IRIS Accounts Production v24.3.0.553 13257803 Board of Directors 1.3.23 29.2.24 29.2.24 the sale & service of farm machinery and associated products. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh132578032023-02-28132578032024-02-29132578032023-03-012024-02-29132578032022-02-28132578032022-03-012023-02-28132578032023-02-2813257803ns15:EnglandWales2023-03-012024-02-2913257803ns14:PoundSterling2023-03-012024-02-2913257803ns10:Director12023-03-012024-02-2913257803ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2913257803ns10:FRS1022023-03-012024-02-2913257803ns10:Audited2023-03-012024-02-2913257803ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2913257803ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2913257803ns10:FullAccounts2023-03-012024-02-2913257803ns10:OrdinaryShareClass12023-03-012024-02-2913257803ns10:Director32023-03-012024-02-2913257803ns10:RegisteredOffice2023-03-012024-02-2913257803ns10:Director22023-03-012024-02-2913257803ns5:CurrentFinancialInstruments2024-02-2913257803ns5:CurrentFinancialInstruments2023-02-2813257803ns5:Non-currentFinancialInstruments2024-02-2913257803ns5:Non-currentFinancialInstruments2023-02-2813257803ns5:ShareCapital2024-02-2913257803ns5:ShareCapital2023-02-2813257803ns5:RetainedEarningsAccumulatedLosses2024-02-2913257803ns5:RetainedEarningsAccumulatedLosses2023-02-2813257803ns5:ShareCapital2022-02-2813257803ns5:RetainedEarningsAccumulatedLosses2022-02-2813257803ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2813257803ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2913257803ns5:PlantMachinery2023-03-012024-02-2913257803ns5:MotorVehicles2023-03-012024-02-2913257803ns5:OwnedAssets2023-03-012024-02-2913257803ns5:OwnedAssets2022-03-012023-02-2813257803ns5:LeasedAssets2023-03-012024-02-2913257803ns5:LeasedAssets2022-03-012023-02-2813257803ns5:PlantMachinery2023-02-2813257803ns5:MotorVehicles2023-02-2813257803ns5:PlantMachinery2024-02-2913257803ns5:MotorVehicles2024-02-2913257803ns5:PlantMachinery2023-02-2813257803ns5:MotorVehicles2023-02-2813257803ns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2913257803ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2913257803ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2813257803ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2913257803ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2813257803ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-02-2913257803ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-02-2813257803ns5:HirePurchaseContracts2024-02-2913257803ns5:HirePurchaseContracts2023-02-2813257803ns5:Secured2024-02-2913257803ns5:Secured2023-02-2813257803ns5:DeferredTaxation2023-02-2813257803ns5:DeferredTaxation2023-03-012024-02-2913257803ns5:DeferredTaxation2024-02-2913257803ns10:OrdinaryShareClass12024-02-2913257803ns5:RetainedEarningsAccumulatedLosses2023-02-28
REGISTERED NUMBER: 13257803 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

TR MACHINERY LTD

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)






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


TR MACHINERY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R V W Pugh
Mrs C A Pugh





REGISTERED OFFICE: Mellington
Churchstoke
Montgomery
Powys
SY15 6TQ





REGISTERED NUMBER: 13257803 (England and Wales)





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

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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 28.07% in 2024 compared to 2023. Despite the fall in turnover, gross profit has increased, and the gross profit percentage this year is 12.01% compared to 7.19% in the previous year. The net profit percentage has also improved at 7.95% this year compared to 0.71% in the previous year. The industry average for net profit percentage remains at 1% so this indicates that the company is performing well within its sector. Return on capital employed and return on equity remain healthy. The company uses the above as KPIs and is pleased to see the improvement in gross profit and net profit.

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:





R V W Pugh - Director


21 November 2024

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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.

DIVIDENDS
No dividends will be distributed for the year ended 29 February 2024.

DIRECTORS
R V W Pugh has held office during the whole of the period from 1 March 2023 to the date of this report.

Other changes in directors holding office are as follows:

T W Shakeshaft - resigned 14 March 2023
Mrs C A Pugh - appointed 1 March 2023

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:





R V W Pugh - Director


21 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TR MACHINERY LTD

Opinion
We have audited the financial statements of TR Machinery 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
TR MACHINERY 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
TR MACHINERY 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
TR MACHINERY 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

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 14,101,985 19,605,021

Cost of sales (12,601,455 ) (18,196,244 )
GROSS PROFIT 1,500,530 1,408,777

Administrative expenses (421,555 ) (1,215,926 )
1,078,975 192,851

Other operating income 193,134 2,267
OPERATING PROFIT 5 1,272,109 195,118

Interest receivable and similar income 563 -
1,272,672 195,118

Interest payable and similar expenses 6 (150,977 ) (55,661 )
PROFIT BEFORE TAXATION 1,121,695 139,457

Tax on profit 7 (278,369 ) (149,081 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

843,326

(9,624

)

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 843,326 (9,624 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

843,326

(9,624

)

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,641,120 974,144

CURRENT ASSETS
Stocks 9 7,849,057 4,079,301
Debtors 10 1,700,844 2,174,558
Cash at bank and in hand 80 1,884,708
9,549,981 8,138,567
CREDITORS
Amounts falling due within one year 11 9,826,088 8,699,454
NET CURRENT LIABILITIES (276,107 ) (560,887 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,365,013

413,257

CREDITORS
Amounts falling due after more than one
year

12

(109,755

)

(168,399

)

PROVISIONS FOR LIABILITIES 16 (410,280 ) (243,206 )
NET ASSETS 844,978 1,652

CAPITAL AND RESERVES
Called up share capital 17 1,000 1,000
Retained earnings 18 843,978 652
SHAREHOLDERS' FUNDS 844,978 1,652

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


TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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 1,000 10,276 11,276

Changes in equity
Total comprehensive income - (9,624 ) (9,624 )
Balance at 28 February 2023 1,000 652 1,652

Changes in equity
Total comprehensive income - 843,326 843,326
Balance at 29 February 2024 1,000 843,978 844,978

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

1. STATUTORY INFORMATION

TR Machinery 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 for 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.

