Acorah Software Products - Accounts Production 16.1.200 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 03081207 Mr P J Brown Mrs K L Brown Mr A J Brown Mrs K L Brown iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03081207 2023-08-31 03081207 2024-08-31 03081207 2023-09-01 2024-08-31 03081207 frs-core:CurrentFinancialInstruments 2024-08-31 03081207 frs-core:Non-currentFinancialInstruments 2024-08-31 03081207 frs-core:FurnitureFittings 2024-08-31 03081207 frs-core:FurnitureFittings 2023-09-01 2024-08-31 03081207 frs-core:FurnitureFittings 2023-08-31 03081207 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 03081207 frs-core:MotorVehicles 2024-08-31 03081207 frs-core:MotorVehicles 2023-09-01 2024-08-31 03081207 frs-core:MotorVehicles 2023-08-31 03081207 frs-core:ShareCapital 2024-08-31 03081207 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 03081207 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03081207 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 03081207 frs-bus:SmallEntities 2023-09-01 2024-08-31 03081207 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 03081207 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03081207 frs-core:UnlistedNon-exchangeTraded 2024-08-31 03081207 frs-core:UnlistedNon-exchangeTraded 2023-08-31 03081207 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-08-31 03081207 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-08-31 03081207 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-08-31 03081207 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-08-31 03081207 frs-bus:Director1 2023-09-01 2024-08-31 03081207 frs-bus:Director2 2023-09-01 2024-08-31 03081207 frs-bus:Director3 2023-09-01 2024-08-31 03081207 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 03081207 frs-countries:EnglandWales 2023-09-01 2024-08-31 03081207 2022-08-31 03081207 2023-08-31 03081207 2022-09-01 2023-08-31 03081207 frs-core:CurrentFinancialInstruments 2023-08-31 03081207 frs-core:Non-currentFinancialInstruments 2023-08-31 03081207 frs-core:ShareCapital 2023-08-31 03081207 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 03081207
Mitchells Ironmongers Limited
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03081207
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 33,994 5,640
Investments 5 1,300 1,300
35,294 6,940
CURRENT ASSETS
Stocks 6 152,089 157,741
Debtors 7 423,251 422,770
Cash at bank and in hand 57,173 99,462
632,513 679,973
Creditors: Amounts Falling Due Within One Year 8 (221,115 ) (253,503 )
NET CURRENT ASSETS (LIABILITIES) 411,398 426,470
TOTAL ASSETS LESS CURRENT LIABILITIES 446,692 433,410
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,499 ) (1,072 )
NET ASSETS 438,193 432,338
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 438,093 432,238
SHAREHOLDERS' FUNDS 438,193 432,338
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P J Brown
Director
9 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mitchells Ironmongers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03081207 . The registered office is Mitchells Ironmongers Kestral Park, Kestral Road, Mansfield, Nottinghamshire, NG18 5FT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line method
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% straight line method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 8)
7 8
Page 3
Page 4
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 September 2023 - 26,445 26,445
Additions 20,000 12,090 32,090
As at 31 August 2024 20,000 38,535 58,535
Depreciation
As at 1 September 2023 - 20,805 20,805
Provided during the period 1,250 2,486 3,736
As at 31 August 2024 1,250 23,291 24,541
Net Book Value
As at 31 August 2024 18,750 15,244 33,994
As at 1 September 2023 - 5,640 5,640
5. Investments
Unlisted
£
Cost
As at 1 September 2023 1,300
As at 31 August 2024 1,300
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 1,300
As at 1 September 2023 1,300
6. Stocks
2024 2023
£ £
Merchandise 152,089 157,741
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 173,251 172,770
Due after more than one year
Other debtors 250,000 250,000
423,251 422,770
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 105,373 128,890
Corporation tax 19,933 28,732
Other taxes and social security 2,767 22,545
VAT 12,479 -
Other creditors 627 741
Accruals and deferred income 3,150 3,000
Directors' loan accounts 76,786 69,595
221,115 253,503
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Easi-Hire LimitedThe Company is related to Easi-Hire Limited by virtue of common control.

Easi-Hire Limited

The Company is related to Easi-Hire Limited by virtue of common control.

The Company has granted a cash loan to Easi-Hire Limited of £250,000.
There is no scheduled repayment date for the loan.
Page 5