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REGISTERED NUMBER: 03537677 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

R V W PUGH LTD

R V W PUGH LTD (REGISTERED NUMBER: 03537677)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


R V W PUGH LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R V W Pugh
Mrs C A Pugh



SECRETARY: Mrs C A Pugh



REGISTERED OFFICE: Mellington
Churchstoke
Montgomery
Powys
SY15 6TQ



REGISTERED NUMBER: 03537677 (England and Wales)



SENIOR STATUTORY AUDITOR: Francis Nock F.C.C.A.



AUDITORS: D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
Overall, turnover has decreased by 13.24% in 2024 compared to 2023. The fall in turnover has resulted in a decrease in gross profit, and gross profit percentage this year 9.38% compared to 12.99% in the previous year. The net profit percentage has also decreased at 1.26% this year compared to 11.72% in the previous year. The industry average for net profit percentage remains at 1% so this indicates that the company is performing in line with expectations within its sector. Return on capital employed and return on equity remain healthy. The company uses the above as KPIs and despite the decrease in turnover and margins, the company is still satisfied that it is performing in line with expectations and has no concerns.

PRINCIPAL RISKS AND UNCERTAINTIES
Competition is a significant risk to the company, as the Agricultural Machinery industry is a highly saturated market. The directors look to mitigate this risk by providing high quality machinery, excellent customer service and ensuring that high levels of stock are held to ensure that custom is not lost to a competitor.

ON BEHALF OF THE BOARD:





Mrs C A Pugh - Secretary


21 November 2024

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of resale and maintenance of farm machinery and associated products.

DIVIDENDS
An interim dividend of £2,000 per share was paid on 29 February 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29 February 2024 will be £ 4,000 .

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

R V W Pugh
Mrs C A Pugh

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

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

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

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

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

AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs C A Pugh - Secretary


21 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R V W PUGH LTD

Opinion
We have audited the financial statements of R V W Pugh Ltd (the 'company') for the year ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 29 February 2024 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
R V W PUGH LTD


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
R V W PUGH LTD


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 client's operating 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, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management; 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 their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

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 set out in note 3 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;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R V W PUGH LTD

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.

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.




Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

21 November 2024

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 4 21,811,585 25,139,755

Cost of sales (19,766,319 ) (21,872,978 )
GROSS PROFIT 2,045,266 3,266,777

Administrative expenses (1,574,429 ) (1,144,535 )
470,837 2,122,242

Other operating income 8,094 919,282
OPERATING PROFIT 6 478,931 3,041,524

Interest receivable and similar income 9,317 3,427
488,248 3,044,951

Interest payable and similar expenses 7 (213,074 ) (99,490 )
PROFIT BEFORE TAXATION 275,174 2,945,461

Tax on profit 8 (98,773 ) (430,211 )
PROFIT FOR THE FINANCIAL YEAR 176,401 2,515,250

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

PROFIT FOR THE YEAR 176,401 2,515,250


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

176,401

2,515,250

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 5,227,568 4,717,416
Investments 11 198,024 198,024
5,425,592 4,915,440

CURRENT ASSETS
Stocks 12 12,563,806 10,592,674
Debtors 13 5,349,085 7,540,080
Cash at bank 6,854 144,073
17,919,745 18,276,827
CREDITORS
Amounts falling due within one year 14 7,488,302 7,334,030
NET CURRENT ASSETS 10,431,443 10,942,797
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,857,035

15,858,237

CREDITORS
Amounts falling due after more than one
year

15

(200,804

)

(338,465

)

PROVISIONS FOR LIABILITIES 19 (527,761 ) (563,703 )
NET ASSETS 15,128,470 14,956,069

CAPITAL AND RESERVES
Called up share capital 20 2 2
Retained earnings 21 15,128,468 14,956,067
SHAREHOLDERS' FUNDS 15,128,470 14,956,069

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:




R V W Pugh - Director



Mrs C A Pugh - Director


R V W PUGH LTD (REGISTERED NUMBER: 03537677)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 2 12,444,817 12,444,819

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 2,515,250 2,515,250
Balance at 28 February 2023 2 14,956,067 14,956,069

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 176,401 176,401
Balance at 29 February 2024 2 15,128,468 15,128,470

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

R V W Pugh Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

Going Concern
The financial statements have been prepared under a going concern basis on the expectation that the company shall continue to operate in the foreseeable future.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land & buildings - 2% on cost and not provided
Improvements to property - 25% on cost and 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 50% on reducing balance and 33% on cost
Motor vehicles - 25% on reducing balance

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.


R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs
The company makes payments to the directors personal pension scheme.

