REGISTERED NUMBER: 10920740 (England and Wales)

BRIAN JAMES TRAILERS HOLDINGS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

L S James

U R D Mickelson

REGISTERED OFFICE:

Central Chambers

45-47 Albert Street

Rugby

Warwickshire

CV21 2SG

REGISTERED NUMBER:

10920740 (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 directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

The company was formed in order to hold the share capital of Brian James Trailers Limited, and the only transactions during the year relate to group charges and dividends in respect of that shareholding. It has been a successful year of trading for the subsidiary, and this can be seen in the subsidiary's results.

PRINCIPAL RISKS AND UNCERTAINTIES

As the company is a holding company in respect of the share capital of Brian James Trailers Limited, any risks and uncertainties will match those faced by that subsidiary. The main risks at present is the ongoing economic stagnation and risk of recession across the main trading territories, together with the geo-political uncertainties across the world. All controllable risks are managed and steps taken to mitigate if considered beneficial and possible.

POSITION OF THE COMPANY AT THE YEAR END

The balance sheet continues to show a healthy financial position at the year end with shareholders funds of £9,358,688 down by £106,213 on last year. This is due to the loss incurred in respect of management charges and bank charges charged directly to the company.

The subsidiary continues to show a healthy balance sheet with an increase in net assets of £3,118,840 due to a successful trading year. It is already making plans to improve its profitability in the next financial year by further developing the product range and expanding into US markets.

KEY PERFORMANCE INDICATORS

As the company does not actively trade, no performance monitoring is undertaken. This is all done within the trading subsidiary and details are provided in their financial statements.

FUTURE PLANS

The company has no plans to expand its investments. Focus is placed on improving the stability and profitability of it's subsidiary.

ON BEHALF OF THE BOARD:

L S James - Director

24th March 2025

The directors present their 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 holding shares in group undertakings.

DIVIDENDS

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

DIRECTORS

The directors during the year under review were:

L S James

U R D Mickelson

The beneficial interests of the directors holding office on 31st December 2024 in the issued share capital of the company were as follows:

31.12.24

1.1.24

Ordinary £0.01 shares

L S James

3,740

3,740

U R D Mickelson

-

-

ENGAGEMENT WITH EMPLOYEES, EQUAL OPPORTUNITIES AND DIVERSITY

The company has no employees other than the appointed directors. Policies in relation to equal opportunities and diversity are maintained in the subsidiary and this holding company would abide by these if it became relevant.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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

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

-

-

Administrative expenses

106,215

97,816

OPERATING LOSS

(106,215

)

(97,816

)

Income from shares in group undertakings

2,370,000

3,475,000

Interest receivable and similar income

2

249

2,370,002

3,475,249

PROFIT BEFORE TAXATION

2,263,787

3,377,433

Tax on profit

4

-

-

PROFIT FOR THE FINANCIAL YEAR

2,263,787

3,377,433

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,263,787

3,377,433

FIXED ASSETS

Investments

7

15,088,865

15,088,865

CURRENT ASSETS

Cash at bank

28

121

CREDITORS

Amounts falling due within one year

8

5,730,205

5,624,085

NET CURRENT LIABILITIES

(5,730,177

)

(5,623,964

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,358,688

9,464,901

CAPITAL AND RESERVES

Called up share capital

9

374

374

Share premium reserve

10

3,999,499

3,999,499

Capital redemption reserve

10

127

127

Retained earnings

10

5,358,688

5,464,901

SHAREHOLDERS' FUNDS

9,358,688

9,464,901

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2025 and were signed on its behalf by:

L S James - Director

Called up

Share

Capital

share

Retained

premium

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

374

5,562,468

3,999,499

127

9,562,468

Changes in equity

Dividends

-

(3,475,000

)

-

-

(3,475,000

)

Total comprehensive income

-

3,377,433

-

-

3,377,433

Balance at 31st December 2023

374

5,464,901

3,999,499

127

9,464,901

Changes in equity

Dividends

-

(2,370,000

)

