| REGISTERED NUMBER: 04409477 (England and Wales) |
| WALLS TRUCK SERVICES LIMITED |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Period 1 June 2023 to 30 May 2024 |
| REGISTERED NUMBER: 04409477 (England and Wales) |
| WALLS TRUCK SERVICES LIMITED |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Period 1 June 2023 to 30 May 2024 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Contents of the Consolidated Financial Statements |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| WALLS TRUCK SERVICES LIMITED |
| Company Information |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants and |
| Statutory Auditors, |
| Avalon House, |
| 5-7 Cathedral Road, |
| Cardiff, |
| CF11 9HA |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Group Strategic Report |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| The directors present their strategic report of the company and the group for the period 1 June 2023 to 30 May 2024. |
| REVIEW OF BUSINESS |
| We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
| As for many businesses of our size, the business environment in which we operate continues to be challenging and in light of this and the competitive nature of the industry, we consider the company's results for the year and its financial position at the year end to be satisfactory and believe that the company is well placed to react quickly to any changes in trading conditions and to take advantage of any business opportunities that may arise. |
| KEY PERFORMANCE INDICATORS |
| We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, being turnover and net profit. |
| Turnover has remained broadly consistent £10,216,859 (2023 - £10,297,312) reflecting the stability of the company's business in a challenging business environment. There has been a slight fall in the gross profit margin 32.7% (2023 - 34.0%) as a result of increased payroll costs which have similarly had an impact on the profit before tax for the year £855,477 (2023 - £1,172,034). The reduction in the profit before tax can also be attributed to the company's investment in environmentally compliant vehicles during the year resulting in increased depreciation charges. |
| The board continues to carefully control overheads and to take necessary steps to maximize efficiency from the existing infrastructure |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| We continually monitor the principal risks and uncertainties of the business and seek to mitigate any such risks. The company operates in a highly competitive industry and it responds to this risk by continually improving operational effectiveness, providing a strong brand identity and investing in the future of the business. |
| The principal risks are being mitigated by means of the following (non-exhaustive) measures: |
| • Strict upkeep of compliance within our third-party network by means of utilising independent third-party accreditation (PAS43, ISO 9001 etc) and independent verification of insurance through brokers/insurers. |
| • Continuous investment in environmentally compliant Euro 6 vehicles ensuring ULEZ/LEZ compliance, fuel efficiency and the ability to continue to service major urban areas as low emission zones are implemented and/or extended. |
| • Constantly monitoring fuel price, comparing fuel card site availability to ensure supply is maintained. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Group Strategic Report |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| SECTION 172(1) STATEMENT |
| In accordance with Section 172(1) of the Companies Act 2006, the directors of Walls Truck Services Limited have acted in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so, they have had regard to the following factors: |
| • Long-term Consequences & future developments: The directors have consistently made strategic decisions and exercised judgement with long-term perspective, aiming to ensure sustainable growth and stability for the company. This includes continual investment in modern vehicles; ongoing investment in our workshop ensuring it is up to date with all necessary equipment and personnel in order to maintain our fleet and our customers fleet to the highest standards; continual investment in our existing depots; and ongoing investment in the latest technology to support the efficiency of our operation to secure the company's future. |
| • Interest of Employees: The board places great importance on the interests and welfare of our employees. The implementation of initiatives such as the provision of industry training schemes, first aid training, workplace safety measures, welfare facilities in our fleet workshop and at our depots reflect our commitment to creating a supportive and productive work environment. |
| • Business Relationships: We have fostered strong relationships with suppliers, customers and other business partners. The directors understand that these relationships are vital for the company's success and have made decisions that enhance these relationships, ensuring mutual growth and respect. |
