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REGISTERED NUMBER: 02861878 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MISTERS BROS LIMITED

MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MISTERS BROS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: D.M. Misters
Mrs K Ruff



SECRETARY: Mrs K Ruff



REGISTERED OFFICE: 2 Eden Court
Bath Road
Worcester
Worcestershire
WR5 3DL



REGISTERED NUMBER: 02861878 (England and Wales)



ACCOUNTANTS: Clifton-Crick Sharp & Co. Ltd
Chartered Accountants
40 High Street
Pershore
Worcestershire
WR10 1DP



SOLICITORS: Hallmark Hulme
3,4 & 5 Sansome Place
Worcester
Worcestershire
WR1 1UQ

MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 416,380 211,211
Investment property 5 2,460,000 2,240,000
2,876,380 2,451,211

CURRENT ASSETS
Stocks 2,564,004 2,363,004
Debtors 6 4,702 19,660
Cash at bank 1,428,635 2,676,704
3,997,341 5,059,368
CREDITORS
Amounts falling due within one year 7 2,415,310 3,303,682
NET CURRENT ASSETS 1,582,031 1,755,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,458,411

4,206,897

PROVISIONS FOR LIABILITIES 8 60,014 21,130
NET ASSETS 4,398,397 4,185,767

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 321,241 101,241
Retained earnings 4,077,056 4,084,426
SHAREHOLDERS' FUNDS 4,398,397 4,185,767

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

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

MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)

BALANCE SHEET - continued
31 OCTOBER 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 19 March 2024 and were signed on its behalf by:





D.M. Misters - Director


MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Misters Bros 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 as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis on the grounds that the directors and shareholders will continue to provide sufficient finance.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an ongoing basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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.

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 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 100,000 243,648 105,813 6,980 456,441
Additions - 49,999 195,290 - 245,289
Disposals - (39,000 ) (27,280 ) - (66,280 )
At 31 October 2023 100,000 254,647 273,823 6,980 635,450
DEPRECIATION
At 1 November 2022 - 179,087 59,163 6,980 245,230
Charge for year - 12,912 11,663 - 24,575
Eliminated on disposal - (26,186 ) (24,549 ) - (50,735 )
At 31 October 2023 - 165,813 46,277 6,980 219,070
NET BOOK VALUE
At 31 October 2023 100,000 88,834 227,546 - 416,380
At 31 October 2022 100,000 64,561 46,650 - 211,211

MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 2,240,000
Revaluations 220,000
At 31 October 2023 2,460,000
NET BOOK VALUE
At 31 October 2023 2,460,000
At 31 October 2022 2,240,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2011 (485,816 )
Valuation in 2017 587,057
Valuation in 2023 220,000
Cost 2,138,759
2,460,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.10.23 31.10.22
£    £   
Cost 1,898,759 1,898,759

The investment properties were valued on an open market basis on 31 October 2023 by GJS Dillon .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors - 4,043
Other debtors - 1,174
Prepayments 4,702 14,443
4,702 19,660

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors - (195 )
Tax - 103,035
Social security and other taxes 7,476 6,332
VAT 7,563 423
Other creditors 1,070,825 1,798,463
Directors' current accounts 1,298,194 1,340,000
Accrued expenses 31,252 55,624
2,415,310 3,303,682

MISTERS BROS LIMITED (REGISTERED NUMBER: 02861878)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax
Accelarated Capital Allowances 60,014 21,130

Deferred
tax
£   
Balance at 1 November 2022 21,130
Accelerated Capital allowances 38,884
Balance at 31 October 2023 60,014

9. RESERVES
Fair
value
reserve
£   
At 1 November 2022 101,241
Revaluation in year 220,000

At 31 October 2023 321,241