Company Registration Number: 09165153
FOR THE YEAR ENDED 31 JANUARY 2026
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
COMPANY INFORMATION
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
CONTENTS
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their strategic report of the Company and the Group for the year ended 31 January 2026.
The loss on ordinary activities before taxation was £3,034k (2025 - profit £106k). Of this £2,811k was an exceptional expense relating to an extraordinary write-off of accrued balances dated between 2021 and 2024 within debtors. Excluding this exceptional item the loss for the year before tax reduces to £224k vs a profit in the prior year of £106k.
The directors are naturally disappointed with the loss incurred in the year excluding exceptional expenses of £224k. This loss derives primarily from the new vehicle sales departments which have had a particularly challenging 12 months in the face of a generally depressed commercial vehicle market across the board including all marques and weight ranges, as well as difficult wider macroeconomic conditions impacting both the region and nation generally. This in turn resulted in sales performance falling significantly short of expectations despite the unwavering efforts of the dedicated sales team. The directors are optimistic of this position recovering in the FY2027 and into FY2028 concurrent with the launch of new IVECO product into the marketplace and anticipated overall improvement in market conditions which are expected to recover.
The financial performance in the year was compounded by an exceptional expense totalling £2,811k bringing the overall result for the year to a loss of £3,034k. The exceptional expense relates primarily to the write-off of historic balances within debtors on the Statement of Financial Position which, whilst the directors maintain that these are and have always been recoverable, have been pragmatically written off to protect and enable the continuation of one of the Group’s core commercial relationships, which is vital to the Group’s continued success into the future.
Further to several cost-controlling measures taken to date the directors feel the Group is well placed to improve gross profits and further control costs in the coming years, and the Group forecasts sufficient headroom within its banking facilities for at least the next 12 months. Accordingly, the directors are confident in the Group’s ability to deliver continuing positive results in the year ahead.
The directors are naturally disappointed with the loss incurred in the year excluding exceptional expenses of £224k. This loss derives primarily from the new vehicle sales departments which have had a particularly challenging 12 months in the face of a generally depressed commercial vehicle market across the board including all marques and weight ranges, as well as difficult wider macroeconomic conditions impacting both the region and nation generally. This in turn resulted in sales performance falling significantly short of expectations despite the unwavering efforts of the dedicated sales team. The directors are optimistic of this position recovering in the FY2027 and into FY2028 concurrent with the launch of new IVECO product into the marketplace and anticipated overall improvement in market conditions which are expected to recover.
The financial performance in the year was compounded by an exceptional expense totalling £2,811k bringing the overall result for the year to a loss of £3,034k. The exceptional expense relates primarily to the write-off of historic balances within debtors on the Statement of Financial Position which, whilst the directors maintain that these are and have always been recoverable, have been pragmatically written off to protect and enable the continuation of one of the Group’s core commercial relationships, which is vital to the Group’s continued success into the future.
Further to several cost-controlling measures taken to date the directors feel the Group is well placed to improve gross profits and further control costs in the coming years, and the Group forecasts sufficient headroom within its banking facilities for at least the next 12 months. Accordingly, the directors are confident in the Group’s ability to deliver continuing positive results in the year ahead.
The principal risks and uncertainties associated with the business mainly centre on credit risk, and exposure to interest rates.
The Group remains committed that its future expansion strategies should be achieved from cash generated by its operations.
The Group manages its exposure to interest rates by having facilities with varying providers on differing interest rate bases and thus spreading its risk accordingly.
As a matter of good business practice, the Group has taken steps to negotiate additional facilities which may be used if required to meet any expansion programmes over and above current strategies.
Other financial assets and liabilities are those generated from its trading activities and primarily comprise fixed assets, stocks, trade debtors and trade creditors.
Monitoring and control of trade debtors remains key, and the Group undertakes credit assessments of its customers monthly to minimise exposure on extended credit where there is a possibility of default. The Group ensures provision of such risk is maintained at historic rates.
The Group believes that due to its investment in properties and stringent accounting policies, the market value of its fixed assets exceeds their net book value.
The Group manages its exposure to interest rates by having facilities with varying providers on differing interest rate bases and thus spreading its risk accordingly.
As a matter of good business practice, the Group has taken steps to negotiate additional facilities which may be used if required to meet any expansion programmes over and above current strategies.
Other financial assets and liabilities are those generated from its trading activities and primarily comprise fixed assets, stocks, trade debtors and trade creditors.
Monitoring and control of trade debtors remains key, and the Group undertakes credit assessments of its customers monthly to minimise exposure on extended credit where there is a possibility of default. The Group ensures provision of such risk is maintained at historic rates.
