Company registration number 00851095 (England and Wales)
JDS TRUCKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JDS TRUCKS LIMITED
COMPANY INFORMATION
Directors
M F Griffiths
R N Davies
C Bell
L Drummond
Secretary
M F Griffiths
Company number
00851095
Registered office
Navigation Garage
Forrest Street
Blackburn
Lancashire
BB1 3BB
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Navigation Garage
Forrest Street
Blackburn
Lancashire
BB1 3BB
JDS TRUCKS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
JDS TRUCKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

Turnover increased by 11% on the prior year principally driven by increased heavy duty truck sales offset by reduced light commercials vehicle sales due to a pause in production and launch of an all-new 3.5 tonne Renault Trucks Master product in Q4 2024 and competitor price point issues where one of our brands is out of line with the general offer in the marketplace. The Company outperformed the overall heavy duty truck market with an increase in registrations when the market declined by 2.7% in 2024.

The gross margin fell from 5.4% to 4.7% due to increased competitive vehicle pricing as chassis supply returned to the market and the ongoing impact of vehicle stocking interest rises which move in line with UK base rates and which the Company treats as a cost of sale expense rather than a finance cost. Bank base rates marginally fell from 5.25% to 4.75% during the year with limited ability for the Company to pass these onto customers but further reductions up to the time of this review should enhance profitability during 2025. Long body build times experienced during the prior year have also significantly improved in most segments.

In the aftermarket side of the business both workshop and parts sales increased on the prior year, but Inflationary cost pressure also remained significant and substantially above UK published rates of inflation, both in terms of employment costs and general overhead costs. The Board continue to monitor this closely and attempt to pass cost increases on wherever possible.

The Company continues to invest in understanding customer requirements, monitoring vehicle performance and developing operating procedures to improve ongoing results.

Principal risks and uncertainties

The company does not actively use financial instruments as part of its financial risk management. The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The company's debt is exposed to prevailing market interest rates and repayments are met out of working capital. The company's exposure to price and liquidity risks is therefore considered to be minimal.

Future developments

The Company has a strong order book going into 2025 in what is expected to be a further year of decline in our key segment of heavy-duty commercial vehicle registrations. New vehicle order take remains extremely competitive due to a combination of capital cost, competitor pricing, high financing costs, flat general haulage rates and lack of economic growth in the UK.

The Company continues to carefully monitor ordering vehicles against these continued enhanced levels of uncertainty and increased price and overall offer competition in all sectors.

The Company is well positioned to trade with positive cash balances, access to unused overdraft facilities and limited indebtedness. Furthermore, a significant proportion of the aftermarket trade is secure as it is direct with our manufacturing partners, Renault Trucks, Isuzu Trucks UK, and Renault Group. With this and the working capital position the Directors are therefore confident that they will be able to continue to trade successfully and take advantage of any opportunities that may arise.

 

On behalf of the board

M F Griffiths
Director
1 September 2025
JDS TRUCKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities
The principal activities of the company continued to be those of the sale of heavy goods vehicles and vans, spares and accessories and the servicing and repair of heavy goods vehicles and vans.
Results and dividends

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

An interim ordinary dividend was paid amounting to £362,568. 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:

M F Griffiths
R N Davies
C Bell
L Drummond
Auditor

The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
M F Griffiths
Director
1 September 2025
JDS TRUCKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JDS TRUCKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JDS TRUCKS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JDS TRUCKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JDS TRUCKS LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

 

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

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.

JDS TRUCKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JDS TRUCKS LIMITED
- 6 -

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.

