REGISTERED NUMBER: 01206036 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

IFOR WILLIAMS TRAILERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

8

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Cash Flow Statement

15

Notes to the Cash Flow Statement

16

Notes to the Financial Statements

17

DIRECTOR:

J O Williams

SECRETARY:

C A Williams

REGISTERED OFFICE:

One St Peter's Square

Manchester

M2 3DE

REGISTERED NUMBER:

01206036 (England and Wales)

AUDITORS:

M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

HSBC Bank plc

9, Bridge Street

Llangollen

LL20 8PH

The board present their strategic report for the year ended 31st March 2025.

REVIEW OF BUSINESS

Ifor Williams Trailers Limited is a Welsh indigenous manufacturer of trailers and OEM parts based across five advanced manufacturing sites in North Wales. We operate via a network of national and international distributors, the majority of whom we have longstanding relationships with.

With a focus on our long-term growth strategy, several new distributors have been appointed to strengthen our worldwide network, represent our brand and fulfil customer demand for our products in new geographical territories. These newly established partnerships will expand our distribution footprint, reinforce our competitiveness across priority markets, and create a strong foundation for the future.

During the year the company continued its improvement plan for manufacturing and operational systems, enabling us to meet customer demand, maintain stock levels across our distribution partners and provide trailer and genuine part availability for our customers.

The fiscal year presented challenges relating to the ongoing economic downturn with increased interest rates, and the risk of recession, impacting on consumer spending.

The company has ended the fiscal year in a position which enables it to continue its program of asset investment which, together with continuous improvement in manufacturing operations and supply chain, reinforces our longstanding commitment to provide end customers with high quality products at best value.

KEY PERFORMANCE INDICATORS

The board works closely with the business's management team and together they constantly evaluate and improve key performance indicators to support tactical and strategic business decisions.

The company's defined pension scheme is managed within the scheme rules and conforms with all relevant legislative requirements.

PRINCIPAL RISKS AND UNCERTAINTIES

The business uncertainty surrounding the ongoing economic conditions are a cause of continuing concern. Ongoing risks will be mitigated by the careful management of investment programmes to ensure that the strong foundations of the company remain in place.

The continuing commercial uncertainty resulting from global political unrest which may adversely affect trading conditions remain a key concern.

Credit Risk

Risks are assessed by the company's management based on prior experience and the company's assessment of the strength of their trading partners. The company has a background of relationship longevity with its trading partners. The process is subject to continuous reviews and reassessments.

Currency Risk

The company's currency risk remains primarily attributable to its trade debtors where customers are billed in non-functional currency.

The board will continue to identify, monitor and manage potential risks and uncertainties to the company in order that it can continue in a position of strength.

SECTION 172(1) STATEMENT

To operate sustainably long term, Ifor Williams Trailers Limited depends on the trust and confidence of its stakeholders. The company continues to build on these key relationships by putting customer needs first, investing in its employees through training and education and working in partnership with suppliers to source material at competitive prices. The company continue to be an active supporter in the local community of charitable activities and sponsorships to promote and support sport, health and wellbeing in the local area.

The directors of Ifor Williams Trailers Limited have acted in accordance with their duties and responsibilities codified in law, acting in good faith, promoting the success of the company, having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Suppliers

We work in a collaborative way to identify supply chain improvements and continuously seek new initiatives to strengthen quality, cost and delivery, ensuring that we maintain the same high standard of materials and services that our customers expect, at competitive prices.

Customers

We continuously strive to understand our customer requirements and look to enhance our offering through new designs and products, whilst also improving the quality of our existing products and services to achieve increased customer satisfaction.

Employees

We invest in our personnel with a focus on providing long-term employment opportunities for committed employees who share our core values, and our vision for success.

We are able to offer a wide range of employment opportunities for people with different skill sets.

The company holds regular communication meetings with employee representatives. Employees are kept informed of matters affecting the company by regular team briefings.

Environment

We are committed to undertaking all business activities in accordance with applicable legal requirements and company environmental policies.

