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REGISTERED NUMBER: 01776075 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2023

for

Townson Tractors Limited

Townson Tractors Limited (Registered number: 01776075)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Notes to the Financial Statements 12


Townson Tractors Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: W Townson
R J Mattinson



SECRETARY: W Townson



REGISTERED OFFICE: West End
Hellifield
Skipton
North Yorkshire
BD23 4HE



REGISTERED NUMBER: 01776075 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen McGevor FCCA



AUDITORS: Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

Townson Tractors Limited (Registered number: 01776075)

Strategic Report
for the Year Ended 31 October 2023


REVIEW OF BUSINESS
The company continues to deal in agricultural machinery, both in the United Kingdom and overseas, together with providing a full after sales service.

The company performed well during the year with revenue growth of 18.9%.

PRINCIPAL RISKS AND UNCERTAINTIES
The director regularly reviews the principal risks faced by the company.

The company's principal risks are credit risk and cash flow risk.

Credit Risk
The company manages credit risk by assessing customers and applying credit limits using data from credit reference agencies. Credit limits are reviewed on a regular basis by management to ensure that the company minimises its exposure to over trading with customers deemed to be a credit risk.

Cash Flow Risk
The company does not rely upon debt financing and has accumulated considerable cash reserves during 2023 and 2022 thereby minimising cash flow risk.

KEY PERFORMANCE INDICATORS
The director monitors performance of the group with reference to the following key performance indicators:

2023 2022
Revenue growth % 18.9% 18.9%
Gross profit % 5.7% 7.2%
Net profit after tax % 2.0% 2.1%


ON BEHALF OF THE BOARD:





W Townson - Director


29 July 2024

Townson Tractors Limited (Registered number: 01776075)

Report of the Directors
for the Year Ended 31 October 2023

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

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of dealers in agricultural machinery and agricultural engineers.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 73,000 .

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 November 2022 to the date of this report.

Other changes in directors holding office are as follows:

R J Mattinson - appointed 15.6.23

The directors shown below were in office at 31 October 2023 but did not hold any interest in the Ordinary shares of £1 each at 1 November 2022 (or date of appointment if later) or 31 October 2023.

W Townson
R J Mattinson

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Townson Tractors Limited (Registered number: 01776075)

Report of the Directors
for the Year Ended 31 October 2023


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

ON BEHALF OF THE BOARD:





W Townson - Director


29 July 2024

Report of the Independent Auditors to the Members of
Townson Tractors Limited

Opinion
We have audited the financial statements of Townson Tractors Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 October 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
Townson 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.

Report of the Independent Auditors to the Members of
Townson Tractors Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud and
- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims and
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
Townson 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.




Stephen McGevor FCCA (Senior Statutory Auditor)
for and on behalf of Stirk Lambert & Co
Chartered Accountants
Statutory Auditors
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

29 July 2024

Townson Tractors Limited (Registered number: 01776075)

Statement of Income and
Retained Earnings
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 4 21,212,368 17,839,207

Cost of sales (19,992,294 ) (16,557,138 )
GROSS PROFIT 1,220,074 1,282,069

Administrative expenses (712,487 ) (827,871 )
507,587 454,198

Other operating income 36,910 26,190
544,497 480,388

Gain/loss on revaluation of investments (882 ) (218 )
543,615 480,170

Interest payable and similar expenses 6 (311 ) 1,093
PROFIT BEFORE TAXATION 7 543,304 481,263

Tax on profit 8 (121,365 ) (101,175 )
PROFIT FOR THE FINANCIAL YEAR 421,939 380,088

Retained earnings at beginning of year 4,768,199 4,496,111

Dividends 9 (73,000 ) (108,000 )

RETAINED EARNINGS AT END OF
YEAR

5,117,138

4,768,199

Townson Tractors Limited (Registered number: 01776075)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 10 468,070 390,970
Investments 11 2,573 3,455
Investment property 12 230,000 230,000
700,643 624,425

CURRENT ASSETS
Stocks 13 4,724,560 3,019,893
Debtors 14 1,491,675 2,599,305
Cash at bank and in hand 124,533 358,513
6,340,768 5,977,711
CREDITORS
Amounts falling due within one year 15 (1,805,638 ) (1,735,195 )
NET CURRENT ASSETS 4,535,130 4,242,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,235,773

4,866,941

PROVISIONS FOR LIABILITIES 16 (117,635 ) (97,742 )
NET ASSETS 5,118,138 4,769,199

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Retained earnings 18 5,117,138 4,768,199
SHAREHOLDERS' FUNDS 5,118,138 4,769,199

Townson Tractors Limited (Registered number: 01776075)

Statement of Financial Position - continued
31 October 2023



The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





W Townson - Director


Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Townson 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" 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 as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Stock write downs
Stock, which consists of finished goods and parts, is stated at the lower of cost or market value. The company analyses its stock levels periodically and writes down inventory to its net realisable value if it has become obsolete, has a cost in excess of its expected net realisable value or is in excess of expected requirements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service
transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Lock-up garage - 15% on reducing balance
Alterations to property - 15% on reducing balance
Plant & machinery - 15% on reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Parts stocks have been valued at average cost less a reduction for slow-moving and obsolete stocks.

Tractors and machinery have been valued at lower of cost and net realisable value.

