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Registered number: 11077321 ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors | Mr D M Healey
| Mr J M Healey
| Mrs M C Healey
| Mrs N Sheldon
Registered number | 11077321
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 (HOLDINGS) LIMITED
CONTENTS
| Page
Group Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Balance Sheet | 9
Company Balance Sheet | 10
Consolidated Statement of Changes in Equity | 11
Company Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Consolidated Analysis of Net Debt | 14
Notes to the Financial Statements | 15 - 32
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors presents their strategic report with the audited financial statements for the Group 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 sitewide 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 group'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: 19 August 2026
Page 1
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) 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 Group Strategic Report, the Directors' Report and the consolidated 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company is that of a holding company.
Results and dividends
The profit for the year, after taxation, amounted to £1,226,960 (2023 - £768,952). Aggregate dividends of £Nil have been paid during the year. The directors do not recommend payment of any further dividends.
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 group 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 group continues to trade profitably and there are no material uncertainties over the group'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 (HOLDINGS) 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 and the group'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 and the group's auditors are aware of that information.
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: 19 August 2026
Page 3
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
Opinion
We have audited the financial statements of Ashford International Truck Stop (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's 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 group 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 group's or the parent 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. Page 4
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. Page 5
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) 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 Group 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 (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) 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 19 August 2026 Page 7
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note |  |
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 taxation |  | 1,671,941 | 1,032,823
Tax on profit | 11 | (444,981) | (263,871)
Profit for the financial year |  | £1,226,960 | £768,952
Total comprehensive income for the year |  | £1,226,960 | £768,952
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 1,226,960 | 768,952
|  | £1,226,960 | £768,952
Total comprehensive income for the year attributable to: |  |  |
Owners of the parent company |  | 1,226,960 | 768,952
|  | £1,226,960 | £768,952
The notes on pages 15 to 32 form part of these financial statements.
Page 8
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED REGISTERED NUMBER:11077321
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  |  |  |
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 235,875 |  | 214,103
|  |  | 235,875 |  | 214,103
Current assets |  |  |  |  |
Stocks | 16 | 52,699 |  | 47,519 |
Debtors: amounts falling due within one year | 17 | 14,807,251 |  | 7,972,501 |
Cash at bank and in hand | 18 | 125,891 |  | 330,181 |
|  | 14,985,841 |  | 8,350,201 |
Creditors: amounts falling due within one year | 19 | (9,849,188) |  | (4,394,713) |
Net current assets |  |  | 5,136,654 |  | 3,955,487
Total assets less current liabilities |  |  | 5,372,529 |  | 4,169,590
Creditors: amounts falling due after more than one year | 20 |  | - |  | (24,021)
Net assets |  |  | £5,372,529 |  | £4,145,569
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 6,200 |  | 200
Profit and loss account | 25 |  | 5,366,329 |  | 4,145,369
Equity attributable to owners of the parent company |  |  | 5,372,529 |  | 4,145,569
|  |  | £5,372,529 |  | £4,145,569
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: 19 August 2026
The notes on pages 15 to 32 form part of these financial statements. Page 9
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED REGISTERED NUMBER:11077321
COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  |  |  |
Fixed assets |  |  |  |  |
Investments | 15 |  | 1 |  | 1
|  |  | 1 |  | 1
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 10,000 |  | - |
Cash at bank and in hand | 18 | 199 |  | 199 |
|  | 10,199 |  | 199 |
Total assets less current liabilities |  |  | 10,200 |  | 200
Net assets |  |  | £10,200 |  | £200
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 6,200 |  | 200
Profit for the year |  | 10,000 |  | 250,000 |
Other changes in the profit and loss account |  | (6,000) |  | (250,000) |
Profit and loss account carried forward |  |  | 4,000 |  | -
|  |  | £10,200 |  | £200
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: 19 August 2026
The notes on pages 15 to 32 form part of these financial statements. Page 10
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
At 1 January 2023 | 200 | 3,626,417 | 3,626,617
Comprehensive income for the year |  |  |
Profit for the year | - | 768,952 | 768,952
Total comprehensive income for the year | - | 768,952 | 768,952
Dividends: Equity capital | £- | £(250,000) | £(250,000)
At 1 January 2024 | 200 | 4,145,369 | 4,145,569
Comprehensive income for the year |  |  |
Profit for the year | - | 1,226,960 | 1,226,960
Total comprehensive income for the year | - | 1,226,960 | 1,226,960
Capitalisation/bonus issue | - | (6,000) | (6,000)
Shares issued during the year | 6,000 | - | 6,000
Total transactions with owners | 6,000 | (6,000) | -
At 31 December 2024 | £6,200 | £5,366,329 | £5,372,529
| The notes on pages 15 to 32 form part of these financial statements.
