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COMPANY REGISTRATION NUMBER: 01028870
Bexwell Tractors Limited
Unaudited financial statements
31 May 2023
Bexwell Tractors Limited
Statement of financial position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,350,018
3,575,557
Current assets
Debtors
6
33,262
55,855
Cash at bank and in hand
663,889
633,035
---------
---------
697,151
688,890
Creditors: Amounts falling due within one year
7
( 31,368)
( 9,261)
---------
---------
Net current assets
665,783
679,629
-----------
-----------
Total assets less current liabilities
5,015,801
4,255,186
Provisions
Taxation including deferred tax
( 479,070)
( 249,214)
Accruals and deferred income
( 33,586)
( 38,359)
-----------
-----------
Net assets
4,503,145
3,967,613
-----------
-----------
Capital and reserves
Called up share capital
8
5,495
5,495
Revaluation reserve
2,751,621
2,455,334
Capital redemption reserve
2,505
2,505
Profit and loss account
1,743,524
1,504,279
-----------
-----------
Shareholders funds
4,503,145
3,967,613
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bexwell Tractors Limited
Statement of financial position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
S. Cornwell
J. Biggs
Director
Director
Company registration number: 01028870
Bexwell Tractors Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bankside 300, Peachman Way, Broadland Business Park, Norwich, NR7 0LB. The trading address of the company is Rectory Farm Office, Crimplesham, King's Lynn, Norfolk, PE33 9DX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis, at the tax rates that are expected to apply in the periods in which differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% - 25% reducing balance
Motor vehicles
-
25% reducing balance
It is the company's policy to not depreciate freehold properties but to maintain them to a high standard. The directors are satisfied that the residual value to the business is not less than the net book value. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this departure is necessary in order that the financial statements may give a true and fair view.
Investment properties
In accordance with FRS 102 1A, certain of the company's properties are held for long-term investment and are included in the statement of financial position at their fair values. The surplus or deficit on revaluation of such properties is recognised in profit or loss. Depreciation is not provided in respect of freehold investment properties.
This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 4 (2022: 4 ).
5. Tangible assets
Investment properties
Plant and machinery
Fixtures and fittings
Motor vehicles
Freehold property
Total
£
£
£
£
£
£
Cost or valuation
At 1 June 2022
3,503,593
33,502
22,954
5,800
56,582
3,622,431
Additions
383
383
Revaluations
776,407
776,407
-----------
-------
-------
------
-------
-----------
At 31 May 2023
4,280,000
33,502
23,337
5,800
56,582
4,399,221
-----------
-------
-------
------
-------
-----------
Depreciation
At 1 June 2022
26,193
14,955
5,726
46,874
Charge for the year
1,094
1,217
18
2,329
-----------
-------
-------
------
-------
-----------
At 31 May 2023
27,287
16,172
5,744
49,203
-----------
-------
-------
------
-------
-----------
Carrying amount
At 31 May 2023
4,280,000
6,215
7,165
56
56,582
4,350,018
-----------
-------
-------
------
-------
-----------
At 31 May 2022
3,503,593
7,309
7,999
74
56,582
3,575,557
-----------
-------
-------
------
-------
-----------
Tangible assets held at valuation
The investment properties were valued at their fair value by Brown & Co, independent valuers, on 3 October 2022. The directors consider that there has been no material change in the fair value of the investment properties in the period since.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 31 May 2023
Aggregate cost
1,031,163
Aggregate depreciation
-----------
Carrying value
1,031,163
-----------
At 31 May 2022
Aggregate cost
1,031,163
Aggregate depreciation
-----------
Carrying value
1,031,163
-----------
6. Debtors
2023
2022
£
£
Trade debtors
15,934
23,418
Other debtors
17,328
32,437
-------
-------
33,262
55,855
-------
-------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
24,057
1,886
Social security and other taxes
7,311
7,375
-------
------
31,368
9,261
-------
------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.25 each
21,980
5,495
21,980
5,495
-------
------
-------
------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
14,575
8,338
Later than 1 year and not later than 5 years
9,033
17,370
-------
-------
23,608
25,708
-------
-------
10. Directors' advances, credits and guarantees
During the year a director borrowed a maximum amount of £30,096 (2022: £30,096). Interest of £117 (2022: £151) was charged on the loan. The balance at the year end owed to the director was £0 (2022: £30,096).