Company registration number 03946534 (England and Wales)
ALLTRUCK PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
ALLTRUCK PLC
COMPANY INFORMATION
Directors
P G Robinson
D Halliday
N Coates
D Hillier
J Robinson
Secretary
D Halliday
Company number
03946534
Registered office
14 Park Row
Nottingham
NG1 6GR
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
ALLTRUCK PLC
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Statement of income and retained earnings
11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
ALLTRUCK PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

The directors present the strategic report for the year ended 28 February 2025.

Objectives

The Company’s principal objective is to deliver high-quality commercial vehicle hire solutions to both private and public sector clients. This is supported by a comprehensive suite of tailored, value-added services designed to safeguard and enhance the reputation of our customers. This strategic approach has enabled the Company to cultivate enduring client relationships across the United Kingdom, providing a robust platform for sustainable long-term growth.

For over three decades, the Company has remained steadfast in its commitment to fostering a progressive, inclusive, and high-performing workplace culture. Through bespoke learning and development programmes, and flexible working arrangements, employees are empowered to thrive both personally and professionally. These efforts extend beyond the organisation, positively impacting the wider community. The Company is proud to hold Investors in People Platinum accreditation and to be recognised in The Sunday Times Best Places to Work.

The Board remains confident in the Company’s ability to deliver sustainable, contracted revenue growth over the medium to long term. This confidence is underpinned by a reputation for service excellence and a highly motivated, empowered workforce. Continued investment in technology and its effective integration ensures consistent service delivery and full compliance with applicable legislation. Ongoing staff training supports the Company’s transition to a low-emissions fleet, with electric light commercial vehicles in operation since 2020 and electric heavy goods vehicles now entering service.

Fair review of the business

During the financial year, the Company reported a pre-tax profit of £320,865 (2024: £1,717,186) on a turnover of £33,527,110 (2024: £30,979,016). Gross profit margin declined to 23.9% (2024: 30.6%). Despite this, liquidity improved by 4.9%.


The UK’s political and economic landscape in 2024 presented considerable challenges, dampening business confidence across multiple sectors. The return of commercial vehicle production to pre-pandemic levels alleviated prior supply constraints but led to sustained low utilisation of the short-term rental fleet. Concurrently, used vehicle values normalised, though demand significantly weakened. These factors contributed to a 7.6% reduction in gross margin and a corresponding decline in profitability.

The Board views the 2024 performance within the context of the exceptional results achieved over the preceding four years, which were characterised by constrained vehicle supply, elevated used vehicle prices, and high rental fleet utilisation. The current year is considered a market over-correction following this period of atypical trading conditions.

Encouragingly, the Company achieved continued growth in contracted revenue streams, particularly in contract distribution and contract hire. Contracted revenues increased by 18% driven by new business wins in the own-account sector. The Company anticipates further growth of at least 13% in these areas for the financial year ending February 2026.

ALLTRUCK PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
Fleet Investment and Operational Readiness
In response to the growth in bespoke fleet operations, the Company invested £16.7m in new commercial vehicles during the year. This investment maintained fleet size while reducing the average vehicle age to 21 months, positioning the fleet advantageously for future market recovery.

Approximately two-thirds of this capital expenditure was allocated to assets supporting contract distribution and hire operations, reinforcing the Company's commitment to long-term service agreements. Continued support from Tier 1 asset finance providers has been instrumental in enabling this level of investment, reflecting confidence in the Company's financial strength and strategic direction.
Leadership and Capability Development
The Company has further strengthened its organisational infrastructure through enhancements to leadership and operational management structures. These developments are designed to support the increasing complexity and scale of contracted operations, with anticipated improvements in service delivery, operational efficiency, and client satisfaction.
Liquidity
The Company demonstrated strong cash generation throughout the year. As at year-end, the cash position would have stood at £12,128,644 (2024: £11,566,255), including the strategic allocation of £1,875,000 into longer-term deposit accounts to capitalise on higher-yield investment opportunities. This reflects the Company's prudent and effective treasury management strategy.
Outlook
Looking ahead, the Company remains focused on leveraging its modernised fleet and enhanced operational capabilities to support the growth of its truck rental operations. A structured programme to reduce the size of the rental fleet is underway and is expected to conclude by the end of the financial year ending February 2027.
The Company benefited from other compensation income totaling £974,036. Additional compensatory income is anticipated during the year ending February 2026.

