Company registration number 07410018 (England and Wales)
MITCHELL RESTAURANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MITCHELL RESTAURANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MITCHELL RESTAURANTS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,991
2,003
Current assets
Stocks
6,764
5,500
Debtors
5
946
5,811
Cash at bank and in hand
76,945
76,743
84,655
88,054
Creditors: amounts falling due within one year
6
(50,309)
(47,296)
Net current assets
34,346
40,758
Total assets less current liabilities
36,337
42,761
Creditors: amounts falling due after more than one year
7
(42,032)
(62,607)
Provisions for liabilities
(378)
Net liabilities
(6,073)
(19,846)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(6,173)
(19,946)
Total equity
(6,073)
(19,846)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MITCHELL RESTAURANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr N S Mitchell
Director
Company registration number 07410018 (England and Wales)
MITCHELL RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Mitchell Restaurants Limited is a private company limited by shares incorporated in England and Wales. The registered office is 41 Fore Street, Topsham, Exeter, Devon, EX3 0HU.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through continued financial support from the director. On the basis of continued support from the director, the trueboard consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this loan.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% per annum on cost
Computer equipment
25% per annum on cost
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.6
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.
MITCHELL RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
104,775
Amortisation and impairment
At 1 December 2022 and 30 November 2023
104,775
Carrying amount
At 30 November 2023
At 30 November 2022
MITCHELL RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
66,104
Additions
1,232
At 30 November 2023
67,336
Depreciation and impairment
At 1 December 2022
64,101
Depreciation charged in the year
1,244
At 30 November 2023
65,345
Carrying amount
At 30 November 2023
1,991
At 30 November 2022
2,003
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
946
5,811
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,685
4,570
Trade creditors
26,836
19,865
Taxation and social security
10,806
15,420
Other creditors
7,982
7,441
50,309
47,296
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,032
39,607
Other creditors
8,000
23,000
42,032
62,607
MITCHELL RESTAURANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
16,331
20,144