| • Impact on Community and Environment: The directors are mindful of the company's role in the wider community and its environmental responsibilities. We have continued to support young people through workplace modern apprenticeships, and we continue to invest in environmentally compliant Euro 6 vehicles. |
| • Maintaining Company Reputation: The board recognises the importance of upholding a strong and ethical reputation. Our business practices and policies are designed to reflect our commitment to integrity and corporate responsibility. |
| • Acting Fairly Between Members: In all decisions, the directors have strived to act fairly between the members of the company ensuring transparency, equity and respect in our engagement with shareholders. |
| Throughout the year, the directors have applied their collective expertise and judgement to make decisions that balance these considerations, always with the aim of ensuring the long-term success of Walls Truck Services Limited. |
| ON BEHALF OF THE BOARD: |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Report of the Directors |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| The directors present their report with the financial statements of the company and the group for the period 1 June 2023 to 30 May 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the period under review was that of motor vehicle recovery. |
| DIVIDENDS |
| The total distribution of dividends for the period ended 30 May 2024 will be £ 83,401 . |
| RESEARCH AND DEVELOPMENT |
| No significant research and development activities were undertaken during the period ending 30 May 2024 (2023: £nil). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| It is with regret that the Board announces the death of JM Wall after 30 May 2024 but prior to the date of this report. |
| FINANCIAL INSTRUMENTS |
| See note 2 in relation to disclosure on financial instruments. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Report of the Directors |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| AUDITORS |
| The auditors, Advantage Accountancy & Advisory Ltd,, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Walls Truck Services Limited |
| Opinion |
| We have audited the financial statements of Walls Truck Services Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 May 2024 and of the group's profit for the period then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Walls Truck Services Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Walls Truck Services Limited |
| Auditors' 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 a Report of the Auditors 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. |
| 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: |
| •The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations; |
| •We obtained understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: The Companies Act 2006 , UK corporate taxation laws, employment legislation and health and safety legislation.* We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to management. We corroborated our inquiries through our review of legal correspondence. |
| •We assessed the susceptibility of the company's financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included: |
| • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
| • identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
| • understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| • performing analytical procedures to identify any unusual or unexpected relationships; |
| • challenging assumptions and judgements made by management in its significant accounting estimates; |
| • identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
| • assessing the extent of compliance with relevant laws and regulations. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Other matters |
| Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited. |
| Report of the Independent Auditors to the Members of |
| Walls Truck Services Limited |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Certified Accountants and |
| Statutory Auditors, |
| Avalon House, |
| 5-7 Cathedral Road, |
| Cardiff, |
| CF11 9HA |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Consolidated Income Statement |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| Notes | £ | £ |
| TURNOVER | 3 | 10,216,859 | 10,297,312 |
| Cost of sales | (6,879,363 | ) | (6,791,329 | ) |
| GROSS PROFIT | 3,337,496 | 3,505,983 |
| Administrative expenses | (2,755,231 | ) | (2,519,809 | ) |
| 582,265 | 986,174 |
| Other operating income | 4 | 569,911 | 500,000 |
| OPERATING PROFIT | 6 | 1,152,176 | 1,486,174 |
| Interest payable and similar expenses | 8 | (296,699 | ) | (314,140 | ) |
| PROFIT BEFORE TAXATION | 855,477 | 1,172,034 |
| Tax on profit | 9 | (346,216 | ) | 32,872 |
