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xbrli:shares xbrli:pure
Registered Number:01189939













P. TUCKWELL LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023











 
P. TUCKWELL LIMITED
 


CONTENTS



Pages
Company Information
1
Strategic Report
2 - 6
Directors' Report
7 - 10
Independent Auditor's Report
11 - 14
Statement of Comprehensive Income
15
Balance Sheet
16 - 17
Statement of Changes in Equity
18
Statement of Cash Flows
19 - 20
Analysis of Net Debt
21
Notes to the Financial Statements
22 - 45



 
P. TUCKWELL LIMITED
 

 
COMPANY INFORMATION


Directors
Mr P A Tuckwell 
Mr J M Tuckwell 




Company secretary
Mr P A Tuckwell



Registered number
01189939



Registered office
Shop Street
Worlingworth

Woodbridge

Suffolk

IP13 7HU




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Barclays Bank Plc
4 Church Street

Woodbridge

Suffolk

IP12 1DJ





- 1 -



 
P. TUCKWELL LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
The Directors present their Strategic Report and the financial statements for the year ended 30 November 2023.

Business review
 
The principal activity of the Company during the year continued to be the supply, maintenance and hire of agricultural and grounds care machinery.
 
The agricultural market remains cautious and after recent years of growth, there has been some slow down in customer reinvestment. With demand and supply levels now being normalised, like many machinery dealers, this has resulted in increased inventory holdings. This has resulted in margin pressure and higher interest charges.
Due to the mix of markets that the company operates in, we have continued to grow and trade profitability. The Directors are pleased to report that turnover increased by 11.5% from £107.1m to £119.4m in the year due to growth in all 3 core divisions of the business. Gross margin for the Company decreased from 15.7% to 13.3% in the year and the net margin decreased from 2.9% to 1.2%
 in the year. 
At year end the Company continued to be in a strong financial position with net assets of £17.5m as at 30 November 2023 compared to £16.4m as at 30 November 2022. Working practices are continually adapted in order to ensure ongoing risks are managed effectively.
Growth Strategy
The Company has a strong growth strategy that is consistently reviewed by the senior leadership team. The key areas of focus are:
• Market share growth 
• Customer Experience 
• Employee Engagement
• Technological advancement

John Deere, our major supplier has a strong product portfolio and continues to have the largest market share in the UK and Globally. Through John Deere’s product development, and our experienced people, we work closely with our customers to deliver innovative precision technologies that provide substantial value to our customer base.


- 2 -



 
P. TUCKWELL LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Principal risks and uncertainties
 
The Company is subject to financial risk, and these are managed as follows:
Price risk
The Company is exposed to price risk with regard to the increase in purchase costs of wholegoods and parts.  Inflationary price rises in fuel, utilities, interest charges and general cost increases are also a risk.
The Directors and senior managers monitor this closely and the Company actively purchases stock prior to any known price rises.  Budgets are monitored and contracts are regularly renegotiated for maintaining cost control.

Credit risk
The Company provides credit to customers but all customers are reviewed and credit limits set prior to credit being provided. Most wholegoods are financed through a third party finance company.
Liquidity and cash flow risks
Management accounts are prepared and reviewed on a monthly basis, whilst cash flow is monitored on a weekly basis ensure that the Company has adequate liquid resources to meet the ongoing operating needs of the business.
The Company has an overdraft facility of £4,000,000 for day to day trading and uses Hire Purchase contracts and long term loans to finance capital expenditure.
There are no indications that any terms of finance used by the Company will be withdrawn or be insufficient for the Company's trading purposes.


- 3 -



 
P. TUCKWELL LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Financial key performance indicators
 
The Company use KPIs to measure monthly and cumulative performance against budget and previous periods.    Management reviews the Company's performance by 3 key divisions of Sales (wholegoods), Parts and Service.  These are then split by individual depot with comparisons across all geographies. These KPI’s include turnover, gross margin and net profit.    
Overall turnover has increased by 11.5% reflecting the increase in demand for high value wholegoods and the ongoing maintenance of existing machinery within the Company's geography. Gross margins have decreased from 15.7% to 13.3% which could have been worse given the current economic environment and is reflective of continued cost control.

