O S Mitchell Estates Limited 11071630 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of a personal investment company. Digita Accounts Production Advanced 6.30.9574.0 true true 11071630 2022-04-01 2023-03-31 11071630 2023-03-31 11071630 bus:Director2 2023-03-31 11071630 bus:Original 2023-03-31 11071630 core:RetainedEarningsAccumulatedLosses 2023-03-31 11071630 core:ShareCapital 2023-03-31 11071630 core:CurrentFinancialInstruments 2023-03-31 11071630 bus:SmallEntities 2022-04-01 2023-03-31 11071630 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11071630 bus:FullAccounts 2022-04-01 2023-03-31 11071630 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11071630 bus:RegisteredOffice 2022-04-01 2023-03-31 11071630 bus:Director1 2022-04-01 2023-03-31 11071630 bus:Director2 2022-04-01 2023-03-31 11071630 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11071630 bus:Agent1 2022-04-01 2023-03-31 11071630 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11071630 core:ShareCapital 2022-04-01 2023-03-31 11071630 core:OfficeEquipment 2022-04-01 2023-03-31 11071630 countries:AllCountries 2022-04-01 2023-03-31 11071630 dpl:AdministrativeExpenses 2022-04-01 2023-03-31 11071630 2022-03-31 11071630 core:RetainedEarningsAccumulatedLosses 2022-03-31 11071630 core:ShareCapital 2022-03-31 11071630 2021-04-01 2022-03-31 11071630 2022-03-31 11071630 core:RetainedEarningsAccumulatedLosses 2022-03-31 11071630 core:ShareCapital 2022-03-31 11071630 core:CurrentFinancialInstruments 2022-03-31 11071630 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 11071630 core:ShareCapital 2021-04-01 2022-03-31 11071630 dpl:AdministrativeExpenses 2021-04-01 2022-03-31 11071630 2021-03-31 11071630 core:RetainedEarningsAccumulatedLosses 2021-03-31 11071630 core:ShareCapital 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 11071630

O S Mitchell Estates Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

O S Mitchell Estates Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Accountants' Report

4

Abridged Profit and Loss Account

5

Abridged Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Abridged Financial Statements

8 to 10

iXBRL Detailed Profit and Loss Account

11

 

O S Mitchell Estates Limited

Company Information

Directors

O S Mitchell

S S Mitchell

Registered office

3 Farmside Cottages
Ovington
Alresford
Hampshire
SO24 0RB

Accountants

MSVC Ltd
Calyx House
South Road
Taunton
Somerset
TA1 3DU

 

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:

O S Mitchell

S S Mitchell (appointed 30 May 2022)

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 Board on 18 October 2023 and signed on its behalf by:
 


O S Mitchell
Director

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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.






MSVC Ltd
Calyx House
South Road
Taunton
Somerset
TA1 3DU

18 October 2023

 

O S Mitchell Estates Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Gross profit/(loss)

 

-

-

Administrative expenses

 

(235)

(279)

Other interest receivable and similar income

 

151,110

87,070

Profit before tax

4

150,875

86,791

Profit for the financial year

 

150,875

86,791

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
£

Fixed assets

 

Tangible assets

5

621

828

Current assets

 

Debtors

6

82,100

77,100

Cash at bank and in hand

 

272,853

136,771

 

354,953

213,871

Net assets

 

355,574

214,699

Capital and reserves

 

Called up share capital

100

100

Retained earnings

355,474

214,599

Shareholders' funds

 

355,574

214,699

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.

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 Board on 18 October 2023 and signed on its behalf by:
 


O S Mitchell
Director

 

O S Mitchell Estates Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

214,599

214,699

Profit for the year

-

150,875

150,875

Dividends

-

(10,000)

(10,000)

At 31 March 2023

100

355,474

355,574

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

127,808

127,908

Profit for the year

-

86,791

86,791

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

1

General information

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

The address of its registered office is:
3 Farmside Cottages
Ovington
Alresford
Hampshire
SO24 0RB

These financial statements were authorised for issue by the Board on 18 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 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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

207

276

 

O S Mitchell Estates Limited

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

5

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 March 2023

6

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
£

Cost of sales

Opening stock/inventories

-

-

Closing stock/inventories

-

-

Gross profit/(loss)

-

-

Distribution costs

Administrative expenses

Depreciation of Fixed assets

(207)

(276)

Bank charges

(28)

(3)

Other operating income

Other items

Operating loss

(235)

(279)

Income from shares

150,465

87,070

Profit on ordinary activities before finance charges and interest

150,230

86,791

Bank interest and similar income receivable

645

-

Profit for the financial year

150,875

86,791