| PROFIT FOR THE FINANCIAL PERIOD |
| Profit attributable to: |
| Owners of the parent | 509,261 | 1,204,906 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Consolidated Other Comprehensive Income |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| Notes | £ | £ |
| PROFIT FOR THE PERIOD | 509,261 | 1,204,906 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
509,261 |
| Prior year adjustment | (1,419,734 | ) |
| TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(214,828 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 509,261 | (214,828 | ) |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Consolidated Balance Sheet |
| 30 MAY 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | - | - |
| Tangible assets | 13 | 4,003,783 | 2,846,002 |
| Investments | 14 | - | - |
| 4,003,783 | 2,846,002 |
| CURRENT ASSETS |
| Stocks | 15 | 46,416 | 48,175 |
| Debtors | 16 | 3,736,526 | 3,334,512 |
| Cash at bank | 119,685 | 106,942 |
| 3,902,627 | 3,489,629 |
| CREDITORS |
| Amounts falling due within one year | 17 | (4,599,220 | ) | (4,473,406 | ) |
| NET CURRENT LIABILITIES | (696,593 | ) | (983,777 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
3,307,190 |
1,862,225 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(1,855,897 |
) |
(1,124,698 |
) |
| PROVISIONS FOR LIABILITIES | 22 | (690,874 | ) | (402,968 | ) |
| NET ASSETS | 760,419 | 334,559 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 350,100 | 350,100 |
| Retained earnings | 24 | 410,319 | (15,541 | ) |
| SHAREHOLDERS' FUNDS | 760,419 | 334,559 |
| The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by: |
| J M Wall - Director |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Company Balance Sheet |
| 30 MAY 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Stocks | 15 |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 628,391 | 1,252,781 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Consolidated Statement of Changes in Equity |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 June 2022 | 350,100 | 261,432 | 611,532 |
| Prior year adjustment | - | (1,419,734 | ) | (1,419,734 | ) |
| As restated | 350,100 | (1,158,302 | ) | (808,202 | ) |
| Changes in equity |
| Dividends | - | (62,145 | ) | (62,145 | ) |
| Total comprehensive income | - | 1,204,906 | 1,204,906 |
| Balance at 31 May 2023 | 350,100 | (15,541 | ) | 334,559 |
| Changes in equity |
| Dividends | - | (83,401 | ) | (83,401 | ) |
| Total comprehensive income | - | 509,261 | 509,261 |
| Balance at 30 May 2024 | 350,100 | 410,319 | 760,419 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Company Statement of Changes in Equity |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 June 2022 |
| Prior year adjustment | - | ( |
) | ( |
) |
| As restated | ( |
) | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 May 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 May 2024 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Consolidated Cash Flow Statement |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,495,569 | 1,380,409 |
| Interest paid | (296,699 | ) | (314,140 | ) |
| Net cash from operating activities | 1,198,870 | 1,066,269 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,997,146 | ) | (714,062 | ) |
| Sale of tangible fixed assets | 298,050 | 146,000 |
| Net cash from investing activities | (1,699,096 | ) | (568,062 | ) |
| Cash flows from financing activities |
| Other loan repayments in year | (55,250 | ) | (46,302 | ) |
| Loan repayments in year | (12,098 | ) | (12,102 | ) |
| HP deposits paid | (109,233 | ) | (56,128 | ) |
| New HP loan | 2,444,137 | 1,044,709 |
| Capital repayments in year | (1,435,159 | ) | (1,027,132 | ) |
| Amount withdrawn by directors | (111,748 | ) | (159,758 | ) |
| Amounts paid to related parties | (124,279 | ) | (130,567 | ) |
| Equity dividends paid | (83,401 | ) | (62,145 | ) |
| Net cash from financing activities | 512,969 | (449,425 | ) |
| Increase in cash and cash equivalents | 12,743 | 48,782 |
| Cash and cash equivalents at beginning of period |
2 |
106,942 |
58,160 |
| Cash and cash equivalents at end of period |
2 |
119,685 |
106,942 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Cash Flow Statement |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Profit before taxation | 855,477 | 1,172,034 |
| Depreciation charges | 430,054 | 398,437 |
| Loss on disposal of fixed assets | 111,261 | 8,905 |
| Amortisation of goodwill | - | 9,574 |
| Finance costs | 296,699 | 314,140 |
| 1,693,491 | 1,903,090 |
| Decrease in stocks | 1,759 | 23,518 |
| Decrease/(increase) in trade and other debtors | 35,745 | (521,357 | ) |
| Decrease in trade and other creditors | (235,426 | ) | (24,842 | ) |
| Cash generated from operations | 1,495,569 | 1,380,409 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Period ended 30 May 2024 |
| 30/5/24 | 1/6/23 |
| £ | £ |
| Cash and cash equivalents | 119,685 | 106,942 |
