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MITCHELL ENERGY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

MITCHELL ENERGY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr W Mitchell
Mr J Mitchell





SECRETARY: Mr W Mitchell





REGISTERED OFFICE: JRW
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL





REGISTERED NUMBER: SC455085 (Scotland)





ACCOUNTANTS: JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT

MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

ABRIDGED BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,203 22,474
Tangible assets 5 6,328,451 6,532,670
Investments 6 915,606 403,140
Investment property 7 214,905 214,905
7,474,165 7,173,189

CURRENT ASSETS
Stocks 49,697 26,340
Debtors 6,999,740 4,694,901
Cash at bank and in hand 10,678,672 13,265,658
17,728,109 17,986,899
CREDITORS
Amounts falling due within one year 5,385,049 6,410,836
NET CURRENT ASSETS 12,343,060 11,576,063
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,817,225

18,749,252

PROVISIONS FOR LIABILITIES 191,415 98,001
NET ASSETS 19,625,810 18,651,251

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 19,625,610 18,651,051
19,625,810 18,651,251

MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

ABRIDGED BALANCE SHEET - continued
31ST MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd November 2024 and were signed on its behalf by:




Mr W Mitchell - Director



Mr J Mitchell - Director


MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Mitchell Energy Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's functional currency is considered to be sterling (£) due to the primary economic environment in which it operates. The company's financial statements are also presented in sterling.

Going Concern
The directors have considered the potential impact of ongoing worldwide events on the business and are satisfied that the Company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The accounts have therefore been prepared on the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Mitchell Energy Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The directors are of the opinion there are no matters of significant judgements, estimates or assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
The company is involved in the production of electricity and arable farming. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in the accounting period in which the goods and services are rendered and when the outcome of the contract can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic Payment Entitlements is being amortised evenly over its estimated useful life of five years.

MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on reducing balance
Plant and machinery - 20% on reducing balance and Straight line over 19 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income and Expenditure Account.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023
and 31st March 2024 36,353
AMORTISATION
At 1st April 2023 13,879
Amortisation for year 7,271
At 31st March 2024 21,150
NET BOOK VALUE

At 31st March 2024 15,203
At 31st March 2023 22,474

MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023 7,281,553
Additions 28,415
Disposals (1,200 )
At 31st March 2024 7,308,768
DEPRECIATION
At 1st April 2023 748,883
Charge for year 232,077
Eliminated on disposal (643 )
At 31st March 2024 980,317
NET BOOK VALUE
At 31st March 2024 6,328,451
At 31st March 2023 6,532,670

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1st April 2023 403,140
Additions 512,466
At 31st March 2024 915,606
NET BOOK VALUE
At 31st March 2024 915,606
At 31st March 2023 403,140

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 214,905
NET BOOK VALUE
At 31st March 2024 214,905
At 31st March 2023 214,905

MITCHELL ENERGY LTD (REGISTERED NUMBER: SC455085)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. INVESTMENT PROPERTY - continued

Investment property stated comprises of land acquired on 20th March 2017. It is the opinion of the directors that the fair value of the land stated equates to the fair value of similar assets within the active market.

8. SECURED DEBTS

Bank borrowing is secured by a bond and floating charge, a debt servicing guarantee provided by William Mitchell & Sons Limited, a guarantee provided by the directors personally, and a standard securities over properties owned by the directors.

Hire purchase creditors are secured on the relevant fixed assets.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors' loan accounts were not overdrawn at any time during the year.

10. RELATED PARTY DISCLOSURES

At 31 March 2023 there was a balance of £2,586,781 due to the company from William Mitchell & Sons Limited, a company controlled by the directors' Father. During the year to 31 March 2024 the company advanced further loans of £50,000 and received repayments of £600,000. At 31 March 2024 there was a balance of £2,096,159 due to the company. The loan balances is undated, unsecured and interest was charged at 2.25%.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MITCHELL ENERGY LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mitchell Energy Ltd for the year ended 31st March 2024 which comprise the Statement of Income and Retained Earnings, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Mitchell Energy Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mitchell Energy Ltd and state those matters that we have agreed to state to the Board of Directors of Mitchell Energy Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mitchell Energy Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mitchell Energy Ltd. You consider that Mitchell Energy Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mitchell Energy Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW Hogg & Thorburn LLP
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT


22nd November 2024