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Tiger Trailers Limited

Registered number: 08937970
Annual report and consolidated financial statements
For the year ended 31 December 2024

 
TIGER TRAILERS LIMITED
 
 
COMPANY INFORMATION


Directors
Steven Cartwright 
Alan John Cartwright 
Thomas David Williams 
Edward Andrew Booth 




Company secretary
Edward Andrew Booth



Registered number
08937970



Registered office
Alan Cartwright House
Road One

Winsford Industrial Estate

Winsford

Cheshire

CW7 3RL




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

One St. Peter's Square

Manchester

M2 3DE





 
TIGER TRAILERS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 7
Independent Auditors' Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Statement of Financial Position
 
13
Company Statement of Financial Position
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Notes to the Financial Statements
 
19 - 45


 
TIGER TRAILERS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their Strategic Report for the period ended 31 December 2024. 

Introduction
 
The principal activity of the Group is the manufacture of commercial vehicle bodies and trailers in addition to trailer rental.

Business review
 
The Group continued to make positive progress during the year to December 2024 and the directors are satisfied with the financial performance as reported in these financial statements.
The year saw some ongoing disruption to the supply chain from the conflict in Ukraine in terms of physical product supply. The year also saw some continued global political and economic uncertainty leading to pressures on the cost base. We have continued to mitigate these challenges through excellent relationships with all our stakeholders.
Again, the performance in the year is the best in our history, both in terms of sales and profitability driven by the hard work by everyone involved in creating the group that we are today.
The Tiger brand is now firmly established in the UK, with one of the UK’s largest product range. Along with a strong emphasis on the more complex double deck trailers and other products of this type and has one of the most efficient factories in the UK to conduct its operations.
The Group has continued to innovate during the year, which has enabled it to design and produce more efficient trailers and new products that have not been available in the market before, bringing cost savings to our customers and an increased interest from potential customers. We have also continued to progress and grow our refrigerated product range, securing important new customers and growing revenue.
Looking ahead, 2025 will see increased activity in all areas of our business including our manufactured sales, trailer rental activities and refrigerated product range. We continue to attract new customers and our confirmed order book goes from strength to strength. This coupled with a strong sales pipeline puts us in an extremely positive position for 2025 and beyond, underpinning our ambitious growth plans.
We continue to place our employees at the centre of everything we do, making sustained improvements to our induction, onboarding, training and progression processes which has meant significant benefits in terms of productivity and stability of our workforce.
Tiger is a valued group in the local community with excellent relationships with both local and central government. We continue to build on our excellent reputation in everything we do from product development to staff development, by working in a fair way in accordance with good business conduct.

- 1 -

 
TIGER TRAILERS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The key financial performance indicators are:



2024
As restated
2023

(£)
(£)
Turnover
101,514,456
96,384,323
Gross profit
20,629,606
17,365,293
Operating profit
8,528,411
7,287,952
Total operating profit
8,442,787
7,578,760
Profit before tax
7,187,398
6,440,529
Net assets
4,935,153
4,317,440

See note 25 for further details in relation to the prior year adjustment.

Directors' statement of compliance with duty to promote the success of the Group
 
The board of directors of The Group consider that both individually and together for the year ended 31 December 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole and having regard to the matters set out in s172 (1)(a-f) as below:
a) The likely consequences of any decision in the long term.
b)The interests of the Group's employees.
c)The need to foster the Group’s business relationships with suppliers, customers and others.
d)The impact of the Group’s operations on the community and the environment.
e)The desirability of the Group maintaining a reputation for high standards of business conduct; and
f)The need to act fairly between members of the Group.

The directors make decisions by taking their legal duty into account and the priorities and requirements of the stakeholders.
a) The likely consequences of any decision in the long term
The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the Group, its stakeholders and the community whilst also preserving its values and culture. When a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
b) The interests of the Group's employees
Our employees are key, so it is very important that they have the right attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular discussions are held with employees. The directors make an effort to visit our locations to talk to the employees which gives them the opportunity to hear their ideas and see first-hand where any improvements can be made.
c) The need to foster the Group’s business relationships with suppliers, customers and others
We conduct our business with similar-minded people who we like and build on this to forge strong and lasting partnerships which is important for our long-term success.
 
