IRIS Accounts Production v24.3.0.553 13250102 Board of Directors Board of Directors 29.2.24 1.3.23 29.2.24 29.2.24 the sale of new & used farm machinery and the provision of servicing for the associated products. true true true false true true false false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh132501022023-02-28132501022024-02-29132501022023-03-012024-02-29132501022022-02-28132501022022-03-012023-02-28132501022023-02-2813250102ns15:EnglandWales2023-03-012024-02-2913250102ns14:PoundSterling2023-03-012024-02-2913250102ns10:Director12023-03-012024-02-2913250102ns10:Director22023-03-012024-02-2913250102ns10:Consolidated2024-02-2913250102ns10:ConsolidatedGroupCompanyAccounts2023-03-012024-02-2913250102ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2913250102ns10:Consolidatedns10:FRS1022023-03-012024-02-2913250102ns10:Consolidatedns10:Audited2023-03-012024-02-2913250102ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2913250102ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2913250102ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-03-012024-02-2913250102ns10:FullAccounts2023-03-012024-02-2913250102ns5:Subsidiary12023-03-012024-02-2913250102ns5:Subsidiary22023-03-012024-02-2913250102ns10:OrdinaryShareClass12023-03-012024-02-2913250102ns10:Consolidated2023-03-012024-02-2913250102ns10:RegisteredOffice2023-03-012024-02-2913250102ns10:Consolidated2022-03-012023-02-2813250102ns5:CurrentFinancialInstruments2024-02-2913250102ns5:CurrentFinancialInstruments2023-02-2813250102ns5:ShareCapital2024-02-2913250102ns5:ShareCapital2023-02-2813250102ns5:ShareCapital2022-02-2813250102ns5:RetainedEarningsAccumulatedLosses2022-02-2813250102ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2813250102ns5:RetainedEarningsAccumulatedLosses2023-02-2813250102ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2913250102ns5:RetainedEarningsAccumulatedLosses2024-02-2913250102ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-012024-02-2913250102ns5:LeaseholdImprovements2023-03-012024-02-2913250102ns5:PlantMachinery2023-03-012024-02-2913250102ns5:FurnitureFittings2023-03-012024-02-2913250102ns5:MotorVehicles2023-03-012024-02-2913250102ns5:CostValuation2023-02-2813250102ns5:AdditionsToInvestments2024-02-2913250102ns5:CostValuation2024-02-2913250102ns5:Subsidiary112023-03-012024-02-2913250102ns5:Subsidiary12024-02-2913250102ns5:Subsidiary12023-02-2813250102ns5:Subsidiary12022-03-012023-02-28132501023ns5:Subsidiary22023-03-012024-02-2913250102ns5:Subsidiary22024-02-2913250102ns5:Subsidiary22023-02-2813250102ns5:Subsidiary22022-03-012023-02-2813250102ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2913250102ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2813250102ns10:OrdinaryShareClass12024-02-29
REGISTERED NUMBER: 13250102 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

RVW PUGH GROUP LTD

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


RVW PUGH GROUP 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: 13250102 (England and Wales)





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

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their strategic report of the company and the group for the year ended 29 February 2024.

REVIEW OF BUSINESS
Overall, turnover has decreased by 15.96% in 2024 compared to 2023. The fall in turnover has resulted in a decrease in gross profit, and gross profit percentage this year 10.25% compared to 11.36% in the previous year. The net profit percentage has also decreased at 4.04% this year compared to 7.49% in the previous year. The industry average for net profit percentage remains at 1% so this indicates that the group is performing in line with expectations within its sector. Return on capital employed and return on equity remain healthy. The group uses the above as KPIs and despite the decrease in turnover and margins, the group 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 group, 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


27 November 2024

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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

DIVIDENDS
An interim dividend of £2 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

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the group's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


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


27 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RVW PUGH GROUP LTD

Opinion
We have audited the financial statements of RVW Pugh Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 29 February 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
RVW PUGH GROUP LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RVW PUGH GROUP 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
RVW PUGH GROUP 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

27 November 2024

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

TURNOVER 4 34,590,766 41,159,921

Cost of sales (31,044,969 ) (36,484,367 )
GROSS PROFIT 3,545,797 4,675,554

Administrative expenses (1,803,935 ) (1,450,461 )
1,741,862 3,225,093

Other operating income 9,178 11,549
OPERATING PROFIT 6 1,751,040 3,236,642

Interest receivable and similar income 9,880 3,427
1,760,920 3,240,069

Interest payable and similar expenses 7 (364,051 ) (155,151 )
PROFIT BEFORE TAXATION 1,396,869 3,084,918

Tax on profit 8 (377,142 ) (579,292 )
PROFIT FOR THE FINANCIAL YEAR 1,019,727 2,505,626
Profit attributable to:
Owners of the parent 1,019,893 2,508,847
Non-controlling interests (166 ) (3,221 )
1,019,727 2,505,626

