ACCOUNTS - Final Accounts preparation

Registered number: 10723778

ASHFORD INTERNATIONAL TRUCK STOP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

COMPANY INFORMATION

Directors	Mr D M Healey
	Mr J M Healey
	Mrs M C Healey
	Mrs N Sheldon


Registered number	10723778


Registered office	GSE House
	Paper Lane
	Ashford
	Kent
	TN24 0TS


Independent auditors	Magee Gammon Corporate Limited
	Chartered Accountants & Statutory Auditors
	Henwood House
	Henwood
	Ashford
	Kent
	TN24 8DH


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9
Notes to the financial statements	10 - 23


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report with the audited financial statements for the company for the year
ended 31 December 2024.

Business review

The Directors operate an award-winning facility which, with 660 HGV spaces, is the largest of its kind in Europe. Ashford International Truckstop provides best-in-class facilities, including a 24/7 manned gatehouse and site-wide CCTV monitoring, ensuring a safe and secure environment for drivers.

Continued growth in user numbers has supported top-line income, while management has remained focused on controlling and mitigating increasing payroll and overhead costs. Driver usage increased by 5.75% compared with 2023, reflecting the Directors’ ongoing commitment to providing one of the leading truck stop facilities in the UK.

Principal risks and uncertainties

The truck stop industry continues to navigate the ongoing cost-of-living crisis, which significantly affects both
operational costs and consumer spending. The Bank of England's interest rate hikes, designed to curb inflation,
are expected to stabilise the economy by year-end. However, these adjustments have increased financing costs
and may further restrict consumer spending. Despite this, the impact on our consumer base is anticipated to be
limited due to the scarcity of parking spaces in the county, which maintains a consistent demand for the truckstop's services.

The company's principal financial instruments include bank balances, trade creditors, trade debtors, and loans to
related parties, all of which primarily serve to finance our operations. There is no exposure to price risk due to
the nature of our financial instruments. Our risk management strategy for these instruments is detailed as
follows:

Bank Balances: We manage liquidity risk by maintaining a careful balance between covering our own
operational costs and managing overall indebtedness, both within our operations and across related group
companies.

Trade Debtors/Creditors: Credit and cash flow risks are managed through stringent policies concerning the credit extended to customers and regular monitoring of outstanding amounts, ensuring adherence to both time and credit limits.

Financial key performance indicators

Revenue as of 2024 was £9,223,522 compared £8,071,678 in 2023.

Operating profit as of 2024 was £1,559,531 compared to £1,156,198 in 2023.

This report was approved by the board and signed on its behalf.

___________________________

Mr D M Healey

Director

Date: 7 July 2026

Page 1


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The 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 to 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.

Principal activity

The principal activity is the operation of a truckstop.

Results and dividends

The profit for the year, after taxation, amounted to £1,226,960 (2023 - £768,952).

Dividends of £10,000 have been voted during the year.

Directors

The directors who served during the year were:

Mr D M Healey

Mr J M Healey

Mrs M C Healey

Mrs N Sheldon

Going concern

The company provides support to related companies which has continued since the balance sheet date. The repayment of debts due from related companies relies on commercial contracts which are currently under negotiation. The company continues to trade profitably and there are no material uncertainties over the company's ability to continue to trade, therefore the directors consider the continuing adoption of the going concern basis to be appropriate.

Page 2


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Magee Gammon Corporate Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

___________________________

Mr D M Healey

Director

Date: 7 July 2026

Page 3


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED

Opinion

We have audited the financial statements of Ashford International Truck Stop Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, 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 December 2024 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the financial statements other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the financial statements. 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. 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 course of 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.

Page 4


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED (CONTINUED)

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the 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 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 2, 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.

Page 5


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

∙Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;

∙Evaluation of controls designed to prevent and detect irregularities; and

∙Assessing journal entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above, and the further removed 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. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew John Childs FCA (Senior statutory auditor)

for and on behalf of

Magee Gammon Corporate Limited

Chartered Accountants

Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH

7 July 2026

Page 7


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023


Turnover	4	9,223,522	8,071,678
Cost of sales		(1,332,027)	(1,195,690)
Gross profit		7,891,495	6,875,988
Administrative expenses		(6,364,348)	(5,726,290)
Other operating income	5	32,384	6,500
Operating profit	6	1,559,531	1,156,198
Interest receivable and similar income	9	116,933	-
Interest payable and similar expenses	10	(4,523)	(123,375)
Profit before tax		1,671,941	1,032,823
Tax on profit	11	(444,981)	(263,871)
Profit after tax		£1,226,960	£768,952



Retained earnings at the beginning of the year	4,145,369	3,626,417
Profit for the year	1,226,960	768,952
Dividends declared and paid	(10,000)	(250,000)
Retained earnings at the end of the year	£5,362,329	£4,145,369

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 23 form part of these financial statements.