- 2 -

 
TIGER TRAILERS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

d) The impact of the Group’s operations on the community and the environment
We are proud to be part of the local and wider communities through various initiatives such as the Tiger Safety Team collaborating with local schools in the area, an active member of the Cheshire 100 Charitable foundation and our work with The Princes Trust are strong examples. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it.
e) The desirability of the Group maintaining a reputation for high standards of business conduct
All new employees get a New Starter Pack which documents our history, standards, equal opportunities and training programme (among other things). All employees have access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Group’s high standards of business conduct at all times. Issues of non-compliance with any of our policies can be dealt with in confidence.
f) The need to act fairly between members of the Group
The Group aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Group. 

Carbon reporting

CHG emissions data for the year from 1 January 2024 to 31 December 2024



2024
2023
Scope 1 kWh
1,636,580
1,316,220
Scope 2 kWh
1,286,399
1,520,091
Company Owned Vehicles
74,763
399,788
Total
2,997,742
3,236,100



kWh per unit produced
1,374.23
1,679.35



Total CO2e (tonnes)
566
582




We have reported on all of the emissions sources required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The reporting boundary used for the collation of the above data is consistent with that used for consolidation purposes. In the financial statements, we have used GHG Protocol Corporate Accounting and Reporting standard (Revised edition), data gathered to fulfil our requirements under the CRC Energy Efficiency scheme, and emission factors from the UK Governments GHG Conversion Factors for Company Reporting 2019 to calculate the above disclosures.
The figures reported above relate to emissions and energy consumed in the United Kingdom.
The Key sources for emissions are gas and electricity. We have not included Co2e emissions from Group employees’ travel, which we consider immaterial.
The Group only began keeping company vehicles records for SECR reporting purposes in the current year and thus there is no energy use noted from company vehicles in the prior year.
The Group has set a target of reducing tonnes of Co2e per £m of costs of sales by 5% per annum (based on the figures reported in the year ended 31 December 2020 of 748 tonnes of Co2e per £m of cost of sales) over the 5 years ending 31 December 2025.

- 3 -

 
TIGER TRAILERS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The key inherent industry risks the Group faces are the economic environment, market demand, competition, and the raw material cost and supply.
The Group actively monitors such risks through regular business performance reviews and manages the risks through a focus on production of high-quality innovative products, ongoing training and development of staff, an efficient modern factory, continual improvement, and proactive long-term relationships with both customers and suppliers.


This report was approved by the board on 11 June 2025 and signed on its behalf.



Edward Andrew Booth
Director

- 4 -

 
TIGER TRAILERS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £5,867,713 (2023 -  £5,438,916).

A dividend of £5,250,000 was paid during the year (2023 - £6,200,000).

Directors

The directors who served during the year were:

Steven Cartwright 
Alan John Cartwright 
Thomas David Williams 
Edward Andrew Booth 

Future developments

The directors plan to develop the activities of the Group, considering the general economic conditions that are likely to exist in the coming year, recognising quality and cost competitiveness are key.
 
- 5 -

 
TIGER TRAILERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern
These financial statements have been prepared on a going concern basis. The current economic conditions in light of the war in Ukraine and inflationary pressures present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of future trading for a period of at least 12 months from the date of signing the financial statements, and the extent to which any risks might affect the preparation of the financial statements on a going concern basis. The forecasts show that the Group will continue to trade within its available facilities. As such the directors continue to adopt the going concern basis of accounting in preparation of the annual financial statements.
For further information regarding the directors' assessment of the going concern status for the Group, refer to note 2.4.
Research and development activities

The Group is heavily committed to research and development activities. The Group has increased its investment in this area with a strong focus on innovative new product design and development, which it feels confident will lead to continued market share growth in future.
Engagement with employees
The Group's policy is to consult and discuss with employees matters likely to affect employees' benefits. Information of matters of concern to employees is given through regular group communication meetings and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Group's performance.

Engagement with employees

The Company's policy is to consult and discuss with employees matters likely to affect employees' benefits. Information of matters of concern to employees is given through regular company communication meetings and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.

Matters covered in the Group Strategic Report

Certain information not shown in the Directors’ Report is shown in the Group Strategic Report on page 1 instead in accordance with Section 414C (11) of the Companies Act 2006. This includes a business review and principal risks and uncertainties.

