Registration number:
Nugent Trailers Limited
for the Year Ended 31 March 2025
Nugent Trailers 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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Profit and Loss Account |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Nugent Trailers Limited
Company Information
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Directors |
Damien Nugent Shane Nugent Vanessa Rafferty Leigh Falls |
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Registered office |
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Auditors |
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Nugent Trailers 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 the design, manufacture and sale of trailers
Fair review of the business
The directors are pleased with the year’s performance. Trading remained robust with higher turnover being driven by an increase in new customers during the year. With a continued focus on efficiency, this resulted in improved profitability, with the company recording higher turnover and enhanced gross profit margin. The directors consider the year end position to be satisfactory and continue to seek every opportunity for growth.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£'000 |
19,399 |
- |
|
Gross profit |
£'000 |
5,331 |
- |
|
Gross margin |
% |
28 |
- |
|
Operating profit |
£'000 |
1,426 |
- |
|
Operating margin |
% |
7 |
- |
Principal risks and uncertainties
The principal risks and uncertainties include increasing raw material prices, competition and market demand. The company's management endeavor to mitigate these risks by implementing regular strategic and operational reviews with the focus on innovation, production efficiency and maintaining our relationships with customers and suppliers.
Employee involvement
The company is dependent on the skills and commitments of employees in order to achieve its objectives. Staff are encouraged to make their fullest possible contribution to the company's success. The company is committed to ensuring equal oppurtunities for all employees.
Approved and authorised by the
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......................................... |
Nugent Trailers 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:
The following directors were appointed after the year end:
Research and development
Our strategy remains to continually improve the company's products and services through continued investment in R&D activities.
Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis on preparing the annual report and accounts.
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.
Approved and authorised by the
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......................................... |
Nugent Trailers 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. 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.
Nugent Trailers Limited
Independent Auditor's Report to the Members of Nugent Trailers Limited
Opinion
We have audited the financial statements of Nugent Trailers Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, 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.
Nugent Trailers Limited
Independent Auditor's Report to the Members of Nugent Trailers 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. We also considered the principal laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.
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We made enquiries of management to understand how the company is complying with its legal and regulatory obligations. |
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We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance. |
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We reviewed manual journal entries for any unusual postings. |
Nugent Trailers Limited
Independent Auditor's Report to the Members of Nugent Trailers Limited
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We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness. |
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There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment. |
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.
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
Belfast
BT9 6BS
Nugent Trailers Limited
Profit and Loss Account for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
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Turnover |
|
- |
|
|
Cost of sales |
( |
- |
|
|
Gross profit |
|
- |
|
|
Distribution costs |
( |
- |
|
|
Administrative expenses |
( |
- |
|
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Operating profit |
|
- |
|
|
Other interest receivable and similar income |
|
- |
|
|
Interest payable and similar expenses |
( |
- |
|
|
(8,901) |
- |
||
|
Profit before tax |
|
- |
|
|
Taxation |
( |
- |
|
|
Profit for the financial year |
|
- |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Nugent Trailers Limited
(Registration number: NI703630)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Tangible assets |
|
- |
|
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Current assets |
|||
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Stocks |
|
- |
|
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Debtors |
|
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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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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Provisions for liabilities |
( |
- |
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Net assets |
|
|
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Capital and reserves |
|||
|
Called up share capital |
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|
|
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Profit and loss account |
|
- |
|
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Total equity |
|
|
Approved and authorised by the
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Nugent Trailers Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
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Profit for the year |
|
- |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
- |
|
|
Loss on disposal of tangible assets |
|
- |
|
|
Finance income |
( |
- |
|
|
Finance costs |
|
- |
|
|
Income tax expense |
|
- |
|
|
|
- |
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
- |
|
|
Increase in trade debtors |
( |
- |
|
|
Increase in trade creditors |
|
- |
|
|
Net cash flow from operating activities |
|
- |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
- |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Net cash flows from investing activities |
( |
- |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
- |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Net cash flows from financing activities |
( |
|
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 April |
|
- |
|
|
Cash and cash equivalents at 31 March |
1,157,688 |
100 |
|
Nugent Trailers 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 the United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
The financial statements have been prepared on a going concern basis.
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 sales/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.
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 current income 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.
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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.
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:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
10% Reducing balance |
|
Motor vehicles |
20% reducing balance |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
2 |
Accounting policies (continued) |
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.
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.
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.
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Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated 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 where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
Useful economic life of tangible assets
The annual depreciation charge for tangible 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.
Inventory provision
The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
3 |
Judgements and key sources of estimation uncertainty (continued) |
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
- |
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss on disposal of Tangible assets |
( |
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
- |
|
Loss on disposal of property, plant and equipment |
|
- |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
- |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
- |
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
- |
|
Pension costs, defined contribution scheme |
|
- |
|
|
- |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
- |
|
Employees |
|
- |
|
|
- |
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
- |
|
Contributions paid to money purchase schemes |
|
- |
|
147,732 |
- |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
- |
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
- |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
- |
|
Tax expense in the income statement |
|
- |
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 |
|
- |
|
Tax increase from effect of capital allowances and depreciation |
|
- |
|
Tax increase from other short-term timing differences |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Tax decrease arising from group relief |
( |
- |
|
Total tax charge |
|
- |
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
|
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
Additions |
|
|
|
|
Disposals |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
Depreciation |
|||
|
Charge for the year |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
Stocks |
|
2025 |
2024 |
|
|
Other inventories |
|
- |
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
- |
|
|
Amounts owed by related parties |
|
- |
|
|
Other debtors |
|
- |
|
|
Prepayments |
|
- |
|
|
|
- |
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
- |
|
|
Cash at bank |
|
- |
|
|
|
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
- |
|
|
Amounts due to related parties |
|
- |
|
|
Social security and other taxes |
|
- |
|
|
Outstanding defined contribution pension costs |
|
- |
|
|
Accrued expenses |
|
- |
|
|
Corporation tax liability |
186,962 |
- |
|
|
|
- |
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
Additional provisions |
|
|
|
At 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 £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Nugent Trailers Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Related party transactions |
During the year, the company rendered services totalling £2,590,830 to related parties and purchased goods and services totalling £533,394 from related parties. At 31 March 2025 there were amounts outstanding from related parties totalling £1,890,268 (2024 : £NIL) and amounts owed to related parties totalling £5,430,752 (2024 : £NIL).The related parties involved in the aforementioned transactions are related by virtue of common shareholders and/or directors.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is