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Keith Mason Agricultural Engineer Limited

Registered Number
04553491
(England and Wales)

Unaudited Financial Statements for the Period ended
28 February 2024

Keith Mason Agricultural Engineer Limited
Company Information
for the period from 1 March 2023 to 28 February 2024

Director

Keith Mason

Company Secretary

Barbara Mason

Registered Address

Broadacres, Chapel Hill Road
Wreay
Carlisle
CA4 0RP

Registered Number

04553491 (England and Wales)
Keith Mason Agricultural Engineer Limited
Statement of Financial Position
28 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets432,10733,735
32,10733,735
Current assets
Stocks64,5004,500
Debtors721,22215,276
Cash at bank and on hand15,30421,311
41,02641,087
Creditors amounts falling due within one year8(26,130)(28,650)
Net current assets (liabilities)14,89612,437
Total assets less current liabilities47,00346,172
Creditors amounts falling due after one year9(5,846)(8,120)
Provisions for liabilities10(1,216)(6,410)
Net assets39,94131,642
Capital and reserves
Called up share capital100100
Profit and loss account39,84131,542
Shareholders' funds39,94131,642
The financial statements were approved and authorised for issue by the Director on 2 December 2024, and are signed on its behalf by:
Keith Mason
Director
Registered Company No. 04553491
Keith Mason Agricultural Engineer Limited
Notes to the Financial Statements
for the period ended 28 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings1
Plant and machinery20
Fixtures and fittings25
Vehicles25
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year11
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 March 2333,58126,48317,2573,11780,438
Disposals-(208)-(2,502)(2,710)
At 28 February 2433,58126,27517,25761577,728
Depreciation and impairment
At 01 March 236,01522,29915,3033,08646,703
Charge for year27683648821,602
On disposals-(203)-(2,481)(2,684)
At 28 February 246,29122,93215,79160745,621
Net book value
At 28 February 2427,2903,3431,466832,107
At 28 February 2327,5664,1841,9543133,735
HSBC Bank PLC hold fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. The charge was delivered on 8 March 2003.
5.Impairment of tangible fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
6.Stocks

2024

2023

££
Other stocks4,5004,500
Total4,5004,500
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables21,22215,276
Total21,22215,276
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6,1433,236
Bank borrowings and overdrafts3,0004,000
Taxation and social security4,1756,457
Other creditors10,32813,151
Accrued liabilities and deferred income2,4841,806
Total26,13028,650
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts5,8468,120
Total5,8468,120
10.Provisions for liabilities
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

2024

2023

££
Net deferred tax liability (asset)1,2166,410
Total1,2166,410