Registration number:
Bickford Truck Hire Limited
for the Year Ended 31 March 2025
Bickford Truck Hire Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Income Statement |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Bickford Truck Hire Limited
Company Information
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Directors |
M A Bickford M M Bickford D S Bickford M R Bickford |
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Registered office |
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Auditors |
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Bickford Truck Hire Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is that of repairs, maintenance, fitting, hire and sales of commercial vehicles.
Fair review of the business
During the year the company continued to trade successfully and overall had a pleasing year. Despite, the uncertainty and adverse trading conditions as a result of the general uncertain economic climate the UK has faced, the company closely monitored the situation and were able to minimise the business impact by fulfilling pre-arranged contracts. The situation seems to be improving and customers and suppliers are getting back to normal trading activity levels.
The company has continued to invest in new equipment and new vehicles to allow it to provide the best vehicles possible to its customers. The company’s commitment to the customer base has prompted continuing investment in experienced personnel, improvement to the premises, new technology and capital equipment, as well as new vehicles and spares.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
8,578,404 |
9,408,516 |
|
Gross profit |
£ |
1,666,292 |
2,073,847 |
|
Profit before tax |
£ |
282,752 |
589,738 |
|
Retained profit |
£ |
128,752 |
- |
Principal risks and uncertainties
The main risks and uncertainties affecting the company are the current economic uncertainties. The company has managed this by closely monitoring its company reserves.
Other external factors continue to impact on the company's business and reinvestment, and this has resulted in an increase in vehicle prices and spares as well as the availability of new and second hand vehicles. The directors continue to assess these situations and make decisions to benefit the future trading activities of the company.
The company has also felt an increase in competition as well as having to cope with constant changes in technology and legislation. The company has dealt with these changes by continually investing in the latest equipment and employee training to ensure it can continue to operate efficiently, safely and profitably.
Approved by the
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Bickford Truck Hire Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Future developments
These are set out in the strategic report on page 2.
The directors do not consider there to be anything further that is significant to report.
Financial instruments
The company is having to continually assess customers creditworthiness and maintains tight control over its collections policies. Given the nature of global economic confidence and the political uncertainties in the economy, the directors have worked hard to continually improve service and continue to invest to enable them to move the business forward. The directors continually assess all risks facing the company and take approriate action to manage these risks.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Jordan & Company as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the
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Bickford Truck Hire Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland. 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Bickford Truck Hire Limited
Independent Auditor's Report to the Members of Bickford Truck Hire Limited
Opinion
We have audited the financial statements of Bickford Truck Hire Limited (the 'company') for the year ended 31 March 2025, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 31 March 2025 and of its 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Bickford Truck Hire Limited
Independent Auditor's Report to the Members of Bickford Truck Hire Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 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.
Bickford Truck Hire Limited
Independent Auditor's Report to the Members of Bickford Truck Hire Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
We gained knowledge and understanding of the legal and regulatory framework which the company must adhere to in line with government and industry standards. An examination of company procedures and operations were undertaken in order to evaluate the risk of acting in contrast to these statutes. Such laws and regulations include: Companies Act 2006, Financial Reporting Standards and Generally Accepted Accounting Practice.
Applicable audit tests were tailored to mitigate the risk of material misrepresentation by using system interrogation methods which recognises the fact fraud is an act of deliberate concealment and deception. Audit tests undertaken included testing the accounting system for completeness, occurrence, accuracy and cut-off. Account balances were tested for existence and calculations reviewed. Sufficient and appropriate audit evidence was obtained to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
We obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
We also evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Bickford Truck Hire Limited
Independent Auditor's Report to the Members of Bickford Truck Hire Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
......................................
