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REGISTERED NUMBER: SC558045















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MITCHELLS FUNERAL DIRECTORS LTD

MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 118,727 58,017

CURRENT ASSETS
Stocks 1,592 1,999
Debtors 5 98,647 67,810
Cash at bank 37,066 44,149
137,305 113,958
CREDITORS
Amounts falling due within one year 6 63,429 90,962
NET CURRENT ASSETS 73,876 22,996
TOTAL ASSETS LESS CURRENT
LIABILITIES

192,603

81,013

CREDITORS
Amounts falling due after more than one year 7 (116,857 ) (46,308 )

PROVISIONS FOR LIABILITIES (21,394 ) (8,083 )
NET ASSETS 54,352 26,622

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 54,252 26,522
54,352 26,622

MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)

BALANCE SHEET - continued
28 FEBRUARY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





Mr L G Mitchell - Director


MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Mitchells Funeral Directors Ltd is a private company, limited by shares, registered in Scotland. The company's registered office address is Unit 3 18 Chapel Street, Rutherglen, Glasgow, Scotland, G73 1JE.

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Turnover
Turnover comprises the invoiced cost of services provided during the year. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the client.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment.

Impairment of tangible fixed assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022 111,626
Additions 87,058
Disposals (22,500 )
At 28 February 2023 176,184
DEPRECIATION
At 1 March 2022 53,609
Charge for year 26,348
Eliminated on disposal (22,500 )
At 28 February 2023 57,457
NET BOOK VALUE
At 28 February 2023 118,727
At 28 February 2022 58,017

Assets held under hire purchase contracts have a net book value of £115,750 (2022: £53,749).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 85,797 57,726
Other debtors 12,850 10,084
98,647 67,810

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,667 9,360
Hire purchase contracts (see note 8) 21,878 3,991
Trade creditors 25,030 65,079
Taxation and social security 1,886 7,938
Other creditors 4,968 4,594
63,429 90,962

MITCHELLS FUNERAL DIRECTORS LTD (REGISTERED NUMBER: SC558045)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 24,359 34,334
Hire purchase contracts (see note 8) 92,498 11,974
116,857 46,308

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 18,582 -

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 21,878 3,991
Between one and five years 73,916 11,974
In more than five years 18,582 -
114,376 15,965

At the balance sheet date, the company had future lease commitments of £47,775 (2022: £65,408).

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 114,376 15,965

Hire purchase liabilities are secured over the assets concerned.

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the amount owed to the directors was £0 (2022: £3,767).