, such as the increase to employer’s national insurance, among others. Employment costs are certain to increase as a result of this and the increase in the national minimum wage, and it would appear that most companies are planning to increase their prices as a result. However, we are confident that our product launches and business development efforts will more than cover anything other than deep recessions in these key markets.

The Ukraine war continues and remains a low-level threat in terms of potential energy price shocks, although it’s not a huge concern as we have proven ourselves to be capable of comfortably dealing with extreme energy price shocks over the last three years. As things stand, energy prices look likely to increase to a small extent because of recent developments in Russia and Ukraine, but not likely to repeat what we saw in 2022. Oil costs are also showing signs of increasing. This leads to a general indication that inflationary forces will be more prominent in 2025 than they were in 2024, however stagnant / low-growth economies across Europe will probably ensure that it does not get too high. Whether or not central banks prioritise economic growth or curbing inflation, and therefore whether interest rates rise or fall, is an area of uncertainty that we will be following closely in 2025. Tensions with China remain a threat to multiple supply chains, and to mitigate this we are on-shoring supply where possible to other parts of Asia or back to Europe. However, it is impossible to completely remove a large Chinese influence in our direct supply from suppliers and even harder in the supply chains into our suppliers, so a conflict with China would undoubtedly have huge consequences in the short term to all supply chains. Fortunately, we think the risk of a full conflict is still relatively low for the foreseeable future.

RESEARCH AND DEVELOPMENT

The company will undertake research and development into any areas of the business that would be beneficial, with the intention to remain at the forefront of both trailer design and trailer manufacturing processes around the world.

POSITION OF THE COMPANY AT THE YEAR END

Despite the difficulties faced in the year, together with the payment of the dividend based on last years outstanding results, the company is happy to report an increase in net assets of £3,118,840 which is mainly represented by increases in cash balances held.

KEY PERFORMANCE INDICATORS

The management use key performance indicators in their monthly reviews, and utilise them to ensure that business progress is kept on track. Emphasis is placed on order numbers, revenue per trailer, gross profit margins and stock levels together with less numeric issues such as customer satisfaction and complaints.

FUTURE PLANS

The objective is to grow sales and profit margins, and we intend to do this by expanding and improving our existing distribution network, expanding into new territories such as the USA and by launching a number of new products in the first half of 2025.

ON BEHALF OF THE BOARD:

L S James - Director

24th March 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of trailer manufacturing.

DIVIDENDS

A final dividend of £2,370,000 in respect of the year ended 31st December 2023 was paid in the year ended 31st December 2024.The director proposes a final dividend of £2,750,000 for the year ended 31st December 2024.

DIRECTOR

L S James was the sole director during the year under review.

The director holding office at 31st December 2024 did not hold any beneficial interest in the issued share capital of the company at 1st January 2024 or 31st December 2024.

At 31st December 2024 L S James holds 10% of the share capital of the parent company Brian James Trailers Holdings Limited.

EQUAL OPPORTUNITIES AND DIVERSITY

The company complies with the requirements of the Equality Act 2010 and pursues equality for all employees no matter gender, race or disability.

Applications for employment by disabled persons are fully considered giving regard to their particular aptitudes and skills. In the event that any employee should become disabled during their employment, every effort would be made to accommodate their continuing employment.

ENGAGEMENT WITH EMPLOYEES

The company holds regular communication meetings with employees, which include discussions about the performance of the company and other matters that have a bearing on the manufacturing processes. Regular individual reviews also take place to enable employees to make the most of their opportunities to progress. To this end training and career development opportunities are provided to all employees.

The company will always look to promote internally wherever possible rather than recruiting externally.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

L S James - Director

24th March 2025

*

the Strategic Report and the Directors' Report has been prepared in accordance with applicable legal requirements.

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 and 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:

*

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

*

the financial statements are not in agreement with the accounting records and returns; or

*

certain disclosures of directors' remuneration specified by law are not made; or

*

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

*

the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

*

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

*

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;

*

we assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence; and

*

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

*

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

*

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

*

performed analytical procedures to identify any unusual or unexpected relationships;

*

tested journal entries to identify unusual transactions;

*

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

*

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

*

agreeing financial statement disclosures to underlying supporting documentation;

*

reading the minutes of meetings of those charged with governance;

*

enquiring of management as to actual and potential litigation and claims; and

*

reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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 Auditors' 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.

A Morris FCA (Senior Statutory Auditor)

