REGISTERED NUMBER: 02573438 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

R S M Beare (Stoke Canon) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mr S L Roberts

Mr D J Roberts

SECRETARY:

Mr S L Roberts

REGISTERED OFFICE:

Tiverton Road

Stoke Canon

Exeter

Devon

EX15 4AX

REGISTERED NUMBER:

02573438 (England and Wales)

AUDITORS:

A C Mole LLP

Chartered Accountants

& Statutory Auditors

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company has seen an increase in turnover from £18.2m to £18.7m. Overall the company made a profit after tax of £356k (2023: £354k).

Gross profit margin has increased from 7.1% in 2023 to 7.3% in 2024.

Cost of sales have increased by 2.4% which has been caused by the increase in turnover.

Net assets of the company have increased from £3.52m to £3.85m as a result of the retained profit for the year. The closing cash balance has increased from £453k to £521k.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider, assess and identify risks that the company is subject to and seek to implement operating procedures and financial controls to mitigate those risks. Where necessary Directors will seek advice from relevant professional advisors.

The principal risks and uncertainties relate to the supply and price increases around argricultural machinery and tractors.

ON BEHALF OF THE BOARD:

Mr S L Roberts - Secretary

26 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of agricultural machinery and tractors.

DIVIDENDS

Dividends paid during the year totalled £30,000 (2023: £20,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr S L Roberts

Mr D J Roberts

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, A C Mole LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S L Roberts - Secretary

26 September 2025

Opinion

We have audited the financial statements of R S M Beare (Stoke Canon) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks of material misstatement due to irregularities

We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non compliance with laws and regulations;

- the legal and regulatory framework in which the business operates

- the nature of the industry in which the business operates

- the control environment and controls established to mitigate such risks

- the results of our enquiries of management about their identification and assessment of risks of irregularities

- discussions with the audit engagement team about where fraud might occur

- the incentives for fraud.

Laws and regulations which are considered to be significant to the entity include those relating to health and safety, employment law, the requirements of financial reporting framework FRS 102, the Companies Act 2006 and UK tax legislation. In addition we considered other laws and regulations which may not directly impact the financial statements but may impact on the operation of the company.

As a result of these procedures we concluded that, in accordance with International Auditing Standards, a risk in relation to the potential for management override of controls existed.

Audit responses to the risk identified

We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:

- Gaining an understanding of the company's procedures for ensuring compliance with laws and regulations

- Testing the appropriateness of journal entries and other adjustments

- Considering whether accounting estimates were indicative of potential bias

- Considering any transactions which arose outside the normal course of business

- Making enquiries of management

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alexandra Shore FCA DChA (Senior Statutory Auditor)

for and on behalf of A C Mole LLP

Chartered Accountants

& Statutory Auditors

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

29 September 2025

TURNOVER

18,684,898

18,199,143

Cost of sales

17,314,549

16,907,973

GROSS PROFIT

1,370,349

1,291,170

Administrative expenses

840,252

738,520

OPERATING PROFIT

4

530,097

552,650

Interest receivable and similar income

6,797

6,110

536,894

558,760

Interest payable and similar expenses

5

61,955

84,896

PROFIT BEFORE TAXATION

474,939

473,864

Tax on profit

6

118,735

120,077

PROFIT FOR THE FINANCIAL YEAR

356,204

353,787

PROFIT FOR THE YEAR

356,204

353,787

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

356,204

353,787

FIXED ASSETS

Tangible assets

8

384,477

322,953

CURRENT ASSETS

Stocks

9

4,263,193

3,829,746

Debtors

10

1,521,682

1,165,833

Cash at bank

521,183

452,875

6,306,058

5,448,454

CREDITORS

Amounts falling due within one year

11

2,723,418

2,199,774

NET CURRENT ASSETS

3,582,640

3,248,680

TOTAL ASSETS LESS CURRENT LIABILITIES

3,967,117

3,571,633

CREDITORS

Amounts falling due after more than one year

12

(80,612

)

(26,755

)

PROVISIONS FOR LIABILITIES

15

(37,957

)

(22,534

)

NET ASSETS

3,848,548

3,522,344

CAPITAL AND RESERVES

Called up share capital

16

64,000

64,000

Capital redemption reserve

17

126,500

126,500

Retained earnings

17

3,658,048

3,331,844

SHAREHOLDERS' FUNDS

3,848,548

3,522,344

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Mr S L Roberts - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

64,000

2,998,057

126,500

3,188,557

Changes in equity

Total comprehensive income

-

353,787

-

353,787

Dividends

-

(20,000

)

-

(20,000

)

Balance at 31 December 2023

64,000

3,331,844

126,500

3,522,344

Changes in equity

Total comprehensive income

-

356,204

-

356,204

Dividends

-

(30,000

)