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 directors are aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

- 6 -

 
TIGER TRAILERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 June 2025 and signed on its behalf.
 


Edward Andrew Booth
Director

- 7 -

 
TIGER TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
 

Opinion

We have audited the financial statements of Tiger Trailers Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Group and Parent Company’s affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
- 8 -

 
TIGER TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
 

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company's 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.
- 9 -

 
TIGER TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group and Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Group and Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Group and Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the Parent are in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and Parent Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
- 10 -

 
TIGER TRAILERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's 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.




Neil Barton (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
One St. Peter's Square
Manchester
M2 3DE

11 June 2025
- 11 -

 
TIGER TRAILERS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024


As restated
2024
2023
Note
 £
£

  

Turnover
 4 
101,514,456
96,384,323

Cost of sales
  
(80,884,850)
(79,019,030)

Gross profit
  
20,629,606
17,365,293

Administrative expenses
  
(12,101,195)
(10,042,689)

Non-recurring administrative expenses
 11 
-
(34,652)

Operating profit
 5 
8,528,411
7,287,952

Share of (loss)/profit of joint venture
  
(85,624)
290,808

Total operating profit
  
8,442,787
7,578,760

Interest payable and expenses
 9 
(1,255,389)
(1,138,231)

Profit before tax
  
7,187,398
6,440,529

Tax on profit
 10 
(1,319,685)
(1,001,613)

Profit for the financial year
  
5,867,713
5,438,916

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 19 to 45 form part of these financial statements.

See note 25 for further details in relation to the prior year adjustment.

- 12 -

 
TIGER TRAILERS LIMITED
REGISTERED NUMBER: 08937970

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
4,506,521
4,495,370

Tangible assets
 13 
7,912,020
7,653,511

Investments
 14 
73,355
158,979

  
12,491,896
12,307,860

Current assets
  

Stocks
 15 
12,181,343
14,757,118

Debtors: amounts falling due within one year
 16 
8,764,447
8,316,919

Cash at bank and in hand
 17 
746,240
388

  
21,692,030
23,074,425

Creditors: amounts falling due within one year
 18 
(23,602,062)
(25,633,668)

Net current liabilities
  
 
 
(1,910,032)
 
 
(2,559,243)

Total assets less current liabilities
  
10,581,864
9,748,617

Creditors: amounts falling due after more than one year
 19 
(3,133,523)
(3,320,865)

Provisions for liabilities
  

Deferred tax
 21 
(2,513,188)
(2,110,312)

Net assets
  
4,935,153
4,317,440


Capital and reserves
  

Called up share capital 
 24 
1,206,753
1,206,753

Share premium account
 22 
412,901
412,901

Profit and loss account
 22 
3,315,499
2,697,786

  
4,935,153
4,317,440


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2025.



Edward Andrew Booth
Director


The notes on pages 19 to 45 form part of these financial statements.

See note 25 for further details in relation to the prior year adjustment.

- 13 -

 
TIGER TRAILERS LIMITED
REGISTERED NUMBER: 08937970

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
4,506,521
4,495,370

Tangible assets
 13 
3,520,268
3,354,674

Investments
 14 
25,003
158,982

  
8,051,792
8,009,026

Current assets
  

Stocks
 15 
12,181,343
14,757,118

Debtors: amounts falling due within one year
 16 
7,080,670
6,263,566

Cash at bank and in hand
 17 
523,572
388

  
19,785,585
21,021,072

Creditors: amounts falling due within one year
 18 
(21,030,313)
(22,677,097)

Net current liabilities
  
 
 
(1,244,728)
 
 
(1,656,025)

Total assets less current liabilities
  
6,807,064
6,353,001

  

Creditors: amounts falling due after more than one year
 19 
(436,461)
(408,394)

Deferred taxation
 21 
(1,912,509)
(1,595,297)

Net assets
  
 
 
4,458,094
 
 
4,349,310


Capital and reserves
  

Called up share capital 
 24 
1,206,753
1,206,753

Share premium account
 22 
412,901
412,901

Profit and loss account
 22 
2,838,440
2,729,656

  
4,458,094
4,349,310


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was  £5,358,784 (2023 as restated: £5,691,659).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2025.

Edward Andrew Booth
Director

The notes on pages 19 to 45 form part of these financial statements.