Sustained investment in talent, operational processes, and technological innovation will remain central to maintaining a competitive advantage and delivering long-term stakeholder value. Strategic emphasis will also be placed on expanding contracted revenue streams across both private and public sector markets.

The Board extends its sincere appreciation to all employees for their dedication, professionalism, and contributions throughout the year.
ALLTRUCK PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
Principal risks and uncertainties

The Board regularly reviews the principal risks and uncertainties facing the business. These fall into three primary categories:

 

Additional risks are assessed periodically, and mitigation strategies are implemented accordingly.

The Company employs a suite of financial and non-financial key performance indicators (KPIs) to monitor progress against strategic objectives. Financial KPIs assess historical and forecasted performance, while non-financial KPIs track employee and customer engagement, asset utilisation, and operational compliance.

To mitigate residual value risk, the Company operates the ‘Alltruck2’ brand to manage vehicle disposals and, where appropriate, enters into call option repurchase agreements with manufacturers. Used vehicle pricing was adversely affected during the year due to oversupply and subdued business confidence. However, early signs of market recovery have emerged post year-end.

Revenue Composition and Strategic Focus

The Company continues to prioritise the quality and sustainability of its earnings, whether derived from contracted or non-contracted revenue streams. A significant proportion of revenue is underpinned by long-term agreements with blue-chip clients across the United Kingdom, reflecting the strength and reliability of the Company’s contractual base.

During the financial year ended February 2025, the Company experienced continued pressure on profitability due to declining utilisation levels within the rental fleet—a trend that began in the prior year and persisted throughout the reporting period. In response, the Company has maintained a clear strategic focus on expanding its contracted revenue base, thereby reducing exposure to short-term market volatility.

Contracted services—including commercial vehicle contract hire, contract hire with drivers, and fleet management—have seen substantial growth, with revenues in these areas increasing by 18% year on year. This success reflects the Company’s disciplined execution of its strategy to build a more resilient and predictable revenue model.

 

Asset Finance

The Company maintains strong relationships with a diversified panel of financial institutions, ensuring continued access to competitive asset finance solutions. These include both hire purchase and non-disclosed agency funding arrangements. The Board extends its appreciation to its principal asset finance partners for their ongoing support and confidence in the Company’s strategic direction.

 

Credit Risk Management

The Company employs a robust credit risk management framework to safeguard its receivables. Customer credit limits are established based on sector-specific risk assessments, historical payment performance, and independent third-party credit evaluations. The Company benefits from a broad and diverse customer base, mitigating the risk associated with overexposure to any single client or sector. Similar diligence is applied to the Company’s supply chain to ensure continuity and resilience.

ALLTRUCK PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
Employer Brand and Workforce Engagement
A strong and positive employer brand remains a cornerstone of the Company's values, as evidenced by its Investors in People Platinum accreditation. The Company is committed to fostering a workplace environment where employees can flourish, feel valued, and achieve personal and professional fulfilment.

Learning and development remain central to this commitment, supported by a range of initiatives including recognition events, “Lunch on Us” programmes, flexible and hybrid working arrangements, strategic away days, and social activities. Employee engagement is formally measured biannually through the Gallup Q12 Engagement Survey, with actionable insights implemented to drive continuous improvement.
Cyber Security
The Company is accredited with Cyber Essentials Plus, demonstrating its commitment to maintaining a secure and resilient IT infrastructure. This accreditation confirms that the Company has implemented essential cyber security measures to protect its systems and ensure the continuity of its services.
Environmental Responsibility
Environmental stewardship is embedded in the Company's asset investment strategy. The entire diesel-powered fleet is Euro 6 compliant and, where feasible, approved for use with Green D HVO drop-in fuels. The Company's “Alltruck Zero” initiative promotes awareness and adoption of green technologies both internally and among customers.

