Mitech Joinery Limited 07968761 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of joiners Digita Accounts Production Advanced 6.30.9574.0 true 07968761 2023-03-01 2024-02-29 07968761 2024-02-29 07968761 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 07968761 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 07968761 core:CurrentFinancialInstruments 2024-02-29 07968761 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07968761 core:Non-currentFinancialInstruments 2024-02-29 07968761 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 07968761 core:LandBuildings 2024-02-29 07968761 core:OtherPropertyPlantEquipment 2024-02-29 07968761 bus:SmallEntities 2023-03-01 2024-02-29 07968761 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07968761 bus:FilletedAccounts 2023-03-01 2024-02-29 07968761 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07968761 bus:RegisteredOffice 2023-03-01 2024-02-29 07968761 bus:Director1 2023-03-01 2024-02-29 07968761 bus:Director2 2023-03-01 2024-02-29 07968761 bus:Director3 2023-03-01 2024-02-29 07968761 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07968761 core:LandBuildings 2023-03-01 2024-02-29 07968761 core:OfficeEquipment 2023-03-01 2024-02-29 07968761 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 07968761 core:PlantMachinery 2023-03-01 2024-02-29 07968761 countries:AllCountries 2023-03-01 2024-02-29 07968761 2023-02-28 07968761 core:LandBuildings 2023-02-28 07968761 core:OtherPropertyPlantEquipment 2023-02-28 07968761 2022-03-01 2023-02-28 07968761 2023-02-28 07968761 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 07968761 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 07968761 core:CurrentFinancialInstruments 2023-02-28 07968761 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07968761 core:Non-currentFinancialInstruments 2023-02-28 07968761 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07968761 core:LandBuildings 2023-02-28 07968761 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 07968761

Mitech Joinery Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Mitech Joinery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Mitech Joinery Limited

Company Information

Directors

Mr R M Barlow

Mr J P Baldwin

Mr M T Hardy

Registered office

51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Mitech Joinery Limited

(Registration number: 07968761)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

680,690

658,984

Current assets

 

Stocks

115,646

102,722

Debtors

5

79,202

67,975

Cash at bank and in hand

 

78,988

42,850

 

273,836

213,547

Creditors: Amounts falling due within one year

6

(219,991)

(161,080)

Net current assets

 

53,845

52,467

Total assets less current liabilities

 

734,535

711,451

Creditors: Amounts falling due after more than one year

6

(667,527)

(680,670)

Provisions for liabilities

(23,250)

(18,676)

Net assets

 

43,758

12,105

Capital and reserves

 

Called up share capital

100

100

Retained earnings

43,658

12,005

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:

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 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 Board on 23 October 2024 and signed on its behalf by:
 

.........................................
Mr R M Barlow
Director

   
     
 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

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:
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

These financial statements were authorised for issue by the Board on 23 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.

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)

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

562,490

213,751

776,241

Additions

-

53,500

53,500

Disposals

-

(4,770)

(4,770)

At 29 February 2024

562,490

262,481

824,971

Depreciation

At 1 March 2023

1,800

115,457

117,257

Charge for the year

2,700

27,772

30,472

Eliminated on disposal

-

(3,448)

(3,448)

At 29 February 2024

4,500

139,781

144,281

Carrying amount

At 29 February 2024

557,990

122,700

680,690

At 28 February 2023

560,690

98,294

658,984

Included within the net book value of land and buildings above is £557,990 (2023 - £560,690) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

78,952

67,787

Prepayments

250

188

 

79,202

67,975

 

Mitech Joinery Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

26,457

28,030

Trade creditors

 

112,733

109,509

Taxation and social security

 

39,555

15,832

Accruals and deferred income

 

4,562

5,520

Other creditors

 

36,684

2,189

 

219,991

161,080

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
£

Due after one year

 

Loans and borrowings

7

410,665

405,943

Other creditors

 

256,862

274,727

 

667,527

680,670

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)

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

15,390

10,112

Other borrowings

11,067

17,918

26,457

28,030

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

51,944

44,182

Other borrowings

358,721

361,761

410,665

405,943