Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312025-05-072025-05-072023-12-312023-12-312025-05-072023-01-01false44falsefalsefalse 11077321 2023-01-01 2023-12-31 11077321 2022-01-01 2022-12-31 11077321 2023-12-31 11077321 2022-12-31 11077321 2022-01-01 11077321 c:Director1 2023-01-01 2023-12-31 11077321 c:Director2 2023-01-01 2023-12-31 11077321 c:Director3 2023-01-01 2023-12-31 11077321 c:Director4 2023-01-01 2023-12-31 11077321 c:RegisteredOffice 2023-01-01 2023-12-31 11077321 d:MotorVehicles 2023-01-01 2023-12-31 11077321 d:FurnitureFittings 2023-01-01 2023-12-31 11077321 d:ComputerEquipment 2023-01-01 2023-12-31 11077321 d:ShareCapital 2023-01-01 2023-12-31 11077321 d:ShareCapital 2023-12-31 11077321 d:ShareCapital 2022-01-01 2022-12-31 11077321 d:ShareCapital 2022-12-31 11077321 d:ShareCapital 2022-01-01 11077321 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11077321 d:RetainedEarningsAccumulatedLosses 2023-12-31 11077321 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11077321 d:RetainedEarningsAccumulatedLosses 2022-12-31 11077321 d:RetainedEarningsAccumulatedLosses 2022-01-01 11077321 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 11077321 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 11077321 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 11077321 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2022-12-31 11077321 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11077321 c:OrdinaryShareClass1 2023-12-31 11077321 c:OrdinaryShareClass1 2022-12-31 11077321 c:FRS102 2023-01-01 2023-12-31 11077321 c:Audited 2023-01-01 2023-12-31 11077321 c:FullAccounts 2023-01-01 2023-12-31 11077321 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11077321 d:Subsidiary1 2023-01-01 2023-12-31 11077321 d:Subsidiary1 1 2023-01-01 2023-12-31 11077321 c:Consolidated 2023-12-31 11077321 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 11077321 6 2023-01-01 2023-12-31 11077321 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11077321














ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

COMPANY INFORMATION


Directors
Mr D M Healey 
Mr J M Healey 
Mrs M C Healey 
Mrs N Sheldon 




Registered number
11077321



Registered office
Henwood House
Henwood

Ashford

Kent

TN24 8DH




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9
Company balance sheet
 
10
Consolidated statement of changes in equity
 
11
Company statement of changes in equity
 
12
Consolidated statement of cash flows
 
13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 31


 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors presents their strategic report with the audited financial statements for the Group for the year ended 31 December 2023.

Business review
 
Ashford International Truckstop expanded its capacity significantly when it moved to a new site on December 7, 2021. The new facility now boasts 660 parking spaces, up from 389, making it one of the largest truckstops in Europe. Throughout 2023, due to a county-wide shortage of truck parking facilities, the truckstop operated at full capacity on most days. Although inflationary pressures and rising national living wages posed challenges, these were mitigated by increases in parking fees. With the ongoing scarcity of parking facilities and an expected decrease in inflation, the directors are optimistic about sustained growth in this sector.

Principal risks and uncertainties
 
The truckstop industry continues to navigate the ongoing cost-of-living crisis, which significantly affects both operational costs and consumer spending. The Bank of England's interest rate hikes, designed to curb inflation, are expected to stabilise the economy by year-end. However, these adjustments have increased financing costs and may further restrict consumer spending. Despite this, the impact on our consumer base is anticipated to be limited due to the scarcity of parking spaces in the county, which maintains a consistent demand for the truckstop’s services.
The truckstop is particularly susceptible to the direct effects of inflation, notably concerning food costs and wage increases. We anticipate that these pressures will stabilise by 2024. Additionally, the rising utility costs associated with the broader energy crisis remain a critical concern. We are addressing these challenges by collaborating with industry experts and securing fixed-rate agreements.
The company's principal financial instruments include bank balances, trade creditors, trade debtors, and loans to the group, all of which primarily serve to finance our operations. There is no exposure to price risk due to the nature of our financial instruments. Our risk management strategy for these instruments is detailed as follows:
Bank Balances: We manage liquidity risk by maintaining a careful balance between covering our own operational costs and managing overall indebtedness, both within our operations and across related group companies.
Trade Debtors/Creditors: Credit and cash flow risks are managed through stringent policies concerning the credit extended to customers and regular monitoring of outstanding amounts, ensuring adherence to both time and credit limits.

Financial key performance indicators
 
Revenue as of 2023 was £8,078,678 compared £6,864,827 in 2022.
Operating Profit as of 2023 was £1,156,198 compared to £980,482 in 2022.


This report was approved by the board on 7 May 2025 and signed on its behalf.



