IRIS Accounts Production v23.3.0.418 SC495508 Board of Directors 31.3.23 1.4.22 31.3.23 31.3.23 bodyshop repairers. true true true false true true false false false true false Fair value model Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4955082022-03-31SC4955082023-03-31SC4955082022-04-012023-03-31SC4955082021-03-31SC4955082021-04-012022-03-31SC4955082022-03-31SC495508ns10:Originalns15:Scotland2022-04-012023-03-31SC495508ns14:PoundSterlingns10:Original2022-04-012023-03-31SC495508ns10:Originalns10:Director12022-04-012023-03-31SC495508ns10:Original2022-04-012023-03-31SC495508ns10:Originalns10:Consolidated2023-03-31SC495508ns10:Original2023-03-31SC495508ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-04-012023-03-31SC495508ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC495508ns10:Originalns10:Consolidatedns10:FRS1022022-04-012023-03-31SC495508ns10:Originalns10:Consolidatedns10:Audited2022-04-012023-03-31SC495508ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31SC495508ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC495508ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-04-012023-03-31SC495508ns10:Originalns10:FullAccounts2022-04-012023-03-31SC495508ns10:Originalns5:Subsidiary12022-04-012023-03-31SC495508ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-31SC495508ns10:Originalns10:Consolidated2022-04-012023-03-31SC495508ns10:Originalns10:Director22022-04-012023-03-31SC495508ns10:Originalns10:Director32022-04-012023-03-31SC495508ns10:Originalns10:Director42022-04-012023-03-31SC495508ns10:CompanySecretary1ns10:Original2022-04-012023-03-31SC495508ns10:Originalns10:RegisteredOffice2022-04-012023-03-31SC495508ns10:Originalns10:Consolidated2021-04-012022-03-31SC495508ns10:Original2022-03-31SC495508ns10:Originalns5:CurrentFinancialInstruments2023-03-31SC495508ns10:Originalns5:CurrentFinancialInstruments2022-03-31SC495508ns5:ShareCapitalns10:Original2023-03-31SC495508ns5:ShareCapitalns10:Original2022-03-31SC495508ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-31SC495508ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31SC495508ns5:ShareCapitalns10:Original2021-03-31SC495508ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-03-31SC495508ns10:Original2021-03-31SC495508ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-04-012022-03-31SC495508ns10:Original2021-04-012022-03-31SC495508ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC495508ns10:Originalns5:LeaseholdImprovements2022-04-012023-03-31SC495508ns10:Originalns5:PlantMachinery2022-04-012023-03-31SC495508ns10:Originalns5:MotorVehicles2022-04-012023-03-31SC495508ns10:Originalns5:CostValuation2022-03-31SC495508ns10:Originalns5:Subsidiary112022-04-012023-03-31SC495508ns10:Originalns5:Subsidiary12023-03-31SC495508ns10:Originalns5:Subsidiary12022-03-31SC495508ns10:Originalns5:Subsidiary12021-04-012022-03-31SC495508ns10:Original2022-03-31SC495508ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC495508ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31SC495508ns10:Originalns10:OrdinaryShareClass12023-03-31SC495508ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31
REGISTERED NUMBER: SC495508 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2023

for

Mitchell Inglis (Holdings) Ltd

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Mitchell Inglis (Holdings) Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: W Inglis
K W Inglis
A Inglis
K A MacCulloch





SECRETARY: A Inglis





REGISTERED OFFICE: 1033 South Street
Glasgow
G14 0AQ





REGISTERED NUMBER: SC495508 (Scotland)





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

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Group Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
The Directors are satisfied with the results for the year which show and increase in turnover of 18% and an increase of 23% in profit after tax. The resultant profit for the financial year after tax amounts to £719,645 compared to £582,770 for the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors continue to monitor the key risks facing the group, the principal risk being the competitive nature of the trade.

