REGISTERED NUMBER: 12152853 (England and Wales)

Group Strategic Report, Director's Report and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

UK Truckcentre Limited

Page

Company Information

1

Group Strategic Report

2

Director's Report

3

Independent Auditors' Report

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

18

DIRECTOR:

G Culora

REGISTERED OFFICE:

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

REGISTERED NUMBER:

12152853 (England and Wales)

SENIOR STATUTORY AUDITOR:

Iain McMurray ACA

AUDITORS:

Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

EN8 7AP

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

During the year under review the group's principal activity was that of the maintenance and repair of motor vehicles & the sale and distribution of truck and trailer parts. There has not been any significant changes in the company's principal activities in the year under review. The directors are not aware, at the date of this report, of any likely changes to the company's activities in the next year.

REVIEW OF THE BUSINESS AND KEY PERFORMANCE INDICATORS

The company continues to set itself the goal to provide a high quality service to its customers.

The key performance indicators of the group are those that communicate the financial performance and strength of the group as a whole and these include turnover, gross profit margins and profits before tax.

The business improved both revenue and profitability in 2024 when compared to 2023, £11.51m from £10.07m and £1.06m from £0.74m.

The business also improved gross profit margins in 2024 compared to 2023, 32.95% from 31.14%.

In a highly competitive industry, the directors foresee continued growth and are confident that the business can continue to adapt to market trends. The directors are satisfied with the results and performance of the company during the year ended 31 December 2024.

FINANCIAL RISK MANAGEMENT

The company's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest if required.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. This includes the monitoring of foreign currencies in order to minimise the company's exposure to exchange fluctuations.

ON BEHALF OF THE BOARD:

G Culora - Director

12 May 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No interim dividend was paid during the year. The director recommends a final dividend of £574.26 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £116,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

G Culora held office during the whole of the period from 1 January 2024 to the date of this report.

CHARITABLE DONATIONS

During the year the group made charitable donations of £33,765 (2023: £15,620) principally to local charities and businesses.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Culora - Director

12 May 2025

Opinion

We have audited the financial statements of UK Truckcentre Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 31 December 2024 and of the group's profit for the year 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Director's Report, but does not include the financial statements and our Auditors' Report 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

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 Director's Report.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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 an Auditors' 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:

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the operate. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- 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;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

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 Auditors' Report.

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 an Auditors' 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.

Iain McMurray ACA (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

EN8 7AP

12 May 2025

TURNOVER

11,518,663

10,076,902

Cost of sales

(7,722,777

)

(6,938,945

)

GROSS PROFIT

3,795,886

3,137,957

Administrative expenses

(2,663,500

)

(2,305,782

)

OPERATING PROFIT

4

1,132,386

832,175

Interest payable and similar expenses

5

(69,413

)

(87,684

)

PROFIT BEFORE TAXATION

1,062,973

744,491

Tax on profit

6

(302,453

)

(211,667

)

PROFIT FOR THE FINANCIAL YEAR

760,520

532,824

Profit attributable to:

Owners of the parent

760,520

532,824

PROFIT FOR THE YEAR

760,520

532,824

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

760,520

532,824

Total comprehensive income attributable to:

Owners of the parent

760,520

532,824

FIXED ASSETS

Intangible assets

9

5,205

6,264

Tangible assets

10

1,038,712

981,495

Investments

11

-

-

1,043,917

987,759

CURRENT ASSETS

Stocks

12

1,081,298

798,312

Debtors

13

2,932,982

3,612,603

Cash at bank

288,081

455,617

4,302,361

4,866,532

CREDITORS

Amounts falling due within one year

14

(2,328,324

)

(2,786,688

)

NET CURRENT ASSETS

1,974,037

2,079,844

TOTAL ASSETS LESS CURRENT LIABILITIES

3,017,954

3,067,603

CREDITORS

Amounts falling due after more than one year

15

(119,265

)

(834,391

)

PROVISIONS FOR LIABILITIES

19

(102,494

)

(81,537

)

NET ASSETS

2,796,195

2,151,675

CAPITAL AND RESERVES

Called up share capital

20

202

202

Other reserves

21

663,847

663,847

Retained earnings

21

2,132,146

1,487,626

SHAREHOLDERS' FUNDS

2,796,195

2,151,675

The financial statements were approved by the director and authorised for issue on 12 May 2025 and were signed by:

G Culora - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

798,033

798,033

798,033

798,033

CURRENT ASSETS

Debtors

13

618,950

1,598,386

Cash at bank

14,694

9,643

633,644

1,608,029

CREDITORS

Amounts falling due within one year

14

(1,266,952

)

(2,116,684

)

NET CURRENT LIABILITIES

(633,308

)

(508,655

)

TOTAL ASSETS LESS CURRENT LIABILITIES

164,725

289,378

CAPITAL AND RESERVES

Called up share capital

20

202

202

Retained earnings

21

164,523

289,176

SHAREHOLDERS' FUNDS

164,725

289,378

Company's loss for the financial year

(8,653

)