Work in progress has been valued at the cost of materials and labour.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Investments
Listed investments are stated at the year end valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TURNOVER

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

An analysis of turnover by class of business is given below:

31.10.23 31.10.22
£    £   
Sale of goods 20,642,830 17,376,245
Rendering of services 569,538 462,962
21,212,368 17,839,207

An analysis of turnover by geographical market is given below:

31.10.23 31.10.22
£    £   
UK 19,236,766 13,706,222
Non UK 1,975,602 4,132,985
21,212,368 17,839,207

5. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 857,518 781,011
Social security costs 79,956 80,811
Other pension costs 18,414 16,392
955,888 878,214

The average number of employees during the year was as follows:
31.10.23 31.10.22

Parts 4 3
Administrative 2 2
Yard 1 2
Export 2 2
Sales 4 4
Service 11 10
24 23

31.10.23 31.10.22
£    £   
Directors' remuneration 70,798 33,309

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Bank interest 311 (1,080 )
Interest on Corporation Tax - (13 )
311 (1,093 )

7. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31.10.23 31.10.22
£    £   
Depreciation - owned assets 111,553 93,000
Profit on disposal of fixed assets (27,133 ) (75,574 )
Auditors' remuneration 13,000 9,950

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 101,472 50,054

Deferred tax 19,893 51,121
Tax on profit 121,365 101,175

UK corporation tax has been charged at 22.50% .

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:

31.10.23 31.10.22
£    £   
Profit before tax 543,304 481,263
Profit multiplied by the standard rate of corporation tax in the UK of
22.500% (2022 - 19%)

122,243

91,440

Effects of:
Expenses not deductible for tax purposes 527 611
Capital allowances in excess of depreciation (21,298 ) (41,997 )

Deferred Tax 19,893 51,121




Total tax charge 121,365 101,175

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. DIVIDENDS
31.10.23 31.10.22
£    £   
Interim 73,000 108,000

10. TANGIBLE FIXED ASSETS
Alterations
Freehold Lock-up to
property garage property
£    £    £   
COST
At 1 November 2022 8,991 4,441 149,815
Additions - - -
Disposals - - -
At 31 October 2023 8,991 4,441 149,815
DEPRECIATION
At 1 November 2022 - 4,340 135,829
Charge for year - 15 2,096
Eliminated on disposal - - -
At 31 October 2023 - 4,355 137,925
NET BOOK VALUE
At 31 October 2023 8,991 86 11,890
At 31 October 2022 8,991 101 13,986

Plant & Fixtures Motor
machinery & fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 233,098 67,207 509,100 972,652
Additions - 2,370 228,152 230,522
Disposals - - (101,483 ) (101,483 )
At 31 October 2023 233,098 69,577 635,769 1,101,691
DEPRECIATION
At 1 November 2022 181,194 48,814 211,505 581,682
Charge for year 7,758 2,964 98,720 111,553
Eliminated on disposal - - (59,614 ) (59,614 )
At 31 October 2023 188,952 51,778 250,611 633,621
NET BOOK VALUE
At 31 October 2023 44,146 17,799 385,158 468,070
At 31 October 2022 51,904 18,393 297,595 390,970

Included in cost of land and buildings is freehold land of £ 8,991 (2022 - £ 8,991 ) which is not depreciated.

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

11. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 November 2022 3,455
Revaluations (882 )
At 31 October 2023 2,573
NET BOOK VALUE
At 31 October 2023 2,573
At 31 October 2022 3,455

Cost or valuation at 31 October 2023 is represented by:

Listed
investments
£   
Valuation in 2016 928
Valuation in 2017 (306 )
Valuation in 2018 (2,312 )
Valuation in 2019 306
Valuation in 2020 (1,836 )
Valuation in 2021 171
Valuation in 2022 (218 )
Valuation in 2023 (882 )
Cost 6,722
2,573

If listed investments had not been revalued they would have been included at the following historical cost:

31.10.23 31.10.22
£    £   
Cost 6,772 6,772

The market value of listed investments at 31 October 2023 was £2,573 (2022 £3,455).

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 230,000
NET BOOK VALUE
At 31 October 2023 230,000
At 31 October 2022 230,000

The director has confirmed that the fair value of the property at 31 October 2023 was £230,000.

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

12. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2020 11,817
Valuation in 2021 25,000
Cost 193,183
230,000

13. STOCKS
31.10.23 31.10.22
£    £   
Stocks 4,715,978 2,988,992
Work in progress 8,582 30,901
4,724,560 3,019,893

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 904,407 2,098,424
Other debtors 451,936 469,172
VAT recoverable 114,684 10,333
Prepayments & accrued income 20,648 21,376
1,491,675 2,599,305

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 1,363,860 1,353,471
Corporate taxation 101,458 50,040
Social security & other taxes 21,498 23,956
Amounts owed to parent undertaking 293,461 277,450
Directors' loan accounts 934 466
Accrued expenses 24,427 29,812
1,805,638 1,735,195

16. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 117,635 97,742

Deferred
tax
£   
Balance at 1 November 2022 97,742
Provided during year 19,893
Balance at 31 October 2023 117,635

Townson Tractors Limited (Registered number: 01776075)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

18. RESERVES
Retained
earnings
£   

At 1 November 2022 4,768,199
Profit for the year 421,939
Dividends (73,000 )
At 31 October 2023 5,117,138

19. ULTIMATE PARENT COMPANY

The immediate parent undertaking is J.A.Townson & Sons Limited whose registered address is West End, Hellifield, Skipton, BD23 4HE.

The ultimate parent undertaking and most senior entity producing publicly available financial statements is Townson Holdings Limited. These financial statements may be obtained from Companies House.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is William Townson.

21. GUARANTEES

The company has provided a cross guarantee to the bank for J A Townson & Sons Limited.