___________________________
Mr D M Healey
Director

Page 1

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements 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 group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £768,951 (2022 - £980,483).

Aggregate dividends of £250,000 have been paid during the year.
The directors do not recommend payment of any further dividends.

Directors

The directors who served during the year were:

Mr D M Healey 
Mr J M Healey 
Mrs M C Healey 
Mrs N Sheldon 

Future developments

The directors expect the group to continue to be profitable.

Page 2

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 May 2025 and signed on its behalf.
 





___________________________
Mr D M Healey
Director

Page 3

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

Opinion


We have audited the financial statements of Ashford International Truck Stop (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 2, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED (CONTINUED)


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 Group 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:

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.  We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the total assets at the balance sheet date.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
Evaluation of controls designed to prevent and detect irregularities; and
Assessing journal entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.


Other matters 
 

The previous period's financial statements, the financial statements for the year ended 31 December 2022, were not subjected to an audit as the company took advantage of the small company exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members did not require the company to obtain an audit of its accounts for the year ended 31 December 2022 in accordance with section 476. 

Page 6

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED (CONTINUED)


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 2006Our 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.





Andrew John Childs FCA (Senior statutory auditor)
for and on behalf of
Magee Gammon Corporate Limited
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH

7 May 2025
Page 7

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
 4 
8,071,678
6,864,827

Cost of sales
  
(1,195,690)
(956,702)

Gross profit
  
6,875,988
5,908,125

Administrative expenses
  
(5,726,290)
(4,698,238)

Other operating income
 5 
6,500
6,500

Operating profit
 6 
1,156,198
1,216,387

Interest payable and similar expenses
 9 
(123,376)
(10,539)

Profit before taxation
  
1,032,822
1,205,848

Tax on profit
 10 
(263,871)
(225,365)

Profit for the financial year
  
£768,951
£980,483

  

Total comprehensive income for the year
  
£768,951
£980,483

Profit for the year attributable to:
  

Owners of the parent company
  
768,951
980,483

  
£768,951
£980,483

Total comprehensive income for the year attributable to:
  

Owners of the parent company
  
768,951
980,483

  
£768,951
£980,483

The notes on pages 15 to 31 form part of these financial statements.

Page 8

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
REGISTERED NUMBER: 11077321

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 13 
214,103
268,960

  
214,103
268,960

Current assets
  

Stocks
 15 
47,519
36,782

Debtors: amounts falling due within one year
 16 
7,972,501
7,862,057

Cash at bank and in hand
 17 
330,181
40,875

  
8,350,201
7,939,714

Creditors: amounts falling due within one year
 18 
(4,394,715)
(4,487,953)

Net current assets
  
 
 
3,955,486
 
 
3,451,761

Total assets less current liabilities
  
4,169,589
3,720,721

Creditors: amounts falling due after more than one year
 19 
(24,021)
(42,844)

Provisions for liabilities
  

Deferred taxation
 22 
-
(51,260)

  
 
 
-
 
 
(51,260)

Net assets
  
£4,145,568
£3,626,617


Capital and reserves
  

Called up share capital 
 23 
200
200

Profit and loss account
 24 
4,145,368
3,626,417

Equity attributable to owners of the parent company
  
4,145,568
3,626,617

  
£4,145,568
£3,626,617


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2025.




___________________________
Mr D M Healey
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 9

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
REGISTERED NUMBER: 11077321

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investments
 14 
1
1

  
1
1

Current assets
  

Cash at bank and in hand
 17 
199
199

  
199
199

Total assets less current liabilities
  
 
 
200
 
 
200

  

  

Net assets
  
£200
£200


Capital and reserves
  

Called up share capital 
 23 
200
200

Profit for the year
  
250,000
250,000

Other changes in the profit and loss account

  

(250,000)
(250,000)

  
 
 
£200
 
 
£200


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2025.




___________________________
Mr D M Healey
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity


At 1 January 2022
200
2,895,934
2,896,134


Comprehensive income for the year

Profit for the year
-
980,483
980,483
Total comprehensive income for the year
-
980,483
980,483

Dividends: Equity capital
£-
£(250,000)
£(250,000)



At 1 January 2023
200
3,626,417
3,626,617


Comprehensive income for the year

Profit for the year
-
768,951
768,951
Total comprehensive income for the year
-
768,951
768,951

Dividends: Equity capital
-
(250,000)
(250,000)


Total transactions with owners
-
(250,000)
(250,000)


At 31 December 2023
£200
£4,145,368
£4,145,568


The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity


At 1 January 2022
200
-
200


Comprehensive income for the year

Profit for the year
-
250,000
250,000

Dividends: Equity capital
-
(250,000)
(250,000)


Total transactions with owners
£-
£(250,000)
£(250,000)



At 1 January 2023
200
-
200


Comprehensive income for the year

Profit for the year
-
250,000
250,000

Dividends: Equity capital
-
(250,000)
(250,000)


Total transactions with owners
-
(250,000)
(250,000)


At 31 December 2023
£200
£-
£200


The notes on pages 15 to 31 form part of these financial statements.