Page 11
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
At 1 January 2023 | 200 | - | 200
Comprehensive income for the year |  |  |
Profit for the year | - | 250,000 | 250,000
Dividends: Equity capital | - | (250,000) | (250,000)
Total transactions with owners | £- | £(250,000) | £(250,000)
At 1 January 2024 | 200 | - | 200
Comprehensive income for the year |  |  |
Profit for the year | - | 10,000 | 10,000
Capitalisation/bonus issue | - | (6,000) | (6,000)
Shares issued during the year | 6,000 | - | 6,000
Total transactions with owners | 6,000 | (6,000) | -
At 31 December 2024 | £6,200 | £4,000 | £10,200
| The notes on pages 15 to 32 form part of these financial statements.
Page 12
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
Cash flows from operating activities |  |
Profit for the financial year | 1,226,960 | 768,952
Adjustments for: |  |
Depreciation of tangible assets | 40,156 | 57,013
Loss on disposal of tangible assets | 2,521 | -
Interest paid | 4,527 | 123,375
Interest received | (116,933) | -
Taxation charge | 444,981 | 263,871
(Increase) in stocks | (5,180) | (10,737)
(Increase) in debtors | (6,851,550) | (86,449)
Increase/(decrease) in creditors | 5,259,311 | (220,500)
Corporation tax (paid) | (233,643) | (159,343)
Net cash generated from operating activities | (228,850) | 736,182
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (64,449) | (2,156)
Interest received | 116,933 | -
HP interest paid | (3,635) | (3,591)
Net cash from investing activities | 48,849 | (5,747)
Cash flows from financing activities |  |
Repayment of/new finance leases | (23,397) | (71,345)
Dividends paid | - | (250,000)
Interest paid | (892) | (119,784)
Net cash used in financing activities | (24,289) | (441,129)
Net (decrease)/increase in cash and cash equivalents | (204,290) | 289,306
Cash and cash equivalents at beginning of year | 330,181 | 40,875
Cash and cash equivalents at the end of year | £125,891 | £330,181
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | £125,891 | £330,181
The notes on pages 15 to 32 form part of these financial statements.
Page 13
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | At 31 December 2024
Cash at bank and in hand | 330,181 | (204,290) | 125,891
Finance leases | (45,131) | 23,397 | (21,734)
| £285,050 | £(180,893) | £104,157
The notes on pages 15 to 32 form part of these financial statements.
Page 14
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Ashford International Truck Stop (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales. The registered company number is 11077321. The registered office address is GSE House, Paper Lane, Willesborough, Ashford, Kent, TN24 0TS. The principal place of business address 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 group management to exercise judgement in applying the group's accounting policies (see note 3). The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 22 November 2017.
| 2.3 | Going concern
The group 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 current under negotiation. The group 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 15
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) 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. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 16
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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 group has transferred the significant risks and rewards of ownership to the buyer; ∙the group 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 group 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 group 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 group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.7 | Operating leases: the group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | 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. Page 17
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds.
| 2.11 | 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 and the group operate and generate 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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.
| 2.12 | 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 18
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.12 | 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 basis
|  |  |  | 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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | 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. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
| 2.17 | 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 19
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | 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.
| 2.19 | Financial instruments
The group 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 group's Balance Sheet when the group 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 group'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 group after the deduction of all its liabilities. Page 20
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 group 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 group 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 group's contractual obligations expire or are discharged or cancelled.