See note 25 for further details in relation to the prior year adjustment.
- 14 -

 
TIGER TRAILERS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023 (as previously stated)
1,206,753
412,901
4,522,008
6,141,662

Prior year adjustment - correction of error
-
-
(1,063,138)
(1,063,138)


At 1 January 2023 (as restated)
1,206,753
412,901
3,458,870
5,078,524


Comprehensive income for the year

Profit for the year
-
-
5,438,916
5,438,916
Total comprehensive income for the year
-
-
5,438,916
5,438,916


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(6,200,000)
(6,200,000)


Total transactions with owners
-
-
(6,200,000)
(6,200,000)



At 1 January 2024 (as previously stated)
1,206,753
412,901
3,797,973
5,417,627

Prior year adjustment - correction of error
-
-
(1,100,187)
(1,100,187)


At 1 January 2024 (as restated)
1,206,753
412,901
2,697,786
4,317,440


Comprehensive income for the year

Profit for the year
-
-
5,867,713
5,867,713
Total comprehensive income for the year
-
-
5,867,713
5,867,713


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,250,000)
(5,250,000)


Total transactions with owners
-
-
(5,250,000)
(5,250,000)


At 31 December 2024
1,206,753
412,901
3,315,499
4,935,153


The notes on pages 19 to 45 form part of these financial statements.

See note 25 for further details in relation to the prior year adjustment.

- 15 -

 
TIGER TRAILERS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023 (as previously stated)
1,206,753
412,901
4,301,135
5,920,789

Prior year adjustment - correction of error
-
-
(1,063,138)
(1,063,138)


At 1 January 2023 (as restated)
1,206,753
412,901
3,237,997
4,857,651


Comprehensive income for the year

Profit for the year
-
-
5,691,659
5,691,659
Total comprehensive income for the year
-
-
5,691,659
5,691,659


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(6,200,000)
(6,200,000)


Total transactions with owners
-
-
(6,200,000)
(6,200,000)



At 1 January 2024 (as previously stated)
1,206,753
412,901
3,829,843
5,449,497

Prior year adjustment - correction of error
-
-
(1,100,187)
(1,100,187)


At 1 January 2024 (as restated)
1,206,753
412,901
2,729,656
4,349,310


Comprehensive income for the year

Profit for the year
-
-
5,358,784
5,358,784
Total comprehensive income for the year
-
-
5,358,784
5,358,784


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,250,000)
(5,250,000)


Total transactions with owners
-
-
(5,250,000)
(5,250,000)


At 31 December 2024
1,206,753
412,901
2,838,440
4,458,094


The notes on pages 19 to 45 form part of these financial statements.

See note 25 for further details in relation to the prior year adjustment.

- 16 -

 
TIGER TRAILERS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
5,867,713
5,438,916

Adjustments for:

Amortisation of intangible assets
845,023
742,250

Depreciation of tangible assets
1,415,768
1,563,094

Loss on disposal of tangible assets
-
12,561

Interest paid
1,255,389
1,138,231

Taxation charge
1,319,685
1,001,613

Decrease/(increase) in stocks
2,575,775
(1,717,920)

(Increase) in debtors
(447,528)
(2,010,154)

(Decrease)/increase in creditors
(2,379,630)
2,840,699

Share of operating (profit) in joint ventures
85,624
(290,808)

Corporation tax received
-
38,907

Net cash generated from operating activities

10,537,819
8,757,389


Cash flows from investing activities

Purchase of intangible fixed assets
(856,174)
(774,108)

Purchase of tangible fixed assets
(1,674,277)
(2,065,702)

Sale of fixed assets
-
133,056

Funds received from joint ventures
-
274,999

HP interest paid
(274,524)
(278,203)

Net cash from investing activities

(2,804,975)
(2,709,958)
- 17 -

 
TIGER TRAILERS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated

2024
2023

£
£



Cash flows from financing activities

Repayment of other loans
(18,961)
(2,506)

Repayment of/new finance leases
51,621
139,746

Dividends paid
(5,250,000)
(6,200,000)

Interest paid
(980,865)
(860,028)

Net cash used in financing activities
(6,198,205)
(6,922,788)

Net increase/(decrease) in cash and cash equivalents
1,534,639
(875,357)

Cash and cash equivalents at beginning of year
(788,399)
86,958

Cash and cash equivalents at the end of year
746,240
(788,399)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
746,240
388

Bank overdrafts
-
(788,787)

746,240
(788,399)


See note 25 for further details in relation to the prior year adjustment.