Jane Smith (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
1 September 2025
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
JDS TRUCKS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
77,378,098
69,240,733
Cost of sales
(73,780,897)
(65,500,041)
Gross profit
3,597,201
3,740,692
Administrative expenses
(2,470,444)
(2,598,118)
Operating profit
5
1,126,757
1,142,574
Interest receivable and similar income
7
101,382
101,373
Interest payable and similar expenses
6
(2,061)
(7,317)
Profit before taxation
1,226,078
1,236,630
Tax on profit
8
(308,977)
(293,422)
Profit for the financial year
917,101
943,208

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

JDS TRUCKS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
468,765
451,154
Investments
10
1
1
468,766
451,155
Current assets
Stocks
13
11,191,181
7,637,971
Debtors
14
4,643,685
3,639,825
Cash at bank and in hand
5,973,070
4,468,611
21,807,936
15,746,407
Creditors: amounts falling due within one year
15
(13,275,826)
(7,783,003)
Net current assets
8,532,110
7,963,404
Total assets less current liabilities
9,000,876
8,414,559
Creditors: amounts falling due after more than one year
16
(188,014)
(162,422)
Provisions for liabilities
Deferred tax liability
17
89,154
82,962
(89,154)
(82,962)
Net assets
8,723,708
8,169,175
Capital and reserves
Called up share capital
19
25,000
25,000
Profit and loss reserves
8,698,708
8,144,175
Total equity
8,723,708
8,169,175

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

The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
M F Griffiths
Director
Company registration number 00851095 (England and Wales)
JDS TRUCKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
25,000
7,466,988
7,491,988
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
943,208
943,208
Dividends
9
-
(266,021)
(266,021)
Balance at 31 December 2023
25,000
8,144,175
8,169,175
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
917,101
917,101
Dividends
9
-
(362,568)
(362,568)
Balance at 31 December 2024
25,000
8,698,708
8,723,708
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

JDS Trucks Limited is a private company limited by shares incorporated in England and Wales. The registered office is Navigation Garage, Forrest Street, Blackburn, Lancashire, BB1 3BB.

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 pound sterling.

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

JDS Trucks Limited is a wholly owned subsidiary of Rimape Limited and the results of JDS Trucks Limited are included in the consolidated financial statements of Rimape Limited which are available from Navigation Garage, Forrest Street, Blackburn, Lancashire, BB1 3BB.

1.2
Going concern

The truedirectors are not aware of any material uncertainties affecting the company and are of the opinion that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents net invoiced sales in respect of heavy goods vehicles and vans, spares and accessories and the servicing and repair of heavy goods vehicles and vans, excluding value added tax.

1.4
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery
15% - 25% on reducing balance and on cost, 33% on reducing balance
Motor vehicles
25% straight line
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.6
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

1.7
Financial instruments

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

 

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

 

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 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.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.8
Equity instruments

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

1.9
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the year end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

1.10
Employee benefits

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

1.11
Retirement benefits

The company operates defined contribution schemes for the benefit of certain members of staff and for three of its directors, M F Griffiths, R N Davies and C Bell. Contributions payable are charged to the profit and loss account in the year they are payable.

JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.12
Leases

Rentals payable under operating leases are charged to income on a straight line basis over the term of the lease.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Repair and maintenance contracts
A substantial proportion of new trucks sold incorporate the sale of a repair and maintenance contract.  The contract results in income being received by the company in equal monthly instalments over the life of the contract, the majority of which are for between three and five years.  The full costs incurred by the company in meeting its obligations under the contracts are charged to the profit and loss account as incurred.  The balance of contract income in excess of costs is treated as deferred income and any remaining balance at the end of the contract is released to the profit and loss account.  Actual contract losses are written off in the year in which they are incurred.
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Principal activity
77,378,098
69,240,733
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
77,378,098
69,240,733
2024
2023
£
£
Other revenue
Interest income
101,382
101,373
3
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
359,818
454,543
Company pension contributions to defined contribution schemes
103,250
156,700
463,068
611,243

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
223,950
324,945
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Employees

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

2024
2023
Number
Number
Directors
4
4
Managerial staff
6
5
Other employees
103
100
Total
113
109