ON BEHALF OF THE BOARD:





K W Inglis - Director


13 November 2023

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

DIVIDENDS
An interim dividend of £73,500 per share was paid on 1 December 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 73,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

W Inglis
K W Inglis
A Inglis
K A MacCulloch

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, McLay McAlister & McGibbon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K W Inglis - Director


13 November 2023

Report of the Independent Auditors to the Members of
Mitchell Inglis (Holdings) Ltd

Opinion
We have audited the financial statements of Mitchell Inglis (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Mitchell Inglis (Holdings) Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Mitchell Inglis (Holdings) Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks and irregularities;
- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition, we considered provisions of their laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings. These limited procedures did not identify actual or suspected non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Fiona Russell (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St. Vincent Street
Glasgow
G2 5JF

13 November 2023

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Consolidated Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 11,275,382 9,581,281

Cost of sales 4,929,694 4,326,114
GROSS PROFIT 6,345,688 5,255,167

Administrative expenses 5,451,072 4,579,971
894,616 675,196

Other operating income - 69,195
OPERATING PROFIT 4 894,616 744,391

Interest receivable and similar income 775 12
895,391 744,403

Interest payable and similar expenses 5 6,182 7,465
PROFIT BEFORE TAXATION 889,209 736,938

Tax on profit 6 169,734 154,168
PROFIT FOR THE FINANCIAL YEAR 719,475 582,770
Profit attributable to:
Owners of the parent 719,475 582,770

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

PROFIT FOR THE YEAR 719,475 582,770


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

719,475

582,770

Total comprehensive income attributable to:
Owners of the parent 719,475 582,770

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Consolidated Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 462,364 439,255
Investments 10 29,481 29,481
Investment property 11 1,258,895 1,258,895
1,750,740 1,727,631

CURRENT ASSETS
Stocks 12 757,315 1,022,413
Debtors 13 2,635,569 1,811,596
Cash at bank and in hand 3,393,833 2,820,941
6,786,717 5,654,950
CREDITORS
Amounts falling due within one year 14 2,412,163 1,927,071
NET CURRENT ASSETS 4,374,554 3,727,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,125,294

5,455,510

CREDITORS
Amounts falling due after more than one year 15 (27,292 ) (10,903 )

PROVISIONS FOR LIABILITIES 18 (98,708 ) (91,288 )
NET ASSETS 5,999,294 5,353,319

CAPITAL AND RESERVES
Called up share capital 19 50 50
Capital redemption reserve 20 50 50
Retained earnings 20 5,999,194 5,353,219
SHAREHOLDERS' FUNDS 5,999,294 5,353,319

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 (Holdings) Ltd (Registered number: SC495508)

Company Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 50 50
Investment property 11 1,258,895 1,258,895
1,258,945 1,258,945

CURRENT ASSETS
Debtors 13 1,346,515 819,680
Cash at bank 2,092,244 1,992,849
3,438,759 2,812,529
CREDITORS
Amounts falling due within one year 14 29,392 24,789
NET CURRENT ASSETS 3,409,367 2,787,740
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,668,312

4,046,685

CAPITAL AND RESERVES
Called up share capital 19 50 50
Retained earnings 20 4,668,262 4,046,635
SHAREHOLDERS' FUNDS 4,668,312 4,046,685

Company's profit for the financial year 695,127 552,787

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

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 (Holdings) Ltd (Registered number: SC495508)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 50 4,850,449 50 4,850,549

Changes in equity
Dividends - (80,000 ) - (80,000 )
Total comprehensive income - 582,770 - 582,770
Balance at 31 March 2022 50 5,353,219 50 5,353,319

Changes in equity
Dividends - (73,500 ) - (73,500 )
Total comprehensive income - 719,475 - 719,475
Balance at 31 March 2023 50 5,999,194 50 5,999,294

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 50 3,573,848 3,573,898

Changes in equity
Dividends - (80,000 ) (80,000 )
Total comprehensive income - 552,787 552,787
Balance at 31 March 2022 50 4,046,635 4,046,685