The Group believes that due to its investment in properties and stringent accounting policies, the market value of its fixed assets exceeds their net book value.
Page 1
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Although the Group has several different operations within its commercial dealerships, the directors do not believe that a detailed analysis of key performance indicators is necessary in this report to understand the business, which is managed by regular preparation and review of detailed business analysis and management accounts.
During the year the Group’s turnover has decreased by £3,671k (6.13%) from £59,910k in 2025 to £56,239k in 2026. While the Group has seen growth in turnover for Parts, Service and labour, up £873k (3.62%) to £25,020k in 2026 from £24,147k in 2025, the overall decrease is driven by a fall in vehicle sales of £4,544k (12.71%) from £35,763k in 2025 to £31,219K in 2026. The Group continues to operate in a challenging market which has shrunk in the period with little to no recovery expected until mid to late 2026. This is not localised to the Group; it’s geographical coverage or the franchises it operates but rather a reflection of the current state of the commercial vehicle market in the UK as a whole. This is a direct result of ongoing economic factors such as political uncertainty and high interest rates, as well as the significant increase in fuel costs across the period which in turn are impacting customers’ capital spend decisions.
The Group’s new and used vehicle stock levels have decreased by £9,965k (44.59%) from £22,348k in 2025 to £12,383k in 2026. This decrease is the result of a continued concerted effort to sell out of stock vehicles both to mitigate the impact of increased stocking interest costs, and to prepare for new model launches in mid to late 2026.
As well as quantitative KPIs, the directors monitor qualitative key performance indicators to measure and assess the performance of the business on a regular basis. These KPIs include detailed customer satisfaction surveys which are carried out both in house and by our manufacturer partners, vehicle time off road reporting (VOR), MOT performance and repair & maintenance contract penetration amongst others. All KPIs such as these are monitored and reviewed on a regular basis across all levels of the organisation and are used to drive forward the strategy and management of the business.
During the year the Group’s turnover has decreased by £3,671k (6.13%) from £59,910k in 2025 to £56,239k in 2026. While the Group has seen growth in turnover for Parts, Service and labour, up £873k (3.62%) to £25,020k in 2026 from £24,147k in 2025, the overall decrease is driven by a fall in vehicle sales of £4,544k (12.71%) from £35,763k in 2025 to £31,219K in 2026. The Group continues to operate in a challenging market which has shrunk in the period with little to no recovery expected until mid to late 2026. This is not localised to the Group; it’s geographical coverage or the franchises it operates but rather a reflection of the current state of the commercial vehicle market in the UK as a whole. This is a direct result of ongoing economic factors such as political uncertainty and high interest rates, as well as the significant increase in fuel costs across the period which in turn are impacting customers’ capital spend decisions.
The Group’s new and used vehicle stock levels have decreased by £9,965k (44.59%) from £22,348k in 2025 to £12,383k in 2026. This decrease is the result of a continued concerted effort to sell out of stock vehicles both to mitigate the impact of increased stocking interest costs, and to prepare for new model launches in mid to late 2026.
As well as quantitative KPIs, the directors monitor qualitative key performance indicators to measure and assess the performance of the business on a regular basis. These KPIs include detailed customer satisfaction surveys which are carried out both in house and by our manufacturer partners, vehicle time off road reporting (VOR), MOT performance and repair & maintenance contract penetration amongst others. All KPIs such as these are monitored and reviewed on a regular basis across all levels of the organisation and are used to drive forward the strategy and management of the business.
The directors have considered the ongoing impact of the United Kingdom’s macro-economic environment and steep interest rate levels and its potential impact on the financial sustainability of the Group. In doing so management have applied sensitivities and adverse assumptions upon their budgets, cash flow forecasts in making their assessment. Management and the Directors have considered a period of at least twelve months from the date of sign off when making their assessment with regards to going concern. After consideration of all factors, the Directors have continued to adopt the going concern basis in preparing the financial statements.
North East Truck & Van exists for the betterment of our customers, their vehicles and operations and the support and wellbeing of our employees. Our corporate culture is focused around ensuring the highest levels of customer service with each and every interaction, and the strategic pursuit of the long-term stability and progression of the organisation.
We consider our key stakeholders to be our customers, suppliers, employees and the wider surrounding community.
We have worked closely with both customers and suppliers to ensure we carefully manage the transition to more environmentally sustainable products, such as alternative fuel vehicles, a number of which are now available within our product portfolio and avoiding waste in the supply chain.
We believe in the fundamental principles of honesty and integrity and seek to employ these in all aspects of our business practices.
