Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
COMPANY INFORMATION
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
CONTENTS
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report with the audited financial statements for the company for the year ended 31 December 2023.
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.
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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £768,952 (2022 - £980,483).
Dividends of £250,000 have been voted during the year.
The directors who served during the year were:
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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the company since the year end.
The auditors, Magee Gammon Corporate Limited, will 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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED
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 policies. The 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).
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.
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.
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 statements. Our 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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED (CONTINUED)
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.
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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED (CONTINUED)
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.
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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Kent
TN24 8DH
7 May 2025
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
REGISTERED NUMBER: 10723778
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2025.
The notes on pages 10 to 23 form part of these financial statements.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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.
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.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges.
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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.
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.
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).
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ASHFORD INTERNATIONAL TRUCK STOP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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