Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312025-05-072025-05-072023-12-312025-05-072023-01-01truetruetruetruetruefalse6563truefalsefalse 10723778 2023-01-01 2023-12-31 10723778 2022-01-01 2022-12-31 10723778 2023-12-31 10723778 2022-12-31 10723778 2022-01-01 10723778 1 2023-01-01 2023-12-31 10723778 1 2022-01-01 2022-12-31 10723778 d:Director1 2023-01-01 2023-12-31 10723778 d:Director2 2023-01-01 2023-12-31 10723778 d:Director3 2023-01-01 2023-12-31 10723778 d:Director4 2023-01-01 2023-12-31 10723778 d:RegisteredOffice 2023-01-01 2023-12-31 10723778 e:MotorVehicles 2023-01-01 2023-12-31 10723778 e:MotorVehicles 2023-12-31 10723778 e:MotorVehicles 2022-12-31 10723778 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10723778 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10723778 e:FurnitureFittings 2023-01-01 2023-12-31 10723778 e:FurnitureFittings 2023-12-31 10723778 e:FurnitureFittings 2022-12-31 10723778 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10723778 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10723778 e:ComputerEquipment 2023-01-01 2023-12-31 10723778 e:ComputerEquipment 2023-12-31 10723778 e:ComputerEquipment 2022-12-31 10723778 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10723778 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10723778 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10723778 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 10723778 e:CurrentFinancialInstruments 2023-12-31 10723778 e:CurrentFinancialInstruments 2022-12-31 10723778 e:Non-currentFinancialInstruments 2023-12-31 10723778 e:Non-currentFinancialInstruments 2022-12-31 10723778 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10723778 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10723778 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 10723778 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 10723778 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 10723778 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 10723778 e:UKTax 2023-01-01 2023-12-31 10723778 e:UKTax 2022-01-01 2022-12-31 10723778 e:ShareCapital 2023-12-31 10723778 e:ShareCapital 2022-12-31 10723778 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10723778 e:RetainedEarningsAccumulatedLosses 2023-12-31 10723778 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10723778 e:RetainedEarningsAccumulatedLosses 2022-12-31 10723778 e:RetainedEarningsAccumulatedLosses 2022-01-01 10723778 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 10723778 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 10723778 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-12-31 10723778 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2022-12-31 10723778 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10723778 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10723778 e:OtherDeferredTax 2023-12-31 10723778 e:OtherDeferredTax 2022-12-31 10723778 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10723778 d:OrdinaryShareClass1 2023-12-31 10723778 d:OrdinaryShareClass1 2022-12-31 10723778 d:FRS102 2023-01-01 2023-12-31 10723778 d:Audited 2023-01-01 2023-12-31 10723778 d:FullAccounts 2023-01-01 2023-12-31 10723778 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10723778 e:WithinOneYear 2023-12-31 10723778 e:WithinOneYear 2022-12-31 10723778 e:BetweenOneFiveYears 2023-12-31 10723778 e:BetweenOneFiveYears 2022-12-31 10723778 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 10723778 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 10723778 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 10723778 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 10723778 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 10723778 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 10723778 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-12-31 10723778 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-12-31 10723778 e:LeasedAssetsHeldAsLessee 2023-12-31 10723778 e:LeasedAssetsHeldAsLessee 2022-12-31 10723778 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10723778














ASHFORD INTERNATIONAL TRUCK STOP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

COMPANY INFORMATION


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




Registered number
10723778



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 LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Balance sheet
 
9
Notes to the financial statements
 
10 - 23


 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report with the audited financial statements for the company 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 truck stop 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 related parties, 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 £8,071,678 compared £6,864,827 in 2022.
Operating profit as of 2023 was £1,156,198 compared to £1,216,387 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 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 Strategic report, the Directors' report 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 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 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity is the operation of a truckstop.

Results and dividends

The profit for the year, after taxation, amounted to £768,952 (2022 - £980,483).

Dividends of £250,000 have been voted during the year.

Directors

The directors who served during the year were:

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

Going concern

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

Page 2

 
ASHFORD INTERNATIONAL TRUCK STOP 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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company 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 LIMITED
 

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

Opinion


We have audited the financial statements of Ashford International Truck Stop Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Balance sheet 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 Company's affairs as at 31 December 2023 and of its 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 Company 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 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.


Other information


The other information comprises the information included in the financial statements other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the financial statementsOur 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.


Page 4

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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


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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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.


Page 5

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

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

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022


Turnover
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
6,500
6,500

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

Interest payable and similar expenses
(123,375)
(10,539)

Profit before tax
1,032,823
1,205,848

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

Profit after tax
£768,952
£980,483



Retained earnings at the beginning of the year
3,626,417
2,895,934

Profit for the year
768,952
980,483

Dividends declared and paid
(250,000)
(250,000)

Retained earnings at the end of the year
£4,145,369
£3,626,417
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 23 form part of these financial statements.

