Peirsons Tractors Limited 31/10/2020 iXBRL

PEIRSONS TRACTORS LIMITED - Company Information

31/10/2020 2020-10-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2019-11-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 09211762 2019-11-01 2020-10-31 09211762 2020-10-31 09211762 2019-10-31 09211762 2018-11-01 2019-10-31 09211762 2019-10-31 09211762 2018-10-31 09211762 core:FurnitureFittingsToolsEquipment 2019-11-01 2020-10-31 09211762 core:MotorVehicles 2019-11-01 2020-10-31 09211762 bus:RegisteredOffice 2019-11-01 2020-10-31 09211762 bus:LeadAgentIfApplicable 2019-11-01 2020-10-31 09211762 bus:Director1 2019-11-01 2020-10-31 09211762 bus:Director2 2019-11-01 2020-10-31 09211762 core:FurnitureFittingsToolsEquipment 2019-10-31 09211762 core:MotorVehicles 2019-10-31 09211762 core:FurnitureFittingsToolsEquipment 2020-10-31 09211762 core:MotorVehicles 2020-10-31 09211762 core:WithinOneYear 2020-10-31 09211762 core:WithinOneYear 2019-10-31 09211762 core:RetainedEarningsAccumulatedLosses 2018-11-01 2019-10-31 09211762 core:RetainedEarningsAccumulatedLosses 2019-11-01 2020-10-31 09211762 core:ShareCapital 2020-10-31 09211762 core:ShareCapital 2019-10-31 09211762 core:RetainedEarningsAccumulatedLosses 2020-10-31 09211762 core:RetainedEarningsAccumulatedLosses 2019-10-31 09211762 core:ShareCapital 2018-10-31 09211762 core:RetainedEarningsAccumulatedLosses 2018-10-31 09211762 core:FurnitureFittingsToolsEquipment 2019-10-31 09211762 core:MotorVehicles 2019-10-31 09211762 bus:Director1 2019-10-31 09211762 bus:Director1 2020-10-31 09211762 bus:Director2 2019-10-31 09211762 bus:Director2 2020-10-31 09211762 bus:Director1 2018-10-31 09211762 bus:Director1 2019-10-31 09211762 bus:Director2 2018-10-31 09211762 bus:Director2 2019-10-31 09211762 bus:Director1 2018-11-01 2019-10-31 09211762 bus:Director2 2018-11-01 2019-10-31 09211762 bus:SmallEntities 2019-11-01 2020-10-31 09211762 bus:AuditExemptWithAccountantsReport 2019-11-01 2020-10-31 09211762 bus:FullAccounts 2019-11-01 2020-10-31 09211762 bus:SmallCompaniesRegimeForAccounts 2019-11-01 2020-10-31 09211762 bus:PrivateLimitedCompanyLtd 2019-11-01 2020-10-31

Company registration number: 09211762

PEIRSONS TRACTORS LIMITED

31 October 2020

HEYWOODS

Chartered Accountants

Countrywide House

Knights Way

Shrewsbury

Shropshire

SY1 3AB

PEIRSONS TRACTORS LIMITED

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

PEIRSONS TRACTORS LIMITED

DIRECTORS AND OTHER INFORMATION


	Directors	Mr A B Allen
		Mr R M King


	Company number	09211762


	Registered office	Countrywide House
		Knights Way
		Shrewsbury
		Shropshire
		SY1 3AB


	Business address	Pool House
		Rose Hill
		Market Drayton
		Shropshire
		TF9 2JF


	Accountants	Heywoods
		Countrywide House
		Knights Way
		Shrewsbury
		Shropshire
		SY1 3AB

PEIRSONS TRACTORS LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE

UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PEIRSONS TRACTORS LIMITED

YEAR ENDED 31 OCTOBER 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peirsons Tractors Limited for the year ended 31 October 2020 as set out on pages 5 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Peirsons Tractors Limited, as a body, in accordance with the terms of our engagement letter dated 21 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Peirsons Tractors Limited and state those matters that we have agreed to state to the board of directors of Peirsons Tractors Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peirsons Tractors Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Peirsons Tractors Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peirsons Tractors Limited. You consider that Peirsons Tractors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Peirsons Tractors Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Heywoods

Chartered Accountants

Countrywide House

Knights Way

Shrewsbury

Shropshire

SY1 3AB

11 January 2021

PEIRSONS TRACTORS LIMITED

STATEMENT OF FINANCIAL POSITION

31 OCTOBER 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Tangible assets	5	18,330		24,343
		_______		_______
			18,330		24,343

Current assets
Stocks		195,470		271,981
Debtors	6	70,966		1,091
Cash at bank and in hand		413,081		382,905
		_______		_______
		679,517		655,977
Creditors: amounts falling due
within one year	7	( 362,959)		( 382,774)
		_______		_______
Net current assets			316,558		273,203
			_______		_______
Total assets less current liabilities			334,888		297,546


Provisions for liabilities			( 3,482)		( 4,624)

			_______		_______
Net assets			331,406		292,922
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			331,306		292,822
			_______		_______
Shareholders funds			331,406		292,922
			_______		_______

For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 04 January 2021 , and are signed on behalf of the board by:

Mr A B Allen Mr R M King

Director Director

Company registration number: 09211762

PEIRSONS TRACTORS LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 OCTOBER 2020

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 November 2018	100	313,693	313,793

Profit for the year		80,129	80,129
	_______	_______	_______
Total comprehensive income for the year	-	80,129	80,129

Dividends paid and payable		( 101,000)	( 101,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 101,000)	( 101,000)

	_______	_______	_______
At 31 October 2019 and 1 November 2019	100	292,822	292,922

Profit for the year		102,484	102,484
	_______	_______	_______
Total comprehensive income for the year	-	102,484	102,484

Dividends paid and payable		( 64,000)	( 64,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 64,000)	( 64,000)

	_______	_______	_______
At 31 October 2020	100	331,306	331,406
	_______	_______	_______

PEIRSONS TRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	15 %	reducing balance
Motor vehicles	-	25 %	reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 4 ).

5. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 November 2019 and 31 October 2020	1,085	33,250	34,335
	_______	_______	_______
Depreciation
At 1 November 2019	363	9,629	9,992
Charge for the year	108	5,905	6,013
	_______	_______	_______
At 31 October 2020	471	15,534	16,005
	_______	_______	_______
Carrying amount
At 31 October 2020	614	17,716	18,330
	_______	_______	_______
At 31 October 2019	722	23,621	24,343
	_______	_______	_______

6. Debtors

	2020	2019
	£	£
Trade debtors	69,891	-
Other debtors	1,075	1,091
	_______	_______
	70,966	1,091
	_______	_______

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	437	346
Trade creditors	64,356	95,859
Corporation tax	25,182	15,361
Social security and other taxes	3,175	2,006
Other creditors	269,809	269,202
	_______	_______
	362,959	382,774
	_______	_______

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A B Allen	( 129,950)	-	( 129,950)
	Mr R M King	( 129,950)	-	( 129,950)
		_______	_______	_______
		( 259,900)	-	( 259,900)
		_______	_______	_______

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr A B Allen	( 109,950)	( 20,000)	( 129,950)
	Mr R M King	( 109,950)	( 20,000)	( 129,950)
		_______	_______	_______
		( 219,900)	( 40,000)	( 259,900)
		_______	_______	_______