Bowland Tractors Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04563922 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2018

FOR

BOWLAND TRACTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D R 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.

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

115,653

106,819

115,653

106,819

CURRENT ASSETS

Stocks

460,000

535,750

Debtors

6

666,028

465,950

Cash at bank

156,224

564,417

1,282,252

1,566,117

CREDITORS

Amounts falling due within one year

7

531,701

424,829

NET CURRENT ASSETS

750,551

1,141,288

TOTAL ASSETS LESS CURRENT LIABILITIES

866,204

1,248,107

CREDITORS

Amounts falling due after more than one year

8

(3,198

)

(7,252

)

PROVISIONS FOR LIABILITIES

(10,564

)

(11,372

)

NET ASSETS

852,442

1,229,483

CAPITAL AND RESERVES

Called up share capital

1

4

Capital redemption reserve

3

-

Retained earnings

852,438

1,229,479

SHAREHOLDERS' FUNDS

852,442

1,229,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 18 September 2018 and were signed by:

D R 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Plant & equipment

-

25% 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 Income Statement, 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.

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 6 (2017 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2017

and 28 February 2018

18,000

AMORTISATION

At 1 March 2017

and 28 February 2018

18,000

NET BOOK VALUE

At 28 February 2018

-

At 28 February 2017

-

5.	TANGIBLE FIXED ASSETS

Short

Plant &

Office

Motor

leasehold

equipment

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2017

37,500

67,314

37,561

30,621

172,996

Additions

12,335

13,690

719

-

26,744

At 28 February 2018

49,835

81,004

38,280

30,621

199,740

DEPRECIATION

At 1 March 2017

-

25,462

33,971

6,744

66,177

Charge for year

-

10,864

1,077

5,969

17,910

At 28 February 2018

-

36,326

35,048

12,713

84,087

NET BOOK VALUE

At 28 February 2018

49,835

44,678

3,232

17,908

115,653

At 28 February 2017

37,500

41,852

3,590

23,877

106,819

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

592,927

324,241

Other debtors

73,101

141,709

666,028

465,950

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

4,054

3,826

Trade creditors

93,930

360,602

Amounts owed to group undertakings

12,000

-

Taxation and social security

93,170

54,618

Other creditors

328,547

5,783

531,701

424,829

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

3,198

7,252

9.	RELATED PARTY DISCLOSURES

On 5th January 2018 the company purchased one of its own shares for £710,000. One share represented 50% of

the company's issued share capital.

During the year the company paid a dividend of £53,250 to HMD Investments Ltd. HMD Investments Ltd owns

100% of the issued share capital and is the controlling party.

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.