Tony Mitchell Limited 05351928 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is agricultural and country hardware wholesaler Digita Accounts Production Advanced 6.30.9574.0 true true 05351928 2023-05-01 2024-04-30 05351928 2024-04-30 05351928 bus:OrdinaryShareClass1 2024-04-30 05351928 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-04-30 05351928 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-04-30 05351928 core:CurrentFinancialInstruments 2024-04-30 05351928 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 05351928 core:Non-currentFinancialInstruments 2024-04-30 05351928 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 05351928 core:Goodwill 2024-04-30 05351928 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 05351928 core:MotorVehicles 2024-04-30 05351928 core:PlantMachinery 2024-04-30 05351928 bus:SmallEntities 2023-05-01 2024-04-30 05351928 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 05351928 bus:FullAccounts 2023-05-01 2024-04-30 05351928 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05351928 bus:RegisteredOffice 2023-05-01 2024-04-30 05351928 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 05351928 bus:Director2 2023-05-01 2024-04-30 05351928 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 05351928 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05351928 bus:Agent1 2023-05-01 2024-04-30 05351928 core:Goodwill 2023-05-01 2024-04-30 05351928 core:NetGoodwill 2023-05-01 2024-04-30 05351928 core:Buildings 2023-05-01 2024-04-30 05351928 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05351928 core:MotorVehicles 2023-05-01 2024-04-30 05351928 core:PlantMachinery 2023-05-01 2024-04-30 05351928 countries:England 2023-05-01 2024-04-30 05351928 2023-04-30 05351928 core:Goodwill 2023-04-30 05351928 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 05351928 core:MotorVehicles 2023-04-30 05351928 core:PlantMachinery 2023-04-30 05351928 2022-05-01 2023-04-30 05351928 2023-04-30 05351928 bus:OrdinaryShareClass1 2023-04-30 05351928 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 05351928 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 05351928 core:CurrentFinancialInstruments 2023-04-30 05351928 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 05351928 core:Non-currentFinancialInstruments 2023-04-30 05351928 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 05351928 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 05351928 core:MotorVehicles 2023-04-30 05351928 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05351928

Tony Mitchell Limited

Annual Report and Unaudited Financial Statements

for the year ended 30 April 2024

 

Tony Mitchell Limited

Contents

Directors' Report

1

Accountants' Report

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 13

 

Tony Mitchell Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr A D Mitchell

Mrs N Crook - Company secretary and director

Principal activity

The principal activity of the company is agricultural and country hardware wholesaler

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 August 2024 and signed on its behalf by:


Mrs N Crook
Company secretary and director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tony Mitchell Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tony Mitchell Limited for the year ended 30 April 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Tony Mitchell Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tony Mitchell Limited and state those matters that we have agreed to state to the Board of Directors of Tony Mitchell Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tony Mitchell Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tony Mitchell Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Tony Mitchell Limited. You consider that Tony Mitchell 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 accounts of Tony Mitchell 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 accounts.

......................................

Glover Stanbury
Chartered Accountants
30 Bear Street
BARNSTAPLE
Devon
EX32 7DD

30 August 2024

 

Tony Mitchell Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

4,733,426

4,744,537

Cost of sales

 

(3,586,452)

(3,633,611)

Gross profit

 

1,146,974

1,110,926

Administrative expenses

 

(1,089,645)

(1,074,217)

Operating profit

 

57,329

36,709

Other interest receivable and similar income

 

209

-

Interest payable and similar expenses

 

(27,335)

(20,611)

   

(27,126)

(20,611)

Profit before tax

4

30,203

16,098

Tax on profit

 

(9,638)

(5,212)

Profit for the financial year

 

20,565

10,886

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Tony Mitchell Limited

(Registration number: 05351928)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

6

937,845

937,029

Current assets

 

Stocks

7

817,474

825,703

Debtors

8

760,420

783,919

Cash at bank and in hand

 

93,867

39,255

 

1,671,761

1,648,877

Creditors: Amounts falling due within one year

9

(1,074,796)

(1,031,526)

Net current assets

 

596,965

617,351

Total assets less current liabilities

 

1,534,810

1,554,380

Creditors: Amounts falling due after more than one year

9

(429,952)

(466,050)

Provisions for liabilities

(2,529)

(6,566)

Net assets

 

1,102,329

1,081,764

Capital and Reserves

 

Called up share capital

10

100

100

Revaluation reserve

2,747

3,232

Retained Earnings

1,099,482

1,078,432

Shareholders' funds

 

1,102,329

1,081,764

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised for issue by the Board on 30 August 2024 and signed on its behalf by:
 

Mrs N Crook

Company secretary and director

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 5
Station Road Industrial Estate
SOUTH MOLTON
Devon
EX36 3LL

These financial statements were authorised for issue by the Board on 30 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible Assets

Tangible Assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Freehold land and buildings

2% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.
 Recognition and measurement
Basic financial assets are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 23 (2023 - 23).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

41,542

42,502

Profit/loss on disposal of property, plant and equipment

(887)

-

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

325,000

325,000

At 30 April 2024

325,000

325,000

Amortisation

At 1 May 2023

325,000

325,000

At 30 April 2024

325,000

325,000

Carrying amount

At 30 April 2024

-

-

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Tangible Assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

851,738

271,411

88,972

1,212,121

Additions

-

-

73,221

73,221

Disposals

-

-

(56,688)

(56,688)

At 30 April 2024

851,738

271,411

105,505

1,228,654

Depreciation

At 1 May 2023

28,854

201,743

44,495

275,092

Charge for the year

16,457

10,436

14,649

41,542

Eliminated on disposal

-

-

(25,825)

(25,825)

At 30 April 2024

45,311

212,179

33,319

290,809

Carrying amount

At 30 April 2024

806,427

59,232

72,186

937,845

At 30 April 2023

822,884

69,668

44,477

937,029

7

Stocks

2024
£

2023
£

Catalogues and packaging

44,731

31,617

Goods for resale

772,743

794,086

817,474

825,703

8

Debtors

Current

Note

2024
£

2023
£

Trade Debtors

 

751,345

779,468

Amounts owed by related parties

4,448

5

Prepayments

 

4,286

4,446

Other debtors

 

341

-

   

760,420

783,919

 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

67,410

67,521

Trade Creditors

 

418,106

433,127

Taxation and social security

 

66,444

55,668

Accruals and deferred income

 

76,281

80,317

Other creditors

 

446,555

394,893

 

1,074,796

1,031,526

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

429,952

466,050

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Tony Mitchell Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

407,785

461,391

Hire purchase contracts

22,167

4,659

429,952

466,050

2024
£

2023
£

Current loans and borrowings

Bank borrowings

54,186

51,746

Hire purchase contracts

13,224

12,642

Loans from related parties

-

3,133

67,410

67,521