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   

PROFIT FOR THE YEAR 1,019,727 2,505,626


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,019,727

2,505,626

Total comprehensive income attributable to:
Owners of the parent 1,019,893 2,508,847
Non-controlling interests (166 ) (3,221 )
1,019,727 2,505,626

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

CONSOLIDATED BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 6,868,689 5,691,560
Investments 12 198,024 198,024
7,066,713 5,889,584

CURRENT ASSETS
Stocks 13 20,412,863 14,671,975
Debtors 14 4,302,636 5,566,657
Cash at bank and in hand 7,034 2,028,781
24,722,533 22,267,413
CREDITORS
Amounts falling due within one year 15 14,568,098 11,886,403
NET CURRENT ASSETS 10,154,435 10,381,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,221,148

16,270,594

CREDITORS
Amounts falling due after more than one
year

16

(310,559

)

(506,864

)

PROVISIONS FOR LIABILITIES 20 (938,041 ) (806,909 )
NET ASSETS 15,972,548 14,956,821

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 22 15,971,548 14,955,655
SHAREHOLDERS' FUNDS 15,972,548 14,956,655

NON-CONTROLLING INTERESTS 23 - 166
TOTAL EQUITY 15,972,548 14,956,821

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





R V W Pugh - Director


RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

COMPANY BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 - -
Investments 12 2,000 1,900
2,000 1,900

CURRENT ASSETS
Debtors 14 7,000 3,100

CREDITORS
Amounts falling due within one year 15 8,000 4,000
NET CURRENT LIABILITIES (1,000 ) (900 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,000

1,000

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
SHAREHOLDERS' FUNDS 1,000 1,000

Company's profit for the financial year 4,000 4,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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


RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 March 2022 1,000 12,450,808 12,451,808 3,387 12,455,195

Changes in equity
Dividends - (4,000 ) (4,000 ) - (4,000 )
Total comprehensive income - 2,508,847 2,508,847 (3,221 ) 2,505,626
Balance at 28 February 2023 1,000 14,955,655 14,956,655 166 14,956,821

Changes in equity
Dividends - (4,000 ) (4,000 ) - (4,000 )
Total comprehensive income - 1,019,893 1,019,893 (166 ) 1,019,727
Balance at 29 February 2024 1,000 15,971,548 15,972,548 - 15,972,548

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

COMPANY 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 - 1,000

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 4,000 4,000
Balance at 28 February 2023 1,000 - 1,000

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 4,000 4,000
Balance at 29 February 2024 1,000 - 1,000

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (429,030 ) 2,771,709
Interest paid (364,051 ) (155,151 )
Tax paid (265,351 ) (301,961 )
Net cash from operating activities (1,058,432 ) 2,314,597

Cash flows from investing activities
Purchase of tangible fixed assets (3,058,674 ) (2,516,567 )
Sale of tangible fixed assets 1,260,771 865,054
Interest received 9,880 3,427
Net cash from investing activities (1,788,023 ) (1,648,086 )

Cash flows from financing activities
Loan repayments in year (171,137 ) (168,581 )
New hire purchase in year 452,103 475,278
Capital repayments in year (382,703 ) (200,160 )
Amount introduced by directors 27,597 28,293
Equity dividends paid (4,000 ) (4,000 )
Net cash from financing activities (78,140 ) 130,830

(Decrease)/increase in cash and cash equivalents (2,924,595 ) 797,341
Cash and cash equivalents at beginning of
year

2

2,028,781

1,231,440

Cash and cash equivalents at end of year 2 (895,814 ) 2,028,781

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

29.2.24 28.2.23
£    £   
Profit before taxation 1,396,869 3,084,918
Depreciation charges 762,846 569,127
Profit on disposal of fixed assets (142,070 ) (374,637 )
Finance costs 364,051 155,151
Finance income (9,880 ) (3,427 )
2,371,816 3,431,132
Increase in stocks (5,740,888 ) (2,202,007 )
Decrease/(increase) in trade and other debtors 1,264,021 (2,339,646 )
Increase in trade and other creditors 1,676,021 3,882,230
Cash generated from operations (429,030 ) 2,771,709

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 7,034 2,028,781
Bank overdrafts (902,848 ) -
(895,814 ) 2,028,781
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 2,028,781 1,231,440


RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 2,028,781 (2,021,747 ) 7,034
Bank overdrafts - (902,848 ) (902,848 )
2,028,781 (2,924,595 ) (895,814 )
Debt
Finance leases (573,276 ) (69,400 ) (642,676 )
Debts falling due within 1 year (173,200 ) 4,421 (168,779 )
Debts falling due after 1 year (311,349 ) 166,716 (144,633 )
(1,057,825 ) 101,737 (956,088 )
Total 970,956 (2,822,858 ) (1,851,902 )

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

1. STATUTORY INFORMATION

RVW Pugh Group 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 General Information page.

