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Mitchell and Peach Limited
Registered Number:07289393
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 December 2023
Mitchell and Peach Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
07289393
As at 31 December 2023
Mitchell and Peach Limited
Statement of Financial Position
Restated
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
4,661
1,660
3
4,661
1,660
Current assets
Inventories
209,337
228,803
4
Trade and other receivables
241,518
127,418
5
3,874
Cash and cash equivalents
67
356,288
454,729
Trade and other payables: amounts falling due within one
year
(393,280)
(310,895)
6
61,449
45,393
Net current assets
Total assets less current liabilities
50,054
63,109
Trade and other payables: amounts falling due after more
than one year
(128,102)
(45,542)
7
(832)
-
Provisions for liabilities
3,680
Net assets/liabilities
(64,993)
Capital and reserves
Called up share capital
2
2
Retained earnings
3,678
(64,995)
3,680
(64,993)
Shareholders' funds
For the 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 members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
07289393
For the year ended 31 December 2023
Mitchell and Peach Limited
Statement of Financial Position Continued
Mr Jonathan Mitchell Director
These financial statements were approved and authorised for issue by the Board on 04 September 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 December 2023
Mitchell and Peach Limited
Notes to the Financial Statements
Statutory Information
Mitchell and Peach Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 07289393.
Principal place of business:
The Old Half Moon
Burwash Road
Heathfield
East Sussex
TN21 8QX
Registered address:
The Oast, EMR Centre
New Road
East Malling
Kent
ME19 6BJ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes, for the sale of luxury toiletries. Turnover is recognised in the period when signficant risks and rewards of ownership has transferred to the buyer.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of 5 years.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
20% Straight line
Computer Equipment
10% Straight line
Furniture and Fittings
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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6
For the year ended 31 December 2023
Mitchell and Peach Limited
Notes to the Financial Statements Continued
2. Prior year adjustments
The comparative figures for the prior period ended 31 December 2022 have been restated for the following errors:
1. Accrued income
Due to an issue with the timing of revenue recognition for one customer contract, the accounts incorrectly included a
provision for accrued income. As a result, turnover and debtors were overstated in the accounts for the year ended
31 December 2022 by £179,682. The restated comparatives include a reduction to both turnover and debtors of this
amount.
2. Closing stock valuation
It was discovered that there were items of closing stock that had been missed from the original stock check on 31
December 2022, resulting in an understatement to closing stock in the year end accounts by £52,000. The restated
comparatives now show an increase to both closing stock in the Profit and Loss Account and the Balance sheet of
this amount. Opening stock as at 1 January 2023 has also been corrected to reflect this.
The overall impact on the company's results for the year ended 31 December 2022 was a reduction in the company's
profit by £127,681. The restated comparatives now record a loss before tax of £126,117. As a result of these
adjustments, the company no longer has a corporation tax liability for the year ended 31 December 2022, or 31
December 2021 due to the availability of losses to carry back to the prior year.
The overall impact on the company's financial position was that the accounts now show that the company had
negative reserves at 31 December 2022 of £64,993.
3. Property, plant and equipment
Total
Computer
Equipment
Furniture and
Fittings
£
£
£
Cost or
valuation
At 01 January 2023
5,373
1,041
4,332
3,943
1,064
2,879
Additions
At 31 December 2023
7,211
2,105
9,316
Provision for depreciation and impairment
At 01 January 2023
3,713
260
3,453
Charge for year
942
421
521
At 31 December 2023
4,655
681
3,974
At 31 December 2023
Net book value
3,237
1,424
4,661
At 31 December 2022
879
781
1,660
4. Inventories
2022
2023
£
£
Stocks
228,803
209,337
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For the year ended 31 December 2023
Mitchell and Peach Limited
Notes to the Financial Statements Continued
5. Trade and other receivables
2022
2023
£
£
Trade debtors
20,809
18,188
Other debtors
106,609
223,330
241,518
127,418
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
68,427
130,066
Trade creditors
68,141
73,521
Taxation and social security
66,075
47,809
Other creditors
108,252
141,884
310,895
393,280
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
27,715
35,782
Other creditors
17,827
92,320
45,542
128,102
8. Directors advances and guarantees
Loaned
Repaid
Interest
At 01/01/2023
At 31/12/2023
£
£
£
£
£
Mr Jonathan Mitchell
Repayable on demand
164,174
(57,099)
43,072
268,403
4,058
164,174
(57,099)
43,072
268,403
4,058
During the year to 31 December 2023, interest was charged on the average overdrawn balance using the HMRC
official rates of interest. Interest of £4,058 has been recognised in the Profit and Loss Account for the year to 31
December 2023. The loan was repaid to the company in full at the year end.
9. Average number of persons employed
During the year the average number of employees (including directors) was 1 (2022 : 1)
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