Silverfin false false 31/03/2024 01/04/2023 31/03/2024 M T Cowell 23/09/2022 A J Townsend 01/01/2005 31 October 2024 The principal activity of the company during the financial year was that of electrical contractors. 04185536 2024-03-31 04185536 bus:Director1 2024-03-31 04185536 bus:Director2 2024-03-31 04185536 2023-03-31 04185536 core:CurrentFinancialInstruments 2024-03-31 04185536 core:CurrentFinancialInstruments 2023-03-31 04185536 core:Non-currentFinancialInstruments 2024-03-31 04185536 core:Non-currentFinancialInstruments 2023-03-31 04185536 core:ShareCapital 2024-03-31 04185536 core:ShareCapital 2023-03-31 04185536 core:RetainedEarningsAccumulatedLosses 2024-03-31 04185536 core:RetainedEarningsAccumulatedLosses 2023-03-31 04185536 core:LandBuildings 2023-03-31 04185536 core:PlantMachinery 2023-03-31 04185536 core:Vehicles 2023-03-31 04185536 core:OfficeEquipment 2023-03-31 04185536 core:LandBuildings 2024-03-31 04185536 core:PlantMachinery 2024-03-31 04185536 core:Vehicles 2024-03-31 04185536 core:OfficeEquipment 2024-03-31 04185536 bus:OrdinaryShareClass1 2024-03-31 04185536 core:BetweenOneFiveYears 2024-03-31 04185536 core:BetweenOneFiveYears 2023-03-31 04185536 core:MoreThanFiveYears 2024-03-31 04185536 core:MoreThanFiveYears 2023-03-31 04185536 2023-04-01 2024-03-31 04185536 bus:FilletedAccounts 2023-04-01 2024-03-31 04185536 bus:SmallEntities 2023-04-01 2024-03-31 04185536 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04185536 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04185536 bus:Director1 2023-04-01 2024-03-31 04185536 bus:Director2 2023-04-01 2024-03-31 04185536 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 04185536 core:PlantMachinery 2023-04-01 2024-03-31 04185536 core:Vehicles 2023-04-01 2024-03-31 04185536 core:OfficeEquipment 2023-04-01 2024-03-31 04185536 2022-04-01 2023-03-31 04185536 core:LandBuildings 2023-04-01 2024-03-31 04185536 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 04185536 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04185536 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04185536 (England and Wales)

MITCHELL & CO (ELECTRICAL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MITCHELL & CO (ELECTRICAL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MITCHELL & CO (ELECTRICAL) LIMITED

BALANCE SHEET

As at 31 March 2024
MITCHELL & CO (ELECTRICAL) LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 137,588 140,802
137,588 140,802
Current assets
Stocks 214,161 115,527
Debtors 4 888,716 829,008
Cash at bank and in hand 81,497 20,147
1,184,374 964,682
Creditors: amounts falling due within one year 5 ( 673,376) ( 516,057)
Net current assets 510,998 448,625
Total assets less current liabilities 648,586 589,427
Creditors: amounts falling due after more than one year 6 ( 66,173) ( 86,944)
Provision for liabilities ( 21,630) ( 25,624)
Net assets 560,783 476,859
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 560,683 476,759
Total shareholder's funds 560,783 476,859

For the financial 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.

Directors' responsibilities:

The financial statements of Mitchell & Co (Electrical) Limited (registered number: 04185536) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

A J Townsend
Director
MITCHELL & CO (ELECTRICAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MITCHELL & CO (ELECTRICAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mitchell & Co (Electrical) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5b South Park Way, Wakefield 41 Business Park, Wakefield, WF2 0XJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when the conditions contained within a contract for services have been met.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 18

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 1,750 119,082 57,503 38,032 216,367
Additions 0 37,479 0 6,538 44,017
Disposals 0 0 ( 37,504) 0 ( 37,504)
At 31 March 2024 1,750 156,561 19,999 44,570 222,880
Accumulated depreciation
At 01 April 2023 73 29,428 20,938 25,126 75,565
Charge for the financial year 175 14,385 9,141 2,434 26,135
Disposals 0 0 ( 16,408) 0 ( 16,408)
At 31 March 2024 248 43,813 13,671 27,560 85,292
Net book value
At 31 March 2024 1,502 112,748 6,328 17,010 137,588
At 31 March 2023 1,677 89,654 36,565 12,906 140,802

4. Debtors

2024 2023
£ £
Trade debtors 179,319 128,647
Amounts owed by Group undertakings 674,068 674,068
Prepayments 35,329 26,293
888,716 829,008

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 15,298 91,404
Trade creditors 432,678 227,290
Amounts owed to directors 0 20,000
Accruals 4,005 3,960
Corporation tax 57,622 19,311
Other taxation and social security 129,985 119,035
Obligations under finance leases and hire purchase contracts 23,783 27,156
Other creditors 10,005 7,901
673,376 516,057

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 29,161 44,460
Obligations under finance leases and hire purchase contracts (secured) 37,012 42,484
66,173 86,944

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

The hire purchase debts are secured against the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
between one and five years 3,892 0
after five years 3,892 0
7,784 0

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £35,217 (2023 - £52,826).

9. Related party transactions

Transactions with the entity's directors

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group nor transactions with directors conducted at a market rate.