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REGISTERED NUMBER: 02555001 (England and Wales)














Truckmasters Handling Limited

Financial Statements

for the Year Ended 31 December 2024






Truckmasters Handling Limited (Registered number: 02555001)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 7


Truckmasters Handling Limited

Company Information
for the Year Ended 31 December 2024







Directors: J Aiken
G A Elsam





Registered office: Boston Road
Wainfleet
Skegness
Lincolnshire
PE24 4HA





Registered number: 02555001 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Truckmasters Handling Limited (Registered number: 02555001)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 5 514,754 387,950

Current assets
Stocks 1,764,788 1,961,913
Debtors 6 1,142,605 1,056,603
Cash at bank and in hand 1,082,087 639,305
3,989,480 3,657,821
Creditors
Amounts falling due within one year 7 2,663,312 2,417,379
Net current assets 1,326,168 1,240,442
Total assets less current liabilities 1,840,922 1,628,392

Creditors
Amounts falling due after more than one
year

8

(119,153

)

(40,800

)

Provisions for liabilities (31,651 ) (49,384 )
Net assets 1,690,118 1,538,208

Capital and reserves
Called up share capital 11 75,000 75,000
Retained earnings 1,615,118 1,463,208
Shareholders' funds 1,690,118 1,538,208

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2025 and were signed on its behalf by:




J Aiken - Director



G A Elsam - Director


Truckmasters Handling Limited (Registered number: 02555001)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. Statutory information

Truckmasters Handling Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Truckmasters Handling Limited (Registered number: 02555001)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


3. Accounting policies - continued

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery- 10% - 50% straight line
Motor vehicles- 20% - 50% straight line

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Truckmasters Handling Limited (Registered number: 02555001)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employees and directors

The average number of employees during the year was 55 (2023 - 56 ) .

5. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 January 2024 482,194 637,535 1,119,729
Additions 14,965 252,000 266,965
Disposals - (25,446 ) (25,446 )
At 31 December 2024 497,159 864,089 1,361,248
Depreciation
At 1 January 2024 405,751 326,028 731,779
Charge for year 23,906 115,255 139,161
Eliminated on disposal - (24,446 ) (24,446 )
At 31 December 2024 429,657 416,837 846,494
Net book value
At 31 December 2024 67,502 447,252 514,754
At 31 December 2023 76,443 311,507 387,950

Truckmasters Handling Limited (Registered number: 02555001)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 690,001 905,436
Amounts owed by group undertakings 82,152 82,200
Amounts owed by related parties 8,050 8,050
Other debtors 48,172 8,756
Directors' loan accounts 122,330 -
Prepayments 191,900 52,161
1,142,605 1,056,603

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts (see note 9) 75,048 75,451
Trade creditors 624,641 876,480
Amounts owed to group undertakings 1,466,262 1,069,335
Corporation tax 68,371 64,432
Social security and other taxes 50,282 47,499
VAT 204,411 108,419
Other creditors 29,199 41,090
Directors' loan accounts - 58,678
Accruals and deferred income 145,098 75,995
2,663,312 2,417,379

Hire purchase debts are secured on the assets financed.

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 9) 119,153 40,800

Hire purchase debts are secured on the assets financed.

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 75,048 75,451
Between one and five years 119,153 40,800
194,201 116,251

Truckmasters Handling Limited (Registered number: 02555001)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


9. Leasing agreements - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 85,207 48,000
Between one and five years 146,414 117,000
In more than five years 57,500 80,500
289,121 245,500

10. Secured debts

The bank holds a debenture over the assets of the company as a security.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75,000 Ordinary £1 75,000 75,000

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Hannah Butcher (Senior Statutory Auditor)
for and on behalf of Moore Thompson

13. Directors' advances, credits and guarantees

During the year £254,957 was advanced to the directors. The directors repaid £73,949 The balance due from the directors was £122,330 at 31 December 2024.

14. Related party transactions

During the year, rent was paid to Rhino Properties amounting to £nil for rental of portacabins at Norwich (2023 - £4,000). At the year end there was an outstanding balance due to Truckmasters Handling Limited of £8,050 (2023 - £8,050). Rhino Properties has waived its entitlement to a market rent of £55,000 (2023 - £55,000). Rhino Properties is a partnership of which the directors are partners.

15. Controlling party

The ultimate parent company is Willoughby (30) Limited, a company registered in England and Wales.