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Company No: 01595729 (England and Wales)

FRM TRUCK & TRAILER SPARES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

FRM TRUCK & TRAILER SPARES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

FRM TRUCK & TRAILER SPARES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
FRM TRUCK & TRAILER SPARES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
DIRECTOR M T Miller
REGISTERED OFFICE Unit 4
Kingstons Industrial Estate
Eastern Road
Aldershot
Hampshire
GU12 4YA
United Kingdom
COMPANY NUMBER 01595729 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
FRM TRUCK & TRAILER SPARES LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2024
FRM TRUCK & TRAILER SPARES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,043 6,848
3,043 6,848
Current assets
Stocks 4 65,734 68,927
Debtors 5 71,709 169,104
Cash at bank and in hand 6 4,961 5,057
142,404 243,088
Creditors: amounts falling due within one year 7 ( 251,413) ( 272,991)
Net current liabilities (109,009) (29,903)
Total assets less current liabilities (105,966) (23,055)
Creditors: amounts falling due after more than one year 8 ( 6,905) ( 18,433)
Provision for liabilities 9 ( 735) ( 1,677)
Net liabilities ( 113,606) ( 43,165)
Capital and reserves
Called-up share capital 3,000 3,000
Profit and loss account ( 116,606 ) ( 46,165 )
Total shareholder's deficit ( 113,606) ( 43,165)

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of FRM Truck & Trailer Spares Limited (registered number: 01595729) were approved and authorised for issue by the Director on 07 August 2025. They were signed on its behalf by:

M T Miller
Director
FRM TRUCK & TRAILER SPARES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
FRM TRUCK & TRAILER SPARES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FRM Truck & Trailer Spares Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4, Kingstons Industrial Estate, Eastern Road, Aldershot, Hampshire, GU12 4YA,, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date the company has net liabilities of £113,606 (2023 - £43,165). The director is confident that sufficient financing is in place for the company to continue to trade for the foreseeable future. The director will continue to support the company should any financial obligations arise in the foreseeable future.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line bases over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 4

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 November 2023 2,388 6,438 52,634 35,005 61,760 158,225
Disposals 0 0 ( 14,995) 0 0 ( 14,995)
At 31 October 2024 2,388 6,438 37,639 35,005 61,760 143,230
Accumulated depreciation
At 01 November 2023 2,388 6,402 48,301 34,039 60,247 151,377
Charge for the financial year 0 5 694 216 499 1,414
Disposals 0 0 ( 12,604) 0 0 ( 12,604)
At 31 October 2024 2,388 6,407 36,391 34,255 60,746 140,187
Net book value
At 31 October 2024 0 31 1,248 750 1,014 3,043
At 31 October 2023 0 36 4,333 966 1,513 6,848
Leased assets included above:
Net book value
At 31 October 2024 0 0 0 0 0 0
At 31 October 2023 0 0 2,668 0 0 2,668

4. Stocks

2024 2023
£ £
Finished goods 65,734 68,927

5. Debtors

2024 2023
£ £
Trade debtors 68,777 129,528
VAT recoverable 2,533 0
Other debtors 399 39,576
71,709 169,104

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 4,961 5,057
Less: Bank overdrafts ( 54,430) ( 89,557)
(49,469) (84,500)

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 65,958 100,801
Trade creditors 127,282 121,515
Other loans 14,649 19,774
Accruals 11,350 3,500
Other taxation and social security 4,870 8,311
Other creditors 27,304 19,090
251,413 272,991

The bank overdrafts are secured by fixed and floating charges of the assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,905 18,433

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,677) ( 1,442)
Credited/(charged) to the Statement of Income and Retained Earnings 942 ( 235)
At the end of financial year ( 735) ( 1,677)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 761) ( 1,712)
Other timing differences 26 35
( 735) ( 1,677)

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 38,534 35,172
between one and five years 37,055 42,729
75,589 77,901

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and to individuals' pension schemes amounted to £445 (2023 - £356).

Employee and employers contributions totalling £242 (2023 - £139) were payable to the fund at the reporting date and are included in creditors.