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REGISTERED NUMBER: 01755670 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

TRURO FARM MACHINERY LIMITED

TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TRURO FARM MACHINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: R M Jones
S A Jones





SECRETARY: S A Jones





REGISTERED OFFICE: The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG





REGISTERED NUMBER: 01755670 (England and Wales)





ACCOUNTANTS: Lang Bennetts
Chartered Accountants
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 539,369 397,886

CURRENT ASSETS
Stocks 2,391,038 1,655,516
Debtors 6 533,086 1,350,370
Cash at bank and in hand 404,573 196,530
3,328,697 3,202,416
CREDITORS
Amounts falling due within one year 7 1,552,084 1,441,117
NET CURRENT ASSETS 1,776,613 1,761,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,315,982

2,159,185

CREDITORS
Amounts falling due after more than one
year

8

(122,391

)

(4,257

)

PROVISIONS FOR LIABILITIES (57,114 ) (28,996 )
NET ASSETS 2,136,477 2,125,932

CAPITAL AND RESERVES
Called up share capital 52,500 52,500
Capital redemption reserve 42,500 42,500
Retained earnings 2,041,477 2,030,932
SHAREHOLDERS' FUNDS 2,136,477 2,125,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 27 March 2024 and were signed on its behalf by:





R M Jones - Director


TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Truro Farm Machinery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

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

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 370,217 413,813 784,030
Additions - 246,240 246,240
Disposals - (27,599 ) (27,599 )
At 30 September 2023 370,217 632,454 1,002,671
DEPRECIATION
At 1 October 2022 91,452 294,692 386,144
Charge for year 7,404 90,568 97,972
Eliminated on disposal - (20,814 ) (20,814 )
At 30 September 2023 98,856 364,446 463,302
NET BOOK VALUE
At 30 September 2023 271,361 268,008 539,369
At 30 September 2022 278,765 119,121 397,886

TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2022 150,994
Additions 235,189
Disposals (4,499 )
Transfer to ownership (29,495 )
At 30 September 2023 352,189
DEPRECIATION
At 1 October 2022 93,224
Charge for year 62,200
Eliminated on disposal (7,226 )
Transfer to ownership (20,279 )
At 30 September 2023 127,919
NET BOOK VALUE
At 30 September 2023 224,270
At 30 September 2022 57,770

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 470,831 1,266,030
Other debtors 62,255 84,340
533,086 1,350,370

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 88,852 24,821
Trade creditors 1,051,240 738,311
Taxation and social security (12,925 ) 194,798
Other creditors 424,917 483,187
1,552,084 1,441,117

At the balance sheet date the amount of outstanding pension contributions totalled £2,832 (2022 £1,762) and is included in other creditors.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 122,391 4,257

TRURO FARM MACHINERY LIMITED (REGISTERED NUMBER: 01755670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 211,243 29,078

10. RELATED PARTY DISCLOSURES

During the year, rent totalling £39,300 (2022 £30,000) was paid to S A Jones, a director of the company.

At the balance sheet date, the company owed £191,499 (2022 £233,999) to the directors. This amount is included in other creditors in Note 6 to the Accounts. Interest totalling £0 was paid to the directors in the year (2022 £20,276).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R M Jones and S A Jones, the directors.