- 18 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Tiger Trailers Limited (‘the Company’) is a private company limited by shares incorporated in England and Wales, registered number 08937970. The address of its registered office and principal place of business is Alan Cartwright House, Road One, Winsford Industrial Estate, Winsford, Cheshire, England, CW7 3RL.
The principal activity of the Company is the manufacture of commercial vehicle bodies and trailers.

2.Accounting policies

  
2.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom 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 judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Parent 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 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

- 19 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.4

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions in light of the war in Ukraine and inflationary pressures present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of future trading for a period of at least 12 months from the date of signing the financial statements, and the extent to which any risks might affect the preparation of the financial statements on a going concern basis. The forecasts show that the Group will continue to trade within its available facilities. As such the directors continue to adopt the going concern basis of accounting in preparation of the annual financial statements.

  
2.5

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

- 20 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Revenue

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

Sale of goods

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

Rental income
Operating lease income from trailer hire is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term.
Repair and maintenance income
Repair and maintenance income is recognised in the Statement of Comprehensive Income on completion of provision of the service.

- 21 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life and is included within administrative expenses.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The Company recognises an intangible asset in respect of development expenditure when it can demonstrate:

i.its technical feasibility of completing the intangible asset so that it will be available for use or sale;
ii.its intention to complete the intangible asset and use or sell it;
iii.its ability to use or sell the intangible asset;
iv.how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
v.the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
vi.its ability to measure reliably the expenditure attributable to the intangible asset during its development. 

Amortisation on capitalised development expenditure does not commence until the asset is available for use. The amortisation charge is included within administrative expenses.
All expenditure not meeting the criteria set out above is considered to form part of the 'research' phase, and is expensed in the period in which it is incurred. 
The periods amortised over are as follows:

Development expenditure
- 10 years
Goodwill
- 10 years

 

- 22 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.8
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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. The estimated useful lives range as follows:
Depreciation is provided on the following bases:

Leasehold improvements
- 10%
Plant & machinery
- 8.3% - 12.5%
Motor vehicles
- 20%
Fixture & fittings
- 20%
Computer equipment
- 20%

Plant and machinery includes trailers which are leased to customers under an operating lease arrangement. 
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 within 'other operating income' in the Statement of Comprehensive Income.

 
2.9

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

- 23 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Operating leases: the Group as lessor

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

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

 
2.11

Valuation of investments

Investments in subsidiaries and joint ventures are measured at cost less accumulated impairment.

  
2.12

Joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

- 24 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

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

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

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

 
2.17

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.

 
2.18

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.19

Pensions

Defined contribution pension plan

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

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

 
2.20

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

- 25 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.21

Provisions for liabilities

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

 
2.22

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
2.23

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

- 26 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.24

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

  
2.25

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.

 
2.26

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

- 27 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.26
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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 instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

- 28 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.26
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

- 29 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgments:
Development expenditure
Development expenditure is capitalised in accordance with the accounting policy given in note 2.24 to these financial statements. Initial capitalisation of costs is based on management’s judgemental that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an establish project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets and the expected period of benefits. 
Valuation of stock and work in progress
Raw materials held at the period-end are valued using the most recent purchase invoice. 
Work in progress also includes an element of labour and overheads. An average labour and overhead rate per hour is calculated using trends throughout the period. Unusual trading activity is excluded from this average calculation. 
Other key sources of estimation uncertainty
Tangible fixed assets
 (see note 13)
Tangible fixed assets, other than investments properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Intangible assets (see note 12)
Intangible assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions and the remaining life of the asset.


- 30 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Sales
91,608,799
88,198,114

Rental income
6,583,804
5,781,008

Repair income
3,085,652
1,868,785

Other income
236,201
536,416

101,514,456
96,384,323


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
101,352,716
94,253,134

Rest of Europe
161,740
2,131,189

101,514,456
96,384,323



5.


