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REGISTERED NUMBER: SC259330 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Mitchell's Stores Limited

Mitchell's Stores Limited (Registered number: SC259330)






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


Mitchell's Stores Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr I Mitchell
Mrs A Mitchell





SECRETARY: Mr I Mitchell





REGISTERED OFFICE: 84 Mill O'Shield Road
Drongan
Ayrshire
KA6 7AY





REGISTERED NUMBER: SC259330 (Scotland)






Mitchell's Stores Limited (Registered number: SC259330)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,750 13,630
Tangible assets 5 273,642 214,835
285,392 228,465

CURRENT ASSETS
Stocks 173,900 140,462
Debtors 6 8,482 4,161
Cash at bank and in hand 422,206 311,495
604,588 456,118
CREDITORS
Amounts falling due within one year 7 267,507 247,519
NET CURRENT ASSETS 337,081 208,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

622,473

437,064

CREDITORS
Amounts falling due after more than one
year

8

(48,262

)

(69,515

)

PROVISIONS FOR LIABILITIES (11,463 ) (10,732 )
NET ASSETS 562,748 356,817

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 562,746 356,815
SHAREHOLDERS' FUNDS 562,748 356,817

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 Stores Limited (Registered number: SC259330)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2023 and were signed on its behalf by:





Mr I Mitchell - Director


Mitchell's Stores Limited (Registered number: SC259330)

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

1. STATUTORY INFORMATION

Mitchell's Stores Limited 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 (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty five 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
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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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

Inventories have been valued at the lower of cost and estimated selling price less costs to sell.

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 balance sheet date.


Mitchell's Stores Limited (Registered number: SC259330)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 47,000
AMORTISATION
At 1 April 2022 33,370
Charge for year 1,880
At 31 March 2023 35,250
NET BOOK VALUE
At 31 March 2023 11,750
At 31 March 2022 13,630

Mitchell's Stores Limited (Registered number: SC259330)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 160,760 191,971 352,731
Additions 57,851 15,148 72,999
At 31 March 2023 218,611 207,119 425,730
DEPRECIATION
At 1 April 2022 8,695 129,201 137,896
Charge for year 1,739 12,453 14,192
At 31 March 2023 10,434 141,654 152,088
NET BOOK VALUE
At 31 March 2023 208,177 65,465 273,642
At 31 March 2022 152,065 62,770 214,835

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 34,850
DEPRECIATION
At 1 April 2022 15,655
Charge for year 4,799
At 31 March 2023 20,454
NET BOOK VALUE
At 31 March 2023 14,396
At 31 March 2022 19,195

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 3,170 -
Other debtors 5,312 4,161
8,482 4,161

Mitchell's Stores Limited (Registered number: SC259330)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 3,140 4,598
Hire purchase contracts 8,777 8,777
Trade creditors 93,621 98,494
Taxation and social security 66,309 57,311
Other creditors 95,660 78,339
267,507 247,519

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 26,068 28,390
Hire purchase contracts - 8,777
Other creditors 22,194 32,348
48,262 69,515

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 14,415 17,900

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 711 2,280
Bank loans 28,497 30,708
Hire purchase contracts 8,777 17,554
37,985 50,542

The company has provided a standard security over its heritable property at 76 Mill O' Shield Road, Drongan and a bond & floating charge over its assets in respect of any borrowings it may have with The Royal Bank of Scotland. Vehicles being acquired under hire purchase agreements form the security under the agreements.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary Shares £1 2 2