Company registration number SC011658 (Scotland)
James Mutch Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with registrar
James Mutch Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of James Mutch Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Mutch Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of James Mutch Limited, as a body, in accordance with the terms of our engagement letter dated 13 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of James Mutch Limited and state those matters that we have agreed to state to the board of directors of James Mutch Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Mutch Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that James Mutch Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Mutch Limited. You consider that James Mutch Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of James Mutch Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
23 August 2024
James Mutch Limited
Balance sheet
as at 31 December 2023
31 December 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
97,972
130,306
Investments
3
100
100
98,072
130,406
Current assets
Stocks
209,470
218,004
Debtors
356,240
287,112
Cash at bank and in hand
187,809
192,744
753,519
697,860
Creditors: amounts falling due within one year
(282,376)
(287,690)
Net current assets
471,143
410,170
Total assets less current liabilities
569,215
540,576
Creditors: amounts falling due after more than one year
(14,167)
(24,167)
Provisions for liabilities
(3,120)
(6,049)
Net assets
551,928
510,360
Capital and reserves
Called up share capital
4,050
4,050
Capital redemption reserve
3,800
3,800
Profit and loss reserves
544,078
502,510
Total equity
551,928
510,360

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 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.

James Mutch Limited
Balance sheet (continued)
as at 31 December 2023
31 December 2023
3

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 22 August 2024 and are signed on its behalf by:
Michael A. Connon
Director
Company registration number SC011658 (Scotland)
James Mutch Limited
Notes to the financial statements
for the year ended 31 December 2023
4
1
Accounting policies
Company information

James Mutch Limited is a private company limited by shares incorporated in Scotland. The registered office is 105 King Street, Aberdeen, AB24 5SN.

1.1
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.

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

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax.

1.3
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 or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
10-25% straight line
Fixtures and fittings
25% and 3 years straight line
Motor vehicles
2 and 5 years straight line

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.

1.4
Fixed asset investments

Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

James Mutch Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
5
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

James Mutch Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
6
2
Tangible fixed assets
Total
£
Cost
At 1 January 2023
552,571
Additions
27,571
Disposals
(35,990)
At 31 December 2023
544,152
Depreciation and impairment
At 1 January 2023
422,265
Depreciation charged in the year
31,113
Eliminated in respect of disposals
(7,198)
At 31 December 2023
446,180
Carrying amount
At 31 December 2023
97,972
At 31 December 2022
130,306
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
100
100
2023-12-312023-01-01false23 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMichael A. ConnonAlan A. LowChristopher N. ConnonMs A  Taylorfalsefalse1717SC0116582023-01-012023-12-31SC0116582023-12-31SC0116582022-12-31SC011658core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC011658core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC011658core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC011658core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC011658core:ShareCapital2023-12-31SC011658core:ShareCapital2022-12-31SC011658core:CapitalRedemptionReserve2023-12-31SC011658core:CapitalRedemptionReserve2022-12-31SC011658core:RetainedEarningsAccumulatedLosses2023-12-31SC011658core:RetainedEarningsAccumulatedLosses2022-12-31SC011658bus:Director12023-01-012023-12-31SC011658core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-31SC011658core:PlantMachinery2023-01-012023-12-31SC011658core:FurnitureFittings2023-01-012023-12-31SC011658core:MotorVehicles2023-01-012023-12-31SC0116582022-12-31SC011658bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC011658bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC011658bus:FRS1022023-01-012023-12-31SC011658bus:AuditExemptWithAccountantsReport2023-01-012023-12-31SC011658bus:Director22023-01-012023-12-31SC011658bus:Director32023-01-012023-12-31SC011658bus:CompanySecretary12023-01-012023-12-31SC011658bus:FullAccounts2023-01-012023-12-31SC0116582022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP