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Tiger Trailers Limited
Registered number: 08937970
Annual report and
financial statements
For the year ended 31 December 2020
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TIGER TRAILERS LIMITED
COMPANY INFORMATION
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Colin Murdoch (appointed 3 November 2020)
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Winsford Industrial Estate
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Chartered Accountants & Statutory Auditor
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TIGER TRAILERS LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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TIGER TRAILERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their Strategic Report for the period ended 31 December 2020.
The principal activity of the Company is the manufacture of commercial vehicle bodies and trailers in addition to trailer rental.
The Company continued to make positive progress during the year to December 2020 and the directors are satisfied with the financial performance as reported in these financial statements.
The year was impacted by the Covid 19 Coronavirus global pandemic, which led to the factory needing to close from the last week in March up until re opening on the 20th of April, with a reduced active workforce, with many of our workers being put on the Government Furlough Scheme, to enable us to operate a socially distanced workplace.
We implemented the strictest of measures in terms of cleanliness and social distancing, which were successful and enabled us to gradually increase our factory workforce back up to an efficient number, by September, whilst also ensuring those staff members who could work from home did so.
Despite the factory stoppage and the other Covid costs which we incurred, the performance in the year is the best in our history, which is testament to the last 7 years hard work by everyone involved in creating the company that we are today.
The Tiger brand is now firmly established in the UK, now being the 5th largest trailer builder, with a strong emphasis on the more complex double deck trailers and other products of this type and has one of the most efficient factories in the UK to carry out its operations.
The Company has continued to innovate during the year, which has enabled it to design and produce more efficient trailers and new products that have not been available in the market before, ultimately bringing cost savings to our customers and an increased interest from potential customers.
Looking ahead, 2021 will see increased activity in our trailer rental activities and refrigerated product range. We continue to attract new customers and our confirmed order book is significantly higher than is normally the case at this time of year. This coupled with a strong sales pipeline puts us in an extremely positive position for 2021 and beyond.
Tiger is a valued company in the local community with excellent relationships with both local and central government. We continue to build on our excellent reputation in everything we do from product development to staff development, by working in a fair way in accordance with good business conduct.
Financial key performance indicators
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The key financial performance indicators are:
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Total operating (loss)/profit
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(Loss) / Profit before tax
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- 1 -
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TIGER TRAILERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Directors' statement of compliance with duty to promote the success of the Company
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The board of directors of Tiger Trailers Limited consider that both individually and together for the year ended 31 December 2020 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in s17 (1)(a-f) as below:
a) The likely consequences of any decision in the long term;
b) The interests of the Company’s employees;
c) The need to foster the Company’s business relationships with suppliers, customers and others;
d) The impact of the Company’s operations on the community and the environment;
e) The desirability of the Company maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the Company.
The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.
a) The likely consequences of any decision in the long term
The directors have regard to the likely consequences of their decisions on the long term objectives and sustainability of the Company, its stakeholders and the community whilst also preserving its values and culture. With this in mind, when a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
b) The interests of the Company’s employees
Our employees are key so it is very important that they have the right attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular discussions are held with employees. The directors make an effort to visit our locations to talk to the employees which gives them the opportunity to hear their ideas and see first hand where any improvements can be made.
c) The need to foster the Company’s business relationships with suppliers, customers and others
We carry out our business with similar-minded people who we like and build on this to forge strong and lasting partnerships which is important for our long-term success.
d) The impact of the Company’s operations on the community and the environment
We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it.
e) The desirability of the Company maintaining a reputation for high standards of business conduct
All new employees get a New Starter Pack which documents our history, standards, equal opportunities and training programme (among other things). All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Company’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.
f) The need to act fairly between members of the Company
The Company aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the company.
- 2 -
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TIGER TRAILERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
CHG emissions data for the year from 1 January 2020 to 31 December 2020
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We have reported on all of the emissions sources required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The reporting boundary used for the collation of the above data is consistent with that used for consolidation purposes. In the financial statements, we have used GHG Protocol Corporate Accounting and Reporting standard (Revised edition(, data gathered to fulfil our requirements under the CRC Energy Efficiency scheme, and emission factors from the UK Governments GHG Conversion Factors for Company Reporting 2019 to calculate the above disclosures.