(3,480

)

The financial statements were approved by the director and authorised for issue on 12 May 2025 and were signed by:

G Culora - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2023

202

1,038,802

663,847

1,702,851

Changes in equity

Dividends

-

(84,000

)

-

(84,000

)

Total comprehensive income

-

532,824

-

532,824

Balance at 31 December 2023

202

1,487,626

663,847

2,151,675

Changes in equity

Dividends

-

(116,000

)

-

(116,000

)

Total comprehensive income

-

760,520

-

760,520

Balance at 31 December 2024

202

2,132,146

663,847

2,796,195

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

202

376,656

376,858

Changes in equity

Dividends

-

(84,000

)

(84,000

)

Total comprehensive income

-

(3,480

)

(3,480

)

Balance at 31 December 2023

202

289,176

289,378

Changes in equity

Dividends

-

(116,000

)

(116,000

)

Total comprehensive income

-

(8,653

)

(8,653

)

Balance at 31 December 2024

202

164,523

164,725

Cash flows from operating activities

Cash generated from operations

1

1,785,923

738,893

Interest paid

(58,576

)

(84,477

)

Interest element of hire purchase payments paid

(10,837

)

(3,207

)

Tax paid

(306,503

)

(106,438

)

Net cash from operating activities

1,410,007

544,771

Cash flows from investing activities

Purchase of tangible fixed assets

(297,023

)

(360,288

)

Sale of tangible fixed assets

30,600

17,859

Net cash from investing activities

(266,423

)

(342,429

)

Cash flows from financing activities

New loans in year

-

161,879

Loan repayments in year

(939,006

)

(293,823

)

Invoice discounting finance

(231,190

)

104,873

Capital repayments in year

(44,924

)

(27,341

)

Amount introduced by directors

20,000

-

Amount withdrawn by directors

-

(20,000

)

Equity dividends paid

(116,000

)

(84,000

)

Net cash from financing activities

(1,311,120

)

(158,412

)

(Decrease)/increase in cash and cash equivalents

(167,536

)

43,930

Cash and cash equivalents at beginning of year

2

455,617

411,687

Cash and cash equivalents at end of year

2

288,081

455,617

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

1,062,973

744,491

Depreciation charges

221,271

157,342

Profit on disposal of fixed assets

(11,007

)

(11,462

)

Finance costs

69,413

87,684

1,342,650

978,055

Increase in stocks

(282,986

)

(117,702

)

Decrease/(increase) in trade and other debtors

652,871

(338,754

)

Increase in trade and other creditors

73,388

217,294

Cash generated from operations

1,785,923

738,893

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

288,081

455,617

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

455,617

411,687

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

455,617

(167,536

)

288,081

455,617

(167,536

)

288,081

Debt

Finance leases

(210,091

)

44,924

(165,167

)

Debts falling due within 1 year

(274,800

)

274,800

-

Debts falling due after 1 year

(664,206

)

664,206

-

(1,149,097

)

983,930

(165,167

)

Total

(693,480

)

816,394

122,914

1.	STATUTORY INFORMATION

UK Truckcentre 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Tangible and intangible assets

Fixtures and fittings, plant and machinery and motor vehicles are depreciated based on their useful lives. Depreciation on tangible assets is recognised on a reducing balance basis over their estimated useful lives. Amortisation on intangible assets is recognised on a straight-line basis over their estimated useful lives. The company estimates useful lives based on various factors, including the expected usage of the asset. The useful life of these assets are regularly reviewed for signs of impairment. Where an impairment is identified, the asset value is impaired, with a charge to the profit and loss account.

The company assesses tangible fixed assets where there are indications that the assets could be impaired. Indicators of impairment include factors both inside and outside the organisation, which give indication of a reduction in value. Where there are indicators of a reduction in the carrying value of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

Debtors

The directors assess the recoverability of the amounts outstanding at the balance sheet date, undertaking a review of the age profile of the debt, historic collection rates and the nature and class of the debt.

Work in progress

The directors assess the costs incurred in respect of ongoing jobs. Where costs have been incurred and time has been spent on a job which has yet to be billed at the balance sheet date, accrued work in progress is included in revenue based on underlying costs incurred and stage of completion.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost and over lease term

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost and 25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,426,152

2,102,439

Social security costs

65,844

59,316

Other pension costs

42,684

36,372

2,534,680

2,198,127

The average number of employees during the year was as follows:

2024

2023

Administrative staff

65

61

The average number of employees by undertakings that were proportionately consolidated during the year was 65 (2023 - 61 ) .

2024

2023

£

£

Director's remuneration

9,096

9,096

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

466

3,170

Other operating leases

387,063

370,500

Depreciation - owned assets

220,213

156,281

Profit on disposal of fixed assets

(11,007

)

(11,462

)

Goodwill amortisation

1,059

1,059

Auditors' remuneration

20,400

19,400

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

58,576

84,477

Hire purchase

10,837

3,207

69,413

87,684