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REGISTERED NUMBER: 01381670 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STARTIN TRACTORS LIMITED

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


STARTIN TRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs J M Startin
Mr J E Startin
Mr R C J Bill
Mr R C Goodwin



SECRETARY: Mr J E Startin



REGISTERED OFFICE: The Grange
Croxall
Lichfield
Staffordshire
WS13 8RB



REGISTERED NUMBER: 01381670 (England and Wales)



AUDITORS: Philip Barnes & Co Limited
Chartered Accountants
Statutory Auditors
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB



BANKERS: Handelsbanken
Svenska Handelsbanken AB (publ)
Bitterscote House
Bonehill Road
Tamworth
Staffordshire
B78 3HQ

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a main tractor dealer, the company continues to deal in new and used agricultural machinery, provide servicing, repairs and spares. The company's activities can be classified into the following divisions:-

Sales of new and used tractors and machinery
Sales of new and used Isuzu trucks
Sales of spare parts
Servicing and repairs

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.

2023 2022
£ £
Turnover 18,579,832 18,762,966
Gross margin 11% 12%



The profit and loss account on page 7 shows the profit before tax has decreased from £527,379 to £444,007.

PRINCIPAL RISKS AND UNCERTAINTIES
As for many businesses in our industry, the business environment in which we operate continues to be challenging, in particular competitiveness and price sensitivity.

We operate on a prudent, economic and risk adverse basis as regards our trading relationships with our customers and suppliers. There are external events that occur within the industry, which are outside of our control, however we closely monitor the market and economic conditions to mitigate risks to the business.

The company continues to invest in improving its facilities with a significant new building construction in the year. This will enable the business to increase the number of customers that they can deal with. The company continues to have a sound asset base and the directors are confident about the future growth and development of the business.

ON BEHALF OF THE BOARD:





Mr J E Startin - Director


31 May 2024

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
An interim dividend of £22.47191 per share was paid on 1 April 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 200,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs J M Startin
Mr J E Startin
Mr R C J Bill
Mr R C Goodwin

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Philip Barnes & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J E Startin - Director


31 May 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STARTIN TRACTORS LIMITED

Opinion
We have audited the financial statements of Startin Tractors Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STARTIN TRACTORS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following;

- considering the nature of the industry and sector, control environment and business performance
- enquiring of management concerning the company's procedures relating to;
- identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance.
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements. The key laws and regulations we considered included the relevant provisions of the UK Companies Act, Financial Reporting Standards and accounting policies.
Based upon this understanding we designed our audit procedures to identify non-compliance with such laws and regulations including:
- review of the financial statement disclosures to assess compliance with relevant laws and regulations having a direct impact on the financial statements
- testing journals and other adjustments; assessing judgements made in making accounting estimates and evaluating the business rationale of any significant unusual or unexpected transactions

We also communicated identified laws and regulations to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STARTIN TRACTORS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Christopher Humphreys FCA (Senior Statutory Auditor)
for and on behalf of Philip Barnes & Co Limited
Chartered Accountants
Statutory Auditors
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

31 May 2024

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 18,579,832 18,762,966

Cost of sales 16,539,255 16,563,554
GROSS PROFIT 2,040,577 2,199,412

Administrative expenses 1,614,795 1,689,050
OPERATING PROFIT 5 425,782 510,362

Interest receivable and similar income 18,225 17,017
PROFIT BEFORE TAXATION 444,007 527,379

Tax on profit 6 97,000 117,897
PROFIT FOR THE FINANCIAL YEAR 347,007 409,482

Retained earnings at beginning of year 10,804,352 10,594,870

Dividends 7 (200,000 ) (200,000 )

RETAINED EARNINGS AT END OF
YEAR

10,951,359

10,804,352

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 4,079,914 1,585,529

CURRENT ASSETS
Stocks 9 8,745,797 8,854,233
Debtors 10 2,058,136 1,964,613
Cash at bank and in hand 457,998 1,083,949
11,261,931 11,902,795
CREDITORS
Amounts falling due within one year 11 3,935,757 2,540,972
NET CURRENT ASSETS 7,326,174 9,361,823
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,406,088