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,684,633
4,604,740
Social security costs
486,711
477,139
Pension costs
249,500
366,867
5,420,844
5,448,746
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
10,800
Depreciation of owned tangible fixed assets
190,735
155,409
Profit on disposal of tangible fixed assets
(8,124)
(43,438)
Operating lease charges
328,581
276,146
6
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
-
0
3,314
Other interest
2,061
4,003
2,061
7,317
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
100,992
101,373
Other interest income
390
-
0
Total income
101,382
101,373
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
302,785
291,021
Deferred tax
Origination and reversal of timing differences
6,192
2,401
Total tax charge
308,977
293,422

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

2024
2023
£
£
Profit before taxation
1,226,078
1,236,630
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
306,520
290,855
Tax effect of expenses that are not deductible in determining taxable profit
426
(7,355)
Effect of change in corporation tax rate
-
0
6
Permanent capital allowances in excess of depreciation
(4,161)
7,515
Other permanent differences
6,192
2,401
Taxation charge for the year
308,977
293,422
9
Dividends
2024
2023
£
£
Interim paid
362,568
266,021
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
1
1
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
JDS Truck & Van Limited
Navigation Garage, Forrest St, Blackburn, BB1 3BB
Dormant
Ordinary
100.00
0
12
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
850,389
494,616
1,345,005
Additions
83,576
178,968
262,544
Disposals
-
0
(78,219)
(78,219)
At 31 December 2024
933,965
595,365
1,529,330
Depreciation and impairment
At 1 January 2024
655,348
238,503
893,851
Depreciation charged in the year
79,927
110,808
190,735
Eliminated in respect of disposals
-
0
(24,021)
(24,021)
At 31 December 2024
735,275
325,290
1,060,565
Carrying amount
At 31 December 2024
198,690
270,075
468,765
At 31 December 2023
195,041
256,113
451,154
13
Stocks
2024
2023
£
£
Raw materials and consumables
11,130,821
7,598,170
Work in progress
60,360
39,801
11,191,181
7,637,971
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Stocks
(Continued)
- 18 -

Unregistered vehicles with a value of £17,988,201 (2023: £18,217,828) were held within the company's control at the year end on a Dealer Stocking Facility. These have not been included in the company's stock figure since substantially not all of the risks of ownership had been transferred to the company.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,577,564
3,486,945
Corporation tax recoverable
8,824
42,502
Other debtors
12,500
12,500
Prepayments and accrued income
44,797
97,878
4,643,685
3,639,825

Included within Other debtors is an amount owed by a connected company of £12,500 (2023: £12,500)

15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,239,150
4,794,825
Amount due to parent undertaking
750,000
500,000
Corporation tax payable
113,224
191,022
Other taxation and social security
232,180
301,972
Other creditors
121,284
190,047
Accruals and deferred income
2,819,988
1,805,137
13,275,826
7,783,003
16
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
188,014
162,422
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
89,154
82,962
JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 January 2024
82,962
Charge to profit or loss
6,192
Liability at 31 December 2024
89,154

The deferred tax liability set out above is expected to reverse over the useful life of the assets and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
249,500
366,867

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.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
20
Financial commitments, guarantees and contingent liabilities

A company controlled by one of the directors is party to a repurchase agreement with VFS Financial Services Limited.  The agreement commits that company to repurchase, at a predetermined value, a number of vehicles when the leases between VFS Financial Services Limited and its customers expire, unless the end customer wishes to purchase the vehicle.

 

The lease expiration dates range from February 2025 to May 2031.

 

JDS Trucks Limited has confirmed that it will settle any liability arising because of the vehicle sales value being lower than the repurchase price.

 

At the year end date it cannot be known with any certainty whether the buy back on any of the remaining vehicles will be activated.

JDS TRUCKS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
21
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
17,625
21,386
Between two and five years
243,070
116,574
260,695
137,960
22
Ultimate controlling party

The company is controlled by M F Griffiths who, together with close family members, holds 56% (2023 - 56%) of the issued voting share capital of the parent company Rimape Limited.

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