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REGISTERED NUMBER: SC398554 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Mitchell's Hardware Ltd.

Mitchell's Hardware Ltd. (Registered number: SC398554)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mitchell's Hardware Ltd.

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr A Mitchell
Mrs A Mitchell





REGISTERED OFFICE: Curlusk
Mulben
Keith
AB55 6YX





REGISTERED NUMBER: SC398554 (Scotland)





ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

Mitchell's Hardware Ltd. (Registered number: SC398554)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 20,078 28,237
20,078 28,237

CURRENT ASSETS
Stocks 625 20,278
Debtors 7 52,467 55,379
Cash at bank and in hand 24,846 8,066
77,938 83,723
CREDITORS
Amounts falling due within one year 8 108,085 113,710
NET CURRENT LIABILITIES (30,147 ) (29,987 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(10,069

)

(1,750

)

CREDITORS
Amounts falling due after more than one
year

9

(18,229

)

(26,809

)

PROVISIONS FOR LIABILITIES (3,815 ) (5,948 )
NET LIABILITIES (32,113 ) (34,507 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (32,213 ) (34,607 )
SHAREHOLDERS' FUNDS (32,113 ) (34,507 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mitchell's Hardware Ltd. (Registered number: SC398554)

Statement of Financial Position - 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.

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 20 October 2023 and were signed on its behalf by:





Mrs A Mitchell - Director


Mitchell's Hardware Ltd. (Registered number: SC398554)

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

1. STATUTORY INFORMATION

Mitchell's Hardware 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 Company Information page.

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


The 2022 accounts were prepared for an 11 month period to 31 March 2022 to bring the company into line with the UK fiscal year end. Therefore the comparatives are not entirely comparable, being for an 11 month period.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when the service has been provided, when the amount of revenue can be measured reliably and when its probable that future economic benefits will flow to the entity. If a customer has not been invoiced for services provided during the period the income is accrued and included in debtors under prepayments and accrued income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on assets is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & Machinery - 15% on cost
Fixtures & Fittings - 15% on reducing balance
Motor Vehicles - 20% on cost
Computer Equipment - 33% on cost

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

Mitchell's Hardware Ltd. (Registered number: SC398554)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, other debtors, trade creditors and directors' loans.

Directors' loans (being repayable on demand), trade debtors, other debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern
The accounts have been prepared on a going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 120,000
AMORTISATION
At 1 April 2022
and 31 March 2023 120,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Mitchell's Hardware Ltd. (Registered number: SC398554)

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

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 91,824
Disposals (2,373 )
At 31 March 2023 89,451
DEPRECIATION
At 1 April 2022 63,587
Charge for year 7,816
Eliminated on disposal (2,030 )
At 31 March 2023 69,373
NET BOOK VALUE
At 31 March 2023 20,078
At 31 March 2022 28,237

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,237 917
Other debtors 40,730 9,033
41,967 9,950

Amounts falling due after more than one year:
Other debtors 10,500 45,429

Aggregate amounts 52,467 55,379

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,511 8,271
Trade creditors 376 8,335
Taxation and social security 3,754 -
Other creditors 95,444 97,104
108,085 113,710

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 18,229 26,809

Mitchell's Hardware Ltd. (Registered number: SC398554)

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

10. GOING CONCERN

The shop from which Mitchell's Hardware Ltd traded was closed in February 2023, but the company continues to trade in firewood. The going concern status of the company is dependent upon the support of its two directors.