-

-

(2,370,000

)

Total comprehensive income

-

2,263,787

-

-

2,263,787

Balance at 31st December 2024

374

5,358,688

3,999,499

127

9,358,688

Cash flows from operating activities

Cash generated from operations

1

(106,215

)

(97,816

)

Net cash from operating activities

(106,215

)

(97,816

)

Cash flows from investing activities

Interest received

2

249

Dividends received

2,370,000

3,475,000

Net cash from investing activities

2,370,002

3,475,249

Cash flows from financing activities

Loan from subsidiary

106,120

97,688

Equity dividends paid

(2,370,000

)

(3,475,000

)

Net cash from financing activities

(2,263,880

)

(3,377,312

)

(Decrease)/increase in cash and cash equivalents

(93

)

121

Cash and cash equivalents at beginning of year

2

121

-

Cash and cash equivalents at end of year

2

28

121

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

2024

2023

£

£

Profit before taxation

2,263,787

3,377,433

Finance income

(2,370,002

)

(3,475,249

)

Cash generated from operations

(106,215

)

(97,816

)

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

28

121

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

121

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

121

(93

)

28

121

(93

)

28

Total

121

(93

)

28

1.	STATUTORY INFORMATION

Brian James Trailers Holdings 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.

Preparation of consolidated financial statements

The financial statements contain information about Brian James Trailers Holdings 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 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st December 2024 nor for the year ended 31st December 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024

2023

£

£

Directors' remuneration

-

-

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st December 2024 nor for the year ended 31st December 2023.

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

2,263,787

3,377,433

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

565,947

794,372

Effects of:

Income not taxable for tax purposes

(592,500

)

(817,320

)

Group relief

26,553

22,948

Total tax charge

-

-

5.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £0.01 each

Final

2,370,000

3,475,000

6.	AUDITORS REMUNERATION

The costs of auditing the company's financial statements have been borne by the trading subsidiary.

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2024

and 31st December 2024

15,088,865

NET BOOK VALUE

At 31st December 2024

15,088,865

At 31st December 2023

15,088,865

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Brian James Trailers Limited

Registered office: Central Chambers, 45-47 Albert Street, Rugby, Warwickshire CV21 2SG

Nature of business: Production of trailers

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

23,497,421

20,378,581

Profit for the year

5,488,840

4,791,080

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

5,730,205

5,624,085

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

37,400

Ordinary

£0.01

374

374

There is a single class of shares. There is no restriction on the distribution of dividends or the repayment of capital. Each share has the right to a single vote.

10.

RESERVES

Share premium reserve

The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses.

Capital redemption reserve

The capital redemption reserve represents equity redeemed by the company.

Retained earnings

The retained earnings represent the total amount of distributable reserves available to the company.

11.	ULTIMATE PARENT COMPANY

The immediate parent undertaking of this company is Sorb Industri AB, a company registered in Sweden. Its principal place of business is Verkmastaregatan 1, SE-745 85 Enkoping, Sweden.

The ultimate parent company is Carl Bennet AB, a company incorporated in Sweden.

The largest group of which the company is a member and for which consolidated group financial statements are prepared is Carl Bennet AB whose principal place of business is Box 10035 S-434 21 Kungsbacka, Sweden.

The smallest group of which the company is a member and for which consolidated group financial statements are prepared is Lifco AB, a company incorporated in Sweden. Its principal place of business is Verkmastaregatan 1, SE-745 85 Enkoping, Sweden.

12.	RELATED PARTY DISCLOSURES

During the period a management charge of £105,970 (2023 - £97,566) was paid to Sorb Industri AB, the immediate parent company.

At the balance sheet date, a loan of £5,730,205 (2023 - £5,624,085) was owed to Brian James Trailers Limited, a 100% subsidiary.This loan is interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Carl Bennet by virtue of his shareholding in Carl Bennet AB.