10,947,352

CREDITORS
Amounts falling due after more than one
year

12

(214,729

)

-

PROVISIONS FOR LIABILITIES 14 (170,000 ) (73,000 )
NET ASSETS 11,021,359 10,874,352

CAPITAL AND RESERVES
Called up share capital 15 8,925 8,925
Share premium 16 59,500 59,500
Capital redemption reserve 16 1,575 1,575
Retained earnings 16 10,951,359 10,804,352
SHAREHOLDERS' FUNDS 11,021,359 10,874,352

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by:





Mr J E Startin - Director


STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,682,752 1,069,708
Tax paid (95,898 ) (146,819 )
Net cash from operating activities 1,586,854 922,889

Cash flows from investing activities
Purchase of tangible fixed assets (2,649,424 ) (919,427 )
Sale of tangible fixed assets 78,245 22,804
Interest received 18,225 17,017
Net cash from investing activities (2,552,954 ) (879,606 )

Cash flows from financing activities
Capital repayments in year 441,432 -
Amount introduced by directors 203,974 17,760
Amount withdrawn by directors (105,257 ) (30,880 )
Equity dividends paid (200,000 ) (200,000 )
Net cash from financing activities 340,149 (213,120 )

Decrease in cash and cash equivalents (625,951 ) (169,837 )
Cash and cash equivalents at beginning of
year

2

1,083,949

1,253,786

Cash and cash equivalents at end of year 2 457,998 1,083,949

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 444,007 527,379
Depreciation charges 106,272 96,291
Profit on disposal of fixed assets (29,478 ) (15,259 )
Finance income (18,225 ) (17,017 )
502,576 591,394
Decrease/(increase) in stocks 108,436 (377,563 )
Increase in trade and other debtors (93,523 ) (202,942 )
Increase in trade and other creditors 1,165,263 1,058,819
Cash generated from operations 1,682,752 1,069,708

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 457,998 1,083,949
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,083,949 1,253,786


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,083,949 (625,951 ) 457,998
1,083,949 (625,951 ) 457,998
Debt
Finance leases - (441,432 ) (441,432 )
- (441,432 ) (441,432 )
Total 1,083,949 (1,067,383 ) 16,566

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Startin Tractors 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Significant judgements and estimates
The preparation of the financial statements requires judgements, estimations and assumptions to be made that affect the reported values of assets, liabilities, revenues and expenses. The nature of estimation and judgement means that actual outcomes could differ from those estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The company exercises judgement on the level of stock provisioning based on its knowledge of the trade and past experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually the point at which the customer has signed for or taken delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 33% on cost and 15% reducing balance
Fixtures and fittings - 25% on cost and 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

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 Statement of Comprehensive Income, 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.


STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured at fair value.

Creditors
Short term trade creditors are measured at the transaction price.

Hire purchase commitments
Assets obtained under hire purchase contracts or finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The related obligations, net of future finance charges, are included in creditors.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 15,641,175 15,824,709
Europe 1,258,920 1,358,554
Other countries 1,679,737 1,579,703
18,579,832 18,762,966

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES
2023 2022
£    £   
Wages and salaries 1,200,987 1,207,809
Social security costs 160,960 144,495
Other pension costs 123,473 230,114
1,485,420 1,582,418

The average number of employees during the year was as follows:
2023 2022

Management and administration 6 7
Sales and service 30 27
36 34

2023 2022
£    £   
Directors' remuneration 183,548 20,000
Directors' pension contributions to money purchase schemes 77,157 40,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 31,320 17,980
Depreciation - owned assets 106,272 96,291
Profit on disposal of fixed assets (29,478 ) (15,259 )
Audit 6,300 6,000
Foreign exchange differences - (4,015 )

