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REGISTERED NUMBER: SC323771 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

WILLIAM KERR TRACTORS LIMITED

WILLIAM KERR TRACTORS LIMITED (REGISTERED NUMBER: SC323771)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WILLIAM KERR TRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022







DIRECTORS: Annabella Charlotte Kerr
Janice Anne Simpson



SECRETARY: Annabella Charlotte Kerr



REGISTERED OFFICE: Mosshill
By Ayr
KA6 6AJ



REGISTERED NUMBER: SC323771 (Scotland)



ACCOUNTANTS: Stewart Gilmour & Co.
24 Beresford Terrace
Ayr
KA7 2EG



BANKERS: Bank of Scotland
123 High Street
Ayr
KA7 1QP

WILLIAM KERR TRACTORS LIMITED (REGISTERED NUMBER: SC323771)

BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 361,868 372,958

CURRENT ASSETS
Stocks 5 41,536 97,266
Debtors 6 108,091 110,111
Cash at bank and in hand 13,445 13,693
163,072 221,070
CREDITORS
Amounts falling due within one year 7 235,322 411,830
NET CURRENT LIABILITIES (72,250 ) (190,760 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

289,618

182,198

CREDITORS
Amounts falling due after more than one
year

8

(73,017

)

(123,446

)

PROVISIONS FOR LIABILITIES (3,216 ) (3,958 )
NET ASSETS 213,385 54,794

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 213,285 54,694
SHAREHOLDERS' FUNDS 213,385 54,794

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

WILLIAM KERR TRACTORS LIMITED (REGISTERED NUMBER: SC323771)

BALANCE SHEET - continued
31 OCTOBER 2022


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 April 2023 and were signed on its behalf by:





Annabella Charlotte Kerr - Director


WILLIAM KERR TRACTORS LIMITED (REGISTERED NUMBER: SC323771)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022

1. STATUTORY INFORMATION

William Kerr Tractors Limited is a private company, limited by shares , registered in Scotland. 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 represents net invoiced sales of goods and services, excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

WILLIAM KERR TRACTORS LIMITED (REGISTERED NUMBER: SC323771)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised under tangible fixed assets in the balance sheet and depreciated over their estimated useful lives. The interest element of the rental obligations is charged to the profit and loss account over the period of the contract and represents a constant proportion of the balance of capital outstanding.

Rentals payable on operating leases are charged to income on a straight line basis over the term of the agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 6 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property equipment vehicles Totals
£    £    £    £   
COST
At 1 November 2021 359,314 63,435 30,125 452,874
Disposals - (633 ) - (633 )
At 31 October 2022 359,314 62,802 30,125 452,241
DEPRECIATION
At 1 November 2021 7,187 49,384 23,345 79,916
Charge for year 7,186 2,090 1,695 10,971
Eliminated on disposal - (514 ) - (514 )
At 31 October 2022 14,373 50,960 25,040 90,373
NET BOOK VALUE
At 31 October 2022 344,941 11,842 5,085 361,868
At 31 October 2021 352,127 14,051 6,780 372,958

5. STOCKS
2022 2021
£    £   
Goods for resale 39,036 78,385
Work-in-progress 2,500 18,881
41,536 97,266

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 104,091 92,804
Other debtors 4,000 17,307
108,091 110,111

WILLIAM KERR TRACTORS LIMITED (REGISTERED NUMBER: SC323771)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 15,471 -
Other loans 50,910 101,557
Trade creditors 84,908 229,502
Current Corporation Tax 7,322 -
Social security and other taxes 2,501 2,650
Directors' current accounts 51,436 55,078
Accrued charges 8,233 16,287
Value Added Tax payable 14,541 6,756
235,322 411,830

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other loans - 1-2 years 43,455 70,100
Other loans - 2-5 years 29,562 53,346
73,017 123,446

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 November 2021 54,694
Profit for the year 158,591
At 31 October 2022 213,285

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Annabella Charlotte Kerr.

Director Annabella Charlotte Kerr exercised immediate and ultimate control as she held 75% of the issued share capital of the company.