ON BEHALF OF THE BOARD:

J O Williams - Director

24th December 2025

The director presents his report with the financial statements of the company for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture of trailers, accessories and components.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £ 4,000,000 .

RESEARCH AND DEVELOPMENT

New product introduction

The company recognises the need to develop new products to fulfil the requirements of its customers.

To this end, the company continues to invest in R&D activities.

FUTURE DEVELOPMENTS

Our strategy remains to continually improve the company's products and services.

DIRECTOR

J O Williams held office during the whole of the period from 1st April 2024 to the date of this report.

The director shown below was in office at 31st March 2025 but did not hold any interest in the Ordinary shares of £1 each at 1st April 2024 or 31st March 2025.

J O Williams

SUBSIDIARIES

The company's subsidiary is Hipicargo Lda. The principal activity of Hipicargo Lda is the distribution of trailers. The subsidiary has had a satisfactory years trading and will continue to operate their business in Europe. There have been no events in the subsidiary since the year end which would materially affect their financial statements.

CHARITABLE DONATIONS

Charitable donations for the year amounted to £32,602 (2024: £37,806). There were no political donations.

POST BALANCE SHEET EVENTS

There have been no events since the year end which would materially affect the financial statements.

EQUAL OPPORTUNITIES AND DIVERSITY

The company procedures comply with the requirements of the Disability Discrimination Act 1995. The company has an equal opportunities policy and actively pursues equality of opportunity for all employees.

Applications for employment by disabled persons are considered fully, having regard to their particular aptitudes and abilities. In the event that any member of staff should become disabled during their employment, every effort would be made to ensure their continuing employment and training. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT

The company holds regular communication meetings with employee representatives. Employees are kept informed of matters affecting the company by regular team briefings.

STREAMLINED ENERGY AND CARBON REPORTING

Summary

The following information summarises the energy and carbon emissions for Ifor Williams Trailers Limited, as required by The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Ifor Williams Trailers Limited's carbon emissions, using a location-based approach to calculating emissions, were 1902.85 tonnes CO2e for 2024-25, this is 2% lower than in 2023-24.

These include the emissions associated with electricity, gas, stationery combustion of propane and transport fuels. Ifor Williams Trailers Limited's greenhouse gas emissions were 2% lower than in 2023-24. The intensity of 22.96 tonnes CO2e per £t is 18% higher than last year.

Table 1: Greenhouse gas Emissions by Source (tonnes CO2e)

Scope 1 : Direct emissions from the operation of owned and controlled facilities and equipment

Scope 2: Indirect emissions from the production of purchased energy

Scope 3: Indirect emissions from the value chain

Activity category

2023 (tCO2e)

2024 (tCO2e)

Percentage Change (%)

Actual change (tCO2e)

Scope 1

1091.052

1093.35

-0%

2.30

Scope 2

788.683

743.76

-6%

-44.93

Scope 3

68.233

65.74

-4%

-2.50

Total gross emissions - Location-Based (tCO2e)

1947.968

1902.85

-2%

-45.12

Revenue (£m)

99.70

82.87

-17%

-16.83

Intensity Ratio tCO2e per £m Location-Based

19.538

22.96

18%

3.42

Table 2 Energy consumption by year (kWh)

Scope and Emissions Source

2023 (kWh)

2024 (kWh)

Percentage Change (%)

Actual Change (kWh)

Scope 1 - Natural Gas (stationery combustion)

3,899,792

3,831,016

-2%

-68,776

Scope 1 - Company-operated cars - Diesel (mobile combustion)

330,708

544,843

65%

214,135

Scope 1 - Company-operated cars - Petrol (mobile combustion)

5,374

3,113

-42%

-2,261

Scope 1 - Propane (stationary combustion)

1,388,968

1,222,336

-12%

-166,632

Scope 2 - Electricity - Location Based

3,808,696

3,592,166

-6%

-216,530

Total consumption (kWh)

9,433,539

9,193,475

-3%

-240,063

Revenue

99.70

82.87

-17%

-17

Intensity Ratio kWh per £m

94,619

110,939

17%

16,319

Methodology

The SECR report relates to Ifor Williams Trailers Limited and covers the emissions from it's operations from 1st April 2024 to 31st March 2025, aligning with the fiscal year.

