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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
COMPANY INFORMATION
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MASSEY TRUCK ENGINEERING LIMITED
CONTENTS
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MASSEY TRUCK ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for Massey Truck Engineering Limited (the 'Company') for the year ended 31 December 2024.
Principal activity The principal activity of the Company throughout the year was that of the design and manufacture of specialist truck bodies to end users in the construction, industrial, builders' merchant and utility sectors.
The Company performance represented a year of significant progress.
Whilst economic growth slowed significantly in the second half of the year, UK GDP increased by 0.9% in 2024 following a 0.4% increase in 2023. The Bank of England reduced its Base Rate from 5.25% in December 2023 to 4.75% in December 2024 as inflation returned to lower levels; Consumer Prices Index (CPI) inflation decreased from 4.0% in December 2023 to 2.5% in December 2024. Revenues from the sale of specialist truck bodies decreased from £28.2 million in 2023 to £16.4 million in 2024. The number of truck bodies built decreased from 522 bodies in 2023 to 326 bodies in 2024; there was a significant slowdown in customer demand throughout the year and production rates were slowed in response to lower order intake rates and customers seeking to delay deliveries of completed vehicles. The specialist and premium nature of truck bodies manufactured by Massey Truck Engineering results in a useful economic life/replacement cycle of approximately 8 to 10 years for these types of commercial vehicles. The level of fleet renewal in 2024 was lower than in the previous year in part due to the replacement cycle noted above. The UK new truck market (>6 tonnes GVW) decreased by 2.7% from 46,227 units in 2023 to 44,988 units in 2024. Strong operational and financial disciplines continued throughout 2024, with a number of individual orders received from new and infrequent customers as the Company sought to mitigate an industry-wide slowdown. The directors were very pleased with progress made under the above circumstances. Although the economic and political outlook remains uncertain, there was a recovery in orders in the fourth quarter of 2024 that has continued into 2025. The gross profit margin percentage increased from 17.3% in 2023 to 22.7% in 2024. There is a variation in gross profit margin because the profit mark up on cranes included with the overall truck body sales price is lower than profitability associated with the body manufacturing and assembly process. Raw material pricing pressures eased somewhat during the year ended 31 December 2024. Administrative expenses decreased due to lower activity levels, whilst sensible cost control and efficiency measures continued to operate across the Company. As a result of lower production activity levels, the number of employees decreased as the Company aligned production resource with lower order intake levels. As a result of the above factors, the Company's profit before taxation of £1.3 million in 2024 was lower than the prior year level of £1.6 million. The Company's net assets of £7.8 million as at 31 December 2024 was higher than the prior year level of £6.9 million.
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MASSEY TRUCK ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Our principal risks and uncertainties include our ability to match lead times in relation to truck chassis with future crane supply and other key components, for example axles and steel, raw material price volatility and price variations between the point orders are placed and delivery takes place.
The Company will work with the Company's customers to ensure that, to the maximum extent possible, customer and end user requirements have been identified and addressed through detailed design specifications produced at the quotation stage. The Company will produce a detailed bill of materials that helps all employees to keep a strong commercial focus on production planning, sequencing, materials prices and availability. The Company will seek to place forward orders at fixed prices, where possible, so that our budget costings reflect the actual prices that we will incur. Detailed job costings enable management to understand customer and job profitability, better informing future prices. Our supply chain is tested regularly both for financial strength and to ensure we have alternate routes to obtain materials in the event of non-supply. The Company has sought to avoid sole supplier dependency, wherever possible. The Company applies strict credit control procedures to clients to monitor their creditworthiness and to keep debts within a defined range.
Certain key performance indicators utilised by the directors to monitor performance are detailed below:
2024 2023 Number of invoiced truck bodies (units) 326 522 Gross profit margin percentage (%) 22.7 17.3 Return on equity (%) 11.9 15.8 For the reasons previously detailed within the Business review section, the directors were pleased that the financial key performance indicators showed an improved or stable position during 2024.
This report was approved by the board on 16 September 2025 and signed on its behalf.
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MASSEY TRUCK ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £925,376 (2023 - £1,086,520).
Dividends totalling £Nil (2023: £Nil) have been declared and paid during the year. No dividends have been declared or paid post 31 December 2024.
The directors who served during the year were:
As per the SMMT registration statistics, truck market registrations (> 6 tonnes) decreased from 46,227 units in 2023 to 44,988 units in 2024, nevertheless this represented a normal level of UK truck market registrations.
During the first half of 2024, a number of truck manufacturers including DAF Trucks suffered registration delays associated with the introduction of industry-wide General Safety Regulations and Cyber Security improvements. These were substantially overcome by the third quarter of 2024, but lead times also shortened significantly during the year ended 31 December 2024 due to lower new truck market demand. The latest 2025 market forecast suggests a further 11% decrease to approximately 39,900 registrations in 2025 with an uncertain economic outlook, the ongoing war in Ukraine and a downward trend borrowing costs. The UK truck market should be closely related to GDP, business and consumer confidence. The need for increasingly fuel-efficient, environmentally cleaner new HGVs with enhanced safety features (to protect vulnerable road users) to enter UK cities provides a medium-term underpin to the UK truck market and there remain limited alternatives to road transportation generally. It is widely acknowledged that de-carbonization of the HGV transport sector is more challenging than replacing the combustion engine within cars and vans; it will progress more slowly and occur over a longer timeframe. Based on anticipated market trends and current activity levels, the Company outlook is positive in terms of overall profitability. The Strevens Vehicles Holdings Limited group (the "Group") cash position and net asset position of the Company (and the Group) demonstrate adequate resources to adopt the going concern basis. The directors believe that our strong reputation for engineering design and loyal customer base should provide the Company with future opportunities.
