Bowland Tractors Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04563922 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

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

223,562

235,933

223,562

235,933

CURRENT ASSETS

Stocks

1,460,700

1,205,850

Debtors

6

1,075,731

870,223

Cash at bank

11,350

312,664

2,547,781

2,388,737

CREDITORS

Amounts falling due within one year

7

630,248

851,715

NET CURRENT ASSETS

1,917,533

1,537,022

TOTAL ASSETS LESS CURRENT LIABILITIES

2,141,095

1,772,955

CREDITORS

Amounts falling due after more than one year

8

(182,384

)

(24,945

)

PROVISIONS FOR LIABILITIES

(39,837

)

(42,336

)

NET ASSETS

1,918,874

1,705,674

CAPITAL AND RESERVES

Called up share capital

1

1

Capital redemption reserve

3

3

Retained earnings

1,918,870

1,705,670

SHAREHOLDERS' FUNDS

1,918,874

1,705,674

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 8 November 2023 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

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 9 (2022 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2022

and 28 February 2023

18,000

AMORTISATION

At 1 March 2022

and 28 February 2023

18,000

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

5.	TANGIBLE FIXED ASSETS

Short

Plant &

Office

Motor

leasehold

equipment

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2022

71,066

144,523

12,069

141,836

369,494

Additions

-

5,045

1,216

25,000

31,261

At 28 February 2023

71,066

149,568

13,285

166,836

400,755

DEPRECIATION

At 1 March 2022

5,428

71,349

7,549

49,235

133,561

Charge for year

1,421

15,252

1,204

25,755

43,632

At 28 February 2023

6,849

86,601

8,753

74,990

177,193

NET BOOK VALUE

At 28 February 2023

64,217

62,967

4,532

91,846

223,562

At 28 February 2022

65,638

73,174

4,520

92,601

235,933

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 2022

26,500

75,820

102,320

Additions

-

25,000

25,000

Transfer to ownership

-

(28,321

)

(28,321

)

At 28 February 2023

26,500

72,499

98,999

DEPRECIATION

At 1 March 2022

-

23,676

23,676

Charge for year

5,300

15,641

20,941

Transfer to ownership

-

(16,498

)

(16,498

)

At 28 February 2023

5,300

22,819

28,119

NET BOOK VALUE

At 28 February 2023

21,200

49,680

70,880

At 28 February 2022

26,500

52,144

78,644

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

973,410

813,354

Other debtors

102,321

56,869

1,075,731

870,223

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

118,271

250,000

Hire purchase contracts

14,818

17,596

Trade creditors

180,149

300,290

Amounts owed to group undertakings

206,810

200,060

Taxation and social security

86,898

64,556

Other creditors

23,302

19,213

630,248

851,715

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

158,339

-

Hire purchase contracts

24,045

24,945

182,384

24,945

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 ultimate controlling party is D Bland and L Bland.