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REGISTERED NUMBER: SC412301 (Scotland)















MITCHELL AND POLLOCK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10

Accountants' Report 11

MITCHELL AND POLLOCK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Douglas Fraser Craig Mitchell
Paul Michael Pollock
Claire Mitchell
Sarah Jane Pollock



REGISTERED OFFICE: 5 Birchlea Drive
Giffnock
Glasgow
G46 6BP



REGISTERED NUMBER: SC412301 (Scotland)



ACCOUNTANTS: Azets
Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA



BANKERS: Royal Bank of Scotland
Giffnock Branch
158a Fenwick Road
Giffnock
G46 6XB

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

BALANCE SHEET
30 APRIL 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 796,400 -
Tangible assets 5 323,724 349,174
1,120,124 349,174

CURRENT ASSETS
Stocks 6 103,047 72,581
Debtors 7 321,818 226,672
Cash at bank and in hand 321,721 197,155
746,586 496,408
CREDITORS
Amounts falling due within one year 8 549,894 421,395
NET CURRENT ASSETS 196,692 75,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,316,816

424,187

CREDITORS
Amounts falling due after more than one
year

9

(935,949

)

(149,919

)

PROVISIONS FOR LIABILITIES 11 (4,762 ) (6,729 )
NET ASSETS 376,105 267,539

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 375,105 266,539
SHAREHOLDERS' FUNDS 376,105 267,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

BALANCE SHEET - continued
30 APRIL 2024


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

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 23 January 2025 and were signed on its behalf by:





Paul Michael Pollock - Director


MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Mitchell & Pollock Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC412301 and registered office address is 5 Birchlea Drive, Giffnock, Glasgow, G46 6BP.

The nature of the Company's operations and its principal activities for the year under review was that of pharmacy dispensers.

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 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 £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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.

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 cost
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

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 balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

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

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 824,000
At 30 April 2024 824,000
AMORTISATION
Charge for year 27,600
At 30 April 2024 27,600
NET BOOK VALUE
At 30 April 2024 796,400

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 May 2023 272,200 19,087 10,881
Additions - - 14,558
Disposals - - -
At 30 April 2024 272,200 19,087 25,439
DEPRECIATION
At 1 May 2023 15,550 19,085 10,866
Charge for year 16,485 - 1,885
Eliminated on disposal - - -
At 30 April 2024 32,035 19,085 12,751
NET BOOK VALUE
At 30 April 2024 240,165 2 12,688
At 30 April 2023 256,650 2 15

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 115,192 28,293 445,653
Additions - 11,995 26,553
Disposals - (18,498 ) (18,498 )
At 30 April 2024 115,192 21,790 453,708
DEPRECIATION
At 1 May 2023 39,333 11,645 96,479
Charge for year 16,385 600 35,355
Eliminated on disposal - (1,850 ) (1,850 )
At 30 April 2024 55,718 10,395 129,984
NET BOOK VALUE
At 30 April 2024 59,474 11,395 323,724
At 30 April 2023 75,859 16,648 349,174

6. STOCKS
30/4/24 30/4/23
£    £   
Stocks 103,047 72,581

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 269,390 202,454
Value added tax 36,578 23,271
Prepayments and accrued income 15,850 947
321,818 226,672

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Bank loans and overdrafts 60,295 46,296
Trade creditors 335,312 287,569
Corporation tax 110,150 53,958
Social security and other taxes 7,475 1,131
Other creditors 30,480 25,663
Directors' loan accounts 83 119
Accrued expenses 6,099 6,659
549,894 421,395

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/24 30/4/23
£    £   
Bank loans - 1-2 years 51,004 30,995
Bank loans - 2-5 years 884,945 92,088
Bank loans more 5 yr by instal - 26,836
935,949 149,919

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 26,836

10. SECURED DEBTS

The following secured debts are included within creditors:

30/4/24 30/4/23
£    £   
Bank loans 996,244 196,215

The bank loan is secured over the property to which it relates.

11. PROVISIONS FOR LIABILITIES
30/4/24 30/4/23
£    £   
Deferred tax 4,762 6,729

MITCHELL AND POLLOCK LIMITED (REGISTERED NUMBER: SC412301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 6,729
Provided during year (1,967 )
Balance at 30 April 2024 4,762

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the company benefitted from an interest free loan from the directors. At 30 April 2024 the balance due to the directors by the company totalled £83 (2023: £119).

13. ULTIMATE CONTROLLING PARTY

No one person in isolation has control over the company.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MITCHELL AND POLLOCK LIMITED

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 and Pollock Limited for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Mitchell and Pollock Limited, 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 and Pollock Limited and state those matters that we have agreed to state to the Board of Directors of Mitchell and Pollock Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mitchell and Pollock Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mitchell and Pollock Limited 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 loss of Mitchell and Pollock Limited. You consider that Mitchell and Pollock Limited 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 and Pollock Limited. 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.






Azets
Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA


23 January 2025