Following the balance sheet date, a fully electric 20-tonne gross vehicle weight (GVW) commercial vehicle entered service for extensive trials with a key customer, marking a significant milestone in the Company's transition to a low-emissions fleet.
Social and Community Engagement
The Company actively supports community engagement through a variety of initiatives. The Employee of the Month scheme includes a £250 charitable donation made by the selected employee to a cause of their choice. In partnership with Leicestershire Cares, employees are encouraged and supported to participate in community volunteering projects during work hours, reinforcing the Company's commitment to social responsibility.

On behalf of the board

D Halliday
Director
24 July 2025
ALLTRUCK PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -

The directors present their annual report and financial statements for the year ended 28 February 2025.

Principal activities

The principal activity of the company continued to be that of contract hiring and rental of trucks.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £650,000. 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:

P G Robinson
D Halliday
D C Halliday
(Resigned 25 September 2024)
N Coates
D Hillier
J Robinson
Statement of directors' responsibilities

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.

ALLTRUCK PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
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.

On behalf of the board
D Halliday
Director
24 July 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC
- 7 -
Opinion

We have audited the financial statements of Alltruck Plc (the 'company') for the year ended 28 February 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC (CONTINUED)
- 8 -

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:

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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC (CONTINUED)
- 9 -
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.

Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated 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 inflated revenue and profit.

Audit procedures performed included, but were not limited to:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLTRUCK PLC (CONTINUED)
- 10 -

Use of our 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.

James Simmonds
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
24 July 2025
Chartered Accountants
Statutory Auditor
ALLTRUCK PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
33,527,110
30,979,016
Cost of sales
(25,521,471)
(21,499,653)
Gross profit
8,005,639
9,479,363
Administrative expenses
(6,325,762)
(6,232,393)
Other operating income
4
974,036
-
0
Operating profit
5
2,653,913
3,246,970
Interest receivable and similar income
282,762
173,925
Interest payable and similar expenses
8
(2,615,810)
(1,703,709)
Profit before taxation
320,865
1,717,186
Tax on profit
9
(42,163)
(492,115)
Profit for the financial year
278,702
1,225,071
Retained earnings brought forward
8,463,943
8,138,872
Dividends
10
(650,000)
(900,000)
Retained earnings carried forward
8,092,645
8,463,943

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

ALLTRUCK PLC
BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025
- 12 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
50,580,651
49,224,182
Current assets
Stocks
13
462,468
496,276
Debtors
14
9,260,407
10,572,290
Investments
15
1,875,000
-
0
Cash at bank and in hand
10,253,644
11,566,255
21,851,519
22,634,821
Creditors: amounts falling due within one year
16
(25,066,390)
(25,677,828)
Net current liabilities
(3,214,871)
(3,043,007)
Total assets less current liabilities
47,365,780
46,181,175
Creditors: amounts falling due after more than one year
17
(37,077,400)
(35,791,631)
Provisions for liabilities
Deferred tax liability
19
2,086,235
1,816,101
(2,086,235)
(1,816,101)
Net assets
8,202,145
8,573,443
Capital and reserves
Called up share capital
21
109,500
109,500
Profit and loss reserves
8,092,645
8,463,943
Total equity
8,202,145
8,573,443
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
D Halliday
Director
Company registration number 03946534 (England and Wales)
ALLTRUCK PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
12,998,119
9,433,509
Interest paid
(2,539,802)
(1,632,162)
Income taxes refunded/(paid)
78,492
(679,343)
Net cash inflow from operating activities
10,536,809
7,122,004
Investing activities
Purchase of tangible fixed assets
(8,433,091)
(18,667,314)
Proceeds from disposal of tangible fixed assets
5,203,557
7,065,924
Purchase of current asset investment
(1,875,000)
-
0
Interest received
282,762
173,925
Net cash used in investing activities
(4,821,772)
(11,427,465)
Financing activities
Proceeds from new finance leases
25
5,901,665
16,415,334
Payment of finance lease obligations
25
(12,279,313)
(10,284,269)
Dividends paid
(650,000)
(900,000)
Net cash (used in)/generated from financing activities
(7,027,648)
5,231,065
Net (decrease)/increase in cash and cash equivalents
(1,312,611)
925,604
Cash and cash equivalents at beginning of year
11,566,255
10,640,651
Cash and cash equivalents at end of year
10,253,644
11,566,255
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 14 -
1
Accounting policies
Company information

Alltruck plc is an unlisted public limited company, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

In respect of income received on undisclosed agency agreements, only the commission element is reported as turnover. This is done on a straight line basis over the period of the agreement.