The reported carbon emissions have been calculated following the guidance in the UK Government's Environmental Reporting Guidelines, 2019, and the methodology outlined in The GHG Protocol Corporate Accounting and Reporting Standard (revised edition). Carbon emission factors have been obtained from the UK Government's GHG Conversion Factors for Company Reporting 2024.

An 'operational control' methodology has been adopted to outline the scope of carbon emissions reporting for Ifor Williams Trailers Limited. Operational control refers to the ability of an organisation to direct the activities of a facility or operation. In the context of greenhouse gas (GHG) reporting, the company is considered to have operational control over a facility, if it has the authority to introduce and implement operating policies at that facility, regardless of ownership. This means the organisation is responsible for the GHG emissions from the 'operations it controls'.

This report includes the material carbon emissions, in line with the emissions categories, as required to be reported under SECR regulations.

Table 1 includes a reduced 'net carbon emission figure, the 'net' figure is based on our purchase of a 'contractual arrangement' for the supply of renewable electricity, the emissions reduction is reported as 'market-based'. This is voluntarily reported.

Energy Efficiency Initiatives

Ifor Williams Trailers Limited is committed to continually improving energy efficiency and reducing environmental impact while operating as a responsible and sustainable business. Over the past year, we have undertaken several initiatives that will result in carbon emissions reductions for the company:

Lighting upgrade

Incumbent lighting upgraded to more efficient lighting substitutes, as well as providing opportunities for improved lighting control through the fitting of PIR sensors.

Behavioural change

Improved awareness amongst employees regarding energy usage to promote energy conscious and positive action culture around energy reduction.

Voltage optimisation

Voltage optimisation units are being trialled to reduce energy consumption, through the controlling and adjusting of electrical voltage supplied to electrical systems to the optimum levels required.

Renewable energy

Ifor Williams Trailers Limited are actively pursuing renewable energy options, with a view to utilising solar PV energy for providing electrical energy to production sites.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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 of the profit or loss of the company 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J O Williams - Director

24th December 2025

Opinion

We have audited the financial statements of Ifor Williams Trailers Limited (the 'company') for the year ended 31st March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st 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 Auditors' 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 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 Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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 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 seven, 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 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 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 a Report of the Auditors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Anthony Lewis (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

24th December 2025

TURNOVER

3

83,518,014

99,519,126

Other operating income

4

2,186,764

2,521,882

85,704,778

102,041,008

Raw materials and consumables

46,748,586

53,274,437

Other external expenses

2,925,813

3,024,298

49,674,399

56,298,735

36,030,379

45,742,273

Staff costs

5

16,359,094

18,992,861

Depreciation

1,700,703

1,697,599

Other operating expenses

10,524,982

11,866,523

28,584,779

32,556,983

OPERATING PROFIT

6

7,445,600

13,185,290

Interest receivable and similar income

7

421,402

43,835

7,867,002

13,229,125

Interest payable and similar expenses

8

126,455

320,566

Other finance costs

19

15,000

-

141,455

320,566

PROFIT BEFORE TAXATION

7,725,547

12,908,559

Tax on profit

9

1,706,708

3,041,838

PROFIT FOR THE FINANCIAL YEAR

6,018,839

9,866,721

OTHER COMPREHENSIVE INCOME

Pension liability:

Actuarial gain

261,000

(305,000

)

Income tax relating to other comprehensive income

(65,250

)

76,250

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

195,750

(228,750

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,214,589

9,637,971

FIXED ASSETS

Tangible assets

11

7,384,546

7,777,997

Investments

12

-

-

7,384,546

7,777,997

CURRENT ASSETS

Stocks

13

31,799,746

40,102,443

Debtors

14

12,675,069

16,010,330

Cash at bank

24,869,835

17,023,290

69,344,650

73,136,063

CREDITORS

Amounts falling due within one year

15

27,224,130

33,393,409

NET CURRENT ASSETS

42,120,520

39,742,654

TOTAL ASSETS LESS CURRENT LIABILITIES

49,505,066

47,520,651

PROVISIONS FOR LIABILITIES

16

(728,868

)