Page 8


ASHFORD INTERNATIONAL TRUCK STOP LIMITED REGISTERED NUMBER:10723778

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note

Fixed assets
Tangible assets	13		235,875		214,103
			235,875		214,103
Current assets
Stocks	14	52,699		47,519
Debtors: amounts falling due within one year	15	14,807,251		7,972,501
Cash at bank and in hand	16	125,692		329,982
		14,985,642		8,350,002
Creditors: amounts falling due within one year	17	(9,859,187)		(4,394,714)
Net current assets			5,126,455		3,955,288
Total assets less current liabilities			5,362,330		4,169,391
Creditors: amounts falling due after more than one year	18		-		(24,021)

Net assets			£5,362,330		£4,145,370

Capital and reserves
Called up share capital	22	1	1
Profit and loss account	23	5,362,329	4,145,369
		£5,362,330	£4,145,370

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

___________________________

Mr D M Healey

Director

Date: 7 July 2026

The notes on pages 10 to 23 form part of these financial statements.

Page 9


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Ashford International Truck Stop Limited is a private company, limited by shares, incorporated in England and Wales. The company registration number is 10723778.

The principal activity is the operation of a truckstop.

The principal place of business is Waterbrook Park, Unit 14 Arrowhead Road, Sevington, Ashford, Kent, TN24 0FL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ashford International Truck Stop (Holdings) Limtied as at 31 December 2024 and these financial statements may be obtained from Companies House.

2.3

Going concern

Page 10


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company as lessee

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

Page 11


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	10% straight line
Motor vehicles	-	25% straight line basis
Fixtures and fittings	-	10% and 33% straight line basis
Computer equipment	-	33% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 14


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value 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 the 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 revisions and future periods if the revision affects both current and future periods.

Page 15


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

	An analysis of turnover by class of business is as follows:
					2024	2023

	Truckstop operations	£9,223,522	£8,071,678

All turnover arose within the United Kingdom.

5.	Other operating income
					2024	2023

	Net rents receivable	£32,384	£6,500

6.	Operating profit
	The operating profit is stated after charging:
		2024	2023

Exchange differences	(1,337)	(1,619)
Other operating lease rentals	2,442,618	8,616
	£2,443,955	£10,235

7.	Auditors' remuneration
	During the year, the Company obtained the following services from the Company's auditors:
		2024	2023

Fees payable to the Company's auditors for the audit of the Company's financial statements

8,000

7,800

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs were as follows:
		2024	2023

Wages and salaries	1,372,526	1,289,652
Social security costs	117,838	101,967
Cost of defined contribution scheme	25,552	171,023
	£1,515,916	£1,562,642

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Operatives	60	61
Directors	4	4

	64	65

9.	Interest receivable
					2024	2023

Other interest receivable

£116,933

£-

10.	Interest payable and similar expenses
					2024	2023

Other loan interest payable

£4,523

£123,375

Page 17


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Taxation

		2024	2023

Corporation tax
Current tax on profits for the year	420,749	339,126
Adjustments in respect of previous periods	7,432	-

Total current tax	£428,181	£339,126

Deferred tax
Origination and reversal of timing differences	16,800	(75,255)
Total deferred tax	£16,800	£(75,255)


	Tax on profit	£444,981	£263,871

Factors affecting tax charge for the year
The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
	2024	2023

Profit on ordinary activities before tax

£1,671,941

£1,032,823

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	417,985	258,206
Effects of:
Non-tax deductible amortisation of goodwill and impairment	8,497	-
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(12,195)	27,028
Capital allowances for year in excess of depreciation	8,319	(32)
Adjustments to tax charge in respect of prior periods	7,432	-
Changes in provisions leading to an increase (decrease) in the tax charge	16,800	-
Other differences leading to an increase (decrease) in the tax charge	(1,857)	(21,331)
Total tax charge for the year	£444,981	£263,871