In respect of vehicle rental income from hire agreements, all income is taken to the profit and loss account on a straight line basis over the period of the rental.

 

In respect of contracted repairs and maintenance income, income is released into the profit and loss account in line with the expected expenditure profile of the associated repairs and maintenance costs, in order to match income with costs.

 

In respect of any other services supplied to customers, all income is taken to profit and loss at the same point as the right to receive consideration is acquired.

 

Turnover is attributable to the company's principal activity, conducted entirely within the United Kingdom.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 15 -

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

Computer Software
33.33% straight line
1.5
Tangible fixed assets

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

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

Plant and machinery
10% to 50% straight line
Fixtures and fittings
33.33% to 50% straight line
Office Equipment
33.33% to 100% straight line
Commercial vehicles
10% to 100% 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.

The company also has a policy to periodically review the recoverable amount of the assets and where appropriate will carry out an impairment review and make a provision against those assets.

1.6
Current asset investment

Current asset investments relate to amounts held in deposit accounts which require notice of longer than 3 months to be withdrawn.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.9
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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

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.

1.10
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.

1.11
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.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 17 -
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.

1.12
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.

1.13
Retirement benefits

The company operates two pension schemes; The schemes are defined contribution and are administered by Aegon and The People's Pension. The Aegon scheme was superseded with all new employees registered under The People's Pension scheme. The pension contributions are charged to the income statement when due.

1.14
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 18 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Repairs & maintenance provision

The company has developed a profiling model for vehicles based upon a one to five year funding agreement. The profiling model over the years was developed based upon the average expenditure incurred in keeping the vehicle in operation over its useful life to Alltruck.

 

There is a different model for different tonnage of lorries as well as trailers and ambulances, so it is specific for the class of asset.

 

A provision is then established using the appropriate model for each vehicle held by the company. The revenue is then released to the profit and loss account, based upon the profile. The company periodically assesses the provision against the actual costs incurred for each class of vehicle.

Depreciation and useful life of assets

The depreciation policies for assets are either in line with the funding agreement or written off over the useful life as assessed by the directors.

 

The rates are annually reviewed in line to what the directors believe the assets are worth, taking into account the income streams generated by those assets and the profits generated by the sale of those assets.

Vehicles on operating leases and not capitalised

Where the company decides not to capitalise a vehicle this is due to the criteria of FRS102 being met to enable the company to account for these vehicles as operating leases.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 19 -
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Contracted income from hire
14,101,758
11,874,571
Contracted fleet management
4,251,058
4,672,187
Non-contracted income from hire
11,101,106
10,298,594
Engineering and other services
4,073,188
4,133,664
33,527,110
30,979,016
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
33,527,110
30,979,016
4
Other operating income

Other operating income represents compensation received during the year of £974,036 (2024: £Nil).

5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Auditors' remuneration
30,250
27,500
Depreciation of owned tangible fixed assets
1,961,380
2,461,703
Depreciation of tangible fixed assets held under finance leases
8,458,419
6,484,074
Impairment of owned tangible fixed assets
37,633
105,621
Profit on disposal of tangible fixed assets
(42,502)
(1,714,752)
Other non-audit services
2,750
2,500
Operating lease payments made in respect of land & buildings
238,527
214,168
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 20 -
6
Employees

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

2025
2024
Number
Number
Production staff
79
69
Management and administrative staff
55
60
Sales staff
13
15
Total
147
144