Basic financial instruments
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The company provides against the stock it holds based on the age profile of the units held utilising management's past experience and anticipated future market trends. See note 12 for the net carrying amount of stock.

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of debtors.

Cash flow statement exemption
These financial statements do not contain a cash flow statement as consolidated accounts for the group are available from the company's registered office.

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. TURNOVER

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

An analysis of turnover by geographical market is given below:

29.2.24 28.2.23
£    £   
United Kingdom 21,298,588 24,227,889
European Community 497,313 695,565
Rest of the World 15,684 216,301
21,811,585 25,139,755

5. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 1,970,205 1,970,686
Social security costs 163,485 178,193
Other pension costs 39,000 118,167
2,172,690 2,267,046

The average number of employees during the year was as follows:
29.2.24 28.2.23

Sales 12 10
Admin 8 9
Other 53 60
73 79

29.2.24 28.2.23
£    £   
Directors' remuneration 58,000 55,080
Directors' pension contributions to money purchase schemes 1,366 81,278

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

Money purchase schemes 2 2

6. OPERATING PROFIT

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

29.2.24 28.2.23
£    £   
Depreciation - owned assets 365,714 377,154
Depreciation - assets on hire purchase contracts 87,347 51,177
Profit on disposal of fixed assets (142,003 ) (374,637 )
Auditors' remuneration 24,725 16,000
Other operating costs 89,790 69,375

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank & HP interest 185,123 76,689
Bank loan interest 27,951 22,801
213,074 99,490

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax 177,213 307,849
Under/over provision of tax (42,498 ) -
Total current tax 134,715 307,849

Deferred tax (35,942 ) 122,362
Tax on profit 98,773 430,211

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

29.2.24 28.2.23
£    £   
Profit before tax 275,174 2,945,461
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

68,794

559,638

Effects of:
Expenses not deductible for tax purposes 864 834
Capital allowances in excess of depreciation - (125,029 )
Depreciation in excess of capital allowances 95,470 -
Adjustments to tax charge in respect of previous periods (42,498 ) -
Net chargeable gains 14,948 996
Group relief - (128,590 )
Deferred tax (35,942 ) 122,362
CT rate movement (3,678 ) -
Pension accrual movement 815 -
Total tax charge 98,773 430,211

9. DIVIDENDS
29.2.24 28.2.23
£    £   
Ordinary shares of £1 each
Interim 4,000 4,000

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. TANGIBLE FIXED ASSETS
Improvements
Land & to Plant and
buildings property machinery
£    £    £   
COST
At 1 March 2023 2,778,766 239,040 2,495,305
Additions 1,225,416 - 740,253
Disposals (162,219 ) - (1,090,552 )
At 29 February 2024 3,841,963 239,040 2,145,006
DEPRECIATION
At 1 March 2023 425,781 143,093 853,663
Charge for year 100,342 20,078 185,720
Eliminated on disposal (2,686 ) - (137,684 )
At 29 February 2024 523,437 163,171 901,699
NET BOOK VALUE
At 29 February 2024 3,318,526 75,869 1,243,307
At 28 February 2023 2,352,985 95,947 1,641,642

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 181,383 1,233,909 6,928,403
Additions 5,349 109,353 2,080,371
Disposals (4,079 ) (61,044 ) (1,317,894 )
At 29 February 2024 182,653 1,282,218 7,690,880
DEPRECIATION
At 1 March 2023 145,620 642,830 2,210,987
Charge for year 14,943 131,978 453,061
Eliminated on disposal (2,501 ) (57,865 ) (200,736 )
At 29 February 2024 158,062 716,943 2,463,312
NET BOOK VALUE
At 29 February 2024 24,591 565,275 5,227,568
At 28 February 2023 35,763 591,079 4,717,416

Within land and buildings there is £273,192 (2023; £133,192) that relates to land only, which has not been depreciated.

Plant and machinery with a carrying value of £65,874 (2023: £225,428) and motor vehicles with a carrying value of £279,688 (2023: £107,647) are held under hire purchase agreements.

