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REGISTERED NUMBER: SC087259 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Mitchell Inglis Limited

Mitchell Inglis Limited (Registered number: SC087259)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Mitchell Inglis Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: W Inglis
K W Inglis
A Inglis





SECRETARY: A Inglis





REGISTERED OFFICE: 1033 South Street
Glasgow
G14 0AQ





REGISTERED NUMBER: SC087259 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St. Vincent Street
Glasgow
G2 5JF

Mitchell Inglis Limited (Registered number: SC087259)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 462,364 439,255
Investments 5 29,481 29,481
491,845 468,736

CURRENT ASSETS
Stocks 757,315 1,022,413
Debtors 2,634,634 1,811,596
Cash at bank and in hand 1,301,589 828,092
4,693,538 3,662,101
CREDITORS
Amounts falling due within one year 3,728,350 2,721,961
NET CURRENT ASSETS 965,188 940,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,457,033

1,408,876

CREDITORS
Amounts falling due after more than one year (27,292 ) (10,903 )

PROVISIONS FOR LIABILITIES (98,708 ) (91,288 )
NET ASSETS 1,331,033 1,306,685

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 8 50 50
Retained earnings 8 1,330,933 1,306,585
SHAREHOLDERS' FUNDS 1,331,033 1,306,685

Mitchell Inglis Limited (Registered number: SC087259)

Abridged Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





K W Inglis - Director


Mitchell Inglis Limited (Registered number: SC087259)

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

1. STATUTORY INFORMATION

Mitchell Inglis Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on cost and 25% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Mitchell Inglis Limited (Registered number: SC087259)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 loans to and from related parties.

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 for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Mitchell Inglis Limited (Registered number: SC087259)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are included at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2022 - 62 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 1,877,322
Additions 128,607
At 31 March 2023 2,005,929
DEPRECIATION
At 1 April 2022 1,438,067
Charge for year 105,498
At 31 March 2023 1,543,565
NET BOOK VALUE
At 31 March 2023 462,364
At 31 March 2022 439,255

Mitchell Inglis Limited (Registered number: SC087259)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2022 120,000
Additions 64,458
At 31 March 2023 184,458
DEPRECIATION
At 1 April 2022 41,250
Charge for year 27,746
At 31 March 2023 68,996
NET BOOK VALUE
At 31 March 2023 115,462
At 31 March 2022 78,750

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.3.23 31.3.22
£    £   
Bond 29,481 29,481

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 29,095 18,692
Between one and five years 27,292 10,903
56,387 29,595

Mitchell Inglis Limited (Registered number: SC087259)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 191,484 146,872
Between one and five years 499,931 618,248
691,415 765,120

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 56,387 29,595

Hire purchase contracts are secured on the assets concerned.

8. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 1,306,585 50 1,306,635
Profit for the year 624,348 624,348
Dividends (600,000 ) (600,000 )
At 31 March 2023 1,330,933 50 1,330,983

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Fiona Russell (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W Inglis.