Silverfin false 31/03/2023 01/04/2022 31/03/2023 M T Cowell 23/09/2022 A J Townsend 01/01/2005 01 November 2023 The principal activity of the company during the financial year was that of electrical contractors. 04185536 2023-03-31 04185536 bus:Director1 2023-03-31 04185536 bus:Director2 2023-03-31 04185536 2022-03-31 04185536 core:CurrentFinancialInstruments 2023-03-31 04185536 core:CurrentFinancialInstruments 2022-03-31 04185536 core:Non-currentFinancialInstruments 2023-03-31 04185536 core:Non-currentFinancialInstruments 2022-03-31 04185536 core:ShareCapital 2023-03-31 04185536 core:ShareCapital 2022-03-31 04185536 core:RetainedEarningsAccumulatedLosses 2023-03-31 04185536 core:RetainedEarningsAccumulatedLosses 2022-03-31 04185536 core:LandBuildings 2022-03-31 04185536 core:PlantMachinery 2022-03-31 04185536 core:Vehicles 2022-03-31 04185536 core:OfficeEquipment 2022-03-31 04185536 core:LandBuildings 2023-03-31 04185536 core:PlantMachinery 2023-03-31 04185536 core:Vehicles 2023-03-31 04185536 core:OfficeEquipment 2023-03-31 04185536 bus:OrdinaryShareClass1 2023-03-31 04185536 2022-04-01 2023-03-31 04185536 bus:FullAccounts 2022-04-01 2023-03-31 04185536 bus:SmallEntities 2022-04-01 2023-03-31 04185536 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04185536 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04185536 bus:Director1 2022-04-01 2023-03-31 04185536 bus:Director2 2022-04-01 2023-03-31 04185536 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 04185536 core:PlantMachinery 2022-04-01 2023-03-31 04185536 core:Vehicles 2022-04-01 2023-03-31 04185536 core:OfficeEquipment 2022-04-01 2023-03-31 04185536 2021-04-01 2022-03-31 04185536 core:LandBuildings 2022-04-01 2023-03-31 04185536 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 04185536 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04185536 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04185536 (England and Wales)

MITCHELL & CO (ELECTRICAL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MITCHELL & CO (ELECTRICAL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MITCHELL & CO (ELECTRICAL) LIMITED

BALANCE SHEET

As at 31 March 2023
MITCHELL & CO (ELECTRICAL) LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 140,802 109,217
140,802 109,217
Current assets
Stocks 115,527 42,500
Debtors 4 829,008 837,060
Cash at bank and in hand 20,147 258,880
964,682 1,138,440
Creditors: amounts falling due within one year 5 ( 516,057) ( 647,691)
Net current assets 448,625 490,749
Total assets less current liabilities 589,427 599,966
Creditors: amounts falling due after more than one year 6 ( 86,944) ( 101,759)
Provision for liabilities ( 25,624) ( 18,759)
Net assets 476,859 479,448
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 476,759 479,348
Total shareholder's funds 476,859 479,448

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 financial statements of Mitchell & Co (Electrical) Limited (registered number: 04185536) were approved and authorised for issue by the Director on 01 November 2023. They were signed on its behalf by:

A J Townsend
Director
MITCHELL & CO (ELECTRICAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MITCHELL & CO (ELECTRICAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mitchell & Co (Electrical) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5b South Park Way, Wakefield 41 Business Park, Wakefield, WF2 0XJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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

Income is recognised when the conditions contained within a contract for services have been met.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 18

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 0 117,080 52,558 38,032 207,670
Additions 1,750 41,577 37,504 0 80,831
Disposals 0 ( 39,575) ( 32,559) 0 ( 72,134)
At 31 March 2023 1,750 119,082 57,503 38,032 216,367
Accumulated depreciation
At 01 April 2022 0 42,170 33,435 22,848 98,453
Charge for the financial year 73 15,394 13,153 2,278 30,898
Disposals 0 ( 28,136) ( 25,650) 0 ( 53,786)
At 31 March 2023 73 29,428 20,938 25,126 75,565
Net book value
At 31 March 2023 1,677 89,654 36,565 12,906 140,802
At 31 March 2022 0 74,910 19,123 15,184 109,217

4. Debtors

2023 2022
£ £
Trade debtors 128,647 137,672
Amounts owed by Group undertakings 674,068 674,068
Prepayments 26,293 19,915
Other debtors 0 5,405
829,008 837,060

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 91,404 30,783
Trade creditors 227,290 436,442
Amounts owed to directors 20,000 15,000
Accruals 3,960 3,751
Corporation tax 19,311 32,934
Other taxation and social security 119,035 106,934
Obligations under finance leases and hire purchase contracts 27,156 14,521
Other creditors 7,901 7,326
516,057 647,691

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 44,460 78,053
Obligations under finance leases and hire purchase contracts (secured) 42,484 23,706
86,944 101,759

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

The hire purchase debts are secured against the assets to which they relate.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £52,826 (2022 - Nil).

9. Related party transactions

Transactions with the entity's directors

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group nor transactions with directors conducted at a market rate.