| Year ended 31 May 2023 |
| 31/5/23 | 1/6/22 |
| £ | £ |
| Cash and cash equivalents | 106,942 | 58,160 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/6/23 | Cash flow | At 30/5/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 106,942 | 12,743 | 119,685 |
| 106,942 | 12,743 | 119,685 |
| Debt |
| Finance leases | (1,641,766 | ) | (893,000 | ) | (2,534,766 | ) |
| Debts falling due within 1 year | (64,773 | ) | (2,252 | ) | (67,025 | ) |
| Debts falling due after 1 year | (136,994 | ) | 69,600 | (67,394 | ) |
| (1,843,533 | ) | (825,652 | ) | (2,669,185 | ) |
| Total | (1,736,591 | ) | (812,909 | ) | (2,549,500 | ) |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 1. | STATUTORY INFORMATION |
| Walls Truck Services Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
| The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound. |
| The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| There have been no material departures from Financial Reporting Standard 102. |
| GOING CONCERN |
| The group reports net current liabilities on the balance sheet as at 30 May 2024. As a result the group relies on the continuing financial support of companies under common control. The support will be ongoing for at least 12 months from the date of accounts signature, consequently the directors are satisfied that it is appropriate for the company's financial statements to be prepared on a going concern basis. |
| FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
| The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirement of paragraph 3.17(d); |
| • | the requirement of paragraph 33.7. |
| BASIS OF CONSOLIDATION |
| The consolidated financial statements present the results of the company and its own subsidiary ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| Preparation of the financial statements require management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
| DEPRECIATION |
| The group exercises judgement to determine useful lives and residual values of tangible fixed assets. The assets are depreciated down to their residual values over their estimated useful lives. |
| TURNOVER |
| Turnover represents amounts billed and billable in respect of vehicle recovery and repair services provided, excluding value added tax. |
| INTANGIBLE ASSETS |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| TANGIBLE FIXED ASSETS |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and Fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| STOCKS |
| Stocks are valued at the lower of cost and selling price, after making due allowance for obsolete and slow moving items. |
| TAXATION |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at 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 period 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. |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| FINANCING OF TRADE DEBTORS |
| The company has assigned some of its trade debtors to a factoring company. Sales financing charges are recognised as they accrue and included in the profit and loss account under finance costs. |
| 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 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 |
| BORROWINGS |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
| Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| NON-DERIVATIVE FINANCIAL INSTRUMENTS |
| Basic financial instruments are recognised at amortised cost. |
| DEFINED CONTRIBUTION PENSION OBLIGATION |
| The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 wages and pension as a liability in the Balance Sheet. The assets of the plan are held separately from the group in independently administered funds. |
| FINANCIAL INSTRUMENTS RECOGNITION AND MEASUREMENT |
| The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
| accounts receivable and payable, are initially measured at present value of the future cash flows and |
| subsequently at amortised cost using the effective interest method. Debt instruments that are payable or |
| receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income. |
| CASH AND CASH EQUIVALENTS |
| Cash and cash equivalents in the balance sheet comprise cash at bank and in hand. For the purpose of the cash flow statement, cash and cash equivalents are net of bank overdrafts which are repayable on demand. |
| EMPLOYEE BENEFITS |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| DEBTORS AND CREDITORS RECEIVABLE / PAYABLE WITHIN ONE YEAR |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| PROVISIONS |
| Provisions are recognised when the company has an obligation at the reporting date 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. |
| DIVIDENDS |
| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised |
| when paid. Final equity dividends are recognised when approved by the shareholders at an annual general |
| meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within Interest payable. |
| SHARE CAPITAL |