The principal place of business is Mellington, Churchstoke, Montgomery, Powys, SY15 6TQ.

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.

The financial statements are for the group as well as for the individual entity,

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 directors expectation that the group will continue to operate in the foreseeable future.

Basis of consolidation
The consolidated financial statements present the results of the parent company and those of its subsidiaries. All consolidated subsidiaries have coterminous financial year ends. Inter group transactions have been eliminated from the financial statements and subsidiary results have been restated, where applicable to reflect comparable accounting policies.

As the formation of the group arose out of a restructure of the R V W Pugh Limited business, negative goodwill arising on consolidation has not been recognised on the consolidated balance sheet, and has been written off to reserves.

The directors have reported in the consolidated profit and loss statement the trading results for the whole year to the reporting date.

The financial statements therefore include:

RVW Pugh Group Limited - Parent company
R.V.W. Pugh Ltd - 100% direct subsidiary undertaking
TR Machinery Ltd - 100% direct subsidiary undertaking

Significant judgements and estimates
The group 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 group 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 stock note for the net carrying amount of stock.

The group 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 debtors note for the net carrying amount of debtors.

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

3. ACCOUNTING POLICIES - continued

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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

3. ACCOUNTING POLICIES - continued

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The group also makes payments to the directors personal pension scheme.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

29.2.24 28.2.23
£    £   
Sale of goods 33,647,742 40,486,486
Provision of services 943,024 673,435
34,590,766 41,159,921

5. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 2,275,505 2,074,452
Social security costs 194,062 188,416
Other pension costs 45,421 120,164
2,514,988 2,383,032

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

Sales 19 11
Admin 8 10
Other 53 60
80 81

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

5. EMPLOYEES AND DIRECTORS - continued

29.2.24 28.2.23
£    £   
Directors' remuneration 61,577 55,080
Directors' pension contributions to money purchase schemes 1,458 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
£    £   
Other operating leases 17,727 16,870
Depreciation - owned assets 385,110 377,221
Depreciation - assets on hire purchase contracts 377,734 191,906
Profit on disposal of fixed assets (142,070 ) (374,637 )
Auditors' remuneration 38,025 24,750
Other operating costs 89,790 86,245

7. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank & HP interest 336,100 132,350
Bank loan interest 27,951 22,801
364,051 155,151

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 288,508 307,849
Under/over provision of tax (42,498 ) -
Total current tax 246,010 307,849

Deferred tax 131,132 271,443
Tax on profit 377,142 579,292

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

8. TAXATION - continued

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 1,396,869 3,084,918
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

349,217

586,134

Effects of:
Expenses not deductible for tax purposes 964 1,047
Capital allowances in excess of depreciation (71,604 ) (280,328 )
Adjustments to tax charge in respect of previous periods (42,498 ) -
Net chargeable gains 14,948 996
Deferred tax 131,132 271,443
CT rate movement (5,987 ) -
Pension accrual movement 970 -
Total tax charge 377,142 579,292

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


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

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

11. TANGIBLE FIXED ASSETS

Group
Improvements
Land & to Plant and
buildings property machinery
£    £    £   
COST
At 1 March 2023 2,778,766 239,040 3,621,808
Additions 1,225,416 - 1,674,410
Disposals (162,219 ) - (1,092,162 )
At 29 February 2024 3,841,963 239,040 4,204,056
DEPRECIATION
At 1 March 2023 425,781 143,093 1,006,022
Charge for year 100,342 20,078 487,226
Eliminated on disposal (2,686 ) - (137,751 )
At 29 February 2024 523,437 163,171 1,355,497
NET BOOK VALUE
At 29 February 2024 3,318,526 75,869 2,848,559
At 28 February 2023 2,352,985 95,947 2,615,786

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 181,383 1,233,909 8,054,906
Additions 5,349 153,499 3,058,674
Disposals (4,079 ) (61,044 ) (1,319,504 )
At 29 February 2024 182,653 1,326,364 9,794,076
DEPRECIATION
At 1 March 2023 145,620 642,830 2,363,346
Charge for year 14,943 140,255 762,844
Eliminated on disposal (2,501 ) (57,865 ) (200,803 )
At 29 February 2024 158,062 725,220 2,925,387
NET BOOK VALUE
At 29 February 2024 24,591 601,144 6,868,689
At 28 February 2023 35,763 591,079 5,691,560

Included within the above group totals are the following amounts held on hire purchase / finance leases:

Plant & machinery: Net book value £1,038,474, depreciation charge for the year £178,266.

