2022-03-012023-02-282023-02-28false04553491Keith Mason Agricultural Engineer 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Keith Mason Agricultural Engineer Limited

Registered Number
04553491
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

Keith Mason Agricultural Engineer Limited
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

Keith Mason

Registered Address

Broadacres, Chapel Hill Road
Wreay
Carlisle
CA4 0RP

Registered Number

04553491 (England and Wales)
Keith Mason Agricultural Engineer Limited
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets833,73534,392
33,73534,392
Current assets
Stocks104,5004,750
Debtors1115,27617,116
Cash at bank and on hand21,31114,097
41,08735,963
Creditors amounts falling due within one year12(28,650)(23,485)
Net current assets (liabilities)12,43712,478
Total assets less current liabilities46,17246,870
Creditors amounts falling due after one year13(8,120)(14,429)
Provisions for liabilities14(6,410)(6,534)
Net assets31,64225,907
Capital and reserves
Called up share capital100100
Profit and loss account31,54225,807
Shareholders' funds31,64225,907
The financial statements were approved and authorised for issue by the Director on 23 October 2023, and are signed on its behalf by:
Keith Mason
Director
Registered Company No. 04553491
Keith Mason Agricultural Engineer Limited
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings1
Plant and machinery20
Fixtures and fittings25
Vehicles25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Valuation of financial instruments policy
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
5.Critical estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
6.Sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
7.Employee information

20232022
Average number of employees during the year11
8.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 March 2233,58125,15317,2573,11779,108
Additions-1,330--1,330
At 28 February 2333,58126,48317,2573,11780,438
Depreciation and impairment
At 01 March 225,73721,25414,6523,07344,716
Charge for year2781,045651131,987
At 28 February 236,01522,29915,3033,08646,703
Net book value
At 28 February 2327,5664,1841,9543133,735
At 28 February 2227,8443,8992,6054434,392
HSBC Bank PLC hold fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. The charge was delivered on 8 March 2003.
9.Provisions for impairment of tangible assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
10.Stocks

2023

2022

££
Other stocks4,5004,750
Total4,5004,750
11.Debtors

2023

2022

££
Trade debtors / trade receivables15,27617,116
Total15,27617,116
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables3,2363,618
Bank borrowings and overdrafts4,0004,000
Taxation and social security6,4571,929
Other creditors13,15112,039
Accrued liabilities and deferred income1,8061,899
Total28,65023,485
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts8,12014,429
Total8,12014,429
14.Provisions for liabilities
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2023

2022

££
Net deferred tax liability (asset)6,4106,534
Total6,4106,534