Engagement with suppliers, customers and other relationships
 
The key non financial performance indicator is the retention of the contracts with the key suppliers, most importantly John Deere. The Company continues to have very good relationships with alI of its key suppliers and continually reviews the product spread to ensure we have agreements with the right suppliers in order to service its customers' needs.
John Deere and other core brands set product targets and business indicators on an annual basis. These include number of wholegood units sold, market share, parts stock turn and customer satisfaction scores.  The Company is pleased to report that through continued support and strong working relationships it has achieved all targets set.
Engagement with Employees
A further key non financial performance indicator is around the Company’s people. Recruiting and retaining the right people is key to the continued success of the business. The average number of employees within the Company was again up year on year, and the Company now employs just under 300 members of staff across the business, more than any other time in our history.   
The Company has a number of methods where it engages with and encourages feedback from employees. The Company is committed to acting on feedback received and continually monitor training needs and investment in its staff development.
The Company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the Company's policy wherever practical to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.


- 4 -



 
P. TUCKWELL LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors report here on how they have performed their duty under Section 172 of the Companies Act 2006 and sets out a series of matters to which the Directors must have regard in performing their duty to promote the success of the Company for the benefit of its shareholders, which includes having regard to the other stakeholders.
The Board of Directors consider that it is crucial that the Company maintains a reputation for the highest standards of business conduct and is responsible for setting, reviewing and upholding the culture, values standards, ethics and reputation of the Company to ensure its obligations to key stakeholders are met. By using the core values of the  family business, the Directors seek to maintain and develop strong, stable and profitable partnerships with all its customers, employees and suppliers by providing outstanding innovative services and products.
During the year, the Directors consider that they have at all times acted in a way, and have made decisions that would most likely promote the success of the Company and for the benefit of its members as a whole, and in making those decisions have had particular regard to;
The likely consequences of any decision in the long term;
The interests of the Company’s employees;
The need to foster the Company’s business relationships with suppliers, customers and others;
The impact of the Company’s operations on the community and environment;
The desirability of the Company maintaining a reputation for high standards of business; and
The need to act fairly between members of the Company.
The Board’s engagement with who it regards as its key stakeholder is summarised as follows;
Our people: The success of the business includes attracting, retaining and motivating employees. The Company undertakes an annual engagement survey with its employees and ensures feedback is acted upon.    Communication is key, and the Company has a  range of mechanisms including one to one meetings, department and outlet meetings as well as Company wide virtual events. The Company seeks to work hand in hand with its people, to listen to their feedback and to ensure the Company is an inspiring place to work.
Our customers: The Company continuously assesses the priorities related to customers to enhance and maintain customer relationships for the long term. Delivering an excellent customer experience is essential to the Company's success. The Company regularly engages with all of its customers across a range of touchpoints including formal feedback and demonstration days.
Our suppliers: The Company has high levels of regular engagement with all of its suppliers, but particularly its key brand partners like John Deere with whom it has constant dialogue to ensure the Company is representing their brands to the best of its ability and meeting all requirements and standards. The Company is included in numerous dealer development initiatives and training events.
Our shareholders: All of the Company's shareholders work in the business and so are closely engaged with the Group’s day to day operations.
Our community and environment: The Company engages with its local community in a wide variety of ways such as offering a significant number of work experience places to local youngsters and involvement with a number of local charities. It has a range of initiatives and policies to minimise the Company's impact on the environment, including those aimed at reducing energy consumption, travel, and the use of resources.


- 5 -



 
P. TUCKWELL LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


This report was approved by the Board on 23 August 2024 and signed on its behalf.



Mr P A Tuckwell
Director


- 6 -



 
P. TUCKWELL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The Directors present their report and the financial statements for the year ended 30 November 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activities

The principal activities of the Company during the year was those of distributors and dealers in agricultural machinery and agricultural engineers.

Results and dividends

The profit for the year, after taxation, amounted to £1,414,318 (2022 - £3,159,973).

Interim dividends amounting to £368,985 (2022 - £389,200) were paid during the year.  The Directors do not recommend the payment of a final dividend (2022 - £nil).

Directors

The Directors who served during the year and to the date of this report were:

Mr P A Tuckwell 
Mr J M Tuckwell 


- 7 -



 
P. TUCKWELL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its Directors as part of its professional indemnity insurance policy which was in place throughout the year and remains in place up to the date of this Report.
Under the Company's revised Articles of Association approved by Special Resolution on the 22 September 2022, the Directors are also entitled to be indemnified out of the assets of the Company against all losses as a result of discharging their duties. 