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 9 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 10 for the net carrying amount of debtors.

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.
Plant and machinery - 25% on reducing balance
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.


TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

3. ACCOUNTING POLICIES - continued
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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

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.

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

4. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 305,300 103,766
Social security costs 30,577 10,223
Other pension costs 6,421 1,997
342,298 115,986

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

Other 7 2

29.2.24 28.2.23
£    £   
Directors' remuneration 3,577 75,000
Directors' pension contributions to money purchase schemes 92 1,321

5. OPERATING PROFIT

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

29.2.24 28.2.23
£    £   
Other operating leases 17,727 16,870
Depreciation - owned assets 19,397 67
Depreciation - assets on hire purchase contracts 290,387 140,729
Profit on disposal of fixed assets (67 ) -
Auditors' remuneration 13,300 8,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank & HP interest 150,977 55,661

7. 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 111,295 -

Deferred tax 167,074 149,081
Tax on profit 278,369 149,081

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

7. TAXATION - continued

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

29.2.24 28.2.23
£    £   
Profit before tax 1,121,695 139,457
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

280,424

26,497

Effects of:
Expenses not deductible for tax purposes 100 71
Capital allowances in excess of depreciation (167,074 ) (155,300 )
Employers pension contribution movement 155 -
Corporation tax rate movement (including marginal relief) (2,310 ) -
Deferred tax movement 167,074 149,081
Losses surrendered to group - 128,590
Charitable donations not utilised - 142
Total tax charge 278,369 149,081

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 1,126,503 - 1,126,503
Additions 934,157 44,146 978,303
Disposals (1,610 ) - (1,610 )
At 29 February 2024 2,059,050 44,146 2,103,196
DEPRECIATION
At 1 March 2023 152,359 - 152,359
Charge for year 301,507 8,277 309,784
Eliminated on disposal (67 ) - (67 )
At 29 February 2024 453,799 8,277 462,076
NET BOOK VALUE
At 29 February 2024 1,605,251 35,869 1,641,120
At 28 February 2023 974,144 - 974,144

Plant and machinery with a carrying value of £822,847 (2023: £972,599) are held under hire purchase agreements.

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

9. STOCKS
29.2.24 28.2.23
£    £   
Stocks 7,832,357 4,079,301
Work-in-progress 16,700 -
7,849,057 4,079,301

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,430,297 1,898,145
Prepayments and accrued income 270,547 276,413
1,700,844 2,174,558

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 13) 179,579 -
Hire purchase contracts (see note 14) 382,968 192,417
Trade creditors 505,936 942,899
Tax 111,295 -
Social security and other taxes 9,944 3,218
VAT 205,181 83,308
Amounts due to group undertaking 2,603,875 4,151,080
Accruals and deferred income 5,827,310 3,326,532
9,826,088 8,699,454

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts (see note 14) 109,755 168,399

13. 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 179,579 -

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 382,968 192,417
Between one and five years 109,755 168,399
492,723 360,816

15. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdraft 179,579 -
Hire purchase contracts 492,723 -
672,302 -

Barclays Bank plc hold a debenture including a fixed charge over all freehold and leasehold property
including fixtures and fittings, fixed plant and machinery and books and other debts, all securities and trade
debts; along with a floating charge over all other assets. This charge was registered on 07/06/2023.

All hire purchase contracts are secured against the assets to which they relate.

16. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax 410,280 243,206

Deferred
tax
£   
Balance at 1 March 2023 243,206
Provided during year 167,074
Balance at 29 February 2024 410,280

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
1,000 Ordinary 1 1,000 1,000

TR MACHINERY LTD (REGISTERED NUMBER: 13257803)

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

18. RESERVES
Retained
earnings
£   

At 1 March 2023 652
Profit for the year 843,326
At 29 February 2024 843,978

19. CONTINGENT LIABILITIES

The group companies, R.V.W Pugh Group Limited, RVW Pugh Limited, and T R Machinery Limited entered into a cross guarantee agreement with AGCO Finance Ltd. As at the year end the potential contingent liability for T R Machinery Limited amounted to £3,952,426 (2023: £4,215,807).

The group companies, R.V.W Pugh Group Limited, RVW Pugh Limited, and T R Machinery Limited entered
into a cross guarantee agreement with Barclays Bank PLC on 7th June 2023. As at the year end the potential contingent liability for T R Machinery Limited amounted to £1,036,683.

20. 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.

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 TR Machinery Ltd. The registered office of the ultimate parent company is the same as that of TR Machinery Ltd. Group accounts are freely available from Companies House.

21. ULTIMATE CONTROLLING PARTY

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