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MASSEY TRUCK ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial risk management
The Company has interest bearing assets that is solely comprised of cash balances, although the Company bank account does not pay interest on credit balances. The Company is exposed to liquidity risk. The Company has committed financing facilities through its parent undertaking which regularly monitors available cash balances and facilities to ensure that the Company has sufficient funds to meet its obligations. The Company does not enter into derivative financial instruments, including interest rate swaps and foreign exchange contracts. Due to the specialist nature of its truck bodies, with their associated longer lead-times including crane supply, the Company deals with a relatively small number of customers during the course of a year. The Company is exposed to credit risk as a result of its operations. Prior to sales being made, appropriate checks are performed over the ability of the customer to pay. Regular reviews of credit limits and monitoring of the aged debtors ledger are utilised to minimise the risk to the Company on an ongoing basis. Going concern The Company meets its day-to-day working capital requirements through its strong cash position, with access to the Group banking facilities available, if needed. Current and future economic conditions are considered by the directors when assessing the level of demand for the Company's products and services and the availability of bank finance for the foreseeable future. During the course of the last twelve months, the Company was able to preserve its strong liquidity position through careful and proactive cash flow management whilst ensuring that no actions taken were of any detriment to stakeholders. The Company forecast, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its cash position and existing banking facilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and in any case for a period of not less than 12 months from the date of approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
There have been no significant events affecting the Company since the year end.
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MASSEY TRUCK ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MASSEY TRUCK ENGINEERING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
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MASSEY TRUCK ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASSEY TRUCK ENGINEERING LIMITED
We have audited the financial statements of Massey Truck Engineering 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 the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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MASSEY TRUCK ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASSEY TRUCK ENGINEERING LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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MASSEY TRUCK ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASSEY TRUCK ENGINEERING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations;
∙performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's Report.
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MASSEY TRUCK ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MASSEY TRUCK ENGINEERING LIMITED (CONTINUED)
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.
Shelley Harvey FCCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory auditor Leicester, United Kingdom Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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MASSEY TRUCK ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
REGISTERED NUMBER: 02602321
BALANCE SHEET
AS AT 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
REGISTERED NUMBER: 02602321
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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MASSEY TRUCK ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Massey Truck Engineering Limited (the "Company") is a private company, limited by shares, registered and incorporated in the United Kingdom. The address of its registered office is Hazel Drive, Narborough Road South, Leicester, England, LE3 2JG.
The principal activity of the Company in the year under review was that of the design and manufacture of specialist truck bodies to end users in the construction, industrial, builders merchant and utility sectors.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Strevens Vehicles Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Hazel Drive, Narborough Road South, Leicester, LE3 3JG.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company meets its day-to-day working capital requirements through its strong cash position, with access to the Group banking facilities available, if needed. Current and future economic conditions are considered by the directors when assessing the level of demand for the Company's products and services and the availability of bank finance for the foreseeable future.
During the course of the last twelve months, the Company was able to preserve its strong liquidity position through careful and proactive cash flow management whilst ensuring that no actions taken were of any detriment to stakeholders. The Company forecast, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its cash position and existing banking facilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and in any case for a period of not less than 12 months from the date of approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company 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 transaction price, net of transaction costs, 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 Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets, and note 2.8 for the useful economic lives for each class of assets. (ii) Stock Provisioning The Company routinely purchase major components such as cranes and axles from external suppliers to enable the manufacture of specialist truck bodies, as well as carrying stocks of raw materials and spare parts which are subject to changing customer demands. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying judgements in relation to its saleability and the future usage of raw materials. See note 12 for the net carrying amount of stock and associated provision. (iii) Warranty provision The specialist truck bodies sold by the Company benefit from a warranty period of up to 3 years from date of delivery. Where rectification work is required, the directors will undertake a detailed analysis of the product failure, including the role of the truck chassis, ancillary equipment and operating environment, design and test the rectification repair as well are quantifying the population of specialist truck bodies that require rectification work. The resulting rectification costs will be provided for within the financial statements. (vi) Impairment of trade debtors Th Company is required to offer credit terms to the majority of its customers for both the sale of specialist truck bodies and spare parts. Some debts will not be paid through the default of a small number of customers. Whilst there is a degree of customer concentration, this risk is partially mitigated by diverse customer base and regular dialogue with key customers. (v) Put and call option The owner of the Company's B shares holds a Put Option to require Strevens Vehicles Holdings Limited to purchase all of the B shares on or before 31 March 2033. The maximum amount payable to the Option Holder equals £1,500,000. The valuation of the options is sensitive to changes in the anticipated trading performance of the Company. The directors have valued the fair value of these options using price earnings valuation methods. The directors have used assumptions, reference specific performance related targets and the likelihood of these events occurring to calculate the expected value of the liability at the balance sheet date.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future charges.
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MASSEY TRUCK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge amounted to £95,529 (2023: £79,246).
22.Financial commitments
The Company has join with other group undertakings in giving a multilateral, unlimited guarantee to secure bank facilities provided to Strevens Vehicles Holdings Limited and its subsidiary undertakings. At 31 December 2024 the Group's net bank borrowings amounted to £Nil (2023: £357,085).
The Company's ultimate parent undertaking is
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