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 95,897

Deferred tax 97,000 22,000
Tax on profit 97,000 117,897

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 444,007 527,379
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

111,002

100,202

Effects of:
Expenses not deductible for tax purposes 188 167
Freehold property depreciation 1,224 1,224
Capital allowances (13,340 ) (788 )
Change in tax rate effecting deferred tax reserve - 16,057
Other (2,074 ) 1,035
Total tax charge 97,000 117,897

7. DIVIDENDS
2023 2022
£    £   
Final - 200,000
Interim 200,000 -
200,000 200,000

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 1,314,530 220,645 79,796
Additions 2,453,589 52,868 -
Disposals - (5,277 ) -
At 31 December 2023 3,768,119 268,236 79,796
DEPRECIATION
At 1 January 2023 97,259 130,307 72,519
Charge for year 4,894 19,912 1,091
Eliminated on disposal - (3,510 ) -
At 31 December 2023 102,153 146,709 73,610
NET BOOK VALUE
At 31 December 2023 3,665,966 121,527 6,186
At 31 December 2022 1,217,271 90,338 7,277

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 661,190 18,179 2,294,340
Additions 139,960 3,007 2,649,424
Disposals (107,088 ) - (112,365 )
At 31 December 2023 694,062 21,186 4,831,399
DEPRECIATION
At 1 January 2023 401,196 7,530 708,811
Charge for year 74,913 5,462 106,272
Eliminated on disposal (60,088 ) - (63,598 )
At 31 December 2023 416,021 12,992 751,485
NET BOOK VALUE
At 31 December 2023 278,041 8,194 4,079,914
At 31 December 2022 259,994 10,649 1,585,529

Included in freehold property is freehold land of approximately £350,000 (2022 - £350,000) which is not depreciated.

9. STOCKS
2023 2022
£    £   
Stocks 8,745,797 8,854,233

All stocks are expensed as cost of sales.

10. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,042,774 948,596
Other debtors 55,874 65,651
Other taxes 317,311 337,182
Prepayments 40,415 28,949
1,456,374 1,380,378

Amounts falling due after more than one year:
Other debtors 601,762 584,235

Aggregate amounts 2,058,136 1,964,613

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 226,703 -
Trade creditors 3,005,747 1,959,532
Corporation tax - 95,898
Social security and other taxes 44,032 48,350
Other creditors 131,318 32,897
Directors' current accounts 112,353 13,636
Accruals 415,604 390,659
3,935,757 2,540,972

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 214,729 -

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 226,703 -
Between one and five years 214,729 -
441,432 -

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 170,000 73,000

Deferred
tax
£   
Balance at 1 January 2023 73,000
Accelerated capital allowances 97,000
Other
Balance at 31 December 2023 170,000

The amount of net transfer from deferred tax expected to occur next year is £155,000 relating to existing timing differences on tangible fixed assets, etc.

STARTIN TRACTORS LIMITED (REGISTERED NUMBER: 01381670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,925 Ordinary £1 £1 8,925 8,925

Ordinary shares carry full voting rights and have no restrictions attached.

16. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 10,804,352 59,500 1,575 10,865,427
Profit for the year 347,007 347,007
Dividends (200,000 ) (200,000 )
At 31 December 2023 10,951,359 59,500 1,575 11,012,434

Retained earnings - retained earnings represents cumulative distributable profits.

Share premium - the share premium reserve is a non-distributable reserve created by the issue of shares for the amount in excess of the nominal value.

Capital redemption reserve - this is a non-distributable reserve.

17. RELATED PARTY DISCLOSURES

Key management personnel of the entity (in the aggregate)
2023 2022
£    £   
Amounts due to related parties 112,353 13,637

Other related parties
2023 2022
£    £   
Sales 275,932 118,601
Purchases 62,114 19,000
Amounts due from related parties 659,569 625,816

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J Startin by virtue of his majority shareholding.