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Registered number: 11053850
Farm and Traction Services Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11053850
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,172 33,115
19,172 33,115
CURRENT ASSETS
Stocks 5 2,625 2,625
Debtors 6 1,866 1,913
Cash at bank and in hand 550 2,033
5,041 6,571
Creditors: Amounts Falling Due Within One Year 7 (94,746 ) (64,727 )
NET CURRENT ASSETS (LIABILITIES) (89,705 ) (58,156 )
TOTAL ASSETS LESS CURRENT LIABILITIES (70,533 ) (25,041 )
Creditors: Amounts Falling Due After More Than One Year 8 (10,868 ) (20,242 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (153 ) (153 )
NET LIABILITIES (81,554 ) (45,436 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (81,555 ) (45,437 )
SHAREHOLDERS' FUNDS (81,554) (45,436)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss S Bottomley
Director
13 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Farm and Traction Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11053850 . The registered office is 5 Clare Street, North Petherton, Bridgwater, TA6 6RG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. Turnover
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Financial Instruments
The company only enters in to basic financial intrument transactions that result in the recognition of financial
aseets and liabilites like trade debtors and creditors, loans from banks and other third parties and loans to
related parties.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 December 2022 73,718
As at 30 November 2023 73,718
Depreciation
As at 1 December 2022 40,603
Provided during the period 13,943
As at 30 November 2023 54,546
Net Book Value
As at 30 November 2023 19,172
As at 1 December 2022 33,115
5. Stocks
2023 2022
£ £
Stock 2,625 2,625
6. Debtors
2023 2022
£ £
Due within one year
VAT 1,866 1,913
1,866 1,913
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 9,952 9,940
Trade creditors 16,931 8,719
Bank loans and overdrafts 1,568 2,356
Other creditors - 651
Accruals and deferred income 1,101 951
Director's loan account 65,194 42,110
94,746 64,727
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,515 18,475
Bank loans 2,353 1,767
10,868 20,242
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,952 9,940
Later than one year and not later than five years 8,515 18,475
18,467 28,415
18,467 28,415
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Ultimate Controlling Party
The company's ultimate controlling party is Sarah Bottomley by virtue of her ownership of 100% of the issued share capital in the company.
12. Going concern
The total liabilities exceed total assets, however the company is able to pay its debts as they fall due. 
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