| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| All Truck Commercial Vehicle Repairs Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| All Truck Commercial Vehicle Repairs Ltd |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Balance Sheet - continued |
| 31 October 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| All Truck Commercial Vehicle Repairs Limited is a private company, limited by shares, domiciled in Scotland, registration number SC432658. The registered office is Carrongrange Park, Falkirk, Scotland, FK2 8NH |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and services in respect of commercial vehicle contract hire, sale and repair. excluding value added tax. Sales for sale and repair are recognised at the point at which the goods are transferred and the service is complete In terms of contract hire agreements turnover is recognised in the profit and loss account when the service is provided, typically as vehicles are made available and used by customers, and in line with invoicing schedules. |
| Tangible fixed assets |
| Improvement to leasehold prope rty | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition. |
| The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value. |
| To ensure that the depreciation rate reflects the consumption of economic benefits of each motor vehicle asset class the following depreciation rate are in effect :- |
| Commercial Vans : - Depreciation rate 22.5% R.B. |
| Commercial Cranes :- Deprecation rate 17.5% R.B. |
| Commercial Trailers - Deprecation rate 10% R.B |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Provisions |
| Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
| Investment in associate |
| The Company holds a 25% interest in Alltruck Crane Repairs and Sales Limited, which is accounted for as an investment in an associate. The investment is recognised in accordance with the cost model as set out in FRS 102. |
| The investment is initially recognised at cost, which includes directly attributable acquisition costs. Subsequently, the investment is measured at cost less any accumulated impairment losses. Income from the investment is recognised only to the extent of dividends received or receivable. |
| At each reporting date, the Company assesses whether there is objective evidence that the investment may be impaired. If such evidence exists, the Company estimates the recoverable amount of the investment and recognises an impairment loss in the profit and loss account if the carrying amount exceeds the recoverable amount. |
| Dividends received from the associate is recognised as income when the right to receive payment is established. |
| The investment is reviewed annually for indications of impairment, with any impairment losses recognised in the statement of comprehensive income. |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Grants |
| Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvement |
| to | Fixtures |
| leasehold | Plant and | and |
| prope rty | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Improvement |
| to |
| leasehold | Plant and | Motor |
| prope rty | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Transfer to ownership | - | (29,925 | ) | - | (29,925 | ) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Transfer to ownership | - | (29,925 | ) | - | (29,925 | ) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Interest |
| in joint |
| venture |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| During this financial year the compony received Regional Selective Assistance grants from the Scottish Executive. The leasehold improvement grant for £49,116 is being written off over the useful life of the asset and amortised at 10% straight line. As at 31 October 2024 the balance had reduced to £44,205 (2023: £Nil).The plant and machinery asset grant for £18,005 is being written off over the useful life of the asset and amortised at 25% cost. As at 31 October 2024 the balance had reduced to £13,504 (2023:£Nil) |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Hire purchase | - | 5,008 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| In more than five years |
| Non-cancellable operating | leases |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| All Truck Commercial Vehicle Repairs Ltd (Registered number: SC432658) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts | 12,394,345 | 10,697,724 |
| Hire purchase creditors are secured on the assets to which they relate. |
| 11. | PROVISIONS FOR LIABILITIES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Deferred tax | 1,032,234 | 1,847,750 |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Provided during year |
| Trade Loss timing difference | (1,418,439 | ) |
| Balance at 31 October 2024 |
| The company has recognised deferred ax liabilities of £2,450,673 arising from temporary differences due to accelerated capital allowances, where the net book value of fixed assets exceeds their tax written-down value. |
| The company also has tax losses carried forward of £5,673,757, which arose from the same timing differences. To the extent that these losses are expected to be utilised against future taxable profits arising from the reversal of the accelerated capital allowances, as a result of these losses an amount of £1,418,439 has been recognised and offset against the deferred tax liability. |
| As a result, the net deferred tax liability recognised at the balance sheet date is £1,032,234. |
| While this offset has not been provided for in previous financial year from 31 October 2024 management has assessed that it is probable that sufficient taxable profits will be available in the future to make this adjustment to the provision. The deferred tax position will be reviewed annually for recoverability. |
| 12. | CONTINGENT LIABILITIES |
| The grants from the Scottish Executive received during this and the previous financial year may be repayable in certain circumstances. |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the balance sheet date the following amounts were advanced to director:- |
| M Shaw £156,734 (2023:- £149,908) |
| 14. | POST BALANCE SHEET EVENTS |
| After the the balance sheet date but prior to the signing of the financial statements the company reclassified and varied the rights attached to its ordinary share capital. On the 27 March 2025 the 100 ordinary shares in issue were split into 50 Ordinary A shares and 50 Ordinary B shares with varying rights attached to each share class. |