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Company Registration No. 08250995 (England and Wales)
Stokesley Tractors Ltd Unaudited accounts for the year ended 31 March 2024
Stokesley Tractors Ltd Unaudited accounts Contents
Page
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Stokesley Tractors Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
- 
25,000 
Tangible assets
1,516,655 
1,449,514 
Investments
100 
100 
1,516,755 
1,474,614 
Current assets
Inventories
128,150 
153,275 
Debtors
122,295 
325,939 
Cash at bank and in hand
1,073,872 
1,068,202 
1,324,317 
1,547,416 
Creditors: amounts falling due within one year
(696,492)
(825,214)
Net current assets
627,825 
722,202 
Total assets less current liabilities
2,144,580 
2,196,816 
Creditors: amounts falling due after more than one year
(66,169)
(48,377)
Provisions for liabilities
Deferred tax
(151,462)
(159,564)
Net assets
1,926,949 
1,988,875 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,926,849 
1,988,775 
Shareholders' funds
1,926,949 
1,988,875 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 7 December 2024 and were signed on its behalf by
Mr A Farrow Director Company Registration No. 08250995
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Stokesley Tractors Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Stokesley Tractors Ltd is a private company, limited by shares, registered in England and Wales, registration number 08250995. The registered office is Hill House Farm, Redmarshall Road, Redmarshall, Stockton-On-Tees, Cleveland, TS21 1EW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
3% on cost
Plant & machinery
20% on reducing balance
Motor vehicles
20% on reducing balance
Fixtures & fittings
20% on reducing balance
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Stokesley Tractors Ltd Notes to the Accounts for the year ended 31 March 2024
Leased assets
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
250,000 
At 31 March 2024
250,000 
Amortisation
At 1 April 2023
225,000 
Charge for the year
25,000 
At 31 March 2024
250,000 
Net book value
At 31 March 2024
- 
At 31 March 2023
25,000 
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Stokesley Tractors Ltd Notes to the Accounts for the year ended 31 March 2024
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
840,825 
632,797 
701,571 
7,193 
2,182,386 
Additions
113,950 
98,096 
64,000 
- 
276,046 
At 31 March 2024
954,775 
730,893 
765,571 
7,193 
2,458,432 
Depreciation
At 1 April 2023
82,787 
349,361 
294,664 
6,060 
732,872 
Charge for the year
38,191 
76,306 
94,181 
227 
208,905 
At 31 March 2024
120,978 
425,667 
388,845 
6,287 
941,777 
Net book value
At 31 March 2024
833,797 
305,226 
376,726 
906 
1,516,655 
At 31 March 2023
758,038 
283,436 
406,907 
1,133 
1,449,514 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
77,875 
97,344 
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 April 2023
100 
Valuation at 31 March 2024
100 
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
103,132 
321,022 
Accrued income and prepayments
8,363 
4,917 
Other debtors
10,800 
- 
122,295 
325,939 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
11,000 
11,000 
Obligations under finance leases and hire purchase contracts
59,821 
33,333 
Trade creditors
207,477 
202,781 
Amounts owed to group undertakings and other participating interests
182,177 
182,177 
Taxes and social security
70,555 
182,542 
Other creditors
165,462 
213,381 
696,492 
825,214 
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Stokesley Tractors Ltd Notes to the Accounts for the year ended 31 March 2024
9
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
11,601 
21,601 
Obligations under finance leases and hire purchase contracts
54,568 
26,776 
66,169 
48,377 
10
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
11
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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