Company registration number 01127026 (England and Wales)
G. E. Mitchell (Electrical) Ltd
Unaudited
financial statements
for the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
G. E. Mitchell (Electrical) Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
G. E. Mitchell (Electrical) Ltd
Statement Of Financial Position
as at 31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
70,751
94,334
Current assets
Stocks
50,505
51,000
Debtors
4
713,725
891,005
Cash at bank and in hand
694,315
134,746
1,458,545
1,076,751
Creditors: amounts falling due within one year
5
(1,233,169)
(880,037)
Net current assets
225,376
196,714
Total assets less current liabilities
296,127
291,048
Capital and reserves
Called up share capital
2,500
2,500
Capital redemption reserve
501
501
Profit and loss reserves
293,126
288,047
Total equity
296,127
291,048
G. E. Mitchell (Electrical) Ltd
Statement Of Financial Position (continued)
as at 31 August 2023
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
J Lowe
Director
Company Registration No. 01127026
G. E. Mitchell (Electrical) Ltd
Notes to the financial statements
for the year ended 31 August 2023
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover is recognised at the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing balance
Motor vehicles
25% Reducing balance

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.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

G. E. Mitchell (Electrical) Ltd
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
23
20
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
16,756
120,640
137,396
Depreciation and impairment
At 1 September 2022
12,900
30,162
43,062
Depreciation charged in the year
964
22,619
23,583
At 31 August 2023
13,864
52,781
66,645
Carrying amount
At 31 August 2023
2,892
67,859
70,751
At 31 August 2022
3,856
90,478
94,334
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
699,457
876,954
Prepayments and accrued income
14,268
14,051
713,725
891,005
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
452,611
357,260
Amounts owed to group undertakings
453,680
310,100
Corporation tax
144,661
43,838
Other taxation and social security
101,013
66,721
Other creditors
3,780
4,085
Accruals and deferred income
77,424
98,033
1,233,169
880,037
G. E. Mitchell (Electrical) Ltd
Notes to the financial statements (continued)
for the year ended 31 August 2023
- 5 -
6
Company information

G. E. Mitchell (Electrical) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Spring Vale, Brookfoot, Brighouse, West Yorkshire, HD6 2RW.

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