Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29Owning, managing, developing and investing in property2023-03-01false32truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. NI002458 2023-03-01 2024-02-29 NI002458 2022-03-01 2023-02-28 NI002458 2024-02-29 NI002458 2023-02-28 NI002458 c:Director1 2023-03-01 2024-02-29 NI002458 d:MotorVehicles 2023-03-01 2024-02-29 NI002458 d:MotorVehicles 2024-02-29 NI002458 d:MotorVehicles 2023-02-28 NI002458 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 NI002458 d:ComputerEquipment 2023-03-01 2024-02-29 NI002458 d:ComputerEquipment 2024-02-29 NI002458 d:ComputerEquipment 2023-02-28 NI002458 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 NI002458 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 NI002458 d:FreeholdInvestmentProperty 2023-03-01 2024-02-29 NI002458 d:FreeholdInvestmentProperty 2024-02-29 NI002458 d:FreeholdInvestmentProperty 2023-02-28 NI002458 d:CurrentFinancialInstruments 2024-02-29 NI002458 d:CurrentFinancialInstruments 2023-02-28 NI002458 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 NI002458 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 NI002458 d:ShareCapital 2024-02-29 NI002458 d:ShareCapital 2023-02-28 NI002458 d:RevaluationReserve 2023-03-01 2024-02-29 NI002458 d:RevaluationReserve 2024-02-29 NI002458 d:RevaluationReserve 2023-02-28 NI002458 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 NI002458 d:RetainedEarningsAccumulatedLosses 2024-02-29 NI002458 d:RetainedEarningsAccumulatedLosses 2023-02-28 NI002458 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 NI002458 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 NI002458 c:OrdinaryShareClass1 2023-03-01 2024-02-29 NI002458 c:OrdinaryShareClass1 2024-02-29 NI002458 c:OrdinaryShareClass1 2023-02-28 NI002458 c:FRS102 2023-03-01 2024-02-29 NI002458 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 NI002458 c:FullAccounts 2023-03-01 2024-02-29 NI002458 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI002458 2 2023-03-01 2024-02-29 NI002458 5 2023-03-01 2024-02-29 NI002458 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 NI002458 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 NI002458 d:OtherDeferredTax 2024-02-29 NI002458 d:OtherDeferredTax 2023-02-28 NI002458 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI002458










HAROLD MITCHELL & COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HAROLD MITCHELL & COMPANY LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12


 
HAROLD MITCHELL & COMPANY LIMITED
REGISTERED NUMBER: NI002458

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
529

Investment property
 5 
-
6,583,600

  
-
6,584,129

Current assets
  

Debtors: amounts falling due within one year
 6 
-
14,732

Cash at bank and in hand
 7 
-
538,276

  
-
553,008

Creditors: amounts falling due within one year
 8 
-
(192,316)

Net current assets
  
 
 
-
 
 
360,692

Total assets less current liabilities
  
-
6,944,821

Provisions for liabilities
  

Deferred tax
 10 
-
(127,093)

  
 
 
-
 
 
(127,093)

Net assets
  
-
6,817,728


Capital and reserves
  

Called up share capital 
 11 
20,000
20,000

Revaluation reserve
 12 
-
2,738,283

Profit and loss account
 12 
(20,000)
4,059,445

  
-
6,817,728


Page 1

 
HAROLD MITCHELL & COMPANY LIMITED
REGISTERED NUMBER: NI002458

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.


Harold Leslie Mitchell
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Harold Mitchell & Company Limited is a private company limited by shares and is incorporated and registered in Northern Ireland under Company Registration Number NI002458.
The company's registered office is situated at Suite 2.06, Custom House, Custom House Square, Belfast, BT1 3ET.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

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

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% Straight Line
Computer equipment
-
33.33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Page 5

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 6

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).

Page 7

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Motor vehicles
Computer equipment
Total

£
£
£





At 1 March 2023
30,969
16,859
47,828


Disposals
(30,969)
(16,859)
(47,828)



At 29 February 2024

-
-
-





At 1 March 2023
30,969
16,330
47,299


Charge for the year on owned assets
-
183
183


Disposals
(30,969)
(16,513)
(47,482)



At 29 February 2024

-
-
-



Net book value



At 29 February 2024
-
-
-



At 28 February 2023
-
529
529

Page 8

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£





At 1 March 2023
6,583,600


Disposals
(6,583,600)



At 29 February 2024
-

The 2024 valuations were made by the director through the year , on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
-
4,348,457

-
4,348,457




 


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
704

Prepayments and accrued income
-
14,028

-
14,732


Page 9

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
-
538,276

-
538,276



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
-
19,053

Corporation tax
-
68,007

Other taxation and social security
-
36,613

Other creditors
-
2,110

Accruals and deferred income
-
66,533

-
192,316


29 February
28 February
2024
2023
£
£

Other taxation and social security

PAYE/NI control
-
3,820

VAT control
-
32,793

-
36,613



9.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
-
538,276




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
 

Page 10

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Deferred taxation






2024


£






At beginning of year
(127,093)


Utilised in year
127,093



At end of year
-

The deferred taxation balance is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
-
(38,059)

Deferred tax on gains on revalued investment property
-
(89,034)

-
(127,093)


11.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



12.


Reserves

Revaluation reserve

The revaluation reserve includes all current and prior period surpluses and deficits, net of deferred tax, on the revaluation of investment property held.

Profit & loss account

The profit and loss account is a fully distributable reserve and includes all current and prior year retained profits and losses.

Page 11

 
HAROLD MITCHELL & COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Pension commitments

The company operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £2,309 (2023: £1,800).  Contributions totalling £nil (2023: £225) were payable to the fund at the balance sheet date and are included in creditors.  


14.


Controlling party

The ultimate controlling parent undertaking is Harold Mitchell Investments Limited, a company incorporated in Northern Ireland, having the same registered office address as its subsidiary. Harold Mitchell Investments Limited became the parent company of Harold Mitchell & Company Limited on 20 October 2023.
The group is not required to prepare consolidated financial statements on the grounds that it qualifies as a small group under the Companies Act (2006).


Page 12