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,182,283
5,746,909
Social security costs
454,743
408,314
Pension costs
252,746
303,184
6,889,772
6,458,407
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
525,887
606,169
Company pension contributions to defined contribution schemes
83,132
88,250
609,019
694,419
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
131,566
120,809
Company pension contributions to defined contribution schemes
20,854
31,877
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 21 -
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
2,615,810
1,703,709
9
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(227,971)
(154,391)
Deferred tax
Origination and reversal of timing differences
80,940
443,109
Adjustment in respect of prior periods
189,194
203,397
Total deferred tax
270,134
646,506
Total tax charge
42,163
492,115
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
9
Taxation
(Continued)
- 22 -

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:

2025
2024
£
£
Profit before taxation
320,865
1,717,186
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.49%)
80,216
420,539
Tax effect of expenses that are not deductible in determining taxable profit
280
12,638
Chargeable gains
20,147
67,739
Movement in deferred tax not recognised
903
-
0
Adjustments in respect of prior years
(227,971)
49,037
Adjustments in respect of fixed assets
223
-
0
Capital allowance timing differences
381
885
Deferred tax adjustments in respect of prior years
189,194
-
0
Super deduction timing differences
-
0
9
Deferred tax remeasurement
-
0
9,007
Difference in tax value on gains
(21,210)
(67,739)
Taxation charge for the year
42,163
492,115
10
Dividends
2025
2024
£
£
Interim paid
650,000
900,000

Dividends paid during the year were £650,000 (2024: £900,000). The Board of Directors agreed the dividends based on the results of the year ended 28 February 2025 and previous years. It was agreed that the dividends were to be the only dividends declared during the year ended 28 February 2025. The rate of this dividend was calculated to incorporate the fact that the ordinary shareholders who are also directors agreed to a salary sacrifice.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 23 -
11
Intangible fixed assets
Computer Software
£
Cost
At 1 March 2024 and 28 February 2025
400,414
Amortisation and impairment
At 1 March 2024 and 28 February 2025
400,414
Carrying amount
At 28 February 2025
-
0
At 29 February 2024
-
0
12
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office Equipment
Commercial vehicles
Total
£
£
£
£
£
Cost
At 1 March 2024
2,064,521
245,660
508,697
67,610,066
70,428,944
Additions
45,013
18,126
44,914
16,743,969
16,852,022
Disposals
-
0
(1,049)
(1,683)
(14,033,339)
(14,036,071)
At 28 February 2025
2,109,534
262,737
551,928
70,320,696
73,244,895
Depreciation and impairment
At 1 March 2024
1,598,547
205,249
404,976
18,995,990
21,204,762
Depreciation charged in the year
135,476
19,381
88,009
10,176,933
10,419,799
Impairment losses
-
0
-
0
-
0
37,633
37,633
Eliminated in respect of disposals
-
0
(1,049)
(1,683)
(8,995,218)
(8,997,950)
At 28 February 2025
1,734,023
223,581
491,302
20,215,338
22,664,244
Carrying amount
At 28 February 2025
375,511
39,156
60,626
50,105,358
50,580,651
At 29 February 2024
465,974
40,411
103,721
48,614,076
49,224,182

Included in the total net book value of tangible fixed assets held at 28 February 2025 was £44,390,528 (2024: £42,900,124) in respect of assets held under hire purchase and finance lease contracts.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 24 -
13
Stocks
2025
2024
£
£
Stocks
462,468
496,276
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,566,002
6,712,319
Corporation tax recoverable
368,615
219,136
Other debtors
826,637
1,292,866
Prepayments and accrued income
1,837,738
1,037,573
7,598,992
9,261,894
2025
2024
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
1,661,415
1,310,396
Total debtors
9,260,407
10,572,290
15
Current asset investments
2025
2024
£
£
Fixed term deposit accounts
1,875,000
-
0
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 25 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
18
13,041,458
11,395,173
Trade creditors
4,835,563
4,998,185
Taxation and social security
150,561
122,604
Other creditors
778,824
415,728
Accruals and deferred income
6,259,984
8,746,138
25,066,390
25,677,828
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
31,835,262
31,440,264
Deferred income
5,242,138
4,351,367
37,077,400
35,791,631
Amounts included above which fall due after five years are as follows:
Payable by instalments
769,910
820,351
Payable other than by instalments
684,548
646,146
1,454,458
1,466,497
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
13,041,458
11,395,173
In two to five years
31,065,352
30,619,913
In over five years
769,910
820,351
44,876,720
42,835,437

