Registered number
07290743
Jem Mitchell Limited
Filleted Accounts
30 June 2023
Jem Mitchell Limited
Registered number: 07290743
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 70,508 33,841
Current assets
Debtors 4 56,574 17,082
Investments held as current assets 5 700 700
Cash at bank and in hand 112,870 63,305
170,144 81,087
Creditors: amounts falling due within one year 6 (50,489) (25,186)
Net current assets 119,655 55,901
Total assets less current liabilities 190,163 89,742
Provisions for liabilities (4,465) (4,465)
Net assets 185,698 85,277
Capital and reserves
Called up share capital 200 100
Profit and loss account 185,498 85,177
Shareholders' funds 185,698 85,277
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J. E. Mitchell
Director
Approved by the board on 19 February 2024
Jem Mitchell Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold buildings over 10 years
Plant and machinery over 5 years
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 - 99,493 13,450 112,943
Additions 9,425 15,867 35,557 60,849
Disposals - - (13,450) (13,450)
At 30 June 2023 9,425 115,360 35,557 160,342
Depreciation
At 1 July 2022 - 71,161 7,941 79,102
Charge for the year 943 8,840 8,890 18,673
On disposals - - (7,941) (7,941)
At 30 June 2023 943 80,001 8,890 89,834
Net book value
At 30 June 2023 8,482 35,359 26,667 70,508
At 30 June 2022 - 28,332 5,509 33,841
4 Debtors 2023 2022
£ £
Trade debtors 56,574 17,082
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 700 700
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 5,058 6,431
Taxation and social security costs 43,894 18,755
Other creditors 1,537 -
50,489 25,186
7 Loans from directors
Description and conditions B/fwd Introduced Withdrawn C/fwd
£ £ £ £
J. E. Mitchell
Amount due to the director at the balance sheet date - 847 - 847
- 847 - 847
8 Related party transactions
Dividends amounting to £77,651 were payable to the director.
9 Controlling party
The company is controlled by the director J. E. Mitchell and A. Travis, who are the shareholders.
10 Other information
Jem Mitchell Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Accommodation Road
London
NW11 8ED
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