| 2.20 | 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 Group'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 considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewd on an ongoing basis. Revisions to the accounting estimates are recognised in the periods in which the estimate is revised if the revisions only affect that period, or in the period of revision and the future periods if the revision affects both current and future periods. Page 21
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | 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
| Share-based payment | 367,598 | -
|  | £2,808,879 | £6,997
7. | Auditors' remuneration
| During the year, the group obtained the following services from the company's auditors:
|  |  |  |  | 2024 | 2023
| Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements | 6,200 | 6,000
| Fees payable to the company's auditors in respect of: |  |
| All other services | 12,000 | 12,000
Page 22
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Employees
| Staff costs were as follows:
|  | Group | Group
|  | 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:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Directors | 4 | 4 | 4 | 4
|  | Staff | 60 | 61 | - | -
|  |  | 64 | 65 | 4 | 4
9. | Interest receivable
|  |  |  |  | 2024 | 2023
| Other interest receivable | £116,933 | £-
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
| Other loan interest payable | 888 | 119,784
| Finance leases and hire purchase contracts | 3,635 | 3,591
|  | £4,523 | £123,375
Page 23
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) 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 | -
|  | 428,181 | 339,126
| 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)
|  | £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 | £1,032,822
| 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 24
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Dividends
|  |  |  |  | 2024 | 2023
| Dividends | - | 250,000
|  | £- | £250,000
13. | Parent company profit for the year
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent company for the year was £10,000 (2023 - £250,000). Page 25
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Tangible fixed assets
| Group
|  | 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 26
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
| Cost or valuation |
| At 1 January 2024 | 1
| At 31 December 2024 | £1
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Ashford International Truck Stop Limited | Henwood House, Henwood, Ashford, Kent, TN24 8DH | Operation of a truckstop | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| Ashford International Truck Stop Limited | 5,362,330 | 1,226,960
16. | Stocks
|  | Group | Group
|  | 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
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 27
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
| Trade debtors | 596,617 | 449,953 | - | -
| Amounts owed by group undertakings | - | - | 10,000 | -
| 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 | £10,000 | £-
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
| Cash at bank and in hand | £125,891 | £330,181 | £199 | £199
19. | Creditors: Amounts falling due within one year
|  | Group | Group
|  | 2024 | 2023
| Payments received on account | 93,009 | -
| Trade creditors | 1,284,926 | 260,934
| Corporation tax | 766,456 | 571,918
| Other taxation and social security | 426,329 | 664,661
| Obligations under finance lease and hire purchase contracts | 21,734 | 21,110
| Other creditors | 5,648,245 | 1,570,293
| Accruals and deferred income | 1,608,489 | 1,305,797
|  | £9,849,188 | £4,394,713
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2024 | 2023
| Net obligations under finance leases and hire purchase contracts | - | 24,021
|  | £- | £24,021
Page 28
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 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%).
22. | Financial instruments
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 125,891 | 330,181 | 199 | 199
| Financial assets measured at amortised cost | 12,987,300 | 7,882,049 | - | -
|  | £13,113,191 | £8,212,230 | £199 | £199
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | £7,047,915 | £1,876,348 | £- | £-
| Financial assets measured at fair value through profit or loss comprise cash in hand and at bank.
| Financial assets measured at amortised cost comprise trade and other debtors.
| Financial liabilities measured at amortised cost comprise trade creditors, other creditors and hire purchase finance.
Page 29
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Deferred taxation
| Group
|  | 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
| Company
|  | 2024 | 2023
| At end of year | £- | £-
| The deferred tax asset is made up as follows:
|  | Group | Group
|  | 2024 | 2023
| Accelerated capital allowances | (30,305) | (38,505)
| Tax losses carried forward | 37,500 | 62,500
|  | £7,195 | £23,995
24. | Share capital
|  |  |  |  | 2024 | 2023
|  | Allotted, called up and fully paid |  |
|  | 6,200 (2023 - 200) Ordinary shares of £1.00 each | £6,200 | £200
On 28 August 2024, 6,000 Ordinary shares of £1.00 each were issued as part of a bonus issue.
25. | 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. Page 30
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
26. | Share-based payments
| The company operates equity-settled share option schemes for certain employees. Under the terms of the schemes, qualifying employees are granted options to acquire ordinary shares in the company at a specified exercise price. The options were not subject to any vesting conditions. Vested options are exercisable for a period of up to ten years from the date of grant. The options are settled by the issue of ordinary shares in the company. The company accounts for equity-settled share-based payment transactions by reference to the fair value of the equity instruments granted at the grant date. The fair value is recognised as an employee expense, with a corresponding increase in equity, over the vesting period. The fair value of each share option granted was measured using entity-specific market data, being an independent fair valuation of the entity and its assets. The reason for choosing this method was due to an absence of observable market prices. During the year, there were no modifications to the terms and conditions of share-based payment arrangements.
27. | Contingent liabilities
The group had entered into a guarantee in favour of loans advanced 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).
28. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £25,518 (2023 - £171,023). Contributions totalling £87,860 (2023 - £25,356) were payable to the fund at the balance sheet date and are included in creditors.
29. | Commitments under operating leases
| At 31 December 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 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 31
ASHFORD INTERNATIONAL TRUCK STOP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
30. | Related party transactions
| During the year, the group 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 group acquired goods and services totaling £866,483 (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.
31. | Controlling party
The ultimate controlling parties are Mr D M Healey and Mrs C M Healey by virtue of their shareholdings.
Page 32