Company Registration No. 11447810 (England and Wales)
World Tractors Limited
Unaudited accounts
for the year ended 31 July 2023
World Tractors Limited
Unaudited accounts
Contents
World Tractors Limited
Company Information
for the year ended 31 July 2023
Company Number
11447810 (England and Wales)
Registered Office
76 Glebe Lane
Barming
Maidstone
Kent
ME16 9BD
United Kingdom
Accountants
Bowyer Pounds & Co
76 Glebe Lane
Barming
Maidstone
Kent
ME16 9BD
World Tractors Limited
Statement of financial position
as at 31 July 2023
Tangible assets
108,391
168,047
Inventories
1,417,991
591,373
Cash at bank and in hand
143,555
358,017
Creditors: amounts falling due within one year
(411,541)
(183,415)
Net current assets
1,529,445
875,860
Total assets less current liabilities
1,637,836
1,043,907
Creditors: amounts falling due after more than one year
(22,370)
(32,346)
Provisions for liabilities
Deferred tax
(20,233)
(31,489)
Net assets
1,595,233
980,072
Called up share capital
200
200
Profit and loss account
1,595,033
979,872
Shareholders' funds
1,595,233
980,072
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 December 2023 and were signed on its behalf by
Sam Morgan
Director
Company Registration No. 11447810
World Tractors Limited
Notes to the Accounts
for the year ended 31 July 2023
World Tractors Limited is a private company, limited by shares, registered in England and Wales, registration number 11447810. The registered office is 76 Glebe Lane, Barming, Maidstone, Kent, ME16 9BD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance basis
Motor vehicles
25% reducing balance basis
Computer equipment
33% straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
World Tractors Limited
Notes to the Accounts
for the year ended 31 July 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
178,882
39,617
1,457
219,956
Additions
85,896
-
1,025
86,921
Disposals
(136,200)
-
-
(136,200)
At 31 July 2023
128,578
39,617
2,482
170,677
At 1 August 2022
24,767
27,082
60
51,909
Charge for the year
22,900
3,134
818
26,852
On disposals
(16,475)
-
-
(16,475)
At 31 July 2023
31,192
30,216
878
62,286
At 31 July 2023
97,386
9,401
1,604
108,391
At 31 July 2022
154,115
12,535
1,397
168,047
Amounts falling due within one year
Trade debtors
220,108
109,885
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
9,976
9,730
Trade creditors
163,619
90,000
Taxes and social security
184,905
9,545
Loans from directors
50,556
72,125
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).