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Registered number: 00480857
Frederick C.Mitchell & Sons Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Avencia Tax and Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00480857
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,727,275 1,688,428
Investments 5 100 100
1,727,375 1,688,528
CURRENT ASSETS
Stocks 6 22,920 19,356
Debtors 7 1,737,523 1,029,036
Cash at bank and in hand 734,165 986,864
2,494,608 2,035,256
Creditors: Amounts Falling Due Within One Year 8 (1,554,395 ) (1,069,931 )
NET CURRENT ASSETS (LIABILITIES) 940,213 965,325
TOTAL ASSETS LESS CURRENT LIABILITIES 2,667,588 2,653,853
Creditors: Amounts Falling Due After More Than One Year 9 (89,423 ) (196,285 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (311,649 ) (318,212 )
NET ASSETS 2,266,516 2,139,356
CAPITAL AND RESERVES
Called up share capital 12 12,500 12,500
Revaluation reserve 13 403,429 403,429
Profit and Loss Account 1,850,587 1,723,427
SHAREHOLDERS' FUNDS 2,266,516 2,139,356
Page 1
Page 2
For the year ending 31 March 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stuart Rawlinson
Director
16/09/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Frederick C.Mitchell & Sons Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00480857 . The registered office is Northpoint Parkstone Bay Marina, Turks Lane, Poole, Dorset, BH14 8EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Leasehold 5% on reducing balance
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Page 4
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 1,156,262 1,968,186 185,510 3,309,958
Additions - 155,805 127,511 283,316
Disposals - (72,801 ) (15,413 ) (88,214 )
As at 31 March 2024 1,156,262 2,051,190 297,608 3,505,060
Depreciation
As at 1 April 2023 70,608 1,461,611 89,311 1,621,530
Provided during the period 5,344 161,893 55,013 222,250
Disposals - (54,239 ) (11,756 ) (65,995 )
As at 31 March 2024 75,952 1,569,265 132,568 1,777,785
Net Book Value
As at 31 March 2024 1,080,310 481,925 165,040 1,727,275
As at 1 April 2023 1,085,654 506,575 96,199 1,688,428
Page 4
Page 5
Cost or valuation as at 31 March 2024 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
At cost 556,262 2,051,190 297,608 2,905,060
At valuation 600,000 - - 600,000
1,156,262 2,051,190 297,608 3,505,060
Freehold property was valued on an open market basis on 1 June 1996 by Cowling & West.
5. Investments
Unlisted
£
Cost
As at 1 April 2023 100
As at 31 March 2024 100
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 100
As at 1 April 2023 100
6. Stocks
2024 2023
£ £
Finished goods 22,920 19,356
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 819,127 91,834
Prepayments and accrued income 32,598 41,554
Net wages 864 37
Amounts owed by group undertakings and associates 884,934 895,611
1,737,523 1,029,036
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,600 17,600
Trade creditors 186,543 169,250
Bank loans and overdrafts 49,869 70,665
Corporation tax 6,267 14,619
Other taxes and social security 14,221 14,083
VAT 189,438 81,138
Credit card 3,828 3,729
Sundry creditors 4,089 4,043
Accruals and deferred income 1,024,606 613,012
Directors' loan accounts 706 24,564
Amounts owed to group undertakings 57,228 57,228
1,554,395 1,069,931
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 89,423 107,023
Bank loans - 89,262
89,423 196,285
10. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by a debenture dated 4 September 1987 in favour of Lloyds Bank plc, creating a fixed and floating charge over all company assets.
2024 2023
£ £
Bank loans and overdrafts 49,869 159,926
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,600 17,600
Later than one year and not later than five years 89,423 107,023
107,023 124,623
107,023 124,623
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12,500 12,500
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13. Reserves
Revaluation Reserve
£
As at 1 April 2023 403,429
As at 31 March 2024 403,429
Page 7