Changes in equity
Dividends - (73,500 ) (73,500 )
Total comprehensive income - 695,127 695,127
Balance at 31 March 2023 50 4,668,262 4,668,312

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 928,569 (113,191 )
Interest paid (3,394 ) (5,440 )
Interest element of hire purchase payments
paid

(2,788

)

(2,025

)
Tax paid (121,443 ) (27,782 )
Net cash from operating activities 800,944 (148,438 )

Cash flows from investing activities
Purchase of tangible fixed assets (78,607 ) (205,446 )
Sale of tangible fixed assets - 15,000
Interest received 775 12
Net cash from investing activities (77,832 ) (190,434 )

Cash flows from financing activities
Capital repayments in year (23,208 ) (18,692 )
Amount introduced by directors 78,940 87,054
Amount withdrawn by directors (132,452 ) (107,117 )
Equity dividends paid (73,500 ) (80,000 )
Net cash from financing activities (150,220 ) (118,755 )

Increase/(decrease) in cash and cash equivalents 572,892 (457,627 )
Cash and cash equivalents at beginning of
year

2

2,820,941

3,278,568

Cash and cash equivalents at end of year 2 3,393,833 2,820,941

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 889,209 736,938
Depreciation charges 105,498 96,683
Profit on disposal of fixed assets - (62 )
Finance costs 6,182 7,465
Finance income (775 ) (12 )
1,000,114 841,012
Decrease/(increase) in stocks 265,098 (633,373 )
Increase in trade and other debtors (823,973 ) (732,090 )
Increase in trade and other creditors 487,330 411,260
Cash generated from operations 928,569 (113,191 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 3,393,833 2,820,941
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 2,820,941 3,278,568


Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.4.22 Cash flow changes At 31.3.23
£    £    £    £   
Net cash
Cash at bank
and in hand 2,820,941 572,892 3,393,833
2,820,941 572,892 3,393,833
Debt
Finance leases (29,595 ) 23,208 (50,000 ) (56,387 )
(29,595 ) 23,208 (50,000 ) (56,387 )
Total 2,791,346 596,100 (50,000 ) 3,337,446

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

1. STATUTORY INFORMATION

Mitchell Inglis (Holdings) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General 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" 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 group'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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 (Holdings) Ltd (Registered number: SC495508)

Notes to the Consolidated 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 Consolidated 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 (Holdings) Ltd (Registered number: SC495508)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group'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
31.3.23 31.3.22
£    £   
Wages and salaries 3,083,947 2,688,947
Social security costs 359,988 284,711
Other pension costs 53,748 88,371
3,497,683 3,062,029

The average number of employees during the year was as follows:
31.3.23 31.3.22

Workshop and parts 46 42
Administration 15 15
Management 5 5
66 62

The average number of employees by undertakings that were proportionately consolidated during the year was 66 (2022 - 62 ) .

31.3.23 31.3.22
£    £   
Directors' remuneration 218,885 236,000
Directors' pension contributions to money purchase schemes - 25,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

Information regarding the highest paid director is as follows:
31.3.23 31.3.22
£    £   
Emoluments etc 126,885 144,000
Pension contributions to money purchase schemes - 25,000

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Hire of plant and machinery 228,114 190,368
Depreciation - owned assets 77,752 70,433
Depreciation - assets on hire purchase contracts 27,746 26,250
Profit on disposal of fixed assets - (62 )
Auditors' remuneration 10,600 10,650

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Loan 3,394 5,440
Hire purchase 2,788 2,025
6,182 7,465

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 162,314 121,433

Deferred tax 7,420 32,735
Tax on profit 169,734 154,168

UK corporation tax has been charged at 19 % (2022 - 19 %).

