Tractor Exports Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC277594 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRACTOR EXPORTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Craig

REGISTERED OFFICE:

Low Coylton Yard Offices

Coylton

Ayr

Ayrshire

KA6 6LE

REGISTERED NUMBER:

SC277594 (Scotland)

ACCOUNTANTS:

Henry Brown & Co

Chartered Accountants

26 Portland Road

Kilmarnock

Ayrshire

KA1 2EB

FIXED ASSETS

Tangible assets

4

1,119,769

1,025,163

CURRENT ASSETS

Stocks

500,000

40,000

Debtors

5

223,942

219,252

Cash at bank and in hand

16,150

9,470

740,092

268,722

CREDITORS

Amounts falling due within one year

6

963,410

542,126

NET CURRENT LIABILITIES

(223,318

)

(273,404

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

896,451

751,759

CREDITORS

Amounts falling due after more than one
year

7

(220,952

)

(207,812

)

PROVISIONS FOR LIABILITIES

(160,886

)

(122,274

)

NET ASSETS

514,613

421,673

CAPITAL AND RESERVES

Called up share capital

5,000

Revaluation reserve

9

215,000

Retained earnings

294,613

201,673

SHAREHOLDERS' FUNDS

514,613

421,673

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

D Craig - Director

1.	STATUTORY INFORMATION

Tractor Exports Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

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.

Foreign currencies

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

machinery

vehicles

Totals

£

COST OR VALUATION

At 1 January 2024

424,740

97,005

975,424

1,119,979

2,617,148

Additions

-

75,000

321,000

396,000

Disposals

-

(367,079

)

(367,079

)

At 31 December 2024

424,740

97,005

1,050,424

1,073,900

2,646,069

DEPRECIATION

At 1 January 2024

-

56,482

607,816

927,687

1,591,985

Charge for year

-

9,701

68,778

189,785

268,264

Eliminated on disposal

-

(333,949

)

(333,949

)

At 31 December 2024

-

66,183

676,594

783,523

1,526,300

NET BOOK VALUE

At 31 December 2024

424,740

30,822

373,830

290,377

1,119,769

At 31 December 2023

424,740

40,523

367,608

192,292

1,025,163

Cost or valuation at 31 December 2024 is represented by:

Improvements

Freehold

to

Plant and

Motor

property

machinery

vehicles

Totals

£

Valuation in 2014

85,000

-

85,000

Valuation in 2015

215,000

-

215,000

Cost

124,740

97,005

1,050,424

1,073,900

2,346,069

424,740

97,005

1,050,424

1,073,900

2,646,069

If Freehold land and buidings had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

85,000

Value of land in freehold land and buildings

85,000

Freehold land and buildings were valued on an open market basis on 20 October 2015 by Shepherd Commercial Scotland .

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

Plant and

Motor

machinery

vehicles

Totals

£

COST OR VALUATION

At 1 January 2024

409,400

663,860

1,073,260

Additions

-

321,000

Transfer to ownership

-

(469,360

)

(469,360

)

At 31 December 2024

409,400

515,500

924,900

DEPRECIATION

At 1 January 2024

172,814

247,099

419,913

Charge for year

26,631

144,435

171,066

Transfer to ownership

-

(197,861

)

(197,861

)

At 31 December 2024

199,445

193,673

393,118

NET BOOK VALUE

At 31 December 2024

209,955

321,827

531,782

At 31 December 2023

236,586

416,761

653,347

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

140,942

136,252

Other debtors

83,000

223,942

219,252

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

358,077

147,299

Hire purchase contracts

141,597

77,886

Trade creditors

60,976

133,844

Taxation and social security

67,564

151,414

Other creditors

335,196

31,683

963,410

542,126

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

5,518

15,000

Hire purchase contracts

215,434

192,812

220,952

207,812

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank overdrafts

348,077

137,299

Bank loans

15,518

25,000

Hire purchase contracts

357,031

270,698

720,626

432,997

The bank overdraft and secured by a bond and floating charge over the whole assets of the Company and a letter of guarantee provided by the Director in the sum of £100,000. The letter of guarantee is supported by standard securities over the land and property at Old School Yard, Low Coylton, By Ayr.

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

215,000

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

D Craig

Balance outstanding at start of year

-

40,639

Amounts repaid

-

(40,639

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

-

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was in receipt of a loan from the director, the amount outstanding was £326,769 (2023 - £23,256). The loan is interest free with no fixed terms of repayment.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is D Craig.