(774,542

)

PENSION LIABILITY

19

(44,250

)

(228,750

)

NET ASSETS

48,731,948

46,517,359

CAPITAL AND RESERVES

Called up share capital

17

100,000

100,000

Retained earnings

18

48,631,948

46,417,359

SHAREHOLDERS' FUNDS

48,731,948

46,517,359

The financial statements were approved by the director and authorised for issue on 24th December 2025 and were signed by:

J O Williams - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

100,000

41,779,388

41,879,388

Changes in equity

Dividends

-

(5,000,000

)

(5,000,000

)

Total comprehensive income

-

9,637,971

9,637,971

Balance at 31st March 2024

100,000

46,417,359

46,517,359

Changes in equity

Dividends

-

(4,000,000

)

(4,000,000

)

Total comprehensive income

-

6,214,589

6,214,589

Balance at 31st March 2025

100,000

48,631,948

48,731,948

Cash flows from operating activities

Cash generated from operations

1

15,391,347

18,142,185

Interest paid

(126,455

)

(320,566

)

Tax paid

(2,532,497

)

(2,163,941

)

Net cash from operating activities

12,732,395

15,657,678

Cash flows from investing activities

Purchase of tangible fixed assets

(1,325,114

)

(1,954,089

)

Sale of tangible fixed assets

17,862

(99,549

)

Interest received

421,402

43,835

Net cash from investing activities

(885,850

)

(2,009,803

)

Cash flows from financing activities

Equity dividends paid

(4,000,000

)

(5,000,000

)

Net cash from financing activities

(4,000,000

)

(5,000,000

)

Increase in cash and cash equivalents

7,846,545

8,647,875

Cash and cash equivalents at beginning of year

2

17,023,290

8,375,415

Cash and cash equivalents at end of year

2

24,869,835

17,023,290

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

31.3.25

31.3.24

£

£

Profit before taxation

7,725,547

12,908,559

Depreciation charges

1,708,094

1,682,585

(Profit)/loss on disposal of fixed assets

(7,391

)

15,014

(Increase)/decrease in group debtor

(539,515

)

1,700,756

Increase/(decrease) in group creditor

(5,243,933

)

1,183,830

Finance costs

141,455

320,566

Finance income

(421,402

)

(43,835

)

3,362,855

17,767,475

Decrease in stocks

8,302,697

4,195,934

Decrease/(increase) in trade and other debtors

4,523,544

(3,439,960

)

Decrease in trade and other creditors

(797,749

)

(381,264

)

Cash generated from operations

15,391,347

18,142,185

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

24,869,835

17,023,290

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

17,023,290

8,375,415

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

17,023,290

7,846,545

24,869,835

17,023,290

7,846,545

24,869,835

Total

17,023,290

7,846,545

24,869,835

1.	STATUTORY INFORMATION

Ifor Williams Trailers 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Ifor Williams Trailers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements due to the fact that the subsidiary undertakings are deemed immaterial (individually and collectively).

Significant judgements and estimates

In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available 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 key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:

The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value.

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

- Estimated write down of stock to net realisable value:

Stock valuation has been based on an estimated useful life and residual value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors.

- Revenue recognition:

In making its judgement, management consider the detailed criteria for the recognition of revenue as set out within Section 23 of FRS 102. The directors are satisfied that the recognition point being typically when goods are delivered and legal title has passed is correct.

Turnover

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

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Turnover arising from the recharge of carriage is offset against the cost of the carriage.

Tangible fixed assets

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

Freehold property

-

over periods up to 25 years

Plant and machinery

-

10% - 50% on cost

Motor vehicles

-

25% on cost

No depreciation is provided in respect of freehold land.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

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

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Cash and cash equivalents:

These comprise cash at bank and short-term highly liquid bank deposits with an original maturity of three months or less.

Debtors:

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors:

Creditors are not interest bearing and are stated at their nominal amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.