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
Stokesley Tractors Ltd
Statement of financial position
as at 31 March 2024
Intangible assets
-
25,000
Tangible assets
1,516,655
1,449,514
Inventories
128,150
153,275
Cash at bank and in hand
1,073,872
1,068,202
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
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
Stokesley Tractors Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 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.
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.
Stokesley Tractors Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 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 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.
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
Charge for the year
25,000
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
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
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
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
Amounts falling due within one year
Trade debtors
103,132
321,022
Accrued income and prepayments
8,363
4,917
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
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
Obligations under finance leases and hire purchase contracts
54,568
26,776
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).