Company registration number 01127026 (England and Wales)
G. E. Mitchell (Electrical) Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 August 2024
PAGES FOR FILING WITH REGISTRAR
G. E. Mitchell (Electrical) Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
G. E. Mitchell (Electrical) Ltd
Statement Of Financial Position
as at 31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
217,478
70,751
Current assets
Stocks
43,480
50,505
Debtors
4
382,727
713,725
Cash at bank and in hand
641,088
694,315
1,067,295
1,458,545
Creditors: amounts falling due within one year
5
(985,777)
(1,233,169)
Net current assets
81,518
225,376
Total assets less current liabilities
298,996
296,127
Capital and reserves
Called up share capital
2,500
2,500
Capital redemption reserve
501
501
Profit and loss reserves
295,995
293,126
Total equity
298,996
296,127
G. E. Mitchell (Electrical) Ltd
Statement Of Financial Position (continued)
as at 31 August 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 January 2025 and are signed on its behalf by:
J Lowe
Director
Company Registration No. 01127026
G. E. Mitchell (Electrical) Ltd
Notes to the financial statements
for the year ended 31 August 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
G. E. Mitchell (Electrical) Ltd
Notes to the financial statements (continued)
for the year ended 31 August 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
23
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2023
16,756
120,640
137,396
Additions
269,421
269,421
Disposals
(120,640)
(120,640)
At 31 August 2024
16,756
269,421
286,177
Depreciation and impairment
At 1 September 2023
13,864
52,781
66,645
Depreciation charged in the year
723
56,940
57,663
Eliminated in respect of disposals
(55,609)
(55,609)
At 31 August 2024
14,587
54,112
68,699
Carrying amount
At 31 August 2024
2,169
215,309
217,478
At 31 August 2023
2,892
67,859
70,751
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
364,084
699,457
Other debtors
1,226
Prepayments and accrued income
17,417
14,268
382,727
713,725
G. E. Mitchell (Electrical) Ltd
Notes to the financial statements (continued)
for the year ended 31 August 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
184,286
452,611
Amounts owed to group undertakings
558,180
453,680
Corporation tax
47,543
144,661
Other taxation and social security
77,122
101,013
Other creditors
3,780
Accruals and deferred income
118,646
77,424
985,777
1,233,169
6
Company information
G. E. Mitchell (Electrical) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Spring Vale, Brookfoot, Brighouse, West Yorkshire, HD6 2RW.