We consider our key stakeholders to be our customers, suppliers, employees and the wider surrounding community.
We have worked closely with both customers and suppliers to ensure we carefully manage the transition to more environmentally sustainable products, such as alternative fuel vehicles, a number of which are now available within our product portfolio and avoiding waste in the supply chain.
We believe in the fundamental principles of honesty and integrity and seek to employ these in all aspects of our business practices.
Page 2
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
This report was approved by the board and signed on its behalf.
Page 3
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
Principal activity
The principal activities of the Group in the year under review were those typically associated with a commercial vehicle dealership. During the last financial year this involved the sale of both new and used vehicles, parts sales, servicing and maintenance, and the provision of specialist engineering and bodyshop activities.
The Group operates franchises with Iveco, Fiat Professional and MAN.
Principal activity
The principal activities of the Group in the year under review were those typically associated with a commercial vehicle dealership. During the last financial year this involved the sale of both new and used vehicles, parts sales, servicing and maintenance, and the provision of specialist engineering and bodyshop activities.
The Group operates franchises with Iveco, Fiat Professional and MAN.
The loss for the year, after taxation, amounted to £2,680k (2025 - profit £63k).
No dividends were paid during the year (2025 - £nil). The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The directors continue to be confident that the business will continue to perform to plan, with the cost base being carefully controlled and monitored to react immediately to any volume fluctuations.
Engagement with employees
The Group’s policy is to discuss with employees, through team meetings and individual appraisals, all matters which are likely to affect the employee’s interests.
Information on matters of concern to employees is provided through regular employee briefings. These seek to achieve a common awareness amongst employees of the financial and economic factors affecting the Group’s performance.
The Group’s policy is to give full and fair consideration to applications for employment from disabled persons, having regard for their particular attributes and abilities. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work as appropriate to their attributes and abilities.
Engagement with employees
The Group’s policy is to discuss with employees, through team meetings and individual appraisals, all matters which are likely to affect the employee’s interests.
Information on matters of concern to employees is provided through regular employee briefings. These seek to achieve a common awareness amongst employees of the financial and economic factors affecting the Group’s performance.
The Group’s policy is to give full and fair consideration to applications for employment from disabled persons, having regard for their particular attributes and abilities. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work as appropriate to their attributes and abilities.
Page 4
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
The directors believe in building long term, strong and sustainable relationships with our customer and suppliers. This approach has enabled us to create and maintain long term ongoing relationships with both customers and suppliers alike to the betterment of all parties.
Regular meetings are held with key suppliers such as our franchise partners, both at board and managerial level to ensure our objectives are mutually aligned and both partners are appropriately supporting one another.
The directors consider excellence in customer service to be one of the Group’s core principles. On a day-to-day basis customer relationships are developed and maintained on an ongoing basis by regular contact from our sales and aftersales departments. Furthermore, the directors ensure they are approachable and available to meet and discuss any matters any customer wishes to bring to their attention.
Regular meetings are held with key suppliers such as our franchise partners, both at board and managerial level to ensure our objectives are mutually aligned and both partners are appropriately supporting one another.
The directors consider excellence in customer service to be one of the Group’s core principles. On a day-to-day basis customer relationships are developed and maintained on an ongoing basis by regular contact from our sales and aftersales departments. Furthermore, the directors ensure they are approachable and available to meet and discuss any matters any customer wishes to bring to their attention.
The Group will seek to minimise any adverse impacts on the environment from its activities, whilst continuing to address health, safety, and economic issues. The Group plans to reduce its diesel usage by transitioning its company vehicles to hybrid electric cars, rather than diesel cars. The Company has complied with all applicable legislation and regulations.
In the year, the Group, across all its seven dealerships in aggregate, consumed 918k kWh of electricity (2025: 933k kWh) which equated to 177 tonnes of carbon (2025: 180 tonnes), 2,261k kWh of gas (2025: 1,893k kWh) which equated to 407 tonnes of carbon (2025: 341 tonnes) and 176k litres of diesel (2025: 220k litres) which equated to 451 tonnes of carbon (2025: 564 tonnes).
Emissions from business travel for which the Group is responsible but caused by assets which are not under its direct control or ownership, was 39.09 tonnes (2025: 40.52 tonnes). This data has been extracted directly off our detailed utility bills and translated using the UK Government GHG Conversion Factors for Company Reporting v2.0.
Emissions from business travel for which the Group is responsible but caused by assets which are not under its direct control or ownership, was 39.09 tonnes (2025: 40.52 tonnes). This data has been extracted directly off our detailed utility bills and translated using the UK Government GHG Conversion Factors for Company Reporting v2.0.
