Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.32022-03-01falseOwning, managing, developing and investing in property2truetrue NI002458 2022-03-01 2023-02-28 NI002458 2021-03-01 2022-02-28 NI002458 2023-02-28 NI002458 2022-02-28 NI002458 c:Director1 2022-03-01 2023-02-28 NI002458 d:Buildings d:ShortLeaseholdAssets 2022-03-01 2023-02-28 NI002458 d:MotorVehicles 2022-03-01 2023-02-28 NI002458 d:MotorVehicles 2023-02-28 NI002458 d:MotorVehicles 2022-02-28 NI002458 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 NI002458 d:FurnitureFittings 2022-03-01 2023-02-28 NI002458 d:ComputerEquipment 2022-03-01 2023-02-28 NI002458 d:ComputerEquipment 2023-02-28 NI002458 d:ComputerEquipment 2022-02-28 NI002458 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 NI002458 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 NI002458 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 NI002458 d:FreeholdInvestmentProperty 2023-02-28 NI002458 d:FreeholdInvestmentProperty 2022-02-28 NI002458 d:CurrentFinancialInstruments 2023-02-28 NI002458 d:CurrentFinancialInstruments 2022-02-28 NI002458 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 NI002458 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 NI002458 d:ShareCapital 2023-02-28 NI002458 d:ShareCapital 2022-02-28 NI002458 d:RevaluationReserve 2022-03-01 2023-02-28 NI002458 d:RevaluationReserve 2023-02-28 NI002458 d:RevaluationReserve 2022-02-28 NI002458 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 NI002458 d:RetainedEarningsAccumulatedLosses 2023-02-28 NI002458 d:RetainedEarningsAccumulatedLosses 2022-02-28 NI002458 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 NI002458 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 NI002458 c:OrdinaryShareClass1 2022-03-01 2023-02-28 NI002458 c:OrdinaryShareClass1 2023-02-28 NI002458 c:OrdinaryShareClass1 2022-02-28 NI002458 c:FRS102 2022-03-01 2023-02-28 NI002458 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 NI002458 c:FullAccounts 2022-03-01 2023-02-28 NI002458 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI002458 2 2022-03-01 2023-02-28 NI002458 5 2022-03-01 2023-02-28 NI002458 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 NI002458 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 NI002458 d:OtherDeferredTax 2023-02-28 NI002458 d:OtherDeferredTax 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI002458










HAROLD MITCHELL & COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
HAROLD MITCHELL & COMPANY LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
HAROLD MITCHELL & COMPANY LIMITED
REGISTERED NUMBER: NI002458

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
529
2,085

Investment property
 5 
6,583,600
5,428,600

  
6,584,129
5,430,685

Current assets
  

Debtors: amounts falling due within one year
 6 
14,732
14,017

Cash at bank and in hand
 7 
538,276
1,350,821

  
553,008
1,364,838

Creditors: amounts falling due within one year
 8 
(192,316)
(140,909)

Net current assets
  
 
 
360,692
 
 
1,223,929

Total assets less current liabilities
  
6,944,821
6,654,614

Provisions for liabilities
  

Deferred tax
 10 
(127,093)
(127,093)

  
 
 
(127,093)
 
 
(127,093)

Net assets
  
6,817,728
6,527,521


Capital and reserves
  

Called up share capital 
 11 
20,000
20,000

Revaluation reserve
 12 
2,738,283
2,738,283

Profit and loss account
 12 
4,059,445
3,769,238

  
6,817,728
6,527,521


Page 1

 
HAROLD MITCHELL & COMPANY LIMITED
REGISTERED NUMBER: NI002458

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.


Harold Leslie Mitchell
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Harold Mitchell & Company Limited is a private company limited by shares and is incorporated and registered in Northern Ireland under Company Registration Number NI002458.
The principal activity of the company is owning, managing, developing and investing in property.
The company's registered office is situated at 27-29 Gordon Street, Belfast, BT1 2LG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Page 3

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
6.67% Straight Line
Motor vehicles
-
25% Straight Line
Fixtures & fittings
-
10% Straight Line
Computer equipment
-
33.33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).

Page 6

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Motor vehicles
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
30,969
16,126
47,095


Additions
-
732
732



At 28 February 2023

30,969
16,858
47,827



Depreciation


At 1 March 2022
30,969
14,041
45,010


Charge for the year on owned assets
-
2,288
2,288



At 28 February 2023

30,969
16,329
47,298



Net book value



At 28 February 2023
-
529
529



At 28 February 2022
-
2,085
2,085

Page 7

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
5,428,600


Additions at cost
1,155,000



At 28 February 2023
6,583,600


Comprising


Cost
4,348,457

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

2000 & 2002
4,420,014

2007 - 2012
(1,499,871)

2013
(610,000)

2022
(75,000)

At 28 February 2023
6,583,600

The 2023 valuations were made by the director, on an open market value for existing use basis.



At 28 February 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,348,457
3,193,457

4,348,457
3,193,457








 

Page 8

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
704
720

Prepayments and accrued income
14,028
13,297

14,732
14,017



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
538,276
1,350,821

538,276
1,350,821



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,053
10,743

Corporation tax
68,007
32,750

Other taxation and social security
36,613
30,297

Other creditors
2,110
679

Accruals and deferred income
66,533
66,440

192,316
140,909


2023
2022
£
£

Other taxation and social security

PAYE/NI control
3,820
1,835

VAT control
32,793
28,461

36,613
30,296


Page 9

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
538,276
1,350,821




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


10.


Deferred taxation




2023


£






At beginning of year
(127,093)



At end of year
(127,093)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(38,059)
(38,059)

Deferred tax on gains on revalued investment property
(89,034)
(89,034)

(127,093)
(127,093)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £1.00 each
20,000
20,000


Page 10

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

12.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period surpluses and deficits, net of deferred tax, on the revaluation of investment property held.

Profit & loss account

The profit and loss account is a fully distributable reserve and includes all current and prior year retained profits and losses.


13.


Pension commitments

The company operates a defined contributions pension scheme.  The assets of the scheme 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 fund and amounted to £1,800 (2022: £8,684).  Contributions totalling £225 (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.  


Page 11