Truck And Wheel UK Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

Truck And Wheel UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13033877 . The registered office is 9 Shirwell Crescent, Furzton Lake, Milton Keynes, MK4 1GA.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets comprise identifiable non-monetary assets without physical substance, including software. These assets are initially measured at cost and subsequently carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged on a straight-line basis over the estimated useful economic life of the asset, which is six years. The amortisation expense is recognised in the profit and loss account within administrative expenses.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles

25% Straight Line

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

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Truck And Wheel UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2.9. Trade Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

2.10. Cash and Cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.11. Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

2.12. Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other

resources received or receivable, net of the direct costs of issuing the equity instruments.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2023: 6)

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Truck And Wheel UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other
	£
Cost
As at 1 January 2024	-
Additions	544,283

As at 31 December 2024	544,283

Amortisation
As at 1 January 2024	-
Provided during the period	73,145

As at 31 December 2024	73,145

Net Book Value
As at 31 December 2024	471,138

As at 1 January 2024	-

5. Tangible Assets

	Motor Vehicles
	£
Cost
As at 1 January 2024	37,493

As at 31 December 2024	37,493

Depreciation
As at 1 January 2024	25,685
Provided during the period	9,374

As at 31 December 2024	35,059

Net Book Value
As at 31 December 2024	2,434

As at 1 January 2024	11,808

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,007,086	1,319,334
Other debtors	4,670	10,011

	2,011,756	1,329,345

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Truck And Wheel UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1,859,030	558,719
Amounts owed to group undertakings	282,683	-
Other creditors	55,717	275,219
Taxation and social security	109,775	214,965

	2,307,205	1,048,903

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Amounts owed to group undertakings	715,215	100,665
Other creditors	-	255,433

	715,215	356,098

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	50,000	50,000

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	13,125	17,500
Later than one year and not later than five years	-	13,125

	13,125	30,625

11. Dividends

The were no dividends paid or proposed in either the current year or the previous year.

12. Ultimate Controlling Party

The company's ultimate controlling party is Truck and Wheel Group, S.L. by virtue of his ownership of 100% of the issued share capital in the company.

13. Audit Information

The auditor's report on the accounts of Truck And Wheel UK Ltd for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by David Wheeler (Senior Statutory Auditor) for and on behalf of Bourner Bullock , Statutory Auditor.

Bourner Bullock

114 St Martin's Lane

Covent Garden

London

WC2N 4BE

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		471,138		-
Tangible Assets	5		2,434		11,808

			473,572		11,808
CURRENT ASSETS
Debtors	6	2,011,756		1,329,345
Cash at bank and in hand		1,144,773		615,078

		3,156,529		1,944,423
Creditors: Amounts Falling Due Within One Year	7	(2,307,205 )		(1,048,903 )

NET CURRENT ASSETS (LIABILITIES)			849,324		895,520

TOTAL ASSETS LESS CURRENT LIABILITIES			1,322,896		907,328

Creditors: Amounts Falling Due After More Than One Year	8		(715,215 )		(356,098 )

NET ASSETS			607,681		551,230

CAPITAL AND RESERVES
Called up share capital	9		50,000		50,000
Profit and Loss Account			557,681		501,230

SHAREHOLDERS' FUNDS			607,681		551,230