Page 8

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
REGISTERED NUMBER: 10723778

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note

Fixed assets
  

Tangible assets
 12 
214,103
268,960

  
214,103
268,960

Current assets
  

Stocks
 13 
47,519
36,782

Debtors: amounts falling due within one year
 14 
7,972,501
7,862,058

Cash at bank and in hand
 15 
329,982
40,676

  
8,350,002
7,939,516

Creditors: amounts falling due within one year
 16 
(4,394,714)
(4,487,954)

Net current assets
  
 
 
3,955,288
 
 
3,451,562

Total assets less current liabilities
  
4,169,391
3,720,522

Creditors: amounts falling due after more than one year
 17 
(24,021)
(42,844)

Provisions for liabilities
  

Deferred taxation
  
-
(51,260)

  
 
 
-
 
 
(51,260)

Net assets
  
£4,145,370
£3,626,418


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account
 22 
4,145,369
3,626,417

  
£4,145,370
£3,626,418


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 10 to 23 form part of these financial statements.

Page 9

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

1.


General information

Ashford International Truck Stop Limited is a private company, limited by shares, incorporated in England and Wales. The company registration number is 10723778. 
The principal activity is the operation of a truckstop.
The registered office is Henwood House, Henwood, Ashford, Kent TN24 8DH.
The principal place of business is Waterbrook Park, Unit 14, Arrowhead Road, Sevington, Ashford, Kent, TN24 OEL.

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.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ashford International Truck Stop (Holdings) Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

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

Page 10

 
ASHFORD INTERNATIONAL TRUCK STOP 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.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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

Page 11

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in 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 Company in independently administered funds.

 
2.9

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

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 12

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

2.Accounting policies (continued)


2.10
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.

 
2.11

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.

 
2.12

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.

 
2.13

Cash and cash equivalents

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

 
2.14

Creditors

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

 
2.15

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.

Page 13

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company 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 Company's Balance sheet when the Company 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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Page 14

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.17

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 Company's accounting policies, management is required to make judgements,
estimates and assumptions about the carrying values 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 that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the
accounting estimates are recognised in the period in which the estimate is revised if the revision affects
only that period, or in the period of revisions and future periods if the revision affects both current and
future periods.


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.

Page 15

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

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 Company obtained the following services from the Company's auditors:


2023
2022

Fees payable to the Company's auditors for the audit of the Company's financial statements
7,800
-

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

8.


Employees

Staff costs were as follows:


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:


        2023
        2022
            No.
            No.







Operatives
61
59



Directors
4
4

65
63


9.


Interest payable and similar expenses

2023
2022


Other loan interest payable
97,616
-

Finance leases and hire purchase contracts
3,591
10,041

Other interest payable
22,168
498

£123,375
£10,539

Page 17

 
ASHFORD INTERNATIONAL TRUCK STOP 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


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 lower 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
(32)
(3,746)

Other differences leading to an increase (decrease) in the tax charge
(21,331)
-

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.


11.


Dividends

2023
2022


Dividends paid
£250,000
£250,000

Page 18

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

12.


Tangible fixed assets





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


13.


Stocks

2023
2022

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


Page 19

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

14.


Debtors

As restated
2023
 2022


Trade debtors
449,953
366,391

Other debtors
7,432,095
7,415,105

Prepayments and accrued income
66,458
80,562

Deferred taxation
23,995
-

£7,972,501
£7,862,058



15.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£329,982
£40,676



16.


Creditors: Amounts falling due within one year

As restated
2023
 2022

Trade creditors
260,934
254,664

Corporation tax
571,917
392,135

Other taxation and social security
664,662
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
1,305,798
739,422

£4,394,714
£4,487,954


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


17.


Creditors: Amounts falling due after more than one year

2023
2022

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


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

Page 20

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022


Within one year
21,110
73,631

Between 1-5 years
24,021
42,844

£45,131
£116,475


19.


Financial instruments

2023
2022

Financial assets


Financial assets measured at amortised cost
£8,212,032
£7,822,171


Financial liabilities


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


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


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


20.


Deferred taxation




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)

The deferred taxation balance is made up as follows:

2023
2022


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

Other timing differences
62,500
-

£23,995
£(51,260)

Page 21

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

21.


Share capital

2023
2022
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
£1
£1



22.


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.


23.


Contingent liabilities

The company 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.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £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.


25.


Commitments under operating leases

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

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


26.


Prior period adjustment

The prior period adjustment pertains to a classification error between debtors and creditors. The resulting impact is a decrease of other debtors (£300,000), accruals (£250,000) and other taxation (£50,000). 

Page 22

 
ASHFORD INTERNATIONAL TRUCK STOP LIMITED
 

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

27.


Related party transactions

The Company has advanced funds to companies under control of a director of the Company. 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 Company 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 Company. 


28.
Controlling party

At the balance sheet date, the ultimate parent undertaking is Ashford International Truck Stop (Holdings) Limited, a company incorporated in England and Wales.
The ultimate controlling parties are Mr D M Healey and Mrs M C Healey by virtue of their shareholding in the ultimate parent undertaking.
The company is exempt from the requirement of preparing consolidated financial statements as it is a subsidiary undertaking included in consolidated financial statements for a larger group, by a parent undertaking established under the law of any part of the United Kingdom.
 



Page 23