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REGISTERED NUMBER: 10442130 (England and Wales)








Unaudited Financial Statements

For The Year Ended 30 April 2023

for

Mitchell Property Developments Limited

Mitchell Property Developments Limited (Registered number: 10442130)






Contents of the Financial Statements
For The Year Ended 30 April 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Mitchell Property Developments Limited (Registered number: 10442130)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 155,035 227,468

CURRENT ASSETS
Stocks 1,710,364 1,695,555
Debtors 5 687,101 307,854
Cash at bank 72,479 45,656
2,469,944 2,049,065
CREDITORS
Amounts falling due within one year 6 2,445,297 2,516,491
NET CURRENT ASSETS/(LIABILITIES) 24,647 (467,426 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

179,682

(239,958

)

CREDITORS
Amounts falling due after more than one
year

7

(21,667

)

(31,553

)

PROVISIONS FOR LIABILITIES (38,759 ) (41,905 )
NET ASSETS/(LIABILITIES) 119,256 (313,416 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 119,156 (313,516 )
119,256 (313,416 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 27 March 2024 and were signed by:





S Mitchell - Director


Mitchell Property Developments Limited (Registered number: 10442130)

Notes to the Financial Statements
For The Year Ended 30 April 2023

1. STATUTORY INFORMATION

Mitchell Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10442130

Registered office: Strashleigh Farm
Warren Lane
Ivybridge
Devon
PL21 9JP

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 for building works, excluding value added tax. Turnover for the sale of land and property is recognised upon exchange of contracts.

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 - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% straight line
Furniture and fixtures - 33% straight line

Work in progress
Work in progress is valued at the lower of cost and net realisable value. Work in progress consists of materials, sub contract labour, land, borrowing costs and utilities.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Mitchell Property Developments Limited (Registered number: 10442130)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 377,737
Additions 23,936
Disposals (63,812 )
At 30 April 2023 337,861
DEPRECIATION
At 1 May 2022 150,269
Charge for year 64,922
Eliminated on disposal (32,365 )
At 30 April 2023 182,826
NET BOOK VALUE
At 30 April 2023 155,035
At 30 April 2022 227,468

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 9,328 1,879
Amounts owed by group undertakings 497,194 -
Other debtors 180,579 305,975
687,101 307,854

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 750,235 988,356
Hire purchase contracts - 3,495
Trade creditors 127,977 249,068
Amounts owed to group undertakings 178,100 99,900
Taxation and social security 207,091 88,391
Other creditors 1,181,894 1,087,281
2,445,297 2,516,491

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans 21,667 31,553

Mitchell Property Developments Limited (Registered number: 10442130)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Hire purchase - 3,495
Bank loans 740,235 978,242
740,235 981,737

Hire purchase debts are secured on the assets acquired.

Bank loans are secured by way of a fixed charge over the land and floating charge over all property and undertakings of the company.

9. RELATED PARTY DISCLOSURES

A loan existed between the company and Mitchell Holdings (SW) Limited, the parent company. At the end of the period £178,100 (2022:£99,000) was owed by Mitchell Property Developments Limited.

A loan existed between the company and Strashleigh Farm Ltd, a sister company. At the end of the period £Nil (2021:£Nil) was owed to Mitchell Property Developments Limited.

A loan existed between the company and Mitchell Property Investments (SW) Ltd, a sister company. At the end of the period £497,194 (2021: £Nil) was owed by Mitchell Property Developments Limited.