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

11. FIXED ASSET INVESTMENTS

29.2.24 28.2.23
£    £   
Other investments not loans 198,024 198,024

Additional information is as follows:
Equity
instruments
£   
COST
At 1 March 2023
and 29 February 2024 105,000
NET BOOK VALUE
At 29 February 2024 105,000
At 28 February 2023 105,000

Investments (neither listed nor unlisted) were as follows:
29.2.24 28.2.23
£    £   
Other investments - cost brought forward 93,024 93,024

12. STOCKS
29.2.24 28.2.23
£    £   
Stocks 12,521,961 10,556,514
Work-in-progress 41,845 36,160
12,563,806 10,592,674

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 2,399,841 3,229,562
Amounts due from group
undertaking 2,596,875 4,147,981
VAT 150,418 -
Prepayments and accrued income 201,951 162,537
5,349,085 7,540,080

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 16) 892,048 173,200
Hire purchase contracts (see note 17) 93,782 185,344
Trade creditors 1,563,207 1,215,738
Tax 177,213 307,849
Social security and other taxes 51,599 54,038
VAT - 194,270
Directors' current accounts 151,754 128,157
Accruals and deferred income 4,558,699 5,075,434
7,488,302 7,334,030

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 16) 144,633 311,349
Hire purchase contracts (see note 17) 56,171 27,116
200,804 338,465

16. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 723,269 -
Bank loans 168,779 173,200
892,048 173,200

Amounts falling due between two and five years:
Bank loans - 2-5 years 144,633 311,349

The loans are repayable by instalments as analysed above and have an annual debit interest rate of 7.35%.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 93,782 185,344
Between one and five years 56,171 27,116
149,953 212,460

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 93,540 89,135
Between one and five years 101,540 20,465
In more than five years 65,000 -
260,080 109,600

18. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdraft 723,269 -
Bank loans 313,412 484,549
Hire purchase contracts 149,953 212,460
1,186,634 697,009

The bank overdraft and bank loans are secured by a charge on the following business property:

- Mellington, Churchstoke, Powys dated 22 May 2000
- Garthmyl Hall, Garthmyl, Montgomery, Powys dated 19 October 2015
- The Coach House, Garthmyl Hall, Garthmyl, Montgomery, Powys dated 03 November 2015
- Land adjacent to Garthmyl Hall, Garthmyl, Montgomery, Powys dated 17 November 2015
- Bluebell pub, Churchstoke, Montgomery, Powys dated 05 August 2022

Cross Guarantee and debenture between RVW Pugh Group Ltd, TR Machinery Ltd dated 7 June 2023.

Barclays Bank Plc also hold a fixed and floating charge, of which the floating charge is against all assets of the company dated 29 November 2019. The charge also contains a negative pledge.



Hire purchase assets are secured on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 527,761 563,703

Deferred
tax
£   
Balance at 1 March 2023 563,703
Provision movement (35,942 )
Balance at 29 February 2024 527,761

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
2 Ordinary £1 2 2

The Ordinary shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).

21. RESERVES
Retained
earnings
£   

At 1 March 2023 14,956,067
Profit for the year 176,401
Dividends (4,000 )
At 29 February 2024 15,128,468

Retained earnings includes all current and prior period retained profits and losses.

22. CONTINGENT LIABILITIES

The group companies are in a cross guarantee agreement with AGCO Finance Ltd. In this agreement are R.V.W Pugh Group Limited, RVW Pugh Limited, and T R Machinery Limited. As at the year end the potential contingent liability for RVW Pugh Limited amounted to £6,006,973 (2023: £3,733,261).

The group companies are in a cross guarantee agreement with Barclays Bank PLC. In this agreement are R.V.W Pugh Group Limited, RVW Pugh Limited, and T R Machinery Limited. As at the year end the potential
contingent liability for RVW Pugh Limited amounted to £179,579 (2023: £NIL).

23. CAPITAL COMMITMENTS
29.2.24 28.2.23
£    £   
Contracted but not provided for in the
financial statements 61,847 -

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period Mr and Mrs Pugh charged the company £50,000 (2023: £50,000) for the rent of the Mellington premises.

25. RELATED PARTY DISCLOSURES

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.

R V W PUGH LTD (REGISTERED NUMBER: 03537677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

25. RELATED PARTY DISCLOSURES - continued

The ultimate parent company is RVW Pugh Group Ltd, registered in England and Wales. RVW Pugh Group Ltd is the parent of the largest and smallest group for which consolidated financial statements are prepared which include RVW Pugh Ltd. The registered office of the ultimate parent company is the same as that of RVW Pugh Ltd. Group accounts are freely available from Companies House.

Key management personnel remuneration, including employers national insurance and pension contributions
totalled £64,893 (2023: £141,683).

RVW Pugh Limited Retirement Scheme

RVW Pugh and CA Pugh are both members of both the company and scheme.

The company has been charged £18,750 (2023: £18,750) as rental contributions.

26. ULTIMATE CONTROLLING PARTY

RVW Pugh and Mrs CA Pugh are the ultimate controlling party due to their 100% shareholding in RVW Pugh
Group Ltd.