7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 41,621 37,459 4,162 41,621 4,162 xbrli:pure xbrli:shares iso4217:GBP 08656937 2023-05-01 2024-04-30 08656937 2024-04-30 08656937 2023-04-30 08656937 2022-05-01 2023-04-30 08656937 2023-04-30 08656937 2022-04-30 08656937 core:NetGoodwill 2023-05-01 2024-04-30 08656937 core:PlantMachinery 2023-05-01 2024-04-30 08656937 core:MotorVehicles 2023-05-01 2024-04-30 08656937 bus:Director1 2023-05-01 2024-04-30 08656937 bus:Director2 2023-05-01 2024-04-30 08656937 core:NetGoodwill 2023-04-30 08656937 core:NetGoodwill 2024-04-30 08656937 core:PlantMachinery 2023-04-30 08656937 core:MotorVehicles 2023-04-30 08656937 core:PlantMachinery 2024-04-30 08656937 core:MotorVehicles 2024-04-30 08656937 core:WithinOneYear 2024-04-30 08656937 core:WithinOneYear 2023-04-30 08656937 core:AfterOneYear 2024-04-30 08656937 core:AfterOneYear 2023-04-30 08656937 core:ShareCapital 2024-04-30 08656937 core:ShareCapital 2023-04-30 08656937 core:RetainedEarningsAccumulatedLosses 2024-04-30 08656937 core:RetainedEarningsAccumulatedLosses 2023-04-30 08656937 core:NetGoodwill 2023-04-30 08656937 core:PlantMachinery 2023-04-30 08656937 core:MotorVehicles 2023-04-30 08656937 bus:SmallEntities 2023-05-01 2024-04-30 08656937 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08656937 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 08656937 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08656937 bus:FullAccounts 2023-05-01 2024-04-30 08656937 core:AfterOneYear 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 08656937
Mitchell & Mayle Ltd
Unaudited financial statements
30 April 2024
Mitchell & Mayle Ltd
Statement of financial position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
4,162
Tangible assets
6
430,106
398,191
---------
---------
430,106
402,353
Current assets
Debtors
7
72,064
71,263
Cash at bank and in hand
112,614
99,384
---------
---------
184,678
170,647
Creditors: Amounts falling due within one year
8
( 128,825)
( 86,818)
---------
---------
Net current assets
55,853
83,829
---------
---------
Total assets less current liabilities
485,959
486,182
Creditors: Amounts falling due after more than one year
9
( 95,364)
( 39,339)
Provisions
Taxation including deferred tax
( 94,630)
( 75,656)
---------
---------
Net assets
295,965
371,187
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
295,865
371,087
---------
---------
Shareholders funds
295,965
371,187
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mitchell & Mayle Ltd
Statement of financial position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
B M Mitchell
S W Mayle
Director
Director
Company registration number: 08656937
Mitchell & Mayle Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Prickwillow Road, Isleham, Ely, Cambridgeshire, CB7 5RG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
10% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the straight line method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 7 (2023: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
41,621
-------
Amortisation
At 1 May 2023
37,459
Charge for the year
4,162
-------
At 30 April 2024
41,621
-------
Carrying amount
At 30 April 2024
-------
At 30 April 2023
4,162
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
127,690
519,472
647,162
Additions
2,034
170,870
172,904
Disposals
( 20,390)
( 192,001)
( 212,391)
---------
---------
---------
At 30 April 2024
109,334
498,341
607,675
---------
---------
---------
Depreciation
At 1 May 2023
70,775
178,196
248,971
Charge for the year
7,520
28,373
35,893
Disposals
( 13,534)
( 93,761)
( 107,295)
---------
---------
---------
At 30 April 2024
64,761
112,808
177,569
---------
---------
---------
Carrying amount
At 30 April 2024
44,573
385,533
430,106
---------
---------
---------
At 30 April 2023
56,915
341,276
398,191
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
42,364
51,366
Other debtors
29,700
19,897
-------
-------
72,064
71,263
-------
-------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
22,911
9,269
Social security and other taxes
12,017
Other creditors
105,914
65,532
---------
-------
128,825
86,818
---------
-------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Hire purchase agreements - £19,743 (2023 - £19,930).
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
95,364
39,339
-------
-------
The following liabilities disclosed under creditors falling due after one year are secured by the company: Hire purchase agreements - £95,364 (2023 - £Nil).