- 8 -



 
P. TUCKWELL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company is committed to managing its environmental impact and is fully aware that by considering the environment in its decision making, it can have a beneficial impact on the Company’s performance. The Company's key environmental impacts are from the transportation of goods, operating its road vehicles for business travel and the Company's sites. For the purpose of this Report the Company is disclosing its Scope 1 & 2 emissions in accordance with Environmental Reporting Guidelines as issued by the Department of Environment, Food & Rural Affairs (“DEFRA”) and the Department for Business, Energy & Industrial Strategy (“BEIS”):
     
 2023   2022
Total Energy Consumption in kwh 
 6,443,805           5,576,076
Total Energy Consumption in tCO2e 
 1,517   1,318
The energy consumption breakdown (in kwh) is analysed as follows:
Gas oil                                
 271,292  531,877
Transport fuel   
 5,500,567  4,444,015
Electricity    
 671,946  600,184
Mandatory greenhouse gas emissions report by scope
          Unit   2023  2022
Scope 1
Energy consumption owned road vehicles and gas consumption tCO2e 1,379  1,202
Scope 2
Electricity and gas consumption      tCO2e 138  116
Total Emissions         tCO2e 
 1,517  1,318
Profit for the financial year      £’000           
 1,456  3,130
Intensity Ratio (emissions/profit for the financial year)                
 1.04  0.42

Basis of preparation
Greenhouse gas emissions are calculated in alignment with records used for the production of these financial statements. The Company has used emission factors from BEIS’s “Greenhouse gas reporting: conversion factors 2023” to calculate its Scope 1 & 2 emissions. All emissions  required under the Companies Act 2006 are included where stated and include Scope 1 (direct emissions from road vehicles owned by the Company) and Scope 2 (indirect emissions from purchased electricity).

Measures taken to improve energy efficiency and the environment
As a business, the Company is now conducting more meetings via online platforms in order to save on travel between depots. It also conducts regular Health and Safety meetings, which include the Chief Operating Officer to ensure depots are working as efficiently as possible. The Company's most recent capital expenditure on its buildings included solar panels and air source heat pumps to reduce emissions.
Since the year end, the Company has appointed a Group Compliance Officer whose responsibilities include health and safety, and ensuring working practices are as  efficient as possible in order to reduce overall

- 9 -



 
P. TUCKWELL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

emissions.   The Company has a programme of investment across its locations including new LED lighting, heating and efficient removal of hazardous waste. The vehicle management policy has resulted in a number of older vehicles being replaced with new, hybrid and electric vehicles ensuring we consider energy consumption and emissions.   The Company has installed trackers in our technical vehicles to ensure we minimise mileage where possible.

Matters covered in the Strategic Report

Details of the Company's financial risk management objectives and policies, including its use of financial instruments and the key risks to which it is exposed, and engagement with key stakeholders are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 23 August 2024 and signed on its behalf.
 





Mr P A Tuckwell
Director


- 10 -



 
P. TUCKWELL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P. TUCKWELL LIMITED

Opinion


We have audited the financial statements of P. Tuckwell Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 November 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.



- 11 -



 
P. TUCKWELL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P. TUCKWELL LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 the Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, 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 is 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.



- 12 -



 
P. TUCKWELL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P. TUCKWELL LIMITED (CONTINUED)

Auditor's 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 an Auditor's Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, UK taxation legislation and UK Company Law; and
• Those laws and regulations considered to have an indirect effect on the financial statements including dealer compliance terms, employment law, health and safety legislation and GDPR.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of Board minutes, testing of journal entries, performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.



- 13 -



 
P. TUCKWELL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P. TUCKWELL LIMITED (CONTINUED)

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 2006Our 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 an Auditor's Report 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.





John Perry (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

23 August 2024

- 14 -



 
P. TUCKWELL LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Notes
£
£

  

Turnover
 4 
119,405,127
107,066,309

Cost of sales
  
(103,509,289)
(90,222,844)

Gross profit
  
15,895,838
16,843,465

Administrative expenses
  
(13,625,034)
(12,767,819)

Other operating income
 5 
56,780
78,096

Operating profit
 6 
2,327,584
4,153,742

Dividends receivable from subsidiary
  
2,548,197
-

Amounts written off investment in subsidiary
  
(2,428,664)
-

Interest receivable and similar income
 10 
77,977
12,703

Interest payable and similar expenses
 11 
(606,446)
(186,410)

Profit before tax
  
1,918,648
3,980,035

Tax on profit
 12 
(504,330)
(820,062)

Profit for the financial year
  
1,414,318
3,159,973

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 22 to 45 form part of these financial statements.