Operating profit

The operating profit is stated after charging/(crediting): 

2024
2023
£
£

Research & development
(856,174)
(750,000)

Depreciation of tangible fixed assets
1,415,768
1,563,094

Amortisation of intangible assets, including goodwill
845,023
742,250

Exchange differences
(28,246)
(42,024)

Other operating lease rentals
1,340,940
1,050,342

Loss on sale of assets
-
12,561

Defined contribution pension cost
884,789
795,743

- 31 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
48,600
46,500

Fees payable to the Group's auditor in respect of:

All other services
10,130
9,695


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
13,443,355
12,176,249

Social security costs
1,500,291
1,343,154

Cost of defined contribution scheme
884,789
795,743

15,828,435
14,315,146





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


       Group 2024
      Group 2023
            No.
            No.







Administrative (including directors)
48
53



Production
210
213

258
266

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

- 32 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,485,569
1,093,034

Directors pensions
61,853
46,353

1,547,422
1,139,387


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £620,000 (2023 - £435,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £10,000).


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
980,865
856,920

Finance leases and hire purchase contracts
274,524
281,311

1,255,389
1,138,231


10.


Taxation


As restated
2024
2023
£
£

Corporation tax


Current tax on profits for the year
732,982
-

Adjustments in respect of previous periods
183,827
128,238

Total current tax
916,809
128,238

Deferred tax


Origination and reversal of timing differences
956,192
1,510,800

Adjustments in respect of previous periods
(553,316)
(637,425)

Total deferred tax
402,876
873,375


Taxation on profit on ordinary activities
1,319,685
1,001,613
- 33 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
7,187,398
6,440,529


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
1,796,850
1,514,812

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
53,025
(45,574)

Fixed asset differences
-
(3,690)

Adjustments to tax charge in respect of prior periods
183,827
-

Adjustments to tax charge in respect of prior periods - deferred tax
(553,316)
(637,425)

Remeasurement of deferred tax for changes in tax rates
-
87,248

Deferred tax asset not recognised in respect of previous periods
-
39,201

Other differences leading to an increase in the tax charge
23,376
47,041

R&D relief
(184,077)
-

Total tax charge for the year
1,319,685
1,001,613

See note 25 for further details in relation to the prior year adjustment.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Non-recurring administrative expenses

2024
2023
£
£


Other costs
-
34,652

- 34 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 January 2024
6,954,917
1,183,333
8,138,250


Additions
856,174
-
856,174



At 31 December 2024

7,811,091
1,183,333
8,994,424



Amortisation


At 1 January 2024
2,554,168
1,088,712
3,642,880


Charge for the year
762,028
82,995
845,023



At 31 December 2024

3,316,196
1,171,707
4,487,903



Net book value



At 31 December 2024
4,494,895
11,626
4,506,521



At 31 December 2023
4,400,749
94,621
4,495,370

Goodwill arose on the transfer of trade and assets from Tiger Trailers LLP in 2014. The Goodwill is being amortised evenly over the directors' estimate of its useful life of 10 years.
Development costs are amortised evenly over their useful lives of 10 years. Amortisation is included in administration expenses in the Statement of Comprehensive Income. 
Staff costs of £809,588 (2023: £641,460) have been capitalised as development in the period.



- 35 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






Leasehold improvements
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£
£



Cost 


At 1 January 2024
1,143,083
10,584,682
356,561
315,887
1,290,495
13,690,708


Additions
238,028
1,050,607
226,048
9,018
150,576
1,674,277



At 31 December 2024

1,381,111
11,635,289
582,609
324,905
1,441,071
15,364,985



Depreciation


At 1 January 2024
337,430
4,285,757
169,749
251,974
992,287
6,037,197


Charge for the year
132,282
422,083
84,017
25,995
142,490
806,867


Charge for the year on financed assets
-
608,901
-
-
-
608,901



At 31 December 2024

469,712
5,316,741
253,766
277,969
1,134,777
7,452,965



Net book value



At 31 December 2024
911,399
6,318,548
328,843
46,936
306,294
7,912,020



At 31 December 2023
805,653
6,298,925
186,812
63,913
298,208
7,653,511

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


2024
2023
£
£



Leasehold improvements
302,878
169,136

Plant and machinery
4,626,042
4,570,852

Motor vehicles
197,444
148,135

Furniture, fittings and equipment
-
3,108

Computer equipment
-
1,433

5,126,364
4,892,664

- 36 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Leasehold improvements
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£
£