The figures reported above relate to emissions and energy consumed in the United Kingdom.
The Key sources for emissions and gas and electricity. We have not included Co2e emissions from Group employees’ travel, which we consider immaterial.
The Company has set a target of reducing tonnes of Co2e per £m of costs of sales by 5% per annum (based on the figures reported in the year ended 31 December 2020 of 748 tonnes of Co2e per £m of cost of sales) over the 5 years ending 31 December 2025.
Principal risks and uncertainties
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The key inherent industry risks the Company faces are the economic environment, market demand, competition, and the raw material cost and supply.
The Company actively monitors such risks through regular business performance reviews and manages the risks through a focus on production of high-quality innovative products, ongoing training and development of staff, an efficient modern factory, continual improvement, and proactive long-term relationships with both customers and suppliers.
This report was approved by the board on 31 March 2021 and signed on its behalf.
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TIGER TRAILERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
Directors' responsibilities statement
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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 period. 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 judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,950,781 (2019 - £668,689).
There were no dividends declared and paid during the year (2019: £Nil).
The directors who served during the year were:
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Colin Murdoch (appointed 3 November 2020)
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The directors plan to develop the activities of the Company, taking into account the general economic conditions that are likely to exist in the coming year, recognising quality and cost competitiveness are key.
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TIGER TRAILERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
These financial statements have been prepared on a going concern basis.
The current economic conditions in light of the COVID-19 pandemic present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of future trading for a period of at least 12 months from the date of signing the financial statements, and the extent to which any risks might affect the preparation of the financial statements on a going concern basis. The forecasts show that the Company will continue to trade within its available facilities. As such the directors continue to adopt the going concern basis of accounting in preparation of the annual financial statements.
For further information regarding the directors' assessment of the going concern status for the Company, refer to note 2.2.
The withdrawal of the United Kingdom from the European Union
New trading arrangements between the United Kingdom and the European Union took effect on 31 December 2020. In general, tarrifs and quotas on trade have not been introduced, although administrative complications and regulatory restrictions have reduced the freedom of cross-border trade. The company is carefully monitoring the practical application of the new trading arrangements by regulatory authorities, to better understand what the eventual impact on its business will be. The process of determining these effects is ongoing, and has also been delayed by the suspension of certain sectors of economic activity in response to the COVID-19 pandemic.
Economic impact of the COVID-19 pandemic
The COVID-19 pandemic continues to affect the UK and global economies adversely. At the time of signing this report there are indications from the government that social restrictions which have suppressed economic activity during 2020 and 2021 are likely to be lifted in the foreseeable future. If this does happen the directors expect to see the UK and global economies return to growth in due course, but it is not possible to predict how quickly and to what degree this may happen. The priorities of the directors remain to comply with all regulatory requirements to the fullest extent possible, and to maintain the safety and well-being of the company's personnel.
Research and development activities
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The Company is heavily committed to research and development activities. The Company has increased its investment in this area with a strong focus on innovative new product design and development, which it feels confident will lead to continued market share growth in future.
Engagement with employees
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The Company's policy is to consult and discuss with employees matters likely to affect employees' benefits. Information of matters of concern to employees is given through regular company communication meetings and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.
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TIGER TRAILERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 31 March 2021 and signed on its behalf.
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TIGER TRAILERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
Opinion
We have audited the financial statements of Tiger Trailers Limited (the ‘Company’) for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2020 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.
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TIGER TRAILERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
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 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 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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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TIGER TRAILERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 either the directors intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Tiger Trailers Limited and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, non-compliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also 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 the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
∙discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
∙communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
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TIGER TRAILERS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIGER TRAILERS LIMITED
Our audit procedures in relation to fraud included but were not limited to:
∙making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙discussing amongst the engagement team the risks of fraud; and
∙addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 auditor's 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.
Neil Barton (Senior statutory auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
One St Peter’s Square
Manchester
M2 3DE
31 March 2021
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TIGER TRAILERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
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Share of profit of joint venture
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Interest payable and expenses
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Profit for the financial year
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All activities relate to continuing operations.
There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2020 (2019:£NIL).
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The notes on pages 16 to 37 form part of these financial statements.
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TIGER TRAILERS LIMITED
REGISTERED NUMBER: 08937970
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2021.
