Bowland Tractors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04563922 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

BOWLAND TRACTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D R Bland

H E Bland

SECRETARY:

Mrs L M Bland

REGISTERED OFFICE:

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

REGISTERED NUMBER:

04563922 (England and Wales)

ACCOUNTANTS:

Saxon & Co Accountants Ltd

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

235,933

161,104

235,933

161,104

CURRENT ASSETS

Stocks

1,205,850

927,000

Debtors

6

870,223

638,768

Cash at bank

312,664

153,189

2,388,737

1,718,957

CREDITORS

Amounts falling due within one year

7

851,715

414,677

NET CURRENT ASSETS

1,537,022

1,304,280

TOTAL ASSETS LESS CURRENT LIABILITIES

1,772,955

1,465,384

CREDITORS

Amounts falling due after more than one year

8

(24,945

)

(13,199

)

PROVISIONS FOR LIABILITIES

(42,336

)

(17,174

)

NET ASSETS

1,705,674

1,435,011

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

3

3

Retained earnings

1,705,670

1,435,007

SHAREHOLDERS' FUNDS

1,705,674

1,435,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2022 and were signed on its behalf by:

D R Bland - Director

H E Bland - Director

1.	STATUTORY INFORMATION

Bowland Tractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

2% on cost

Plant & equipment

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Government grants

Once the recognition criteria have been met the company recognises grants using either the performance model or the accruals model. Covid-19 grants are revenue based grants and are therefore recognised immediately in profit or loss

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2021

and 28 February 2022

18,000

AMORTISATION

At 1 March 2021

and 28 February 2022

18,000

NET BOOK VALUE

At 28 February 2022

-

At 28 February 2021

-

5.	TANGIBLE FIXED ASSETS

Short

Plant &

Office

Motor

leasehold

equipment

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2021

71,066

99,845

10,114

81,841

262,866

Additions

-

47,178

1,955

59,995

109,128

Disposals

-

(2,500

)

-

-

(2,500

)

At 28 February 2022

71,066

144,523

12,069

141,836

369,494

DEPRECIATION

At 1 March 2021

4,007

61,491

6,328

29,936

101,762

Charge for year

1,421

10,725

1,221

19,299

32,666

Eliminated on disposal

-

(867

)

-

-

(867

)

At 28 February 2022

5,428

71,349

7,549

49,235

133,561

NET BOOK VALUE

At 28 February 2022

65,638

73,174

4,520

92,601

235,933

At 28 February 2021

67,059

38,354

3,786

51,905

161,104

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant &

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 March 2021

-

51,320

51,320

Additions

26,500

24,500

51,000

At 28 February 2022

26,500

75,820

102,320

DEPRECIATION

At 1 March 2021

-

9,697

9,697

Charge for year

-

13,979

13,979

At 28 February 2022

-

23,676

23,676

NET BOOK VALUE

At 28 February 2022

26,500

52,144

78,644

At 28 February 2021

-

41,623

41,623

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

813,354

613,202

Other debtors

56,869

25,566

870,223

638,768

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

250,000

50,000

Hire purchase contracts

17,596

9,091

Trade creditors

300,290

84,571

Amounts owed to group undertakings

200,060

191,000

Taxation and social security

64,556

61,018

Other creditors

19,213

18,997

851,715

414,677

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

24,945

13,199

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is HMD Investments Ltd whose registered office is Kings Chambers, Queens Cross, High Street, Dudley, West Midlands, DY1 1QT.