Cost or valuation


At 1 January 2024
1,143,083
4,441,497
356,561
315,887
1,287,608
7,544,636


Additions
238,028
288,107
226,048
9,018
150,576
911,777



At 31 December 2024

1,381,111
4,729,604
582,609
324,905
1,438,184
8,456,413



Depreciation


At 1 January 2024
337,430
2,441,409
169,749
251,974
989,400
4,189,962


Charge for the year on owned assets
132,282
361,399
84,017
25,995
142,490
746,183



At 31 December 2024

469,712
2,802,808
253,766
277,969
1,131,890
4,936,145



Net book value



At 31 December 2024
911,399
1,926,796
328,843
46,936
306,294
3,520,268



At 31 December 2023
805,653
2,000,088
186,812
63,913
298,208
3,354,674






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


2024
2023
£
£



Leasehold improvements
302,878
169,136

Plant and machinery
352,494
413,190

Motor vehicles
197,444
148,135

Furniture, fittings and equipment
-
3,108

Computer equipment
-
1,433

852,816
735,002

- 37 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Group





Investment in joint ventures

£



Cost or valuation


At 1 January 2024
158,979


Share of loss
(85,624)



At 31 December 2024

73,355






Net book value



At 31 December 2024
73,355



At 31 December 2023
158,979

Company





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 January 2024
3
158,979
158,982


Charge in the year
-
(133,979)
(133,979)



At 31 December 2024

3
25,000
25,003






Net book value



At 31 December 2024
3
25,000
25,003



At 31 December 2023
3
158,979
158,982

- 38 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Tiger Rentals Limited
Ordinary
100%
Tiger Finance 2014 Limited
Ordinary
100%
Tiger Finance Sales Limited
Ordinary
100%

The registered address of all three companies is Alan Cartwright House Road One, Winsford Industrial Estate, Winsford, Cheshire, England.


Joint venture


The following was a joint venture of the Company:

Name

Registered office

Class of shares

Holding

Tiger Finance Limited
7 Hilliards Court,Chester Business Park,Chester, CH1 9QP,United Kingdom
Ordinary
50%


15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
10,447,196
11,657,253
10,447,196
11,657,253

Work in progress
1,734,147
3,099,865
1,734,147
3,099,865

12,181,343
14,757,118
12,181,343
14,757,118


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

- 39 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
4,901,229
4,921,359
3,133,651
3,057,413

Amounts owed by group undertakings
-
-
562,533
497,651

Other debtors
935,239
232,349
930,431
232,349

Prepayments and accrued income
2,927,979
3,163,211
2,454,055
2,476,153

8,764,447
8,316,919
7,080,670
6,263,566



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
746,240
388
523,572
388

Less: bank overdrafts
-
(788,787)
-
(516,884)

746,240
(788,399)
523,572
(516,496)



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
788,787
-
516,884

Other loans
4,114
23,075
4,114
23,075

Trade creditors
12,758,321
16,491,951
12,079,439
15,197,306

Corporation tax
1,045,047
128,238
908,954
128,238

Other taxation and social security
1,616,438
1,561,140
1,616,438
1,536,535

Obligations under finance lease and hire purchase contracts
1,085,009
846,046
197,601
175,138

Other creditors
2,475,891
2,896,640
2,475,892
2,896,641

Accruals and deferred income
4,617,242
2,897,791
3,747,875
2,203,280

23,602,062
25,633,668
21,030,313
22,677,097


Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
The other creditors balance primarily comprises director loan accounts and pension contributions payable at year end.

- 40 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
3,133,523
3,320,865
436,461
408,394


Secured loans
Hire purchase contracts totalling £1,085,009 (2023: £846,046) within creditors due within one year and £3,133,523 (2023: £3,320,865) included within creditors due in more than one year are secured upon the assets to which they relate. 
The Group has a bank overdraft facility which is secured by way of a fixed and floating charge over all assets held. At the balance sheet date the overdraft balance was £Nil (2023: £788,787). 
The bank loan is secured by way of a fixed and floating charge over the assets of the Company. 
There is a guarantee dated 31 August 2021 in favour of Lecitrailer S.A. for 5,000,000EUR. 
A Composite Company Unlimited Multilateral guarantee dated 17 September 2018 exists including a debenture for a fixed charge over all assets of the Company. 

