| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ANDOVER FORK TRUCK SERVICES LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ANDOVER FORK TRUCK SERVICES LIMITED |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 9 |
| ANDOVER FORK TRUCK SERVICES LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 10 St Ann Street |
| Salisbury |
| Wiltshire |
| SP1 2DN |
| BANKERS: |
| 22 Chantry Way |
| Andover |
| Hampshire |
| SP10 1LL |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| BALANCE SHEET |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Andover Fork Truck Services Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable for the sale, hire and repair of fork trucks and related ancillary services. |
| Revenue is recognised on the sale of fork trucks and parts once the goods have been delivered to or collected by the customer at which time the risks and rewards associated with the sale are transferred to the customer. |
| Revenue is recognised on the provision of repair services upon completion of the job following customer inspection and approval of the works undertaken, at which time the risks and rewards associated with the works are transferred to the customer. |
| Revenue is recognised on the hire of fork trucks in accordance with the hire agreement entered into with the customer ahead of the first hire term at which time the risks and rewards of the services provided are transferred to the customer. |
| The company sells trucks to an asset finance company who in turn enters into a contract hire agreement with its customers. As part of the sale the company has to maintain the trucks free of charge over the contract hire agreement term and therefore recognises revenue on these sales over this term. The risks and rewards associated with these sales are transferred to the customer when the order is placed. |
| Goodwill |
| The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| The assets' residual values, useful lives and depreciation methods are remedied, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Truck fleet, included within plant and machinery, are carried at their fair value using a policy of revaluation. The assets are valued at their open market value by the directors at the balance sheet date |
| Stocks |
| The company holds a stock of consumable parts that it requires so as to maintain both its own fleet of hire trucks and those sold under contract hire agreements. As this stock is not subject to either technological or physical obsolescence it is valued at cost. |
| The majority of parts required for major truck repairs are sourced and delivered by the company's suppliers who offer a next day delivery facility so that the company does not have to hold large stocks. Stock is ordered and issued to jobs as required. |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| 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 the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors |
| Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. |
| Cash and cash equivalents |
| These comprise cash at bank and other short-term highly liquid bank deposits. |
| Creditors |
| Creditors are not interest bearing and are stated at their nominal value. |
| Reserves |
| The movement in the fair value of the fork truck asset fleet to open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to the shareholders. |
| Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's hire fleet has been uplifted to fair value. The comparable amounts for the hire fleet at original cost are: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Cost | 2,937,577 | 2,937,577 |
| Depreciation | (1,944,526 | ) | (1,627,248 | ) |
| Net book value | 993,051 | 1,310,329 |
| Cost or valuation at 31 December 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2015 | - | 246,644 | 246,644 |
| Valuation in 2016 | - | 154,089 | 154,089 |
| Valuation in 2017 | - | 525,039 | 525,039 |
| Valuation in 2018 | - | 324,772 | 324,772 |
| Valuation in 2019 | - | 277,445 | 277,445 |
| Valuation in 2020 | - | 171,831 | 171,831 |
| Valuation in 2021 | - | 369,736 | 369,736 |
| Valuation in 2022 | - | 624,106 | 624,106 |
| Valuation in 2023 | - | 413,109 | 413,109 |
| Valuation in 2024 | - | 329,100 | 329,100 |
| Cost | 1,033,574 | 3,321,863 | 4,355,437 |
| 1,033,574 | 6,757,734 | 7,791,308 |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST OR VALUATION |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other creditors |
| ANDOVER FORK TRUCK SERVICES LIMITED (REGISTERED NUMBER: 02882425) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2024 |
| 9. | RESERVES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Distributable | 2,537,119 | 2,614,882 |
| Non - distributable | 679,553 | 669,151 |
| 3,216,672 | 3,284,033 |
| Movement in non-distributable reserve | 31.12.24 | 31.12.23 |
| £ | £ |
| Balance brought forward | 669,151 | 719,615 |
| Asset disposals | (114,083 | ) | (324,148 | ) |
| Fair value uplift | 329,100 | 413,109 |
| Movement in depreciation | (201,147 | ) | (137,679 | ) |
| Movement in deferred tax | (3,468 | ) | (1,747 | ) |
| Balance carried forward | 679,553 | 669,151 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and |
| 31 December 2023: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Balance outstanding at the start of the year | 250,000 | 373,058 |
| Amounts advanced | 320,549 | 250,000 |
| Amount repaid | (570,549 | ) | (373,058 | ) |
| Balance outstanding at the end of the year | - | 250,000 |
| The loans were repayable on demand and subject to interest at commercial rates. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ANDOVER FORK TRUCK SERVICES LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andover Fork Truck Services Limited for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Andover Fork Truck Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Andover Fork Truck Services Limited and state those matters that we have agreed to state to the Board of Directors of Andover Fork Truck Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andover Fork Truck Services Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Andover Fork Truck Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andover Fork Truck Services Limited. You consider that Andover Fork Truck Services Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Andover Fork Truck Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 10 St Ann Street |
| Salisbury |
| Wiltshire |
| SP1 2DN |