- 15 -



 
P. TUCKWELL LIMITED
REGISTERED NUMBER:01189939


BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Notes
£
£

Fixed assets
  

Goodwill
 14 
1,252,640
1,536,257

Tangible assets
 15 
3,415,460
2,966,707

Investments
 16 
1
2,424,827

  
4,668,101
6,927,791

Current assets
  

Stocks
 17 
48,850,037
35,022,032

Debtors: amounts falling due within one year
 18 
16,398,904
14,971,159

Cash at bank and in hand
 19 
19,675
38,833

  
65,268,616
50,032,024

Creditors: amounts falling due within one year
 20 
(49,408,680)
(37,590,105)

Net current assets
  
 
 
15,859,936
 
 
12,441,919

Total assets less current liabilities
  
20,528,037
19,369,710

Creditors: amounts falling due after more than one year
 21 
(1,896,399)
(2,116,425)

Provisions for liabilities
  

Deferred tax
 24 
(478,176)
(317,417)

Other provisions
 25 
(674,737)
(502,476)

  
 
 
(1,152,913)
 
 
(819,893)

Net assets
  
17,478,725
16,433,392


Capital and reserves
  

Called up share capital 
 26 
535
535

Capital redemption reserve
 27 
465
465

Profit and loss account
 27 
17,477,725
16,432,392

  
17,478,725
16,433,392



- 16 -



 
P. TUCKWELL LIMITED
REGISTERED NUMBER:01189939

    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 23 August 2024.




Mr P A Tuckwell
Director

The notes on pages 22 to 45 form part of these financial statements.


- 17 -



 
P. TUCKWELL LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
535
465
13,661,619
13,662,619


Comprehensive income for the year

Profit for the year
-
-
3,159,973
3,159,973


Distributions to owners

Dividends payable (see note 13)
-
-
(389,200)
(389,200)



At 1 December 2022
535
465
16,432,392
16,433,392


Comprehensive income for the year

Profit for the year
-
-
1,414,318
1,414,318


Distributions to owners

Dividends payable (see note 13)
-
-
(368,985)
(368,985)


At 30 November 2023
535
465
17,477,725
17,478,725


The notes on pages 22 to 45 form part of these financial statements.


- 18 -



 
P. TUCKWELL LIMITED
 


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,414,318
3,159,973

Adjustments for:

Amortisation of intangible assets
283,617
283,617

Depreciation of tangible assets
872,756
685,232

Profit on disposal of tangible assets
(171,056)
(95,707)

Interest payable and similar expenses
606,446
186,410

Interest receivable and similar income
(77,977)
(12,703)

Taxation charge
504,330
820,062

(Increase) in stocks
(3,116,575)
(2,406,121)

(Increase)/decrease in debtors
(1,427,745)
2,137,389

Increase in creditors
8,370,100
842,495

Increase/(decrease) in provisions
172,261
(63,039)

Corporation tax (paid)
(501,951)
(574,309)

Dividend received
(2,548,197)
-

Write off of investment
2,428,664
-

Net cash generated from operating activities

6,808,991
4,963,299


Cash flows from investing activities

Purchase of tangible fixed assets
(341,571)
(692,843)

Proceeds from the sale of tangible fixed assets
221,096
136,508

Acquisition costs of subsidiary undertaking
(3,838)
(13,095)

Cash consideration paid for subsidiary undertaking
(347,616)
(1,760,000)

Interest received
77,977
12,703

Finance lease charges
(382,636)
(141,084)

Net cash from investing activities

(776,588)
(2,457,811)

- 19 -



 
P. TUCKWELL LIMITED
 


STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of bank loan
(24,132)
(37,179)

Repayment of other loan
-
(300,000)

Repayment of finance leases
(4,794,774)
(5,504,904)

Dividends paid
(247,860)
(299,200)

Interest paid
(223,810)
(45,326)

Net cash used in financing activities
(5,290,576)
(6,186,609)

Net increase/(decrease) in cash and cash equivalents
741,827
(3,681,121)

Cash and cash equivalents at beginning of year
(3,561,716)
119,405

Cash and cash equivalents at the end of year
(2,819,889)
(3,561,716)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
19,675
38,833

Bank overdraft
(2,839,564)
(3,600,549)

(2,819,889)
(3,561,716)


The notes on pages 22 to 45 form part of these financial statements.


- 20 -



 
P. TUCKWELL LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023






At 1 December 2022
Cash 
flows
New 
finance leases
Other non-cash changes
At 30 November 2023
£

£

£

£

£

Cash at bank and in hand

38,833

(19,158)

-

-

19,675

Bank overdrafts

(3,600,549)

760,985

-

-

(2,839,564)

Debt due after 1 year

(428,265)

-

-

26,183

(402,082)

Debt due within 1 year

(288,199)

(846,286)

-

(26,183)

(1,160,668)

Finance leases

(5,549,272)

4,794,774

(11,741,408)

-

(12,495,906)


(9,827,452)
4,690,315
(11,741,408)
-
(16,878,545)

The notes on pages 22 to 45 form part of these financial statements.