for and on behalf of Dains Audit Limited

Statutory Auditor

Chartered Accountants

2 Chamberlain Square, Paradise Circus

Birmingham

B3 3AX

25th March 2025

TURNOVER

3

39,840,614

35,628,777

Cost of sales

26,913,905

24,016,223

GROSS PROFIT

12,926,709

11,612,554

Administrative expenses

6,319,479

5,908,677

OPERATING PROFIT

5

6,607,230

5,703,877

Interest receivable and similar income

548,538

425,519

PROFIT BEFORE TAXATION

7,155,768

6,129,396

Tax on profit

6

1,666,928

1,338,316

PROFIT FOR THE FINANCIAL YEAR

5,488,840

4,791,080

PROFIT FOR THE YEAR

5,488,840

4,791,080

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,488,840

4,791,080

FIXED ASSETS

Intangible assets

8

21,326

36,841

Tangible assets

9

1,937,203

1,725,300

Investments

10

17,421

17,421

1,975,950

1,779,562

CURRENT ASSETS

Stocks

11

3,477,594

4,860,021

Debtors

12

7,908,940

7,066,620

Cash at bank

13,280,023

9,485,628

24,666,557

21,412,269

CREDITORS

Amounts falling due within one year

13

3,023,027

2,670,164

NET CURRENT ASSETS

21,643,530

18,742,105

TOTAL ASSETS LESS CURRENT LIABILITIES

23,619,480

20,521,667

PROVISIONS FOR LIABILITIES

15

122,059

143,086

NET ASSETS

23,497,421

20,378,581

CAPITAL AND RESERVES

Called up share capital

16

762

762

Capital redemption reserve

17

240

240

Retained earnings

17

23,496,419

20,377,579

SHAREHOLDERS' FUNDS

23,497,421

20,378,581

The financial statements were approved by the director and authorised for issue on 24th March 2025 and were signed by:

L S James - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

762

19,061,499

240

19,062,501

Changes in equity

Dividends

-

(3,475,000

)

-

(3,475,000

)

Total comprehensive income

-

4,791,080

-

4,791,080

Balance at 31st December 2023

762

20,377,579

240

20,378,581

Changes in equity

Dividends

-

(2,370,000

)

-

(2,370,000

)

Total comprehensive income

-

5,488,840

-

5,488,840

Balance at 31st December 2024

762

23,496,419

240

23,497,421

Cash flows from operating activities

Cash generated from operations

1

7,669,910

6,763,581

Tax paid

(1,297,420

)

(1,335,000

)

Net cash from operating activities

6,372,490

5,428,581

Cash flows from investing activities

Purchase of intangible fixed assets

(16,538

)

(7,571

)

Purchase of tangible fixed assets

(658,122

)

(115,833

)

Sale of tangible fixed assets

24,147

2,000

Interest received

548,538

425,519

Net cash from investing activities

(101,975

)

304,115

Cash flows from financing activities

Loan to parent company

(106,120

)

(97,688

)

Equity dividends paid

(2,370,000

)

(3,475,000

)

Net cash from financing activities

(2,476,120

)

(3,572,688

)

Increase in cash and cash equivalents

3,794,395

2,160,008

Cash and cash equivalents at beginning of year

2

9,485,628

7,325,620

Cash and cash equivalents at end of year

2

13,280,023

9,485,628

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

7,155,768

6,129,396

Depreciation charges

474,550

542,886

Profit on disposal of fixed assets

(20,425

)

(1,057

)

Finance income

(548,538

)

(425,519

)

7,061,355

6,245,706

Decrease/(increase) in stocks

1,382,427

(289,724

)

(Increase)/decrease in trade and other debtors

(789,099

)

1,145,478

Increase/(decrease) in trade and other creditors

15,227

(337,879

)

Cash generated from operations

7,669,910

6,763,581

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

13,280,023

9,485,628

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

9,485,628

7,325,620

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

9,485,628

3,794,395

13,280,023

9,485,628

3,794,395

13,280,023

Total

9,485,628

3,794,395

13,280,023

1.	STATUTORY INFORMATION

Brian James Trailers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company triggered the large company threshold last year but has fallen back below these limits this year. As the company is classified as medium for two of the past three years, the company is eligible to and has continued to prepare financial statements taking advantage of the reduced disclosure requirements for medium sized companies.

Preparation of consolidated financial statements

The financial statements contain information about Brian James Trailers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Lifco AB, Verkmastaregatan 1, SE-745 85 Enkoping, Sweden.

Significant judgements and estimates

There are no significant judgements, other than depreciation detailed in the accounting policy below, that have a material effect on the financial statements nor any accounting estimates that have a high risk of causing a material adjustment in a future accounting period.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The website is being evenly amortised over its useful life of 3 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and equipment

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost, plus a provision for labour and overheads, and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

14,499,463

15,195,998

Europe

19,569,097

16,055,174

Rest of the World

5,772,054

4,377,605

39,840,614

35,628,777

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

6,996,351

6,733,972

Social security costs

721,975

680,927

Other pension costs

135,385

130,128

7,853,711

7,545,027

The average number of employees during the year was as follows:

2024

2023

Administrative

39

31

Production

152

166

Director

1

1

192

198

2024

2023

£

£

Director's remuneration

193,752

176,471

Director's pension contributions to money purchase schemes

1,321

1,321

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

68,660

77,033

Depreciation - owned assets

442,497

493,384

Profit on disposal of fixed assets

(20,425

)

(1,057

)

Website amortisation

32,053

49,502

Group auditors' remuneration

13,890

15,274

Company auditors' remuneration

24,000

21,000

Foreign exchange differences

255,505

275,341

Rent

479,136

474,786

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

1,687,955

1,390,539

Deferred tax

(21,027

)

(52,223

)

Tax on profit

1,666,928

1,338,316

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

7,155,768

6,129,396

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%)

1,788,942

1,441,634

Effects of:

Expenses not deductible for tax purposes

917

627

Capital allowances in excess of depreciation

(133

)

(272

)

Claims for previous years

(96,245

)

(77,667

)

Group relief

(26,553

)

(22,948

)

Change in rate of deferred tax provision

-

(3,058

)

Total tax charge

1,666,928

1,338,316

7.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £0.01 each

Final

2,370,000

3,475,000