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Davidson Tractors Limited

Registered Number
SC234649
(Scotland)

Unaudited Financial Statements for the Year ended
30 November 2024

Davidson Tractors Limited
Company Information
for the year from 1 December 2023 to 30 November 2024

Directors

DAVIDSON, Euan Murray
DAVIDSON, James Graeme
DAVIDSON, Stuart James

Company Secretary

DAVIDSON, James Graeme

Registered Address

Broompark Garage
Whauphill
Newton Stewart
DG8 9QB

Registered Number

SC234649 (Scotland)
Davidson Tractors Limited
Statement of Financial Position
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets571,49762,820
71,49762,820
Current assets
Stocks6695,487924,000
Debtors7241,745992,397
Cash at bank and on hand102,479266,099
1,039,7112,182,496
Creditors amounts falling due within one year8(260,844)(516,940)
Net current assets (liabilities)778,8671,665,556
Total assets less current liabilities850,3641,728,376
Provisions for liabilities9(11,400)(15,200)
Net assets838,9641,713,176
Capital and reserves
Called up share capital1002
Other reserves1-
Profit and loss account838,8631,713,174
Shareholders' funds838,9641,713,176
The financial statements were approved and authorised for issue by the Board of Directors on 24 June 2025, and are signed on its behalf by:
DAVIDSON, James Graeme
Director
Registered Company No. SC234649
Davidson Tractors Limited
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company during the year was the sale and repair of agricultural machinery, equipment and supplies.
Basis of preparation
The financial statements 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.
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Land is not depreciated. The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Office Equipment253
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year77
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 December 23127,691127,691
At 30 November 24127,691127,691
Amortisation and impairment
At 01 December 23127,691127,691
At 30 November 24127,691127,691
Net book value
At 30 November 24--
At 30 November 23--
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Goodwill has been set at 20 years and the asset will be amortised on a straight line basis over that period.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 December 232,00041,53778,83412,29815,057149,726
Additions23,661----23,661
At 30 November 2425,66141,53778,83412,29815,057173,387
Depreciation and impairment
At 01 December 23-24,59447,8137,8626,63786,906
Charge for year-2,5417,7566654,02214,984
At 30 November 24-27,13555,5698,52710,659101,890
Net book value
At 30 November 2425,66114,40223,2653,7714,39871,497
At 30 November 232,00016,94331,0214,4368,42062,820
6.Stocks

2024

2023

££
Finished goods695,487924,000
Total695,487924,000
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables186,576267,669
Other debtors55,169718,672
Prepayments and accrued income-6,056
Total241,745992,397
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.
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables61,777181,285
Taxation and social security63,212120,680
Other creditors124,871200,596
Accrued liabilities and deferred income10,98414,379
Total260,844516,940
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.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)11,40015,200
Total11,40015,200
10.Pension commitments
The pension cost charge represents contributions payable by the company to the fund. There were no amounts prepaid or outstanding at the balance sheet date (2023 - same).
11.Directors advances, credits and guarantees
During the period a director had a loan account with the company.  At 1 December 2023 the director owed the company £668,672.  During the year the company provided further loan advances of £5,235 and the director made repayments of £673,907.  At 30 November 2024 he owed the company £nil. Interest has been charged on this loan at the HMRC official rate.
12.Related party transactions
The directors own the land and buildings from which the company operates. The use of this is provided rent free to the company. A director provided interest free loans to the company totalling £124,871 (2023 - £200,636).
13.Further information regarding the company's financial position
Other reserves is a capital redemption reserve representing share capital purchased back by the company. The reserve is not distributable. The profit and loss account comprises accumulated profits less dividends and distributions paid and transfers to the capital redemption reserve. This reserve is distributable in full.