- 21 -



 
P. TUCKWELL LIMITED
 

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

1.


General information

P. Tuckwell Limited (the "Company") is a private company limited by shares. It is incorporated and domiciled in England and Wales. The address of its registered office is Shop Street, Worlingworth, Woodbridge, Suffolk IP13 7HU. It operates from various branches throughout the East of England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Group accounts have not been prepared as the Company's subsidiary is permitted to be excluded from group accounts by virtue of sections 402 and 405 of the Companies Act 2006 since its exclusion is not material for the purpose of giving a true and fair view. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
The Company has taken advantage of the exemption allowed under section 405 of the Companies Act 2006 and has not prepared consolidated financial statements on the basis that its subsidiary undertaking is not material for the purpose of giving a true and fair view.

 
2.2

Going concern

The Directors have prepared cash flow forecasts covering at least 12 months from the date these financial statements were approved, which also consider the available headroom on the overdraft facility and planned capital expenditure. The Directors are satisfied that with the expectations that current facilities remain in place, that the Company is able to continue to trade and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly these financial statements have been prepared on the going concern basis. 


- 22 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from the supply of goods is recognised when the customer has assumed most of the risks and rewards of ownership which is when the goods are available for delivery to the customer or collection from the depot by the customer. 
Turnover from the supply of services is recognised on an accruals basis over the periods the services are provided to the customer.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.


- 23 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 24 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of seven years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.


- 25 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
10% to 50%
Motor vehicles
-
20%
Fixtures and fittings
-
20% to 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Investment

The investment in the subsidiary undertaking is measured at cost less accumulated impairment charges.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


- 26 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Provision for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.22

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to

- 27 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)


2.22
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

- 28 -



 
P. TUCKWELL LIMITED
 

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

2.Accounting policies (continued)


2.22
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when declared. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below:
Useful economic lives of property, plant and equipment
The annual depreciation charge for property, plant and equipment is sensitive to changes in the useful economic lives and residual values of assets. The economic lives and residual values are re-assessed annually. They are revised when necessary to reflect current estimates, based on recoverability and expected economic utilisation of the asset.
Useful economic life of goodwill
The annual amortisation charge for goodwill is sensitive to changes in the useful economic life of the asset. The goodwill is currently being amortised on a straight-line basis of 7 years from the date of acquisition, being the Directors' estimate of the useful economic life of the business acquired. This economic life is re-assessed annually and revised when necessary to reflect current estimates, based on recoverability and expected future economic inflows to the Company.
Machinery available for hire
The Company's machinery which is available for hire has been recognised as stock rather than tangible fixed assets on the basis that it is also available for sale. The machines are assessed for impairment at each reporting date and impairment losses are recognised if their carrying amounts exceed their recoverable amounts. The recoverable amounts of the machines are determined as the lower of their

- 29 -



 
P. TUCKWELL LIMITED
 

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

3.Judgments in applying accounting policies (continued)

selling prices less costs to sell and their value in use i.e. the future net hire income. Consequently, the carrying value of the machines are the same as they would be if they were recognised as tangible fixed assets. At the year end the carrying value of the stock related to items which were available for hire was £5,012,477 (2022 - £2,938,301).
Valuation of stocks 
Stock is held at the lower of cost and net realisable value. The Directors review the net realisable value of wholegoods at each reporting date, and make provisions where they consider this to be lower than cost or where there is slow moving and obsolete stock. At the year end this provision amounted to £6,072,013 on a gross cost of £48,737,924 (2022 - £5,739,542 on a gross cost of £34,455,677).
The Directors also review the net realisable value of parts stock at each reporting date, and making provisions where they consider this to be lower than cost or where there is slow moving and obsolete stock. At the year end this provision amounted to £1,344,880 on a gross cost of £7,417,746 (2022 - £1,482,453 on a gross cost of £7,559,447).
Recoverability of trade debtors
A provision for bad debts is made where it is identified that a trade debtor may not be recoverable in full by the Company. The bad debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile.
Buy back provision
A provision is recognised by the Company when it enters into agreements with customers to buy back items of machinery, for an agreed amount, and at a set time in the future. At the year end the provision amounted to £674,737 (2022 - £502,476) and is expected to be utilised on various dates between December 2023 and December 2027.


