Registration number:
O S Mitchell Estates Limited
for the Year Ended 31 March 2023
O S Mitchell Estates Limited
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Abridged Financial Statements |
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iXBRL Detailed Profit and Loss Account |
O S Mitchell Estates Limited
Company Information
Directors |
O S Mitchell S S Mitchell |
Registered office |
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Accountants |
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O S Mitchell Estates Limited
Directors' Report for the Year Ended 31 March 2023
The Directors present their report and the abridged financial statements for the year ended 31 March 2023.
Directors of the Company
The Directors who held office during the year were as follows:
Principal activity
The principal activity of the Company is that of a personal investment company.
Small companies provision statement
This report has 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.
Approved and authorised by the
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O S Mitchell Estates Limited
Statement of Directors' Responsibilities
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
O S Mitchell Estates Limited
for the Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of O S Mitchell Estates Limited for the year ended 31 March 2023 as set out on pages 5 to 10 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of O S Mitchell Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of O S Mitchell Estates Limited and state those matters that we have agreed to state to the Board of Directors of O S Mitchell Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than O S Mitchell Estates Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that O S Mitchell Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of O S Mitchell Estates Limited. You consider that O S Mitchell Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of O S Mitchell Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
South Road
Taunton
Somerset
TA1 3DU
O S Mitchell Estates Limited
Abridged Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
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Gross profit/(loss) |
- |
- |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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Profit before tax |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
O S Mitchell Estates Limited
(Registration number: 11071630)
Abridged Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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.
All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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O S Mitchell Estates Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Retained earnings |
Total |
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At 1 April 2022 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 31 March 2023 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2021 |
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Profit for the year |
- |
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At 31 March 2022 |
100 |
214,599 |
214,699 |
O S Mitchell Estates Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
General information |
The Company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.
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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
O S Mitchell Estates Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Office equipment |
25% reducing balance |
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.
Trade 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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O S Mitchell Estates Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Cost or valuation |
Depreciation |
Carrying amount |
At 31 March 2023 |
Debtors |
Debtors includes £Nil (2022 - £Nil) due after more than one year.
O S Mitchell Estates Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2023
2023 |
2022 |
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Cost of sales |
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Opening stock/inventories |
- |
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Closing stock/inventories |
- |
- |
Gross profit/(loss) |
- |
- |
Distribution costs |
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Administrative expenses |
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Depreciation of Fixed assets |
( |
( |
Bank charges |
( |
( |
Other operating income |
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Other items |
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Operating loss |
(235) |
(279) |
Income from shares |
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Profit on ordinary activities before finance charges and interest |
150,230 |
86,791 |
Bank interest and similar income receivable |
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- |
Profit for the financial year |
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