Registration number:
Mitech Joinery Limited
for the Year Ended 29 February 2024
Mitech Joinery Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mitech Joinery Limited
Company Information
Directors |
Mr R M Barlow Mr J P Baldwin Mr M T Hardy |
Registered office |
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Accountants |
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Mitech Joinery Limited
(Registration number: 07968761)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
43,658 |
12,005 |
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Shareholders' funds |
43,758 |
12,105 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Mitech Joinery Limited
(Registration number: 07968761)
Balance Sheet as at 29 February 2024 (continued)
Directors' responsibilities:
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The directors acknowledge their 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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Mitech Joinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital incorporated in England & Wales registration number: 07968761.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The presentation currency is £ sterling.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and service to customers.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Mitech Joinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
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Accounting policies (continued) |
Government grants
Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.
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.
Mitech Joinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
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 |
Plant and machinery |
20% reducing balance basis |
Office equipment |
25% reducing balance basis |
Freehold property |
2% reducing balance basis |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Mitech Joinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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Disposals |
- |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
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( |
At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Included within the net book value of land and buildings above is £557,990 (2023 - £560,690) in respect of freehold land and buildings.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Mitech Joinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate amounting to £15,390 (2023: £10,112), and a Coronavirus Business Interruption Loan which is secured by the government amounting to £5,067 (2023: £5,918) and a mortgage secured on the property it relates to amounting to £6,000 (2023: £12,000)
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other creditors |
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Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate amounting to £51,944 (2023: £44,182) and a Coronavirus Business Interruption Loan which is secured by the government amounting to £11,304 (2023: £14,368) and a mortgage secured on the property it relates to amounting to £347,417 (2023: £347,293)
Mitech Joinery Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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Other borrowings |
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Non-current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
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Other borrowings |
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