Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01No description of principal activity1212truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07966038 2022-03-01 2023-02-28 07966038 2021-03-01 2022-02-28 07966038 2023-02-28 07966038 2022-02-28 07966038 2021-03-01 07966038 c:Director1 2022-03-01 2023-02-28 07966038 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 07966038 d:Buildings d:LongLeaseholdAssets 2023-02-28 07966038 d:Buildings d:LongLeaseholdAssets 2022-02-28 07966038 d:LandBuildings 2023-02-28 07966038 d:LandBuildings 2022-02-28 07966038 d:PlantMachinery 2022-03-01 2023-02-28 07966038 d:PlantMachinery 2023-02-28 07966038 d:PlantMachinery 2022-02-28 07966038 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07966038 d:MotorVehicles 2022-03-01 2023-02-28 07966038 d:MotorVehicles 2023-02-28 07966038 d:MotorVehicles 2022-02-28 07966038 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07966038 d:FurnitureFittings 2022-03-01 2023-02-28 07966038 d:FurnitureFittings 2023-02-28 07966038 d:FurnitureFittings 2022-02-28 07966038 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07966038 d:OfficeEquipment 2022-03-01 2023-02-28 07966038 d:OfficeEquipment 2023-02-28 07966038 d:OfficeEquipment 2022-02-28 07966038 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07966038 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07966038 d:CurrentFinancialInstruments 2023-02-28 07966038 d:CurrentFinancialInstruments 2022-02-28 07966038 d:Non-currentFinancialInstruments 2023-02-28 07966038 d:Non-currentFinancialInstruments 2022-02-28 07966038 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07966038 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 07966038 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07966038 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 07966038 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 07966038 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 07966038 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 07966038 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-02-28 07966038 d:ShareCapital 2022-03-01 2023-02-28 07966038 d:ShareCapital 2023-02-28 07966038 d:ShareCapital 2021-03-01 2022-02-28 07966038 d:ShareCapital 2022-02-28 07966038 d:ShareCapital 2021-03-01 07966038 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 07966038 d:RetainedEarningsAccumulatedLosses 2023-02-28 07966038 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 07966038 d:RetainedEarningsAccumulatedLosses 2022-02-28 07966038 d:RetainedEarningsAccumulatedLosses 2021-03-01 07966038 c:FRS102 2022-03-01 2023-02-28 07966038 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 07966038 c:FullAccounts 2022-03-01 2023-02-28 07966038 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07966038 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07966038 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 07966038 e:PoundSterling 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure
Registered number: 07966038













MITCHELL MOTORS RESTORATION LIMITED
UNAUDITED

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

















Fletcher & Partners
Chartered Accountants
Salisbury

 
MITCHELL MOTORS RESTORATION LIMITED
REGISTERED NUMBER: 07966038

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
51,876
46,709

  
51,876
46,709

Current assets
  

Debtors
 5 
115,054
135,162

Cash at bank and in hand
 6 
80,580
83,030

  
195,634
218,192

Creditors: amounts falling due within one year
 7 
(132,790)
(141,293)

Net current assets
  
 
 
62,844
 
 
76,899

Total assets less current liabilities
  
114,720
123,608

Creditors: amounts falling due after more than one year
 8 
(38,533)
(43,707)

  

Net assets
  
76,187
79,901


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
75,187
78,901

  
76,187
79,901


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 by: 


A P Mitchell
Director

Date: 27 November 2023

The notes on pages 3 to 9 form part of these financial statements.
Page 1

 
MITCHELL MOTORS RESTORATION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2021
1,000
81,614
82,614


Comprehensive income for the year

Profit for the year
-
109,787
109,787
Total comprehensive income for the year
-
109,787
109,787


Contributions by and distributions to owners

Dividends: Equity capital
-
(112,500)
(112,500)


Total transactions with owners
-
(112,500)
(112,500)



At 1 March 2022
1,000
78,901
79,901


Comprehensive income for the year

Profit for the year
-
112,286
112,286
Total comprehensive income for the year
-
112,286
112,286


Contributions by and distributions to owners

Dividends: Equity capital
-
(116,000)
(116,000)


Total transactions with owners
-
(116,000)
(116,000)


At 28 February 2023
1,000
75,187
76,187


The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

1.


General information

Mitchell Motors Restoration Limited is a private company limited by shares, incorporated in England and Wales with registration number 07966038. Its registered office is Crown Chambers, Bridge Street, Salisbury, Wiltshire, SP1 2LZ.

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 director assesses whether the use of the going concern basis is appropriate, i.e. whether there are material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The director makes this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future.
 

 
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

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold improvements
-
4% & 10% straight line
Plant and machinery
-
25% & 50% straight line and 25% reducing balance depending on life of item
Motor vehicles
-
25% reducing balance
Car spray shop
-
10% straight line
Office equipment
-
25% 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.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

Page 4

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.13

Financial instruments

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

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 5

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

4.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Car spray shop
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2022
16,247
98,942
53,020
42,609
8,561
219,379


Additions
12,622
9,759
-
-
-
22,381


Disposals
-
(832)
-
-
(1,677)
(2,509)



At 28 February 2023

28,869
107,869
53,020
42,609
6,884
239,251



Depreciation


At 1 March 2022
3,250
87,499
33,347
42,254
6,320
172,670


Charge for the year on owned assets
2,129
8,781
4,918
355
1,031
17,214


Disposals
-
(832)
-
-
(1,677)
(2,509)



At 28 February 2023

5,379
95,448
38,265
42,609
5,674
187,375



Net book value



At 28 February 2023
23,490
12,421
14,755
-
1,210
51,876



At 28 February 2022
12,997
11,443
19,673
355
2,241
46,709




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
23,490
12,997

23,490
12,997


Page 6

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

5.


Debtors


2023
2022
£
£



Trade debtors
12,494
28,810

Other debtors
2,239
28,202

Prepayments and accrued income
97,633
76,081

Deferred taxation
2,688
2,069

115,054
135,162



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
80,580
83,030

Less: bank overdrafts
(15,829)
(11,675)

64,751
71,355



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
15,829
11,675

Bank loans
5,176
5,048

Trade creditors
58,410
49,025

Corporation tax
22,802
22,490

Other taxation and social security
17,015
29,297

Other creditors
3,628
4,547

Accruals and deferred income
9,930
19,211

132,790
141,293


Page 7

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
38,533
43,707


A Coronavirus Bounce Back Loan was taken out in November 2020 and is a fixed rate loan with Arbuthnot Lathum for £50,000. The loan is to be repaid over 132 months, with no repayments for the first 12 months, following which the loan is repaid by 120 repayments of £517.48 including interest charges. The effective interest rate is 2.47% annually, and then increases to 2.5% annually after 12 months. Interest for the year is calculated as £1,161.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,176
5,048


Amounts falling due 2-5 years

Bank loans
22,047
21,503

Amounts falling due after more than 5 years

Bank loans
16,486
22,206

43,709
48,757



10.


Deferred taxation




2023
2022


£

£






At beginning of year
2,069
(155)


Charged to the profit or loss
619
2,224



At end of year
2,688
2,069

2023
2022
£
£


Accelerated capital allowances
2,688
2,069

2,688
2,069

Page 8

 
MITCHELL MOTORS RESTORATION LIMITED
 

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

11.


Related party transactions

At the beginning of the year, the director's loan account was in credit by £2,185. £160,392 was drawn during the year. The advances were repayable on demand and chargeable to interest of at 2%. All advances were repaid during the year. 


Page 9