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REGISTERED NUMBER: 02614665 (England and Wales)












ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

MITRE INDUSTRIES LIMITED
TRADING AS
RAYMECH

MITRE INDUSTRIES LIMITED (REGISTERED NUMBER: 02614665)
TRADING AS RAYMECH






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MITRE INDUSTRIES LIMITED
TRADING AS RAYMECH

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTORS: P Johnston
D Butcher





REGISTERED OFFICE: Seven Stars House
1 Wheler Road
Coventry
CV3 4LB





REGISTERED NUMBER: 02614665 (England and Wales)






MITRE INDUSTRIES LIMITED (REGISTERED NUMBER: 02614665)
TRADING AS RAYMECH

ABRIDGED BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 115,851 77,956

CURRENT ASSETS
Stocks 7,000 1,000
Debtors 155,723 102,294
Cash at bank and in hand 12,890 33,462
175,613 136,756
CREDITORS
Amounts falling due within one year 152,944 109,364
NET CURRENT ASSETS 22,669 27,392
TOTAL ASSETS LESS CURRENT
LIABILITIES

138,520

105,348

CREDITORS
Amounts falling due after more than one
year

(56,700

)

(34,167

)

PROVISIONS FOR LIABILITIES (19,348 ) (14,495 )
NET ASSETS 62,472 56,686

CAPITAL AND RESERVES
Called up share capital 60 60
Retained earnings 62,412 56,626
SHAREHOLDERS' FUNDS 62,472 56,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

MITRE INDUSTRIES LIMITED (REGISTERED NUMBER: 02614665)
TRADING AS RAYMECH

ABRIDGED BALANCE SHEET - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 14 February 2024 and were signed on its behalf by:




P Johnston - Director



D Butcher - Director


MITRE INDUSTRIES LIMITED (REGISTERED NUMBER: 02614665)
TRADING AS RAYMECH

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Mitre Industries 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.

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.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 12% on reducing balance
Fixtures & fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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

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.

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.

MITRE INDUSTRIES LIMITED (REGISTERED NUMBER: 02614665)
TRADING AS RAYMECH

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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.

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

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 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022 265,803
Additions 55,417
At 31 May 2023 321,220
DEPRECIATION
At 1 June 2022 187,847
Charge for year 17,522
At 31 May 2023 205,369
NET BOOK VALUE
At 31 May 2023 115,851
At 31 May 2022 77,956

MITRE INDUSTRIES LIMITED (REGISTERED NUMBER: 02614665)
TRADING AS RAYMECH

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

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

Totals
£   
COST
Additions 55,417
At 31 May 2023 55,417
DEPRECIATION
At 1 June 2022
NET BOOK VALUE
At 31 May 2023 55,417
At 31 May 2022 -

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 48,490 -

Hire purchase liabilities are secured against the assets to which they relate.

6. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.