-

(30,000

)

Balance at 31 December 2024

64,000

3,658,048

126,500

3,848,548

Cash flows from operating activities

Cash generated from operations

1

324,392

186,977

Interest paid

(61,955

)

(84,896

)

Tax paid

(128,174

)

(27,464

)

Net cash from operating activities

134,263

74,617

Cash flows from investing activities

Interest received

6,797

6,110

Net cash from investing activities

6,797

6,110

Cash flows from financing activities

Capital repayments in year

(52,752

)

(34,508

)

Equity dividends paid

(20,000

)

-

Net cash from financing activities

(72,752

)

(34,508

)

Increase in cash and cash equivalents

68,308

46,219

Cash and cash equivalents at beginning of year

2

452,875

406,656

Cash and cash equivalents at end of year

2

521,183

452,875

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

474,939

473,864

Depreciation charges

94,661

71,255

Finance costs

61,955

84,896

Finance income

(6,797

)

(6,110

)

624,758

623,905

Increase in stocks

(433,447

)

(635,568

)

(Increase)/decrease in trade and other debtors

(355,849

)

584,086

Increase/(decrease) in trade and other creditors

488,930

(385,446

)

Cash generated from operations

324,392

186,977

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

521,183

452,875

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

452,875

406,656

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

452,875

68,308

521,183

452,875

68,308

521,183

Debt

Finance leases

(31,889

)

52,752

(156,185

)

(135,322

)

(31,889

)

52,752

(156,185

)

(135,322

)

Total

420,986

121,060

(156,185

)

385,861

1.	STATUTORY INFORMATION

R S M Beare (Stoke Canon) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention, unless otherwise stated in these notes.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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 the 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.

Tangible fixed assets

All fixed assets are initially recorded at cost.

The Directors consider that buildings are maintained in such a state of repair that their residual value is at least equal to the net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery

- 25% straight line

Motor Vehicles

- 25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Goods held as consignment stock are excluded from the stock valuation at the year end and no recognition of any liability in respect of goods held under consignment agreements are included in the accounts. A liability and asset is only recognised in the event that the company acquires title to the consignment goods, in which case the date of the acquisition of the title determines the timing of the recognition of the associated transaction in the accounts.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets

expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of

liabilities, when the company's obligations are discharged, expire or are cancelled. The company only has basic financial instruments such as trade debtors and trade creditors.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

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 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.

Critical accounting judgements and key sources of estimation uncertainty

In the preparation of the financial statements management are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have significant effect on the amounts recognised in the financial statements are set out below:

Stock provision

The company buys and sales agricultural machinery which due to the nature of the product is susceptible to movement in value. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of stock, as well as applying assumptions around anticipated sale values.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

931,103

871,808

Social security costs

151,538

146,009

Other pension costs

39,320

45,978

1,121,961

1,063,795

The average number of employees during the year was as follows:

2024

2023

Average number of employees

35

34

2024

2023

£

£

Directors' remuneration

191,009

182,404

Directors' pension contributions to money purchase schemes

7,670

7,350

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Other operating leases

24,000

20,000

Depreciation - owned assets

55,615

71,255

Depreciation - assets on hire purchase contracts

39,046

-

Fees paid to company auditor - audit services

7,600

7,250

Fees paid to company auditor - non audit services

5,625

4,833

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

61,955

84,896

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

103,312

128,173

Deferred tax

15,423

(8,096

)

Tax on profit

118,735

120,077

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is the same as the standard rate of corporation tax in the UK.

2024

2023

£

£

Profit before tax

474,939

473,864

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

118,735

111,458

Effects of:

Depreciation in excess of capital allowances

-

16,715

Change in rate

-

(8,096

)

Total tax charge

118,735

120,077

7.

DIVIDENDS

2024

2023

£

£

Ordinary Shares shares of £1 each

Final

30,000

20,000

8.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

230,000

14,825

562,843

807,668

Additions

-

-

156,185

156,185

At 31 December 2024

230,000

14,825

719,028

963,853

DEPRECIATION

At 1 January 2024

-

14,550

470,165

484,715

Charge for year

-

275

94,386

94,661

At 31 December 2024

-

14,825

564,551

579,376

NET BOOK VALUE

At 31 December 2024

230,000

-

154,477

384,477

At 31 December 2023

230,000

275

92,678

322,953

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

156,185

At 31 December 2024

156,185

DEPRECIATION

Charge for year

39,046

At 31 December 2024

39,046

NET BOOK VALUE

At 31 December 2024

117,139

9.

STOCKS

2024

2023

£

£

Goods for resale

3,693,988

3,378,065

Parts

569,205

451,681

4,263,193

3,829,746

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,183,819

1,114,421

VAT

188,526

-

Prepayments

149,337

51,412

1,521,682

1,165,833