The notes on pages 16 to 37 form part of these financial statements.
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TIGER TRAILERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on pages 16 to 37 form part of these financial statements.
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TIGER TRAILERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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Share of operating (loss) in joint ventures
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Net cash generated from operating activities
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- 14 -
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TIGER TRAILERS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Repayment of/new finance leases
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 16 to 37 form part of these financial statements.
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- 15 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Tiger Trailers Limited (‘the Company’) is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is Alan Cartwright House, Road One, Winsford Industrial Estate, Winsford, Cheshire, England, CW7 3RL.
These financial statements have been presented in pound sterling which is the functional currency of
the company, and rounded to the nearest £.
The principal activity of the Company is the manufacture of commercial vehicle bodies and trailers.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
These financial statements have been presented in pound sterling which is the functional currency of the Company.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
The directors have confirmed that they believe the transport industry is critical to the UK economy. Both market demands and the Company’s current enquiry level remain strong. The directors envisage the Company coming out of the current COVID-19 pandemic in a strong position that will enable the Company to continue its current success story. The lenders to the Company remain supportive and the Statement of Financial Position is strong. The order book also shows significant growth for 2021.
Based on this assessment, the directors consider that the Company maintains an appropriate level of liquidity sufficient to meet the demands of the business including any capital and servicing obligations of external debt liabilities.
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
- 16 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
These financial statements present only the position and results of the Company. The subsidiary companies disclosed in note 15 have not been consolidated on the grounds of materiality as all are dormant and have been since incorporation.
Joint Ventures are held at cost less impairment, and are subsequently adjusted for the share of profit/loss of the joint venture and for any dividends received.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income
Operating lease income from trailer hire is recognised in the Statement of Comprehensive Income on a straight-line basis over the lease term.
Repair and maintenance income
Repair and maintenance income is recognised in the Statement of Comprehensive Income on completion of provision of the service.
- 17 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life and is included within administrative expenses.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
The Company recognises an intangible asset in respect of development expenditure when it can demonstrate:
i) its technical feasibility of completing the intangible asset so that it will be available for use or sale;
ii) its intention to complete the intangible asset and use or sell it;
iii) its ability to use or sell the intangible asset;
iv) how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset;
v) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
vi) its ability to measure reliably the expenditure attributable to the intangible asset during its development.
Amortisation on capitalised development expenditure does not commence until the asset is available for use. The amortisation charge is included within administrative expenses.
All expenditure not meeting the criteria set out above is considered to form part of the 'research' phase, and is expensed in the period in which it is incurred.
The periods amortised over are as follows:
Development expenditure - 10 years
Goodwill - 10 years
- 18 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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. The estimated useful lives range as follows:
Depreciation is provided on the following bases:
Leasehold improvements - 10% straight line
Plant & machinery - 8.3% - 12.5% straight line
Motor vehicles - 20% straight line
Fixture & fittings - 20% straight line
Computer equipment - 20% straight line
Plant and machinery includes trailers which are leased to customers under an operating lease arrangement.
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 within 'other operating income' in the Statement of Comprehensive Income.
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Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
- 19 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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Operating leases: the Company as lessor
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Rentals income from operating leases is credited to profit or loss on a straight line basis over the term of the relevant lease.
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.
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 the Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including other loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
- 20 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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Foreign currency translation
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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 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'.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
- 21 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
- 22 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Investments in subsidiary companies are recognised at cost less provision for impairment.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties.
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 payables or receivables, 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 financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
- 23 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Judgments in applying accounting policies and key sources of estimation uncertainty
|
In preparing these financial statements, the directors have had to make the following judgments:
Development expenditure
Development expenditure is capitalised in accordance with the accounting policy given in note 2.6 to these financial statements. Initial capitalisation of costs is based on management’s judgemental that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an establish project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets and the expected period of benefits.
Valuation of stock and work in progress
Raw materials held at the period-end are valued using the most recent purchase invoice.
Work in progress also includes an element of labour and overheads. An average labour and overhead rate per hour is calculated using trends throughout the period. Unusual trading activity is excluded from this average calculation.
Other key sources of estimation uncertainty
Tangible fixed assets (see note 14)
Tangible fixed assets, other than investments properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Intangible assets (see note 13)
Intangible assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions and the remaining life of the asset.