| Ordinary and preference shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Recovery services | 8,049,233 | 7,795,408 |
| Repairs and parts | 2,167,626 | 2,501,904 |
| 10,216,859 | 10,297,312 |
| All turnover arose within the United Kingdom. |
| 4. | OTHER OPERATING INCOME |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Sundry receipts | 69,911 | - |
| Management charge | 500,000 | 500,000 |
| 569,911 | 500,000 |
| 5. | EMPLOYEES AND DIRECTORS |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Wages and salaries | 3,818,303 | 3,640,277 |
| Social security costs | 366,977 | 357,257 |
| Other pension costs | 190,272 | 181,995 |
| 4,375,552 | 4,179,529 |
| The average number of employees during the period was as follows: |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| Director | 3 | 3 |
| Recovery and workshop staff | 74 | 77 |
| Administrative staff | 23 | 22 |
| The average number of employees by undertakings that were proportionately consolidated during the period was 18 (2023 - 18 ) . |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 5. | EMPLOYEES AND DIRECTORS - continued |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Directors' remuneration | 76,308 | 17,680 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Depreciation - owned assets | 430,054 | 368,318 |
| Loss on disposal of fixed assets | 111,261 | 8,905 |
| Goodwill amortisation | - | 9,574 |
| 7. | AUDITORS' REMUNERATION |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
22,500 |
- |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Bank loan interest | 6,536 | 3,940 |
| Other loan interest | 3,469 | 14,819 |
| HP interest and charges | 245,896 | 271,800 |
| PAYE interest | 36,431 | 23,581 |
| CT interest | 4,367 | - |
| 296,699 | 314,140 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 9. | TAXATION |
| Analysis of the tax charge/(credit) |
| The tax charge/(credit) on the profit for the period was as follows: |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 58,310 | 94,367 |
| Deferred tax | 287,906 | (127,239 | ) |
| Tax on profit | 346,216 | (32,872 | ) |
| UK corporation tax has been charged at 25 % . |
| RECONCILIATION OF TOTAL TAX CHARGE/(CREDIT) INCLUDED IN PROFIT AND LOSS |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| Profit before tax | 855,477 | 1,172,034 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20 %) |
213,869 |
234,407 |
| Effects of: |
| Expenses not deductible for tax purposes | 138,045 | 88,012 |
| Deferred tax movement | 287,906 | (127,239 | ) |
| Capital allowances at effective tax rate | (305,604 | ) | (135,243 | ) |
| Balancing charge | 12,000 | - |
| Losses carried forward utilised | - | (92,809 | ) |
| Total tax charge/(credit) | 346,216 | (32,872 | ) |
| 10. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 11. | DIVIDENDS |
| Period |
| 1/6/23 |
| to | Year Ended |
| 30/5/24 | 31/5/23 |
| £ | £ |
| 'A' Ordinary shares of £1 each |
| Interim | 83,401 | 62,145 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 June 2023 |
| and 30 May 2024 | 1,291,669 |
| AMORTISATION |
| At 1 June 2023 |
| and 30 May 2024 | 1,291,669 |
| NET BOOK VALUE |
| At 30 May 2024 | - |
| At 31 May 2023 | - |
| Company |
| Goodwill |
| £ |
| COST |
| At 1 June 2023 |
| and 30 May 2024 |
| AMORTISATION |
| At 1 June 2023 |
| and 30 May 2024 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 31 May 2023 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | Fittings |
| £ | £ | £ |
| COST |
| At 1 June 2023 | 310,516 | 84,211 | 187,621 |
| Additions | - | - | 56,456 |
| Disposals | - | - | - |
| At 30 May 2024 | 310,516 | 84,211 | 244,077 |
| DEPRECIATION |
| At 1 June 2023 | 259,756 | 83,174 | 176,035 |
| Charge for period | 11,071 | 1,014 | 12,651 |
| Eliminated on disposal | - | - | - |
| At 30 May 2024 | 270,827 | 84,188 | 188,686 |
| NET BOOK VALUE |
| At 30 May 2024 | 39,689 | 23 | 55,391 |
| At 31 May 2023 | 50,760 | 1,037 | 11,586 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 | 4,795,335 | 19,544 | 5,397,227 |
| Additions | 1,940,690 | - | 1,997,146 |
| Disposals | (795,843 | ) | - | (795,843 | ) |
| At 30 May 2024 | 5,940,182 | 19,544 | 6,598,530 |
| DEPRECIATION |
| At 1 June 2023 | 2,014,162 | 18,098 | 2,551,225 |
| Charge for period | 404,232 | 1,086 | 430,054 |
| Eliminated on disposal | (386,532 | ) | - | (386,532 | ) |
| At 30 May 2024 | 2,031,862 | 19,184 | 2,594,747 |
| NET BOOK VALUE |
| At 30 May 2024 | 3,908,320 | 360 | 4,003,783 |
| At 31 May 2023 | 2,781,173 | 1,446 | 2,846,002 |
| Company |
| Improvements | Fixtures |
| to | and | Motor | Computer |
| property | Fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 June 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 May 2024 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 31 May 2023 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 14. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 June 2023 |
| and 30 May 2024 |