The intensity ratio, defined as tonnes of carbon per £m revenue, was 18.42 (2025: 18.11).
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.
Page 5
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 6
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2026
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Page 7
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH EAST TRUCK & VAN HOLDINGS LIMITED
We have audited the financial statements of North East Truck & Van Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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).
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.
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 8
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH EAST TRUCK & VAN HOLDINGS LIMITED (CONTINUED)
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.
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.
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.
Page 9
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH EAST TRUCK & VAN HOLDINGS LIMITED (CONTINUED)
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including the requirements of FCA regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
Page 10
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH EAST TRUCK & VAN HOLDINGS LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙reviewed the application of accounting policies.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Newcastle upon Tyne
Page 11
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
Page 12
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
REGISTERED NUMBER: 09165153
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
Page 13
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
REGISTERED NUMBER: 09165153
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
Page 14
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
Page 15
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 16
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2026
Page 17
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
North East Truck & Van Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company information page.
2.Accounting policies
The consolidated 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 consolidated 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:
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 Statement of Financial Position, 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.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, 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.
The Group meets its working capital requirements through operating cash flows and the utilisation of existing banking and financing facilities. These facilities are regularly monitored, are utilised as part of the Group's funding structure, and remain in place until June 2028.
The Directors have prepared detailed cash flow forecasts and financial projections covering a period of at least twelve months from the date of approval of these financial statements. The forecasts indicate that the Group is expected to maintain adequate liquidity and financial headroom throughout the forecast period, including sufficient availability within its existing banking facilities.
In forming their assessment, the Directors have considered the Group's current trading performance, forecast cash flows, available banking facilities and associated headroom, together with the principal risks and uncertainties facing the business. This assessment has taken into account the loss before taxation incurred during the year, which arose principally from an exceptional expense relating to the write-off of historic debtor balances. Excluding exceptional items, the underlying loss before taxation was significantly reduced. The Group continues to maintain positive net assets.
After making appropriate enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
The Directors have prepared detailed cash flow forecasts and financial projections covering a period of at least twelve months from the date of approval of these financial statements. The forecasts indicate that the Group is expected to maintain adequate liquidity and financial headroom throughout the forecast period, including sufficient availability within its existing banking facilities.
In forming their assessment, the Directors have considered the Group's current trading performance, forecast cash flows, available banking facilities and associated headroom, together with the principal risks and uncertainties facing the business. This assessment has taken into account the loss before taxation incurred during the year, which arose principally from an exceptional expense relating to the write-off of historic debtor balances. Excluding exceptional items, the underlying loss before taxation was significantly reduced. The Group continues to maintain positive net assets.
After making appropriate enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis.
Page 18
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Page 19
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Page 20
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 21
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods listed below.
Depreciation is provided on the following 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.
Stocks and work in progress are stated at the lesser of cost and net realisable value.
The cost of parts is determined on a weighted average basis and the cost of new and used vehicles is determined on an actual cost basis.
The value of work in progress includes an appropriate element of labour.
Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.
Provision is made where necessary for obsolete, slow moving and defective stocks.
The cost of parts is determined on a weighted average basis and the cost of new and used vehicles is determined on an actual cost basis.
The value of work in progress includes an appropriate element of labour.
Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.
Provision is made where necessary for obsolete, slow moving and defective stocks.
Page 22
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Page 23
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic life of those assets. These are re-assessed annually and amended when necessary to reflect current estimates, based on the economic utilisation and physical condition of the assets.
(ii) Inventory provisioning
The group holds used vehicles for resale. Such vehicles are held at cost less any provision for impairment. The calculation of any provision for impairment required judgement. Such provisions are calculated using management's best estimates of likely future selling prices on an individual vehicle by vehicle basis.
(iii) Valuation of accrued income
Income is accrued for maintenance work performed. Where this income is not realised at the time of approving the accounts, there is an element of estimation in this amount. In this case, accrued income is estimated based on parts and labour costs incurred, and historic recovery rates against those costs in general and for specific customers.
Page 24
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 25
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 26
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
11.Taxation (continued)
Page 27
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 28
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
Page 29
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 30
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 31
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 32
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|
|
|||
|
|
Page 33
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Share premium account
Profit and loss account
distribution to shareholders.
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 £219k (2025 - £229k). Contributions totalling £51k (2025 - £86k) were payable to the fund at the balance sheet date.
Page 34
NORTH EAST TRUCK & VAN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
The Group is controlled by Mr J W McDonald who holds a majority shareholding.
Page 35