- 30 -



 
P. TUCKWELL LIMITED
 

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Supply of agricultural machinery and equipment
110,620,166
99,163,565

Supply of servicing and maintenance contracts
8,784,961
7,902,744

119,405,127
107,066,309


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
115,268,218
104,493,045

Rest of Europe
3,869,098
2,278,040

Rest of the World
267,811
295,224

119,405,127
107,066,309



5.


Other operating income

2023
2022
£
£

Finance commissions receivable
50,780
55,596

Government grants receivable
6,000
22,500

56,780
78,096


The government grants receivable in the year includes £6,000 (2022 - £22,500) in respect of Apprentice Incentives.


- 31 -



 
P. TUCKWELL LIMITED
 

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

6.


Operating profit

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

2023
2022
£
£

Depreciation of tangible fixed assets
872,756
685,232

Amortisation of goodwill
283,617
283,617

Other operating lease rentals
735,102
726,267

(Profit) on disposal of tangible fixed assets
(171,056)
(95,707)


7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
21,350
20,750

Fees payable to the Company's auditor in respect of:

Audit of the subsidiary's financial statements
1,500
4,500

Taxation services
2,545
2,450

Company secretarial services
805
775


- 32 -



 
P. TUCKWELL LIMITED
 

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

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
10,576,501
9,876,498

Social security costs
1,026,599
1,023,408

Cost of defined contribution scheme
290,509
266,805

11,893,609
11,166,711


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Direct staff
269
247



Indirect staff
25
23

294
270


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
298,112
298,913


No retirement benefits were accruing to any of the Directors in respect of the defined contribution pension scheme in either the current or prior year. 
During the year, the highest paid Director received remuneration amounting to £150,293 (2022 - £152,039).
During the year key management personnel (inclusive of Employer's national insurance contribution) received remuneration amounting to £1,113,294 (2022 - £1,285,986).


10.


Interest receivable and similar income

2023
2022
£
£


Other interest receivable
77,977
12,703


- 33 -



 
P. TUCKWELL LIMITED
 

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

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
199,956
37,020

Bank loan interest payable
23,854
8,306

Finance leases and hire purchase contracts
382,636
141,084

606,446
186,410


12.


Taxation


2023
2022
£
£

Corporation tax


UK Corporation tax on profit for the year
343,571
618,891

Adjustments to tax charge in respect of prior years
-
30,537


343,571
649,428


Deferred tax


Origination and reversal of timing differences
160,759
170,634

Total deferred tax
160,759
170,634


Taxation on profit on ordinary activities
504,330
820,062

- 34 -



 
P. TUCKWELL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,918,648
3,980,035


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
441,499
756,207

Effects of:


Expenses not deductible for tax purposes
92,274
33,318

Non-taxable income
(42,234)
-

Adjustments to tax charge in respect of prior years
12,791
30,537

Total tax charge for the year
504,330
820,062


Factors that may affect future tax charges

The main rate of UK Corporation tax increased from 19% to 25% on 1 April 2023. This was substantively enacted in May 2021. Accordingly deferred tax assets and liabilities are stated at 25% (2022 - 25%).


13.


Dividends

2023
2022
£
£


Interim dividends payable
368,985
389,200


- 35 -



 
P. TUCKWELL LIMITED
 

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

14.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
1,985,317



At 30 November 2023

1,985,317



Amortisation


At 1 December 2022
449,060


Charge for the year
283,617



At 30 November 2023

732,677



Net book value



At 30 November 2023
1,252,640



At 30 November 2022
1,536,257

The goodwill relates to the transfer of the trade and assets of Burden Bros Agri Limited, subsidiary undertaking, to the Company in May 2021 at fair value. The goodwill is being amortised on a straight-line basis of 7 years from the date of transfer, being the Directors' estimate of the useful economic life of the business transferred. The amortisation charge is recognised within administrative expenses.




- 36 -



 
P. TUCKWELL LIMITED
 

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

15.


Tangible fixed assets





Freehold land and property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 December 2022
1,893,353
664,284
3,651,416
558,982
6,768,035


Additions
7,836
98,722
1,218,977
46,013
1,371,548


Disposals
-
(19,151)
(617,372)
-
(636,523)



At 30 November 2023

1,901,189
743,855
4,253,021
604,995
7,503,060



Depreciation


At 1 December 2022
868,434
419,612
2,114,231
399,051
3,801,328


Charge for the year
48,274
93,129
646,398
84,955
872,756


Disposals
-
(4,150)
(582,334)
-
(586,484)



At 30 November 2023

916,708
508,591
2,178,295
484,006
4,087,600



Net book value



At 30 November 2023
984,481
235,264
2,074,726
120,989
3,415,460



At 30 November 2022
1,024,919
244,672
1,537,185
159,931
2,966,707

Included within freehold land and property is land amounting to £35,263 (2022 - £35,263) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
1,705,915
1,305,263


- 37 -



 
P. TUCKWELL LIMITED
 

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

16.


