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Registration number: 07968761

Mitech Joinery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Mitech Joinery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Mitech Joinery Limited

Company Information

Directors

Mr R M Barlow

Mr J P Baldwin

Mr M T Hardy

Registered office

51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Mitech Joinery Limited

(Registration number: 07968761)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

658,984

59,264

Current assets

 

Stocks

102,722

68,743

Debtors

5

67,975

128,553

Cash at bank and in hand

 

42,850

102,396

 

213,547

299,692

Creditors: Amounts falling due within one year

6

(161,080)

(289,804)

Net current assets

 

52,467

9,888

Total assets less current liabilities

 

711,451

69,152

Creditors: Amounts falling due after more than one year

6

(680,670)

(39,366)

Provisions for liabilities

(18,676)

(11,261)

Net assets

 

12,105

18,525

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

12,005

18,425

 

12,105

18,525

Total equity

 

12,105

18,525

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Mitech Joinery Limited

(Registration number: 07968761)
Balance Sheet as at 28 February 2023 (continued)

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
Mr R M Barlow
Director

   
     
 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales registration number: 07968761.

The address of its registered office is:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 24 November 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

The presentation currency is £ sterling.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and service to customers.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

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

Plant and machinery

20% reducing balance basis

Office equipment

25% reducing balance basis

Freehold property

2% reducing balance basis

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2022

-

166,774

166,774

Additions

562,490

64,277

626,767

Disposals

-

(17,300)

(17,300)

At 28 February 2023

562,490

213,751

776,241

Depreciation

At 1 March 2022

-

107,510

107,510

Charge for the year

1,800

17,276

19,076

Eliminated on disposal

-

(9,329)

(9,329)

At 28 February 2023

1,800

115,457

117,257

Carrying amount

At 28 February 2023

560,690

98,294

658,984

At 28 February 2022

-

59,264

59,264

Included within the net book value of land and buildings above is £560,690 (2022 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

67,787

113,763

Prepayments

188

3,407

Other debtors

-

11,383

 

67,975

128,553

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

28,030

13,156

Trade creditors

 

109,509

98,847

Taxation and social security

 

15,832

25,294

Accruals and deferred income

 

5,520

150,982

Other creditors

 

2,189

1,525

 

161,080

289,804

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate amounting to £10,112 (2022: £3,095), bank borrowing which are secured by personal guarantee amounting to £Nil (2022: £4,413) and a Coronavirus Business Interruption Loan which is secured by the government amounting to £5,918 (2022: £5,648) and a mortgage secured on the property it relates to amounting to £12,000 (2022: £Nil)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

405,943

20,286

Other creditors

 

274,727

19,080

 

680,670

39,366

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate amounting to £44,182 (2022: £Nil), bank borrowing which are secured by personal guarantee amounting to £Nil (2022: £Nil) and a Coronavirus Business Interruption Loan which is secured by the government amounting to £14,368 (2022: £20,286) and a mortgage secured on the property it relates to amounting to £347,393 (2022: £Nil)

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

4,413

HP and finance lease liabilities

10,112

3,095

Other borrowings

17,918

5,648

28,030

13,156

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

44,182

-

Other borrowings

361,761

20,286

405,943

20,286

8

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr R M Barlow

Director Loan Account transactions

5,546

57,754

(250,664)

(187,364)

         
       

 

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

8

Related party transactions (continued)

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr R M Barlow

Director Loan Account transactions

(211)

57,618

(51,861)

5,546