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary shares of £1 each
Interim 73,500 80,000

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

9. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2022 301,717 1,171,960 403,645 1,877,322
Additions 37,508 26,641 64,458 128,607
At 31 March 2023 339,225 1,198,601 468,103 2,005,929
DEPRECIATION
At 1 April 2022 111,923 1,083,709 242,435 1,438,067
Charge for year 31,382 25,754 48,362 105,498
At 31 March 2023 143,305 1,109,463 290,797 1,543,565
NET BOOK VALUE
At 31 March 2023 195,920 89,138 177,306 462,364
At 31 March 2022 189,794 88,251 161,210 439,255

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

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

10. FIXED ASSET INVESTMENTS

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Shares in group undertakings - - 50 50
Other investments not loans 29,481 29,481 - -
29,481 29,481 50 50

Additional information is as follows:

Group

Investments (neither listed nor unlisted) were as follows:
31.3.23 31.3.22
£    £   
Bond 29,481 29,481
Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 50
NET BOOK VALUE
At 31 March 2023 50
At 31 March 2022 50

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Mitchell Inglis Ltd
Registered office: Scotland
Nature of business: Vehicle body repairers
%
Class of shares: holding
Ordinary 100.00
31.3.23 31.3.22
£    £   
Aggregate capital and reserves 1,331,033 1,306,685
Profit for the year 624,348 514,983


Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,258,895
NET BOOK VALUE
At 31 March 2023 1,258,895
At 31 March 2022 1,258,895

The investment property is held at fair value and the directors' consider this appropriate at the date of signing the financial statements.

Company
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,258,895
NET BOOK VALUE
At 31 March 2023 1,258,895
At 31 March 2022 1,258,895

12. STOCKS

Group
31.3.23 31.3.22
£    £   
Stocks 178,521 221,716
Work-in-progress 578,794 800,697
757,315 1,022,413

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Trade debtors 2,314,798 1,507,901 - -
Amounts owed by group undertakings - - 1,345,580 819,680
Other debtors 9,604 7,185 - -
VAT 935 - 935 -
Prepayments and accrued income 310,232 296,510 - -
2,635,569 1,811,596 1,346,515 819,680

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Hire purchase contracts (see note 16) 29,095 18,692 - -
Trade creditors 1,335,901 1,020,242 - -
Tax 162,292 121,421 22,292 15,889
Social security and other taxes 320,812 178,909 - -
Other creditors 59,732 60,310 - -
Directors' loan accounts 107,427 160,939 - -
Accruals and deferred income 396,904 366,558 7,100 8,900
2,412,163 1,927,071 29,392 24,789

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 16) 27,292 10,903

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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 (Holdings) Ltd (Registered number: SC495508)

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

16. LEASING AGREEMENTS - continued

Group
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

17. SECURED DEBTS

The following secured debts are included within creditors:

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

Hire purchase contracts are secured on the assets concerned.

18. PROVISIONS FOR LIABILITIES

Group
31.3.23 31.3.22
£    £   
Deferred tax 98,708 91,288

Group
Deferred
tax
£   
Balance at 1 April 2022 91,288
Charge to Income Statement during year 7,420
Balance at 31 March 2023 98,708

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
50 Ordinary £1 50 50

Mitchell Inglis (Holdings) Ltd (Registered number: SC495508)

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

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 5,353,219 50 5,353,269
Profit for the year 719,475 719,475
Dividends (73,500 ) (73,500 )
At 31 March 2023 5,999,194 50 5,999,244

Company
Retained
earnings
£   

At 1 April 2022 4,046,635
Profit for the year 695,127
Dividends (73,500 )
At 31 March 2023 4,668,262


21. PENSION COMMITMENTS

The company operates defined contributions schemes for its directors and employees. The assets of the schemes are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the schemes amounted to £53,748 (2022 - £88,371).

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the group owed its directors £107,427 (2022 - £160,939). There are no fixed repayment terms in respect of the loans. Interest was paid during the year to the directors amounting to £3,394 (2022- £5,440).

23. RELATED PARTY DISCLOSURES

The company has taken advantage of 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is W Inglis.