Fixed asset investments





Investment in subsidiary

£



Cost or valuation


At 1 December 2022
2,424,827


Additions
3,838


Amounts written off
(2,428,664)



At 30 November 2023
1




The fixed asset investment relates to the acquisition of Burden Bros Agri Limited in February 2021. The additions relate to final adjustments to the acquisition price. The amounts written off reflect the reduction of the share capital of Burden Bros Limited to £1 and the distribution of its remaining reserves via a dividend both on 29 November 2023. It is the intention of the Directors that Burden Bros Agri Limited will enter dormancy in the future. 


Subsidiary undertaking


As at 30 November 2023, the following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Burden Bros Agri Limited
Shop Street Shop Street, Worlingworth, Woodbridge, Suffolk, IP13 7HU
Ordinary
100%

The principal activity of Burden Bros Agri Limited to the date the trade was transferred on 1 May 2021  was as an agricultural and turf care machinery dealership. 




Aggregate of share capital and reserves
Profit/(Loss)

Burden Bros Agri Limited
1
-


- 38 -



 
P. TUCKWELL LIMITED
 

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

17.


Stocks

2023
2022
£
£

Finished goods and goods for resale
48,850,037
35,022,032


The carrying value of items held under finance leases or hire purchase contracts was £5,012,477 (2022 - £4,508,926).
The carrying value of stocks are stated net of impairment losses amounting to £7,416,893 (2022 - £7,221,995). Impairment losses amounting to £194,898 (2022 - £769,125) were recognised in the Statement of Comprehensive Income in the year.


18.


Debtors

2023
2022
£
£


Trade debtors
9,197,107
8,739,163

Other debtors
1,945,404
1,025,038

Prepayments and accrued income
5,256,393
5,206,958

16,398,904
14,971,159


Included within other debtors is £Nil (2022 - £12,691) owed to the Company by a Director (see note 30).
Also included within other debtors is £1,738,878 (2022 - £932,371) owed to the Company by a company under common control (see note 30).
Included in prepayments are prepaid hire purchase fixed assets of £247,489 (2022 - £Nil).


19.


Cash and cash equivalents

Company
Company
2023
2022
£
£

Cash at bank and in hand
19,675
38,833

Less: bank overdraft
(2,839,564)
(3,600,549)

(2,819,889)
(3,561,716)



- 39 -



 
P. TUCKWELL LIMITED
 

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

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdraft (note 19)
2,839,564
3,600,549

Bank loan (see note 22)
42,415
40,364

Obligations under finance lease and hire purchase contracts (see note 23)
11,001,589
4,161,112

Trade creditors
27,429,250
16,072,362

Amounts owed to subsidiary undertaking
1
2,548,198

Corporation tax payable
360,511
518,891

Other taxation and social security
705,505
1,146,750

Other creditors
1,215,662
341,733

Deferred consideration payable
300,000
347,616

Accruals and deferred income
5,514,183
8,812,530

49,408,680
37,590,105


The bank overdraft and bank loan are secured by a fixed and floating charges over the Group's assets.
Included within trade creditors is £19,161,757 (2022 - £10,268,181) owed by the Company to John Deere Limited which are secured by a floating charge over the Company's assets, subject to a maximum value of £500,000 plus costs of enforcing.
Also included within trade creditors is £nil (2022 - £41,400) owed by the Company to a company under common control (see note 31).
Included within other creditors is £1,083,693 (2022 - £247,835) owed by the Company to a Director (see note 31).
As at 30 November 2023 the Group and the Company owed deferred consideration in relation to the acquisition of Burden Bros Agri Limited in February 2021 amounting to £300,000 (2022 - £647,616) of which £300,000 (2022 - £347,616) is due within one year.
Amounts owed to subsidiary undertaking are interest free and repayable on demand. 


- 40 -



 
P. TUCKWELL LIMITED
 

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

21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan (see note 22)
402,082
428,265

Net obligations under finance leases and hire purchase contracts (see note 23)
1,494,317
1,388,160

Deferred consideration payable (see note 20)
-
300,000

1,896,399
2,116,425


The bank loan is secured by fixed and floating charges over the Company's assets, is repayable by instalments and bears interest at the Bank of England base rate plus 0.7% per annum.


