3 3 Mitreburn Limited 03192987 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is the management of nightclubs and development projects. Digita Accounts Production Advanced 6.30.9574.0 true 03192987 2023-11-01 2024-10-31 03192987 2024-10-31 03192987 core:CurrentFinancialInstruments 2024-10-31 03192987 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 03192987 1 2024-10-31 03192987 bus:SmallEntities 2023-11-01 2024-10-31 03192987 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 03192987 bus:FilletedAccounts 2023-11-01 2024-10-31 03192987 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 03192987 bus:RegisteredOffice 2023-11-01 2024-10-31 03192987 bus:Director1 2023-11-01 2024-10-31 03192987 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 03192987 countries:England 2023-11-01 2024-10-31 03192987 1 2023-11-01 2024-10-31 03192987 1 2023-10-31 03192987 2022-11-01 2023-10-31 03192987 2023-10-31 03192987 core:CurrentFinancialInstruments 2023-10-31 03192987 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 03192987 1 2023-10-31 03192987 1 2022-11-01 2023-10-31 03192987 1 2022-10-31 xbrli:pure iso4217:GBP

Registration number: 03192987

Mitreburn Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Mitreburn Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Mitreburn Limited

(Registration number: 03192987)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

1,610,122

1,358,715

Debtors

5

263,444

287,214

Cash at bank and in hand

 

1,665

-

 

1,875,231

1,645,929

Creditors: Amounts falling due within one year

6

(1,145,382)

(893,114)

Net assets

 

729,849

752,815

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

729,847

752,813

Shareholders' funds

 

729,849

752,815

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 


Mr D J Mulvihill
Director

 

Mitreburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is the management of nightclubs and development projects.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Mitreburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Mitreburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Stocks

2024
£

2023
£

Work in progress

1,610,122

1,358,715

5

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

256,656

278,656

Other debtors

 

6,788

8,558

 

263,444

287,214

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

789

Trade creditors

 

10,340

18,042

Accruals and deferred income

 

2,888

2,820

Other creditors

 

1,132,154

871,463

 

1,145,382

893,114

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Mitreburn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

789

9

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

(871,187)

20,183

(281,150)

(1,132,154)

         
       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

(718,004)

120,000

(273,183)

(871,187)