REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 December 2024 |
for |
Mitchells (Gloucester) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31 December 2024 |
for |
Mitchells (Gloucester) Limited |
Mitchells (Gloucester) Limited (Registered number: 01072866) |
Contents of the Financial Statements |
For The Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Mitchells (Gloucester) Limited |
Company Information |
For The Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
BANKERS: |
19 Eastgate Street |
Gloucester |
GL1 1NU |
Mitchells (Gloucester) Limited (Registered number: 01072866) |
Abridged Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Mitchells (Gloucester) Limited (Registered number: 01072866) |
Abridged Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mitchells (Gloucester) Limited (Registered number: 01072866) |
Notes to the Financial Statements |
For The Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Mitchells (Gloucester) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Contracts |
Revenue is recognised in accordance with FRS 102 section 23. Turnover and attributable profit is recognised on all contracts according to the stage of completion, where the eventual outcome of the contract can be reliably foreseen. Attributable turnover on such contracts not yet invoiced at the year end is recognised in debtors. |
Where the outcome of a contract in progress at the year end cannot be reliably foreseen, the net costs of the contract are included within Work in Progress after deducting payments received on account. |
Where a long term contract is considered to be loss making, the whole of the foreseeable loss is recognised as an expense immediately. |
Contract costs are recognised as expenses in the period in which they are incurred. |
Retentions |
Retentions on contracts are recognised within turnover to the extent that they are deemed recoverable. Where it is anticipated that the company will be required to incur additional costs in order to release the retention, provision is made for those costs in arriving at attributable profit on each contract. |
Stocks |
Stocks are valued at the lower of cost (including an appropriate proportion of overheads) and estimated net realisable value. |
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. |
Mitchells (Gloucester) Limited (Registered number: 01072866) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction 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. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Mitchells (Gloucester) Limited (Registered number: 01072866) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions are charged to profit and loss account as they become payable in accordance with the rules of the scheme. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | LEASING AGREEMENTS |
At 31 December 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £7,740 (2023: £75,948). |