Peirsons Tractors Limited 31/10/2022 iXBRL

Peirsons Tractors Limited 31/10/2022 iXBRL

PEIRSONS TRACTORS LIMITED - Company Information

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Company registration number: 09211762
PEIRSONS TRACTORS LIMITED
31 October 2022
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 2022
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 2022 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 May 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
9 December 2022
PEIRSONS TRACTORS LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 10,408 13,809
_______ _______
10,408 13,809
Current assets
Stocks 199,905 301,195
Debtors 6 115,105 853
Cash at bank and in hand 313,092 385,460
_______ _______
628,102 687,508
Creditors: amounts falling due
within one year 7 ( 306,088) ( 361,016)
_______ _______
Net current assets 322,014 326,492
_______ _______
Total assets less current liabilities 332,422 340,301
Provisions for liabilities ( 1,978) ( 2,623)
_______ _______
Net assets 330,444 337,678
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 330,344 337,578
_______ _______
Shareholders funds 330,444 337,678
_______ _______
For the year ending 31 October 2022 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 09 December 2022 , 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 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 November 2020 100 331,306 331,406
Profit for the year 80,272 80,272
_______ _______ _______
Total comprehensive income for the year - 80,272 80,272
Dividends paid and payable ( 74,000) ( 74,000)
_______ _______ _______
Total investments by and distributions to owners - ( 74,000) ( 74,000)
_______ _______ _______
At 31 October 2021 and 1 November 2021 100 337,578 337,678
Profit for the year 66,766 66,766
_______ _______ _______
Total comprehensive income for the year - 66,766 66,766
Dividends paid and payable ( 74,000) ( 74,000)
_______ _______ _______
Total investments by and distributions to owners - ( 74,000) ( 74,000)
_______ _______ _______
At 31 October 2022 100 330,344 330,444
_______ _______ _______
PEIRSONS TRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
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'.
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 services supplied, 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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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 2 (2021: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2021 and 31 October 2022 1,085 33,250 34,335
_______ _______ _______
Depreciation
At 1 November 2021 564 19,963 20,527
Charge for the year 78 3,322 3,400
_______ _______ _______
At 31 October 2022 642 23,285 23,927
_______ _______ _______
Carrying amount
At 31 October 2022 443 9,965 10,408
_______ _______ _______
At 31 October 2021 521 13,287 13,808
_______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 105,000 -
Other debtors 10,105 853
_______ _______
115,105 853
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 421
Trade creditors 768 50,448
Corporation tax 16,308 19,688
Social security and other taxes - 1,662
Other creditors 289,012 288,797
_______ _______
306,088 361,016
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A B Allen ( 139,182) - - ( 139,182)
Mr R M King ( 139,182) - - ( 139,182)
_______ _______ _______ _______
( 278,364) - - ( 278,364)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A B Allen ( 129,950) ( 10,000) 768 ( 139,182)
Mr R M King ( 129,950) ( 10,000) 768 ( 139,182)
_______ _______ _______ _______
( 259,900) ( 20,000) 1,536 ( 278,364)
_______ _______ _______ _______