Page 12

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022

Cash flows from operating activities

Profit for the financial year
768,951
980,483

Adjustments for:

Depreciation of tangible assets
57,013
66,672

Interest paid
123,375
10,539

Taxation charge
263,871
225,365

(Increase) in stocks
(10,737)
(7,292)

(Increase) in debtors
(86,448)
(3,585,410)

(Decrease)/increase in creditors
(220,500)
2,728,937

Corporation tax (paid)
(159,343)
(128,620)

Net cash generated from operating activities

736,182
290,674


Cash flows from investing activities

Purchase of tangible fixed assets
(2,156)
(71,155)

HP interest paid
(3,591)
(10,041)

Net cash from investing activities

(5,747)
(81,196)

Cash flows from financing activities

Repayment of/new finance leases
(71,345)
(7,065)

Dividends paid
(250,000)
(250,000)

Interest paid
(119,784)
(498)

Net cash used in financing activities
(441,129)
(257,563)

Net increase/(decrease) in cash and cash equivalents
289,306
(48,085)

Cash and cash equivalents at beginning of year
40,875
88,960

Cash and cash equivalents at the end of year
£330,181
£40,875


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
330,181
40,875

£330,181
£40,875


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023



Cash at bank and in hand

40,875

289,306

330,181

Finance leases

(45,131)

-

(45,131)


£(4,256)
£289,306
£285,050

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ashford International Truck Stop (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales.
The registered company number is 11077321.
The registered office address is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
The principal place of business address is Waterbrook Park, Unit 14 Arrowhead Road, Sevington, Ashford, Kent, TN24 0FL.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Information on the impact of first-time adoption of FRS 102 is given in note 30.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in UK Sterling pounds (£) and rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

Going concern

The group provides support to related companies which has continued since the balance sheet date. With the repayment of finance facilities the group guarantees, and with future commercial contracts, there are no material uncertainties over the group's ability to continue to trade. The directors therefore consider the continuing adoption of the going concern basis to be appropriate.

Page 15

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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 group has transferred the significant risks and rewards of ownership to the buyer;
the group 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 group 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 group 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.

 
2.6

Operating leases: the group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the group as lessee

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

 
2.8

Finance costs

Finance costs are charged to profit or loss 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 17

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.


 
2.11

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.

Page 18

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line basis
Fixtures and fittings
-
10%
and 33% straight line basis
Computer equipment
-
33%
straight line basis

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 profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 balance sheet 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 profit or loss.

 
2.14

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.

 
2.15

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.16

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.

Page 19

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Page 20

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

 
2.19

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewd on an ongoing basis. Revisions to the accounting estimates are recognised in the periods in which the estimate is revised if the revisions only affect that period, or in the period of revision and the future periods if the revision affects both current and future periods.
Carrying value of plant and machinery and fixtures and fittings
As described in note 2.13 to the financial statements, fixed assets are stated at historic cost less accumlutaed depreciation and accumulated impairment losses. The management base the useful economic life, residual value and therefore the rate of depreciation of these assets on their historical knowledge of such assets and the market within which the Group operates.

Page 21

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022

Truckstop operations
£8,071,678
£6,864,827


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022

Net rents receivable
£6,500
£6,500



6.


Operating profit

The operating profit is stated after charging:

2023
2022

Exchange differences
(1,619)
(2,103)

Other operating lease rentals
£8,616
£7,046


7.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
6,000
-

Fees payable to the company's auditors in respect of:

All non-audit services
12,000
8,000

Page 22

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs were as follows:


Group
Group
2023
2022


Wages and salaries
1,289,652
1,049,782

Social security costs
101,967
85,793

Cost of defined contribution scheme
171,023
12,468

£1,562,642
£1,148,043


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
4
4
4
4



Staff
61
59
-
-

65
63
4
4


9.


Interest payable and similar expenses

2023
2022


Other loan interest payable
97,616
-

Finance leases and hire purchase contracts
3,592
10,041

Other interest payable
22,168
498

£123,376
£10,539

Page 23

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022

Corporation tax


Current tax on profits for the year
339,126
240,224


339,126
240,224


Total current tax
£339,126
£240,224

Deferred tax


Origination and reversal of timing differences
(75,255)
(14,859)

Total deferred tax
£(75,255)
£(14,859)


Tax on profit
£263,871
£225,365

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022


Profit on ordinary activities before tax
£1,032,822
£1,205,848


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
258,206
229,111

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
27,028
-

Capital allowances for year in excess of depreciation
(31)
(3,746)

Other timing differences leading to an increase (decrease) in taxation
(21,332)
-

Total tax charge for the year
£263,871
£225,365


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Dividends

2023
2022


Dividends
250,000
250,000

£250,000
£250,000


12.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £250,000 (2022 - £250,000).

