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Registration number: 00792890

Mortimer's (Yeovil) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Mortimer's (Yeovil) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Mortimer's (Yeovil) Limited

(Registration number: 00792890)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

7,000

7,500

Tangible assets

5

1,032,101

1,010,296

Other financial assets

6

88

88

 

1,039,189

1,017,884

Current assets

 

Stocks

7

33,113

22,204

Debtors

8

102,644

94,436

Cash at bank and in hand

 

1,739

31,743

 

137,496

148,383

Creditors: Amounts falling due within one year

9

(151,232)

(185,568)

Net current liabilities

 

(13,736)

(37,185)

Total assets less current liabilities

 

1,025,453

980,699

Creditors: Amounts falling due after more than one year

9

(115,703)

(60,454)

Provisions for liabilities

(160,133)

(154,674)

Net assets

 

749,617

765,571

Capital and reserves

 

Called up share capital

3,844

3,844

Capital redemption reserve

1,000

1,000

Revaluation reserve

495,268

495,268

Profit and loss account

249,505

265,459

Total equity

 

749,617

765,571

 

Mortimer's (Yeovil) Limited

(Registration number: 00792890)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

R G Mortimer
Director

   
     
 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
England

These financial statements were authorised for issue by the Board on 13 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land, freehold

Nil

Buildings, freehold

Straight line over 50 years

Land and buildings, leasehold

Straight line over term of lease

Plant and machinery

15% reducing balance

Office equipment

25% straight line method

Motor vehicles

25% reducing balance or term of lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 40 (2022 - 40).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

10,000

10,000

At 31 March 2023

10,000

10,000

Amortisation

At 1 April 2022

2,500

2,500

Amortisation charge

500

500

At 31 March 2023

3,000

3,000

Carrying amount

At 31 March 2023

7,000

7,000

At 31 March 2022

7,500

7,500

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Other property, plant and equipment
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

930,685

1,480,979

53,594

69,400

2,534,658

Additions

-

3,459

-

62,450

65,909

At 31 March 2023

930,685

1,484,438

53,594

131,850

2,600,567

Depreciation

At 1 April 2022

80,685

1,362,017

51,956

29,704

1,524,362

Charge for the year

-

17,845

722

25,537

44,104

At 31 March 2023

80,685

1,379,862

52,678

55,241

1,568,466

Carrying amount

At 31 March 2023

850,000

104,576

916

76,609

1,032,101

At 31 March 2022

850,000

118,962

1,638

39,696

1,010,296

Revaluation
The fair value of the company's freehold building was revalued on 31 March 2020.

Included within the net book value of land and buildings above is £850,000 (2022 - £850,000) in respect of freehold land and buildings.
 

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

88

88

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

33,113

22,204

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Debtors

2023
£

2022
£

Trade debtors

90,541

77,142

Other debtors

6,238

9,493

Prepayments

5,865

7,801

102,644

94,436

9

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

19,387

14,832

Trade creditors

 

74,199

92,079

Social Security

 

7,556

8,102

Other creditors

 

6,944

12,057

Accruals and deferred income

 

39,284

39,779

Corporation tax

 

3,862

18,719

 

151,232

185,568

Due after one year

 

Loans and borrowings

115,703

60,454

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

115,703

60,454

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Financial commitments, guarantees and contingencies

11

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

174

174

Advanced

887

887

At end of period

1,061

1,061

2022

Key management
£

Total
£

Advanced

174

174

At end of period

174

174

Loans from related parties

2023

Key management
£

Total
£

At start of period

10,393

10,393

Repaid

(5,000)

(5,000)

At end of period

5,393

5,393

2022

Key management
£

Total
£

At start of period

10,393

10,393

At end of period

10,393

10,393