IRIS Accounts Production v23.3.1.45 03503154 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035031542022-03-31035031542023-03-31035031542022-04-012023-03-31035031542021-03-31035031542021-04-012022-03-31035031542022-03-3103503154ns10:Originalns15:EnglandWales2022-04-012023-03-3103503154ns14:PoundSterlingns10:Original2022-04-012023-03-3103503154ns10:Originalns10:Director12022-04-012023-03-3103503154ns10:Original2022-04-012023-03-3103503154ns10:Originalns10:Director22022-04-012023-03-3103503154ns10:Original2023-03-3103503154ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3103503154ns10:Originalns10:SmallEntities2022-04-012023-03-3103503154ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3103503154ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3103503154ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3103503154ns10:Originalns10:FullAccounts2022-04-012023-03-3103503154ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3103503154ns10:Originalns10:Director32022-04-012023-03-3103503154ns10:Originalns10:Director42022-04-012023-03-3103503154ns10:Originalns10:Director52022-04-012023-03-3103503154ns10:Originalns10:RegisteredOffice2022-04-012023-03-3103503154ns10:Original2022-03-3103503154ns10:Originalns5:CurrentFinancialInstruments2023-03-3103503154ns10:Originalns5:CurrentFinancialInstruments2022-03-3103503154ns5:ShareCapitalns10:Original2023-03-3103503154ns5:ShareCapitalns10:Original2022-03-3103503154ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3103503154ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3103503154ns10:Originalns5:PlantMachinery2022-04-012023-03-3103503154ns10:Original2021-04-012022-03-3103503154ns10:Originalns5:PlantMachinery2022-03-3103503154ns10:Originalns5:PlantMachinery2023-03-3103503154ns10:Originalns5:PlantMachinery2022-03-3103503154ns10:Originalns5:LeasedAssetsHeldAsLessee2022-04-012023-03-3103503154ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103503154ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3103503154ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103503154ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3103503154ns10:Originalns5:WithinOneYear2023-03-3103503154ns10:Originalns5:WithinOneYear2022-03-3103503154ns5:BetweenOneFiveYearsns10:Original2023-03-3103503154ns5:BetweenOneFiveYearsns10:Original2022-03-3103503154ns10:Originalns5:AllPeriods2023-03-3103503154ns10:Originalns5:AllPeriods2022-03-3103503154ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2023-03-3103503154ns5:AcceleratedTaxDepreciationDeferredTaxns10:Original2022-03-3103503154ns10:Originalns5:DeferredTaxation2022-03-3103503154ns10:Originalns5:DeferredTaxation2022-04-012023-03-3103503154ns10:Originalns5:DeferredTaxation2023-03-3103503154ns10:Originalns10:OrdinaryShareClass12023-03-3103503154ns10:Originalns10:Director442022-03-3103503154ns10:Originalns10:Director442021-03-3103503154ns10:Originalns10:Director442022-04-012023-03-3103503154ns10:Originalns10:Director442021-04-012022-03-3103503154ns10:Originalns10:Director442023-03-3103503154ns10:Originalns10:Director442022-03-3103503154ns10:Original5ns10:Director52022-03-3103503154ns10:Original5ns10:Director52021-03-3103503154ns10:Original5ns10:Director52022-04-012023-03-3103503154ns10:Original5ns10:Director52021-04-012022-03-3103503154ns10:Original5ns10:Director52023-03-3103503154ns10:Original5ns10:Director52022-03-31
REGISTERED NUMBER: 03503154 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Stuart Mitchell Plastering & Drylining
Limited

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stuart Mitchell Plastering & Drylining
Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr Stuart Mitchell
Mrs Cheryl Pierrepont-Mitchell
Mr Michael Robert Pierrepont
Mr Matthew Robert Pierrepont
Mr Daniel Michael Pierrepont





REGISTERED OFFICE: Unit 3 Heron Court
Merlin Way
Quarry Hill Industrial Estate
Ilkeston
Derbyshire
DE7 4RA





REGISTERED NUMBER: 03503154 (England and Wales)





