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Branson Tractors Limited
Financial Statements
For The Year Ended 30 November 2023
Financial Statements
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Branson Tractors Limited For The Year Ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Branson Tractors Limited For The Year Ended 30 November 2023 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Branson Tractors Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Branson Tractors Limited and state those matters that we have agreed to state to the director of Branson Tractors Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Branson Tractors Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Branson Tractors Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Branson Tractors Limited . You consider that Branson Tractors Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Branson Tractors Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
29 August 2024
Cooper Adams Ltd
Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
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Page 2
Statement of Financial Position
Registered number: 07545878
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 62,391 21,963
62,391 21,963
CURRENT ASSETS
Stocks 602,904 471,988
Debtors 155,490 39,675
Cash at bank and in hand 22,092 171,471
780,486 683,134
Creditors: Amounts Falling Due Within One Year (266,362 ) (119,898 )
NET CURRENT ASSETS (LIABILITIES) 514,124 563,236
TOTAL ASSETS LESS CURRENT LIABILITIES 576,515 585,199
Creditors: Amounts Falling Due After More Than One Year (34,313 ) (25,654 )
NET ASSETS 542,202 559,545
CAPITAL AND RESERVES
Called up share capital 5 100 100
Income Statement 542,102 559,445
SHAREHOLDERS' FUNDS 542,202 559,545
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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 his 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 Income Statement.
On behalf of the board
Mr Martin Lewis
Director
29 August 2024
The notes on pages 4 to 5 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Branson Tractors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07545878 . The registered office is 12 Payton Street, Stratford upon Avon, Warwickshire, CV37 6UA.
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. Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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% on reducing balance
Motor vehicles 20% on reducing balance
2.4. 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 income statement 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 income statement as incurred.
2.5. 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.
2.6. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 2)
5 2
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4. Tangible assets
Plant & machinery Motor vehicles Total
£ £ £
Cost
As at 1 December 2022 14,263 37,678 51,941
Additions 56,022 - 56,022
As at 30 November 2023 70,285 37,678 107,963
Depreciation
As at 1 December 2022 8,809 21,169 29,978
Provided during the period 12,292 3,302 15,594
As at 30 November 2023 21,101 24,471 45,572
Net Book Value
As at 30 November 2023 49,184 13,207 62,391
As at 1 December 2022 5,454 16,509 21,963
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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