- 24 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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Government grants receivable
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Amortisation of intangible assets, including goodwill
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Defined contribution pension cost
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- 25 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Fees payable to the Company's auditor for the audit of the Company's annual accounts
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Fees payable to the Company's auditor in respect of:
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Accounts compilation and iXBRL tagging
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Administrative (including directors)
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The highest paid director received remuneration of £199,814 (2019 - £159,187).
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The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2019 - £NIL).
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- 26 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Interest payable and similar expenses
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Finance leases and hire purchase contracts
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Origination and reversal of timing differences
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Taxation on profit/(loss) on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2019 - lower than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Utilisation of tax losses
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Deferred tax asset not recognised
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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- 27 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
11.Taxation (continued)
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Factors that may affect future tax charges
|
The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25% . Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
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Buildings dilapidation costs
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Office & warehouse relocation costs
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Charge for the year on owned assets
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- 28 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
13.Intangible assets (continued)
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Goodwill arose on the transfer of trade and assets from Tiger Trailers LLP in 2014. The Goodwill is being amortised evenly over the directors' estimate of its useful life of 10 years.
Development costs are amortised evenly over their useful lives of 10 years. Amortisation is included in administration expenses in the Statement of Comprehensive Income.
Staff costs of £429,691 (2019: £960,000) have been capitalised as development in the period.
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Charge for the year on owned assets
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- 29 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
14.Tangible fixed assets (continued)
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Furniture, fittings and equipment
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Investments in subsidiary companies
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Investment in joint ventures
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- 30 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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The following were subsidiary undertakings of the Company:
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Tiger Finance 2014 Limited
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Tiger Finance Sales Limited
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These companies have not been consolidated with Tiger Trailers Limited due to their immaterial size and due to them being dormant.
The registered address of all three companies is Alan Cartwright House Road One, Winsford Industrial Estate, Winsford, Cheshire, England.
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The following is a joint venture of the Company:
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7 Hilliards Court, Chester Business Park, Chester, CH1 9QP, United Kingdom
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Raw materials and consumables
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- 31 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Amounts owed by related parties
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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- 32 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
|
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured loans
Hire purchase contracts totalling £1,651,095 (2019: £762,317) within creditors due within one year and £6,094,809 (2019: £1,213,466) included within creditors due in more than one year are secured upon the assets to which they relate.
The Company has a bank overdraft facility which is secured by way of a fixed and floating charge over all assets held. At the balance sheet date the overdraft balance was £NIL (2019: £1,517,798).
The bank loan is secured by way of a fixed and floating charge over the assets of the Company.
There is a guarantee dated 26 February 2020 in favour of Lecitrailer S.A. for 320,000EUR.
A Composite Company Unlimited Multilateral guarantee dated 17 September 2018 exists including a debenture for a fixed charge over all assets of the Company.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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- 33 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Financial assets measured at fair value through profit or loss
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
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Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors and amounts owed from related parties.
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Financial liabilities measured at amortised cost comprise bank overdrafts, other loans, trade and other payables, other creditors, accruals, bank loans and obligations under hire purchase and finance lease contracts.
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- 34 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Share premium account
This reserve records the amount above the nominal value received for shares issued.
Profit & loss account
The profit and loss accounts represents profits and losses retained in previous and the current period.
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Allotted, called up and fully paid
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1,000,000 (2019 - 1,000,000) ordinary A shares of £1.00 each
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200,000 (2019 - 200,000) ordinary B shares of £1.00 each
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All shares rank pari passu.
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- 35 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £152,331 (2019 - £166,043). Contributions totalling £15,857 (2019 - £22,082) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 31 December 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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At the year end £1,382,271 was owed to directors of the Company (2019: £2,450,876).
At year end £94,562 (2019: £94,562) was owed to the Company by Jungle Property Limited, a company which shares directorships with Tiger Trailers Limited.
At year end £507,315 (2019: £161,731) was owed by the Company to Baloo Property Partnership, a company which shares directorships with Tiger Trailers Limited.
Key management personnel are deemed to be the directors only. Directors remuneration is disclosed in note 9.
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The Company is not deemed to have a controlling or ultimate controlling party.
- 36 -
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TIGER TRAILERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 37 -
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