Motor vehicles: Net book value £279,688 depreciation charge for the year £49,809.

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

12. FIXED ASSET INVESTMENTS

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Shares in group undertakings - - 2,000 1,900
Other investments not loans 198,024 198,024 - -
198,024 198,024 2,000 1,900

Additional information is as follows:

Group
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
Company
Shares in
group
undertakings
£   
COST
At 1 March 2023 1,900
Additions 100
At 29 February 2024 2,000
NET BOOK VALUE
At 29 February 2024 2,000
At 28 February 2023 1,900

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

R.V.W. Pugh Limited
Registered office: Mellington, Churchstoke, Montgomery, Powys, SY15 6TQ
Nature of business: Wholesale of agricultural machinery
%
Class of shares: holding
Ordinary £1 100.00
29.2.24 28.2.23
£    £   
Aggregate capital and reserves 15,128,470 14,956,069
Profit for the year 176,401 2,515,250

TR Machinery Ltd
Registered office: Mellington, Churchstoke, Montgomery, Powys, SY15 6TQ
Nature of business: Wholesale of agricultural machinery
%
Class of shares: holding
Ordinary £1 100.00
29.2.24 28.2.23
£    £   
Aggregate capital and reserves 844,978 1,652
Profit/(loss) for the year 843,326 (9,624 )


13. STOCKS

Group
29.2.24 28.2.23
£    £   
Stocks 20,354,318 14,635,815
Work-in-progress 58,545 36,160
20,412,863 14,671,975

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Trade debtors 3,830,138 5,127,707 - -
Amounts due from group
undertaking - - 7,000 3,100
Prepayments and accrued income 472,498 438,950 - -
4,302,636 5,566,657 7,000 3,100

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 1,071,627 173,200 - -
Hire purchase contracts (see note 18) 476,750 377,761 - -
Trade creditors 2,069,144 2,158,636 - -
Tax 288,508 307,849 - -
Social security and other taxes 61,543 57,256 - -
VAT 54,763 277,578 - -
Directors' current accounts 159,754 132,157 8,000 4,000
Accruals and deferred income 10,386,009 8,401,966 - -
14,568,098 11,886,403 8,000 4,000

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
29.2.24 28.2.23
£    £   
Bank loans (see note 17) 144,633 311,349
Hire purchase contracts (see note 18) 165,926 195,515
310,559 506,864

17. LOANS

An analysis of the maturity of loans is given below:

Group
29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 902,848 -
Bank loans 168,779 173,200
1,071,627 173,200
Amounts falling due between two and five years:
Bank loans - 2-5 years 144,633 311,349

Loans are repayable by instalments as analysed above and have an annual debit interest rate of 2.6%.

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 476,750 377,761
Between one and five years 165,926 195,515
642,676 573,276

Group
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

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
29.2.24 28.2.23
£    £   
Bank overdraft 902,848 -
Bank loans 313,412 484,549
Hire purchase contracts 642,676 573,276
1,858,936 1,057,825

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 5 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 dated 29 November 2019, of which the floating charge is against all assets of the company concerned . The charge also contains a negative pledge.

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

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

20. PROVISIONS FOR LIABILITIES

Group
29.2.24 28.2.23
£    £   
Deferred tax 938,041 806,909

Group
Deferred
tax
£   
Balance at 1 March 2023 806,909
Provided during year 131,132
Balance at 29 February 2024 938,041

21. 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

The company share capital was acquired via a share for share exchange with the shareholders of R.V.W. Pugh Limited, a subsidiary company.

Ordinary shares are entitled to full voting rights and dividends.

22. RESERVES

Group
Retained
earnings
£   

At 1 March 2023 14,955,655
Profit for the year 1,019,893
Dividends (4,000 )
At 29 February 2024 15,971,548


23. NON-CONTROLLING INTERESTS

Minority interest represents the net assets of the subsidiary companies not controlled by the group.

RVW PUGH GROUP LTD (REGISTERED NUMBER: 13250102)

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

24. 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 R.V.W Pugh Group Limited amounted to £9,959,399 (2023: £7,949,068).

The group companies entered into a cross guarantee agreement with Barclays Bank PLC on 7th June 2023. 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 Group Limited amounted to £1,216,262.

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

26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have also given a personal guarantee to the bank, details of which are disclosed in note 19 to the financial statements.

27. RELATED PARTY DISCLOSURES

During the period directors of the company charged the group rent of £50,000 (2023: £50,000).

RVW Pugh Limited Retirement Scheme

Directors of the company are members of both the company and scheme.

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

During the year, a total of key management personnel compensation of £ 64,893 (2023 - £ 141,683 ) was paid.

28. ULTIMATE CONTROLLING PARTY

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