Company registration number 02681656 (England and Wales)
MEGA TRUCKING COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MEGA TRUCKING COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr B Ewals
Ewals Cargo Care Transport B.V.
Secretary
Mr B Ewals
Company number
02681656
Registered office
750 The Crescent
Colchester Business Park
Colchester
CO4 9YQ
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Bankers
BNP Paribas
10 Harewood Avenue
London
NW1 6AA
MEGA TRUCKING COMPANY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
MEGA TRUCKING COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Mega Trucking Company Limited is a truck operator providing services to UK based logistics providers. The company is exclusively involved in the UK logistics market. The company operates, principally, from three sites, Alconbury in Cambridgeshire and Stallingborough (Grimsby) in North East Lincolnshire. In September 2024 we opened an additional depot in Seaham County Durham.

 

The company has negotiated a fuel price mechanism which compensates the company for any fluctuations in the price of diesel. Additionally the company has positioned itself, with the retention of a proportion of “older trucks” to mitigate any short and long term reductions in business activity. The company has endeavoured to increase the number of employed drivers during the year, so we are self-sufficient with our workforce requirements.

 

The company's turnover has increased from £10,943,685 in 2023 to £12,429,826 in 2024. This increase of 13.58% reflects an increase of truck numbers from a core of 79 trucks (2023) to 84 trucks (2024) and also an increase of driven kilometres from 7,656,380km (2023) to 8,395,154km (2024) and rates being adjusted, in part, to reflect changes in fuel prices.

 

The company has achieved a pre-tax profit of £591,605 (2023: £350,366) and a retained profit of £442,021 (2023: £225,218).

 

Key performance indicators are as follows:

2024

 

2023

 

 

 

 

 

Gross margin

14.03%

 

13.18%

Operating margin

4.76%

 

3.2%

 

 

Although no specific statistics are available the company aims to consider the welfare of its staff at all times whilst operating with an awareness and responsibility towards key environmental issues.

Future developments

The company expects that the trading conditions in 2025 will be similar to that experienced in Q4 of 2024 onwards. Many of our Group’s main industrial clients are experiencing a downturn in volumes and we expect pressure on margins to remain constant during the year.

Principal risks and uncertainties

The company expects that the destabilizing effect of the Ukrainian Conflict on energy prices, supply chain and economic growth will continue throughout 2025. The possible ramifications are volume reductions, but the company is actively looking to mitigate any possible impact.

 

Truck sourcing agreements are spread, deliberately, so every year some replacements are due which gives scope to review the fleet size. A proportion of (older) vehicles were retained at the end of their lease and are available for immediate disposal should the need arise.

 

Our overall operating situation post Brexit is well bedded in and is now considered “the new normal”. We consider ourselves now well adapted to this change.

 

In 2021, the UK driver shortage had a significant impact on our industry. During 2022, this situation steadily improved throughout the year. There were significant wage increases during 2021 & 2022 and the Company was very proactive with retaining and recruiting staff. This situation is now considered stable, with no significant driver supply issues, (nor significant wage increases) expected in 2025.

 

On behalf of the board

Mr B Ewals
Director
26 June 2025
MEGA TRUCKING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024. The business review, future developments and principal uncertainties have been included in the Strategic Report on page 1.

Principal activities

The principal activity of the company continued to be that of a truck operator providing services to UK based logistics providers.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B Ewals
Ewals Cargo Care Transport B.V.
Auditor

Ensors Accountants LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr B Ewals
Director
26 June 2025
MEGA TRUCKING COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

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

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MEGA TRUCKING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MEGA TRUCKING COMPANY LIMITED
- 4 -
Opinion

We have audited the financial statements of Mega Trucking Company Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 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. 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 our audit:

MEGA TRUCKING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MEGA TRUCKING COMPANY LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 either intend to liquidate the 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements are free from material misstatement due to fraud.

In planning and designing our audit procedures we assessed the risks of material misstatement due to fraud. Given that over 90% of the company’s sales are to fellow group undertaking Ewals Cargo Care B.V. under pre-agreed service level agreements and fixed pricing structures there is little opportunity or incentive for fraud in relation to income.

Our assessment concluded that the areas of highest risk are non-compliance with laws and regulations and management override of controls.

MEGA TRUCKING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MEGA TRUCKING COMPANY LIMITED (CONTINUED)
- 6 -

We obtained an understanding of the legal and regulatory frameworks that the company operates in through discussions with management, and from our commercial knowledge and experience of the sector in which the company operates. This enabled us to identify the key laws and regulations applicable to the company. We focussed on specific laws and regulations which we considered may have a direct impact on the financial statements including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment laws.

All team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance.

In addressing the risk of fraud through management override of controls we have tested the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of potential bias and evaluating the rationale of any significant transactions that appear unusual or outside the normal course of business.