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Dividends
					2024	2023

Dividends paid

£10,000

£250,000

13.	Tangible fixed assets

	Short-term leasehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
Cost or valuation
At 1 January 2024	-	68,000	338,014	7,267	413,281
Additions	57,346	-	7,103	-	64,449
Disposals	-	-	(2,521)	-	(2,521)
At 31 December 2024	57,346	68,000	342,596	7,267	475,209
Depreciation
At 1 January 2024	-	18,417	176,572	4,189	199,178
Charge for the year on owned assets	478	-	16,605	2,347	19,430
Charge for the year on financed assets	-	17,000	3,726	-	20,726
At 31 December 2024	478	35,417	196,903	6,536	239,334
Net book value
At 31 December 2024	£56,868	£32,583	£145,693	£731	£235,875
At 31 December 2023	£-	£49,583	£161,442	£3,078	£214,103

	The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
					2024	2023


Motor vehicles	32,583	49,583
Furniture, fittings and equipment	26,078	29,804
	£58,661	£79,387

Page 19


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Stocks
					2024	2023

Work in progress (goods to be sold)	2,520	-
Finished goods and goods for resale	50,179	47,519
	£52,699	£47,519

15.

Debtors

2024

2023


Trade debtors	596,617	449,953
Other debtors	12,390,683	7,432,096
Prepayments and accrued income	1,812,756	66,457
Deferred taxation	7,195	23,995
	£14,807,251	£7,972,501

16.	Cash and cash equivalents
					2024	2023

	Cash at bank and in hand	£125,692	£329,982

17.	Creditors: Amounts falling due within one year
					2024	2023

Payments received on account	93,009	-
Trade creditors	1,284,926	260,934
Corporation tax	766,456	571,917
Other taxation and social security	426,329	664,662
Obligations under finance lease and hire purchase contracts	21,734	21,110
Other creditors	5,658,246	1,570,293
Accruals and deferred income	1,608,487	1,305,798
	£9,859,187	£4,394,714

18.	Creditors: Amounts falling due after more than one year
					2024	2023

	Net obligations under finance leases and hire purchase contracts	£-	£24,021

Page 20


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		2024	2023

Within one year	21,734	21,110
Between 1-5 years	-	24,021
	£21,734	£45,131

Finance lease and hire purchase contracts are secured on the assets concerned. Repayments are fixed monthly contracted amounts with a rate of interest of 12.9% (2023: 12.9%).

20.	Financial instruments
					2024	2023

	Financial assets
	Financial assets measured at amortised cost	£13,458,564	£8,212,032

	Financial liabilities
	Financial liabilities measured at amortised cost	£7,542,625	£1,876,358

	Financial assets measured at amortised cost comprise cash at bank, trade and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, other creditors and hire purchase finance.

21.	Deferred taxation

	2024	2023

At beginning of year	23,995	(51,260)
Charged to profit or loss	(16,800)	75,255
At end of year	£7,195	£23,995

	The deferred tax asset is made up as follows:
					2024	2023

Accelerated capital allowances	(30,305)	(38,505)
Other timing differences	37,500	62,500
	£7,195	£23,995

Page 21


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	Share capital
					2024	2023

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	£1	£1

23.

Reserves

Profit and loss account

The profit and loss account is a reserve of the accumulated profit and loss after tax and dividends. This reserve is fully distributable.

24.	Contingent liabilities

The company has entered into a guarantee in favour of a loan advances to GSE Truckstop Developments Limited and GSE Commercial Estates Limited. The total loan outstanding at the balance sheet date subject to the guarantee was £Nil (2023 - £23,940,000).

25.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,518 (2023 - £171,023). Contributions totaling £87,860 (2023 - £25,356) were payable to the fund at the balance sheet date and are included in creditors.

26.	Commitments under operating leases
	At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		2024	2023

Not later than 1 year	2,903,661	51,901
Later than 1 year and not later than 5 years	12,810,341	35,352
Later than 5 years	202,763,479	-
	£218,477,481	£87,253

Page 22


ASHFORD INTERNATIONAL TRUCK STOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

27.

Related party transactions

During the year, the company provided goods and services totaling £97,487 (2023: £147,126) and advanced funds totaling £7,853,150 to companies under common control. The amount outstanding at the balance sheet date is £9,287,907 (2023: £7,432,096).

During the year, the company acquired goods and services totaling £1,222,203 (2023: £3,241,244) and received funds totaling £6,709,722 from companies under common control. The amount outstanding at the balance sheet date is £7,821,941 (2023: £1,543,035).

All balances are interest free and repayable on demand.

28.	Controlling party

At the balance sheet date, the ultimate parent undertaking is Ashford International Truck Stop (Holdings) Limited, a company incorporated in England and Wales. The consolidated financial statements of Ashford International Truck Stop (Holdings) Limited are publicly available.

The ultimate controlling parties are Mr D M Healey and Mrs M C Healey by virtue of their shareholding in the ultimate parent undertaking.

Page 23