Page 25

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Computer equipment
Total



Cost or valuation


At 1 January 2023
68,000
337,514
5,610
411,124


Additions
-
500
1,657
2,157



At 31 December 2023

68,000
338,014
7,267
413,281



Depreciation


At 1 January 2023
-
140,981
1,183
142,164


Charge for the year on owned assets
-
15,449
3,006
18,455


Charge for the year on financed assets
18,417
20,142
-
38,559



At 31 December 2023

18,417
176,572
4,189
199,178



Net book value



At 31 December 2023
£49,583
£161,442
£3,078
£214,103



At 31 December 2022
£68,000
£196,533
£4,427
£268,960

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022



Motor vehicles
49,583
68,000

Furniture, fittings and equipment
-
48,978

£49,583
£116,978

Page 26

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies



Cost or valuation


At 1 January 2023
1



At 31 December 2023
£1





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Ashford International Truck Stop Limited
Henwood House, Henwood, Ashford, Kent, TN24 8DH
Operation of a truckstop
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Ashford International Truck Stop Limited
4,145,369
768,952


15.


Stocks

Group
Group
2023
2022

Finished goods and goods for resale
47,519
36,782

£47,519
£36,782


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 27

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

Group
Group
2023
2022


Trade debtors
449,953
366,391

Other debtors
7,432,096
7,415,104

Prepayments and accrued income
66,457
80,562

Deferred taxation
23,995
-

£7,972,501
£7,862,057



17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022

Cash at bank and in hand
£330,181
£40,875
£199
£199



18.


Creditors: Amounts falling due within one year

Group
Group
2023
2022

Trade creditors
260,934
254,664

Corporation tax
571,918
392,135

Other taxation and social security
664,661
571,988

Obligations under finance lease and hire purchase contracts
21,110
73,631

Other creditors
1,570,293
2,456,114

Accruals and deferred income
1,305,799
739,421

£4,394,715
£4,487,953



19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022

Net obligations under finance leases and hire purchase contracts
24,021
42,844

£24,021
£42,844


Finance lease and hire purchase contracts are secured on the assets concerned.



Page 28

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022

Within one year
21,110
73,631

Between 1-5 years
24,021
42,844

£45,131
£116,475


21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022

Financial assets

Financial assets measured at fair value through profit or loss
330,181
40,875
199
199

Financial assets measured at amortised cost
7,882,049
7,781,495
-
-

£8,212,230
£7,822,370
£199
£199


Financial liabilities

Financial liabilities measured at amortised cost
£1,876,358
£2,827,253
£-
£-


Financial assets measured at fair value through profit or loss comprise cash in hand and at bank.


Financial assets measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and hire purchase finance.

Page 29

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation


Group



2023
2022





At beginning of year
(51,260)
(66,119)


Charged to profit or loss
75,255
14,859



At end of year
£23,995
£(51,260)

Company


2023
2022






At end of year
£-
£-
The deferred taxation balance is made up as follows:

Group
Group
2023
2022

Accelerated capital allowances
(38,505)
(51,260)

Tax losses carried forward
62,500
-

£23,995
£(51,260)


23.


Share capital

2023
2022
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
£200
£200



24.


Reserves

Profit and loss account

The profit and loss account is a reserve of the accumulated profit and loss after tax and dividends. This reserve is fully distributable.


25.


Contingent liabilities

The Group had entered into a guarantee in favour of a loan advanced to GSE Truckstop Developments Limited and GSE Commercial Estates Limited. The total loan outstanding at the balance sheet date subject to the guarantee was £23,940,000 (2022 - £24,825,000). All guaranteed loan balances have been repaid subsequent to the balance sheet date.

Page 30

 
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £171,023 (2022 - £12,468). Contributions totalling £25,356 (2022 - £5,849) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022

Not later than 1 year
51,901
54,204

Later than 1 year and not later than 5 years
35,352
99,024

£87,253
£153,228

28.


Related party transactions

The Group has advanced funds to companies under control of a director of the Group. At the balance sheet date £5,889,061 (2022 - £4,975,289) was due from these companies. All balances are interest free and repayable on demand.
During the year, the Group made sales of £147,126 (2022 - £86,523) and purchases of £3,241,244 (2022 - £2,485,148) to/from companies under control of a director of the Group.


29.
Controlling party

There is no single controlling party



30.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 31