The above liabilities are secured on the assets that they relate to.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 26 -
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
2,084,098
1,816,101
Tax losses
2,137
-
2,086,235
1,816,101
2025
Movements in the year:
£
Liability at 1 March 2024
1,816,101
Charge to profit or loss
270,134
Liability at 28 February 2025
2,086,235

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

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
252,746
303,184

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.

At the year end there is an outstanding amount of £30,391 (2024: £29,717) relating to the pension scheme.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 27 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100,000
100,000
100,000
100,000
Ordinary A of £1 each
9,500
9,500
9,500
9,500
109,500
109,500
109,500
109,500
22
Capital commitments

At the balance sheet date the company had entered into contracts to re-purchase commercial vehicles it had managed as an agent of a number of banks and finance companies.

2025
2024
£
£
Due to be purchased within one year
926,500
917,045
Due to be purchased after one year
4,939,133
4,131,131
5,865,633
5,048,176

To offset the risk of these commitments the company has "call options" with vehicle manufacturers to purchase such vehicles at a pre determined value.

Due to be purchased within one year
435,000
410,300
Due to be purchased after one year
1,179,400
879,800
1,614,400
1,290,100
A prudent view of future vehicle values is taken and such values are reviewed annually and any foreseeable losses accounted for.
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 28 -
23
Operating lease commitments

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:

2025
2024
£
£
Within one year
276,940
269,673
Between two and five years
494,205
516,812
771,145
786,485
24
Related party transactions

At the year end the amount outstanding in respect of the loan to Mrs J Robinson, a shareholder, is £200,000 (2024: £200,000). The amount is disclosed within Other Debtors. Key management personnel remuneration in the year totalled £779,697 (2024: £764,806). Close family members of the directors received remuneration of £96,059 (2024: £84,477) in the year. The company’s operates from premises which are leased from a pension scheme of which P G Robinson and D A Halliday are beneficiaries. During the year rental costs totalling £194,426 (2024: £195,014) were entered into with the aforementioned. At the year end, there were no outstanding balances in either the current or prior year.

25
Ultimate controlling party

The controlling party is Mr P G Robinson.

ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 29 -
26
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
278,702
1,225,071
Adjustments for:
Taxation charged
42,163
492,115
Finance costs
2,615,810
1,703,709
Investment income
(282,762)
(173,925)
Gain on disposal of tangible fixed assets
(42,502)
(1,714,752)
Depreciation and impairment of tangible fixed assets
10,457,432
9,051,398
Movements in working capital:
Decrease in stocks
33,808
6,979
Decrease/(increase) in debtors
1,338,428
(3,317,056)
(Decrease)/increase in creditors
(2,333,731)
2,459,141
Increase/(decrease) in deferred income
890,771
(299,171)
Cash generated from operations
12,998,119
9,433,509

 

27
Further note in regards to cash flow from financing activities

Contained within the cash flow statement is the net value of movements within the hire purchase liabilities. This is broken down as follows;

2025
2024
£
£
Cash inflow from new hire purchase agreements
5,901,665
16,415,333
Capital repayments made during the year
(12,279,313)
(10,284,269)
(6,377,648)
6,131,064
ALLTRUCK PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 30 -
28
Analysis of changes in net debt
New finance leases
1 March 2024
Cash flows
Cash inflow
Non cash additions
28 February 2025
£
£
£
£
£
Cash at bank and in hand
11,566,255
(1,312,611)
-
-
10,253,644
Obligations under finance leases
(42,835,437)
12,279,313
(5,901,665)
(8,418,931)
(44,876,720)
(31,269,182)
10,966,702
(5,901,665)
(8,418,931)
(34,623,076)
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