Shaws Tractors and Machinery Limited 13377015 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is the wholesale of tractors and agricultural machinery. Digita Accounts Production Advanced 6.30.9574.0 true 13377015 2022-06-01 2023-05-31 13377015 2023-05-31 13377015 core:RetainedEarningsAccumulatedLosses 2023-05-31 13377015 core:ShareCapital 2023-05-31 13377015 core:SharePremium 2023-05-31 13377015 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 13377015 core:CurrentFinancialInstruments 2023-05-31 13377015 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 13377015 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 13377015 core:MotorVehicles 2023-05-31 13377015 core:OfficeEquipment 2023-05-31 13377015 bus:SmallEntities 2022-06-01 2023-05-31 13377015 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 13377015 bus:FullAccounts 2022-06-01 2023-05-31 13377015 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 13377015 bus:RegisteredOffice 2022-06-01 2023-05-31 13377015 bus:Director1 2022-06-01 2023-05-31 13377015 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 13377015 core:MotorVehicles 2022-06-01 2023-05-31 13377015 core:OfficeEquipment 2022-06-01 2023-05-31 13377015 countries:EnglandWales 2022-06-01 2023-05-31 13377015 2022-05-31 13377015 core:MotorVehicles 2022-05-31 13377015 core:OfficeEquipment 2022-05-31 13377015 2021-05-05 2022-05-31 13377015 2022-05-31 13377015 core:RetainedEarningsAccumulatedLosses 2022-05-31 13377015 core:ShareCapital 2022-05-31 13377015 core:SharePremium 2022-05-31 13377015 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-05-31 13377015 core:CurrentFinancialInstruments 2022-05-31 13377015 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 13377015 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 13377015 core:MotorVehicles 2022-05-31 13377015 core:OfficeEquipment 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 13377015

Shaws Tractors and Machinery Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Shaws Tractors and Machinery Limited

(Registration number: 13377015)
Balance Sheet
31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

37,270

14,095

Current assets

 

Debtors

5

1,557,666

27,960

Cash at bank and in hand

 

20,153

56,632

 

1,577,819

84,592

Creditors: Amounts falling due within one year

6

(1,171,773)

(281,893)

Net current assets/(liabilities)

 

406,046

(197,301)

Total assets less current liabilities

 

443,316

(183,206)

Creditors: Amounts falling due after more than one year

6

(41,067)

(15,424)

Net assets/(liabilities)

 

402,249

(198,630)

Capital and reserves

 

Called up share capital

333

333

Share premium reserve

419,867

419,867

Retained earnings

(17,951)

(618,830)

Shareholders' funds/(deficit)

 

402,249

(198,630)

 

Shaws Tractors and Machinery Limited

(Registration number: 13377015)
Balance Sheet
31 May 2023

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 February 2024
 

.........................................
E Asare Osafo
Director

 

Shaws Tractors and Machinery Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

The principal place of business is:
46 Courts Barton
Frome
Somerset
BA11 4QA

These financial statements were authorised for issue by the director on 20 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Shaws Tractors and Machinery Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on the reducing balance

Office equipment

33% on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Shaws Tractors and Machinery Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

Shaws Tractors and Machinery Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

293

13,802

14,095

Additions

-

35,500

35,500

At 31 May 2023

293

49,302

49,595

Depreciation

Charge for the year

-

12,325

12,325

At 31 May 2023

-

12,325

12,325

Carrying amount

At 31 May 2023

293

36,977

37,270

At 31 May 2022

293

13,802

14,095

5

Debtors

2023
£

2022
£

Trade debtors

1,557,666

27,960

1,557,666

27,960

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

172,356

8,710

Other creditors

 

999,417

273,183

 

1,171,773

281,893

Due after one year

 

Loans and borrowings

7

41,067

15,424

 

Shaws Tractors and Machinery Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

41,067

15,424

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

41,067

15,424