Material misstatements that arise due to fraud can be harder to detect then those that arise from error as they are likely to involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Malcolm McGready (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
8 July 2025
MEGA TRUCKING COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
12,429,826
10,943,685
Cost of sales
(10,685,960)
(9,500,914)
Gross profit
1,743,866
1,442,771
Administrative expenses
(1,152,261)
(1,092,405)
Profit before taxation
591,605
350,366
Tax on profit
5
(149,584)
(125,148)
Profit for the financial year
442,021
225,218

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MEGA TRUCKING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
117,069
207,278
Current assets
Debtors
7
2,522,599
2,416,371
Cash at bank and in hand
278,729
78,114
2,801,328
2,494,485
Creditors: amounts falling due within one year
8
(871,496)
(1,070,659)
Net current assets
1,929,832
1,423,826
Total assets less current liabilities
2,046,901
1,631,104
Provisions for liabilities
Deferred tax liability
9
18,476
44,700
(18,476)
(44,700)
Net assets
2,028,425
1,586,404
Capital and reserves
Called up share capital
12
10,000
10,000
Profit and loss reserves
2,018,425
1,576,404
Total equity
2,028,425
1,586,404

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mr B  Ewals
Director
Company registration number 02681656 (England and Wales)
MEGA TRUCKING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
10,000
1,351,186
1,361,186
Year ended 31 December 2023:
Profit and total comprehensive income
-
225,218
225,218
Balance at 31 December 2023
10,000
1,576,404
1,586,404
Year ended 31 December 2024:
Profit and total comprehensive income
-
442,021
442,021
Balance at 31 December 2024
10,000
2,018,425
2,028,425
MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Mega Trucking Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 750 The Crescent, Colchester Business Park, Colchester, CO4 9YQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

The financial statements of the company are consolidated in the financial statements of the ultimate parent entity, Ewals Holdings B.V, a company incorporated in the Netherlands. These consolidated financial statements are available from the Chamber of Commerce, Venlo, The Netherlands.

1.2
Going concern

The financial statements have been prepared on a going concern basis which the truedirectors consider to be appropriate for the following reasons:

 

The directors have considered the factors that impact the company’s performance, cash flows, and financial position, along with the company’s current liquidity in forming their opinion on the going concern basis.

 

The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funds to meet its liabilities as they fall due for that period.

 

These forecasts are dependent on continued trade with the entity’s ultimate parent company, Ewals Cargo Care Holdings B.V., with whom over 90% of its trade sits. Ewals Cargo Care Holdings B.V. has indicated its intention to continue to require the services of the entity. If necessary, the company would draw upon financial support that has been indicated by a letter of support received from Ewals Cargo Care Holdings B.V. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the directors are confident that the company will have sufficient funds to continue to meets its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover

Turnover is wholly attributable to the principal activity of the company after deducting trade discounts and value added tax where appropriate. The company recognises turnover based upon completion of logistics services provided to customers. Turnover is attributable entirely to the United Kingdom.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fleet Motor vehicles
3 years straight line
Non Fleet Motor vehicles
8 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Related party transactions

The company is a wholly owned subsidiary of Ewals Cargo Care Transport B.V., the consolidated accounts of which are publicly available. Accordingly, the company has taken advantage of the exemption in FRS 102 from disclosing transactions with other companies wholly owned within the same group.

MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
14,929
5,023
Auditors remuneration
14,575
13,436
Depreciation of owned tangible fixed assets
123,409
121,333
Operating lease charges
1,247,525
910,081
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Drivers
101
91
Administrative staff
18
18
Total
119
109

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,464,127
4,798,801
Social security costs
574,660
495,175
Pension costs
162,793
141,652
6,201,580
5,435,628
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
175,808
138,018
MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Taxation
2024
2023
£
£
(Continued)
- 16 -
Deferred tax
Origination and reversal of timing differences
(26,224)
(12,870)
Total tax charge
149,584
125,148

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
591,605
350,366
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
147,901
82,406
Tax effect of expenses that are not deductible in determining taxable profit
1,683
8,785
Other
-
0
33,957
Taxation charge for the year
149,584
125,148
6
Tangible fixed assets
Fleet Motor vehicles
Non Fleet Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
364,000
-
0
364,000
Additions
-
0
33,200
33,200
At 31 December 2024
364,000
33,200
397,200
Depreciation and impairment
At 1 January 2024
156,722
-
0
156,722
Depreciation charged in the year
121,334
2,075
123,409
At 31 December 2024
278,056
2,075
280,131
Carrying amount
At 31 December 2024
85,944
31,125
117,069
At 31 December 2023
207,278
-
0
207,278
MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,196
68,891
Amounts owed by group undertakings
1,854,282
1,867,535
Other debtors
142,643
183,489
Prepayments and accrued income
468,478
296,456
2,522,599
2,416,371
8
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
187,522
288,758
Amounts owed to group undertakings
138,930
188,449
Corporation tax
81,120
88,620
Other taxation and social security
155,902
147,012
Deferred income
10
-
0
16,477
Other creditors
193,689
118,815
Accruals and deferred income
114,333
222,528
871,496
1,070,659
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
20,907
51,820
Short term timing differences
(2,431)
(7,120)
18,476
44,700
2024
Movements in the year:
£
Liability at 1 January 2024
44,700
Credit to profit or loss
(26,224)
Liability at 31 December 2024
18,476
MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Deferred taxation
(Continued)
- 18 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances and short term timing differences that are expected to mature within the same period.

10
Deferred income
2024
2023
£
£
Other deferred income
-
16,477
11
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
162,793
141,652

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1,858,207
770,483
Between two and five years
3,536,198
1,102,848
5,394,405
1,873,331
14
Related party transactions

As permitted by FRS 102 paragraph 33 1A, the company has not presented details of related party transactions with other companies that are wholly owned within the group. There were no additional related party transactions to disclose.

MEGA TRUCKING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
15
Ultimate controlling party

The company's immediate parent company is Ewals Cargo Care Transport BV, Arienstraat 61-63, 5931 HM Tegelen, The Netherlands.

The ultimate controlling party is considered to be Ewals Holdings BV, a company incorporated in the Netherlands. The registered office is Arienstraat 61-63 Tegelen, 5931 HM Netherlands.

 

The largest and smallest group in which the results of the company are consolidated is that of Ewals Holdings BV. The group financial statements can be obtained from The Chamber of Commerce, Venlo, The Netherlands.

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