- 41 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Within one year
1,085,009
846,046
195,741
175,138

Between 1-5 years
3,133,523
3,320,865
416,897
408,394

4,218,532
4,166,911
612,638
583,532


21.


Deferred taxation


Group





2024
As restated
2023


£

£






At beginning of year
(2,110,312)
(1,236,937)


Charged to profit or loss
(402,876)
(873,375)



At end of year
(2,513,188)
(2,110,312)

- 42 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
21.Deferred taxation (continued)

Company




2024
As restated
2023


£

£






At beginning of year
(1,595,297)
(872,978)


Charged to profit or loss
(317,212)
(722,319)



At end of year
(1,912,509)
(1,595,297)







Group
2024
As restated
Group
2023
Company
2024
As restated
Company
2023
£
£
£
£

Accelerated capital allowances
(2,513,188)
(2,162,217)
(1,912,509)
(1,595,297)

Tax losses carried forward
-
51,905
-
-

(2,513,188)
(2,110,312)
(1,912,509)
(1,595,297)

See note 25 for further details in relation to the prior year adjustment.


22.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued. 

Profit & loss account

The profit and loss accounts represents profits and losses retained in previous and the current period, less any dividends declared.

- 43 -

 
TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.


Analysis of net debt





At 1 January 2024
Cash flows
New finance leases
At 31 December 2024
£

£

£

£

Cash at bank and in hand

388

745,852

-

746,240

Bank overdrafts

(788,787)

788,787

-

-

Debt due within 1 year

(2,888,894)

426,822

-

(2,462,072)

Finance leases

(4,166,911)

853,111

(904,732)

(4,218,532)


(7,844,204)
2,814,572
(904,732)
(5,934,364)


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,965 (2023 - 1,000,965) ordinary A shares of £1.00 each
1,000,965
1,000,965
200,000 (2023 - 200,000) ordinary B shares of £1.00 each
200,000
200,000
5,788 (2023 - 5,788) ordinary C shares of £1.00 each
5,788
5,788

1,206,753

1,206,753

Ordinary A and B shares have equal rights to income, capital and voting.
Ordinary C shares have no rights to income or voting but have rights in capital where realisation value is £30,000,000 or more.



25.


Prior year adjustment

The Directors have identified an error in the recognition of a deferred tax liability in respect of capitalised development expenditure in previous years. The Directors have corrected this through retrospective restatement. This has resulted in a decrease in reserves as at 1 January 2023 of £1,063,138, an increase in the prior year deferred tax charge of £37,049 and an increase in the deferred tax liability of £1,100,187 as at 31 December 2023 in the Company and the Group. There is no impact on profit before taxation.


26.


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 £884,789 (2023: £795,743). Contributions totalling £17,933 (2023: £30,821) were payable to the fund at the balance sheet date.

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TIGER TRAILERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
2,901,032
3,371,562
1,091,828
1,751,547

Later than 1 year and not later than 5 years
8,916,740
9,814,922
3,030,623
3,700,077

Later than 5 years
590,078
1,334,190
-
417,004

Balloon
50,000
-
-
-

12,457,850
14,520,674
4,122,451
5,868,628



28.


Related party transactions

At the year end £1,727 was owed from the directors of the Company (2023: £16,518).
At the year end £2,357,958 was owed to the directors of the Company (2023: £2,865,819).
A connected person to one of the directors is owed £100,000 (2023: Nil)
A connected person to one of the directors owes £16,046 (2023: Nil)
At the year end £117,680 (2023: £146,180) was owed to the Company by Jungle Property Limited, a company which shares directorships with Tiger Trailers Limited.
At the year end £662,000 (2023: £230,000) was owed to the Company by Baloo Property Partnership, a company which shares directorships with Tiger Trailers Limited.
Key management personnel are deemed to be the directors only. Directors remuneration is disclosed in note 8.
During the year, a vehicle of the value of £Nil (2023: £10,000) was purchased from a director.  
A connected person to one of the directors is owed £23,004 (2023: £25,931).


29.


Controlling party

The ultimate controlling party is considered to be both Alan John Cartwright and Steven Cartwright through ownership of shares.

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