| PROVISIONS |
| At 1 June 2023 |
| and 30 May 2024 | 750,000 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 31 May 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Kerb King 24/7 Ltd |
| Registered office: Elfed House Oak Tree Court Mulberry Drive, Cardiff Gate Business Park, Cardiff, South Glamorgan, CF23 8RS |
| Nature of business: vehicle recovery and repair |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 15. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Stocks | 46,416 | 48,175 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,402,434 | 1,580,367 |
| Other debtors | 1,295,645 | 862,551 |
| Directors' current accounts | 7,041 | - | 7,041 | - |
| Prepayments and accrued income | 1,031,406 | 891,594 |
| 3,736,526 | 3,334,512 |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 9,526 | 9,524 |
| Other loans (see note 19) | 57,499 | 55,249 |
| Hire purchase contracts (see note 20) | 746,263 | 654,062 |
| Trade creditors | 1,432,701 | 1,477,475 |
| Social security and other taxes | 721,404 | 778,793 |
| Other creditors | 1,558,799 | 1,285,537 |
| Directors' current accounts | - | 104,707 | - | 104,707 |
| Accruals and deferred income | 73,028 | 108,059 |
| 4,599,220 | 4,473,406 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 67,394 | 79,494 |
| Other loans (see note 19) | - | 57,500 |
| Hire purchase contracts (see note 20) | 1,788,503 | 987,704 |
| 1,855,897 | 1,124,698 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 9,526 | 9,524 |
| Other loans | 57,499 | 55,249 |
| 67,025 | 64,773 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 9,526 | 9,526 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 28,579 | 28,579 |
| Other loans - 2-5 years | - | 57,500 |
| 28,579 | 86,079 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 29,289 | 41,389 | 29,289 | 41,389 |
| The interest rate applicable on the bank borrowings is 2.50% over base rate. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 746,263 | 654,062 |
| Between one and five years | 1,788,503 | 987,704 |
| 2,534,766 | 1,641,766 |
| Company |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 84,812 | 84,812 |
| Between one and five years | 218,535 | 247,347 |
| In more than five years | 200,000 | 250,000 |
| 503,347 | 582,159 |
| Company |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | 76,920 | 89,018 |
| Hire purchase contracts | 2,534,766 | 1,641,766 | 2,518,107 | 1,570,653 |
| Factoring account | 660,212 | 633,048 | 660,212 | 633,048 |
| 3,271,898 | 2,363,832 |
| The bank debts are secured by way of fixed and floating charges over the company's assets. |
| The hire purchase liability is secured on the associated fixed assets. |
| The directors have provided personal guarantees in respect of the company's debt factoring facility. The |
| guarantees are limited to 20% of the combined factoring facility limits provided to Walls Truck Services Limited and Celtic Recovery Limited. |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 690,874 | 402,968 | 690,874 | 402,968 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 | 402,968 |
| Movement in the year | 287,906 |
| Balance at 30 May 2024 | 690,874 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2023 |
| Movement in the year | 287,906 |
| Balance at 30 May 2024 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 'A' Ordinary | £1 | 190,076 | 190,076 |
| Redeemable preference | £1 | 100,000 | 100,000 |
| 'B' Ordinary | £1 | 60,024 | 60,024 |
| 350,100 | 350,100 |
| The redeemable preference shares were issued on 31 May 2005 and they are redeemable at par 5 years from the date of issue at the company's option. |
| WALLS TRUCK SERVICES LIMITED (REGISTERED NUMBER: 04409477) |
| Notes to the Consolidated Financial Statements - continued |
| FOR THE PERIOD 1 JUNE 2023 TO 30 MAY 2024 |
| 24. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 June 2023 | (15,541 | ) |
| Profit for the period | 509,261 |
| Dividends | (83,401 | ) |
| At 30 May 2024 | 410,319 |
| 25. | PENSION COMMITMENTS |
| The group operates a money purchase group personal pension scheme. The assets of the scheme are held separately from those of the group in independently administered funds. The pension cost of £190,272 (2023: £181,995) represents contributions payable by the group to the scheme. At 30 May 2024, there were outstanding contributions of £8,666 (2023: £4,098). |
| 26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the period ended 30 May 2024 and the year ended 31 May 2023: |
| 2024 | 2023 |
| £ | £ |
| J M Wall |
| Balance outstanding at start of period | - | - |
| Amounts advanced | 268,688 | - |
| Amounts repaid | (261,647 | ) | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period | 7,041 | - |
| 27. | ULTIMATE CONTROLLING PARTY |
| The company was under the control of Mr J M Wall throughout the current and previous financial year. Mr J M Wall was the managing director and majority shareholder. |