ACCOUNTANTS: Mabe Allen LLP
Chartered Accountants
The Old Manse
29 St. Mary Street
Ilkeston
Derbyshire
DE7 8AB

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 22,475 21,733

CURRENT ASSETS
Debtors 5 653,064 569,215
Cash in hand 11 11
653,075 569,226
CREDITORS
Amounts falling due within one year 6 591,986 539,621
NET CURRENT ASSETS 61,089 29,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,564

51,338

PROVISIONS FOR LIABILITIES 9 5,619 5,433
NET ASSETS 77,945 45,905

CAPITAL AND RESERVES
Called up share capital 10 5 5
Retained earnings 77,940 45,900
SHAREHOLDERS' FUNDS 77,945 45,905

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.

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

Balance Sheet - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:




Mr Michael Robert Pierrepont - Director



Mr Stuart Mitchell - Director


Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


1. STATUTORY INFORMATION

Stuart Mitchell Plastering & Drylining Limited is a private company, limited by shares , registered in England and Wales. 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 company's registered office and place of business is Unit 3 Heron Court Merlin Way Quarry Hill Industrial Estate Ilkeston Derbyshire DE7 4RA.

The company is not a member of a group and these financial statements therefore cover only the individual company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers and is recognised at each month end on application for payment of the work undertaken in the month (when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably) or on completion of individual short term jobs.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.


Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

Deferred tax
Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

Deferred tax is charged or credited in the profit and loss account, except where it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments.
The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


2. ACCOUNTING POLICIES - continued

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Where material the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 98,176
Additions 8,384
At 31 March 2023 106,560
DEPRECIATION
At 1 April 2022 76,443
Charge for year 7,642
At 31 March 2023 84,085
NET BOOK VALUE
At 31 March 2023 22,475
At 31 March 2022 21,733

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


4. PROPERTY, PLANT AND EQUIPMENT - continued

Plant and equipment with a carrying amount of £0 (2022 - £6,929) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 588,074 531,325
Other debtors 64,990 37,890
653,064 569,215

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,281 1,941
Hire purchase contracts (see note 7) - 1,900
Trade creditors 256,757 315,005
Taxation and social security 134,029 39,628
Other creditors 199,919 181,147
591,986 539,621

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 1,900

Non-cancellable operating leases
2023 2022
£    £   
Within one year 10,828 11,794
Between one and five years 26,805 50,615
37,633 62,409

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 1,900

Hire purchase balances are secured by fixed charges over the asset being purchased.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 5,619 5,433

Deferred
tax
£   
Balance at 1 April 2022 5,433
Charge to Statement of Income and Retained Earnings during year 186
Balance at 31 March 2023 5,619

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5 Ordinary £1 5 5

11. LOANS TO DIRECTORS

The following interest free loans ( repayable on demand) to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr Matthew Robert Pierrepont
Balance outstanding at start of year - -
Amounts advanced - 1,528
Amounts repaid - (1,528 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Stuart Mitchell Plastering & Drylining
Limited (Registered number: 03503154)

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


11. LOANS TO DIRECTORS - continued

Mr Daniel Michael Pierrepont
Balance outstanding at start of year - -
Amounts advanced - 1,900
Amounts repaid - (1,900 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £173,334 (2022- £134,000) were paid to the directors.

During the year the directors made interest free advances (repayable on demand) to the company of £89,615 (2022 - £135,005) against which the company made repayments to the directors of £75,097 (2022 - £66,830). Balances owed to the directors in this respect at the year end were £91,357 (2022 - £76,839).

The directors' remuneration packages are concluded under normal market conditions.

13. EFFECTS OF THE COVID 19 PANDEMIC

Due to the nature of the company's trade, the company was able to continue trading , albeit on occasions to a reduced degree, throughout most of the pandemic.

In order to try to ensure that the company was in as healthy a position as possible, and could quickly return to full capacity as the restrictions eased, the directors took advantage of all relevant and applicable government assistance which was made available.

These various grants are shown as other operating income and amounted to £0 ( 2021: £11,888).

As a result the directors are of the opinion that, as far as can been seen at the current time, the pandemic has not affected the company's ability to continue to trade for the foreseeable future.