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Registered number: 11447810
World Tractors Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Bowyer Pounds & Co
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 11447810
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 116,359 108,391
116,359 108,391
CURRENT ASSETS
Stocks 5 1,638,826 1,417,991
Debtors 6 738,478 379,440
Cash at bank and in hand 169,805 143,555
2,547,109 1,940,986
Creditors: Amounts Falling Due Within One Year 7 (561,357 ) (411,541 )
NET CURRENT ASSETS (LIABILITIES) 1,985,752 1,529,445
TOTAL ASSETS LESS CURRENT LIABILITIES 2,102,111 1,637,836
Creditors: Amounts Falling Due After More Than One Year 8 (26,350 ) (22,370 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (22,107 ) (20,233 )
NET ASSETS 2,053,654 1,595,233
CAPITAL AND RESERVES
Called up share capital 11 200 200
Income Statement 2,053,454 1,595,033
SHAREHOLDERS' FUNDS 2,053,654 1,595,233
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Samuel Morgan
Director
30/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
World Tractors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11447810 . The registered office is 76 Glebe Lane, Barming, Maidstone, Kent, ME16 9BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
Computer Equipment 33% straight line basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 128,578 39,617 2,482 170,677
Additions - 44,825 - 44,825
As at 31 July 2024 128,578 84,442 2,482 215,502
Depreciation
As at 1 August 2023 31,192 30,216 878 62,286
Provided during the period 24,350 11,689 818 36,857
As at 31 July 2024 55,542 41,905 1,696 99,143
Net Book Value
As at 31 July 2024 73,036 42,537 786 116,359
As at 1 August 2023 97,386 9,401 1,604 108,391
5. Stocks
2024 2023
£ £
Stock 1,638,826 1,417,991
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 112,375 220,108
Other debtors 626,103 159,332
738,478 379,440
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,366 -
Trade creditors 147,396 163,619
Bank loans and overdrafts 10,228 9,976
Other creditors 220,110 53,041
Taxation and social security 172,257 184,905
561,357 411,541
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,208 -
Bank loans 12,142 22,370
26,350 22,370
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,366 -
Later than one year and not later than five years 14,208 -
25,574 -
25,574 -
10. 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.
2024 2023
£ £
Other timing differences 22,107 20,233
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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