Wilson Mitchell & Co. Limited 04279875 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is general investments. Digita Accounts Production Advanced 6.30.9574.0 true false true 04279875 2023-01-01 2023-12-31 04279875 2023-12-31 04279875 bus:Director1 1 2023-12-31 04279875 core:CurrentFinancialInstruments 2023-12-31 04279875 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04279875 core:Non-currentFinancialInstruments 2023-12-31 04279875 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04279875 core:AdditionsToInvestments 2023-12-31 04279875 core:CostValuation 2023-12-31 04279875 core:DisposalsRepaymentsInvestments 2023-12-31 04279875 core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 04279875 core:FurnitureFittings 2023-12-31 04279875 core:MotorVehicles 2023-12-31 04279875 core:OfficeEquipment 2023-12-31 04279875 core:PlantMachinery 2023-12-31 04279875 bus:SmallEntities 2023-01-01 2023-12-31 04279875 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04279875 bus:FilletedAccounts 2023-01-01 2023-12-31 04279875 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04279875 bus:RegisteredOffice 2023-01-01 2023-12-31 04279875 bus:Director1 2023-01-01 2023-12-31 04279875 bus:Director1 1 2023-01-01 2023-12-31 04279875 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04279875 core:CommercialMotorVehicles 2023-01-01 2023-12-31 04279875 core:ComputerEquipment 2023-01-01 2023-12-31 04279875 core:FurnitureFittings 2023-01-01 2023-12-31 04279875 core:MotorVehicles 2023-01-01 2023-12-31 04279875 core:OfficeEquipment 2023-01-01 2023-12-31 04279875 core:PlantMachinery 2023-01-01 2023-12-31 04279875 4 2023-01-01 2023-12-31 04279875 countries:AllCountries 2023-01-01 2023-12-31 04279875 2022-12-31 04279875 bus:Director1 1 2022-12-31 04279875 core:CostValuation 2022-12-31 04279875 core:FurnitureFittings 2022-12-31 04279875 core:MotorVehicles 2022-12-31 04279875 core:OfficeEquipment 2022-12-31 04279875 core:PlantMachinery 2022-12-31 04279875 2022-01-01 2022-12-31 04279875 2022-12-31 04279875 bus:Director1 1 2022-12-31 04279875 core:CurrentFinancialInstruments 2022-12-31 04279875 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04279875 core:Non-currentFinancialInstruments 2022-12-31 04279875 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04279875 core:FurnitureFittings 2022-12-31 04279875 core:MotorVehicles 2022-12-31 04279875 core:OfficeEquipment 2022-12-31 04279875 core:PlantMachinery 2022-12-31 04279875 bus:Director1 1 2022-01-01 2022-12-31 04279875 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 04279875

Wilson Mitchell & Co. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wilson Mitchell & Co. Limited

(Registration number: 04279875)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,934

18,276

Investment property

5

324,070

-

Other investments

6

606,394

956,433

 

943,398

974,709

Current assets

 

Debtors

7

142,582

161,442

Cash at bank and in hand

 

11,641

56,197

 

154,223

217,639

Creditors: Amounts falling due within one year

8

(9,323)

(9,816)

Net current assets

 

144,900

207,823

Total assets less current liabilities

 

1,088,298

1,182,532

Creditors: Amounts falling due after more than one year

8

(31,080)

(36,574)

Net assets

 

1,057,218

1,145,958

Capital and reserves

 

Called up share capital

9

9

Capital redemption reserve

1

1

Retained earnings

1,057,208

1,145,948

Shareholders' funds

 

1,057,218

1,145,958

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

.........................................
Mrs L M Bradley
Director

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Paddock Cottage
51 Farleigh Road
Warlingham
Surrey
CR6 9EJ

These financial statements were authorised for issue by the director on 21 October 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.

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Changes in accounting policy

New standards, interpretations and amendments

The following have been applied for the first time from 1 January 2023 and have had an effect on the financial statements:

Investment recognition and valuation policy

Since the cessation of the trading element of the company it has changed from recognising investments at cost to recognising at fair value through the profit and loss. The comparative amounts have been updated to reflect this change and the impact on the financial statements can be seen below.

 

Relating to the prior period disclosed in these financial statements

£

Income statement - Gain/(loss) on financial assets at fair value through the profit & loss

(242,707)

Balance sheet - Investments

740,156

Balance sheet - Other financial assets

(982,863)

Balance sheet - Retained earnings

242,707

 

Reclassification of comparative amounts

The company has changed it's policy of carrying investments at cost to carrying them at fair value. The comparative amounts have been reclassigfied to be consitent with this change in policy.

Revenue recognition

Turnover comprises of the provision of services during the year which is recognised as income on an accruals basis as the work is performed.

Gains or deficits on current asset collective investments in shares and equities are recognised within the financial statements upon the sale of the underlying investments where gains or deficits are crystalised.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Motor vehicles

25% reducing balance

Furniture & fittings

25% reducing balance

Computer equipment

3 years on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuation uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

4,388

4,129

16,044

35,546

60,107

Disposals

(3,427)

(4,129)

(10,330)

-

(17,886)

At 31 December 2023

961

-

5,714

35,546

42,221

Depreciation

At 1 January 2023

3,928

4,129

13,223

20,551

41,831

Charge for the year

32

-

1,120

3,749

4,901

Eliminated on disposal

(3,096)

(4,129)

(10,220)

-

(17,445)

At 31 December 2023

864

-

4,123

24,300

29,287

Carrying amount

At 31 December 2023

97

-

1,591

11,246

12,934

At 31 December 2022

460

-

2,821

14,995

18,276

5

Investment properties

2023
£

Additions

324,070

At 31 December

324,070

The property was bought towards the end of the financial year and any change in fair market value has been deemed as trivial.

There has been no valuation of investment property by an independent valuer.

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Investments in equities

385,890

740,156

Other investments

220,504

216,277

606,394

956,433

Investments in equities

£

Cost or valuation

At 1 January 2023

740,156

Revaluation

190,344

Disposals

(544,610)

At 31 December 2023

385,890

At 31 December 2022

740,156

Other investments

£

Cost

At 1 January 2023

216,277

Additions

4,227

At 31 December 2023

220,504

7

Debtors

Current

2023
£

2022
£

Other debtors

142,582

161,442

 

142,582

161,442

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,525

5,556

Accruals and deferred income

 

3,798

4,260

 

9,323

9,816

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

31,080

36,574

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

31,080

36,574

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,525

5,556

 

Wilson Mitchell & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mrs L M Bradley

Loan @ 2.25% interest

30,140

52,683

(41,393)

41,429

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mrs L M Bradley

Loan @ 2.25% interest

21,258

78,382

(69,500)

30,140