22.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
42,415
40,364

Amounts falling due 1-2 years

Bank loans
173,118
171,738


Amounts falling due after more than 5 years

Bank loans
228,964
256,527

444,497
468,629



- 41 -



 
P. TUCKWELL LIMITED
 

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

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
11,001,589
4,161,112

Between 1-5 years
1,494,317
1,388,160

12,495,906
5,549,272

The obligations under finance lease and hire purchase contracts are secured on the asset acquired under the related agreements. These contracts also include assets for resale in stock, where hire purchase is part of the working capital funding.


24.


Deferred taxation




2023
2022


£

£






At beginning of year
317,417
146,783


Charge to profit or loss
160,759
170,634



At end of year
478,176
317,417

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
514,220
363,632

Other short term timing differences
(36,044)
(46,215)

478,176
317,417


- 42 -



 
P. TUCKWELL LIMITED
 

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

25.


Provisions




Other provision
Total

£
£





At 1 December 2022
502,476
502,476


Charged to profit or loss
172,261
172,261



At 30 November 2023
674,737
674,737

Other provisions relates to liabilities created by the Company entering into agreements with customers to buy back items of machinery, for an agreed amount, and at a set time in the future. They are expected to be utilised on various dates between December 2023 and December 2027.


26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



302 (2022 - 302) Ordinary A shares of £1 each
302
302
168 (2022 - 168) Ordinary B shares of £1 each
168
168
30 (2022 - 30) Ordinary C shares of £1 each
30
30
35 (2022 - 35) Ordinary D shares of £1 each
35
35

535

535



All of the shares rank equally in all respects except for dividends which may be paid on one or more classes to the exclusion of others or in differing amounts.


27.


Reserves

Capital redemption reserve

The Capital Redemption reserve represents the nominal value of the Company's shares purchased.  The reserve is non-distributable.

Profit and loss account

The Profit and Loss Account reserve represents the accumulated profits and losses, less dividends paid.  The reserve in the Company is available for distribution to the Shareholders.


- 43 -



 
P. TUCKWELL LIMITED
 

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

28.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the fund and amounted to £290,509 (2022 - £266,805). Contributions amounting to £97,409 (2022 - £93,898) were payable to the funds at the year end and are included within other creditors.


29.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
549,312
335,479

Later than 1 year and not later than 5 years
1,165,895
606,302

After 5 years
289,333
126,333

2,004,540
1,068,114


- 44 -



 
P. TUCKWELL LIMITED
 

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

30.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 from disclosing transactions with its wholly owned subsidiary.
Transactions with related parties
During the year the Company made sales of goods amounting to £169,512 (2022 - £74,836), sales of services amounting to £nil (2022 - £184,700) and purchases amounting to £17,080 (2022 - £nil)  to a company under common control. In addition, during the year the Company also made purchases of goods amounting to £196,690 (2022 - £161,943), purchases of services of £358,465 (2022 - £387,558), paid rent amounting to £96,000 (2022 - £96,000) and paid management charges amounting to £32,400 (2022 - £32,400) to the related party. Furthermore the Company sold a fixed asset for a consideration of £nil (2022 - £18,417) and received interest amounting to £69,578 (2022 - £7,904). At 30 November 2023 the Company was owed £1,738,878 (2022 - £932,371) from this company.
The Company has also entered into a cross company guarantee with this company covering the bank borrowings provided by Barclays Bank Plc. At the year end the related party had borrowings amounting to £1,147,669 (2022 - £1,214,445).
During the year the Company made purchases of services amounting to £nil (2022 - £41,400) from a company controlled by a close family member of a Director. At 30 November 2023 the Company owed a balance of £nil (2022 - £41,400) to this company.
Transactions with Directors and their close family
At the year end the Company owed Mr J M Tuckwell £1,083,693 (2022 - £247,835) in respect of his Director's loan account. This loan is unsecured, interest free and repayable on demand and is included within other creditors.
At the year end the Company owed Mr P A Tuckwell £34,560 (2022 - owed the Company £12,691) in respect of his Director's loan account. The maximum balance owed to the Company during the year was £74,404 (2022 - £677,881). This loan is unsecured, interest free and repayable on demand and is included within other debtors.
During the year the Company declared dividends to the Directors amounting to £250,235 (2022 - £264,200), to a family trust amounting to £83,125 (2022 - £87,500) and to close family members of the Directors amounting to £35,625 (2022 - £37,500).  


31.


Controlling party

In the opinion of the Directors, the ultimate controlling party is Mr P A Tuckwell due to his majority shareholding in the Company.

 

- 45 -