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REGISTERED NUMBER: 03311814 (England and Wales)














Truckmasters Hire Limited

Financial Statements

for the Year Ended 31 December 2024






Truckmasters Hire Limited (Registered number: 03311814)

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 Hire 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: 03311814 (England and Wales)





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

Truckmasters Hire Limited (Registered number: 03311814)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 5 2,754,237 2,747,432

Current assets
Debtors 6 1,581,765 1,186,955
Cash at bank 80,788 86,050
1,662,553 1,273,005
Creditors
Amounts falling due within one year 7 460,932 697,760
Net current assets 1,201,621 575,245
Total assets less current liabilities 3,955,858 3,322,677

Creditors
Amounts falling due after more than one
year

8

(1,005,010

)

(644,630

)

Provisions for liabilities (674,102 ) (627,764 )
Net assets 2,276,746 2,050,283

Capital and reserves
Called up share capital 10 2 2
Retained earnings 2,276,744 2,050,281
Shareholders' funds 2,276,746 2,050,283

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 Hire Limited (Registered number: 03311814)

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


1. Statutory information

Truckmasters Hire 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 leasing of assets is recognised on a straight line basis over the term of the lease, 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 Hire Limited (Registered number: 03311814)

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


3. Accounting policies - continued

Tangible fixed 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 - 14% - 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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 Hire Limited (Registered number: 03311814)

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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Finance leases and hire purchase contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a periodic rate of charge on the net obligation outstanding in each period.

4. Employees and directors

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

Truckmasters Hire Limited (Registered number: 03311814)

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


5. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1 January 2024 7,262,826
Additions 829,201
Disposals (633,879 )
At 31 December 2024 7,458,148
Depreciation
At 1 January 2024 4,515,394
Charge for year 730,645
Eliminated on disposal (542,128 )
At 31 December 2024 4,703,911
Net book value
At 31 December 2024 2,754,237
At 31 December 2023 2,747,432

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 115,503 117,620
Amounts owed by group undertakings 1,466,262 1,069,335
1,581,765 1,186,955

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 9,059 13,783
Corporation tax 28,979 51,032
VAT 283 36,880
Hire purchase and finance
lease agreements 370,379 542,612
Accruals and deferred income 52,232 53,453
460,932 697,760

Hire purchase and finance lease creditors are secured on the assets concerned.

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase and finance
lease agreements 1,005,010 644,630
1,005,010 644,630

Hire purchase and finance lease creditors are secured on the assets concerned.

Truckmasters Hire Limited (Registered number: 03311814)

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


9. Secured debts

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

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

11. 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

12. Controlling party

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