ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Company Information
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Contents
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Strategic Report
For the Year Ended 31 December 2019
The company owns 100% of Sparshatt Truck & Van Limited which is the Mercedes-Benz Commercial Vehicle partner in Kent and South East London.
The company is now a holding company with no trade whereas in prior years the company held a property which was rented to Sparshatt Truck & Van Limited.
The company uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main risks arising from the company’s financial instruments are interest rate and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below:
Interest risk is managed by financing operations through a mixture of retained profit, and Group borrowing. The company’s exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. Financial risk is managed by ensuring sufficient liquidity is available to meet foreseeable needs. The policy through out the year has been to ensure continuity of funding by using facilities provided by other group companies.
The company made an operating loss of £4 (2018: £63,033 profit).
Directors' statement of compliance with duty to promote the success of the company
Under section 172(1) of the Companies Act 2006, the directors have a duty to act in good faith and in a way that would be most likely to promote the success of the company for the benefit of its shareholder whilst having regard to matters set out in S172(1) (a-f) of the Act. To discharge their section 172(1) duties, the directors have had regard to the factors set out in S172(1) (a-f) of the Act in making the principal decisions taken by the company. The company is the parent of Sparshatt Truck & Van Limited, has no employees and is a small entity when considered on a single entity basis. The directors consider that it is sufficient to disclose within Sparshatt Truck & Van Limited and at a group level within the ultimate parent company accounts of Belfry Trucks Limited, details in regard to performing their duties under S172(1). All directors' decisions were made to promote the long term success of both the company and its ultimate parent company and were in line with the strategic goals and objectives of the group.
This report was approved by the board and signed on its behalf.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Directors' Report
For the Year Ended 31 December 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4 (2018 - profit £2,057,916).
No dividends have been recommended.
The directors who served during the year were:
The company will continue to act as an intermediate Holding Company.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Directors' Report (continued)
For the Year Ended 31 December 2019
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
There have been no significant events affecting the Company since the year end.
The auditors, Smith Cooper Audit 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.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Independent Auditors' Report to the Members of Sparshatt Truck & Van Holdings Limited
We have audited the financial statements of Sparshatt Truck & Van Holdings Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Independent Auditors' Report to the Members of Sparshatt Truck & Van Holdings Limited (continued)
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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Independent Auditors' Report to the Members of Sparshatt Truck & Van Holdings Limited (continued)
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountant and Statutory Auditors
2 Lace Market Square
NG1 1PB
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Statement of Comprehensive Income
For the Year Ended 31 December 2019
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Registered number: 01559196
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 17 form part of these financial statements.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Statement of Changes in Equity
For the Year Ended 31 December 2019
Page 9
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
1.Accounting policies
Sparshatt Truck & Van Holdings Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company’s registration number is 01559196. The nature of the company’s operations and principal activities are given in the Directors’ Report.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).
The company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. The financial statements therefore present information about the company as an individual undertaking and not about its group.
The financial statements are prepared in Sterling which is the functional currency of the company and have been rounded to nearest £1. The significant accounting policies applied in preparation of these financial statements are set out below. Their policies have been consistently applied to all years presented unless otherwise stated.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Belfry Trucks Limited as at 31 December 2019 and these financial statements may be obtained from Unit 10, Eurolink Industrial Estate, Castle Road, Sittingbourne, England, ME10 3RN.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises of rents and service charges receivable. It is therefore recognised in line with the period of the lease agreement, when rents fall due, to the extent that it is probable the company will receive the consideration due under the contract.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
1.Accounting policies (continued)
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors and creditors 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.
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.
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.
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimates means that the actual outcomes could differ from those estimates. There are no significant judgements (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements.
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
Share premium account
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
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SPARSHATT TRUCK & VAN HOLDINGS LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2019
16.Commitments and contingencies
A composite guarantee dated 28 February 2014 for all liabilities of Sparshatt Truck & Van Holdings Limited and Sparshatt Truck & Van Limited has been given to Lloyds bank Plc.
In March 2018 the group entered into a similar mortgage with Close Brothers Limited which includes a composite guarantee with fixed and floating charges over the property of the Belfry Trucks Limited, Sparshatt Truck & Van Limited and Sparshatt Truck & Van Holdings Limited.
The ultimate parent company is Belfry Trucks Limited, a company incorporated in England, United Kingdom.
Consolidated financial statements are available from Unit 10 Eurolink Industrial Estate, Castle Road, Sittingbourne, England, ME10 3RN. The company is ultimately controlled by M Sadique, S J Rooney, P A Rooney and P M Davies by virtue of their joint shareholding in Belfry Trucks Limited.
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