For and on behalf of
Knighton House
62 Hagley Road
West Midlands
DY8 1QD
Bickford Truck Hire Limited
Income Statement for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
356,232 |
648,073 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(73,480) |
(58,335) |
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Profit before tax |
|
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Tax on profit |
( |
( |
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Profit/(loss) for the financial year |
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( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Bickford Truck Hire Limited
(Registration number: 01537775)
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
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Called up share capital |
80 |
80 |
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|
Capital redemption reserve |
20 |
20 |
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Retained earnings |
15,471,876 |
15,343,124 |
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Shareholders' funds |
15,471,976 |
15,343,224 |
Approved and authorised by the
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Bickford Truck Hire Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2024 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 April 2023 |
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|
|
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Loss for the year |
- |
- |
( |
( |
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Dividends |
- |
- |
( |
( |
|
At 31 March 2024 |
80 |
20 |
15,343,124 |
15,343,224 |
Bickford Truck Hire Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit/(loss) for the year |
|
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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Finance income |
( |
( |
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Finance costs |
|
|
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Corporation tax expense |
|
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|
|
|
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||
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
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Increase in trade debtors |
( |
( |
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Increase/(decrease) in trade creditors |
|
( |
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Cash generated from operations |
|
|
|
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Corporation taxes paid |
( |
( |
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Net cash flow from operating activities |
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|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
|
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
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Repayment of other borrowing |
|
( |
|
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Payments to finance lease creditors |
|
|
|
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Dividends paid |
( |
( |
|
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Net cash flows from financing activities |
|
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
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Cash and cash equivalents at 1 April |
|
|
|
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Cash and cash equivalents at 31 March |
2,710,759 |
2,796,162 |
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Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The company registration number is 01537775.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis. The directors have carefully considered the impact of the general economic climate on the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly throughout the uncertainty which the UK economy has recently faced and the directors believe that it is experiencing good levels of trade and profitability. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Bad debt provision - the directors have assessed the recoverability of all trade debts and made a judgement on their collectability at the financial year end. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts .
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the Company's activities.
Specifically, when selling vehicles, revenue is recognised when the company has transferred to the buyer the significant risks and rewards of ownership.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Land and buildings used in the company's own activites for production and administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses susbsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.
Assets held under finance leases are depreciated in the same manner as owned assets.
At each balance sheet date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Investment property is not depreciated.
|
Asset class |
Depreciation method and rate |
|
Land and buildings |
4% p.a. on a straight line basis. |
|
Fixtures, plant and equipment |
15% p.a. on a reducing balance basis. |
|
Motor vehicles |
15 % p.a. on a reducing balance basis. |
Investment property
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash in 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.
Trade debtors
Trade debtors are amounts due from customers for services performed and goods supplied 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.
Stocks
Stock of vehicles for sale and spares are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
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 at the transaction price.
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to a passage of time is recognised as interest expense.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
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.
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Hire revenue |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Rent receivable |
193,293 |
160,980 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - motor vehicles |
|
|
|
Profit on disposal of vehicles and equipment |
( |
( |
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
HP interest and charges payable |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Staff training |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Directors' remuneration |
248,600 |
296,100 |
|
Directors' benefits in kind |
75,306 |
87,997 |
|
Directors' pensions |
178,778 |
178,162 |
|
502,684 |
562,259 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
UK deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Deferred taxation on excess capital allowances |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Deferred taxation on excess capital allowances |
- |
|
|
- |
|
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Land and buildings |
Motor vehicles |
Plant, fixtures and equipment |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2025 |
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £1,267,771 (2024 - £1,337,293) in respect of freehold land and buildings.
Revaluation
Included within the net book value of land and buildings above is £500,000 in respect of investment property, which is non-depreciable.
The revaluation reserve amounting to £373,942 is included within retained earnings and is non-distributable.
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor vehicles |
5,014,144 |
3,742,278 |
|
Fixtures and fittings |
- |
61,766 |
|
5,014,144 |
3,804,044 |
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Other debtors |
|
- |
|
Prepayments |
- |
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Hire purchase and directors' loans |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax |
- |
18,968 |
|
|
|
|
||
|
Due after one year |
|||
|
Hire purchase contracts |
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
2025 |
2024 |
|
|
Current loans and borrowings |
||
|
Hire purchase contracts |
|
|
|
Directors' loans |
|
|
|
|
|
|
The hire purchase contracts are secured by the lessors' title to the leased assets which have a carrying value of £5,014,144 (2024: £3,804,044).
The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
80 |
|
80 |
|
Related party transactions |
|
Transactions with directors |
|
2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
|
F R Bickford deceased |
||||
|
Director's Loan |
|
( |
|
|
|
M A Bickford |
||||
|
Director's Loan |
|
( |
|
|
|
M M Bickford |
||||
|
Director's Loan |
|
( |
|
|
|
D S Bickford |
||||
|
Director's Loan |
|
( |
|
|
|
M R Bickford |
||||
|
Director's Loan |
|
( |
|
|
Bickford Truck Hire Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £222,491 (2024 - £218,423).
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2025 |
|
|
|
|
||
The deferred tax provision relates to the difference between accumulated depreciation and amortisation and capital allowances and tax losses carried forward.
Deferred tax liabilities have been calculated at 25% (2024-25%) as it is anticipated they will materially reverse after 1st April 2025 at this rate.