Company registration number 15032124 (England and Wales)
MITCHELL ASSOCIATES LIMITED
Unaudited Financial Statements
for the Year Ended 31 July 2024
MITCHELL ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MITCHELL ASSOCIATES LIMITED
Company Information
- 1 -
Director
Mr I R Mitchell
(Appointed 27 July 2023)
Company number
15032124
Registered office
First Floor
Office Suite 3
13 Cathedral Road
Cardiff
CF11 9HA
Accountants
Mitchell Associates Ltd
First Floor
Office Suite 3
13 Cathedral Road
Cardiff
CF11 9HA
MITCHELL ASSOCIATES LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
1,074,984
Tangible assets
4
34,057
1,109,041
Current assets
Debtors
5
429,633
Cash at bank and in hand
122,865
552,498
Creditors: amounts falling due within one year
6
(423,976)
Net current assets
128,522
Net assets
1,237,563
Capital and reserves
Called up share capital
1,192,001
Profit and loss reserves
45,562
Total equity
1,237,563
MITCHELL ASSOCIATES LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 3 -

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 April 2025
Mr I R Mitchell
Director
Company registration number 15032124 (England and Wales)
MITCHELL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Mitchell Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Office Suite 3, 13 Cathedral Road, Cardiff, CF11 9HA.

1.1
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.

1.2
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and

provision of services in the ordinary course of the company’s activities. Turnover is shown net of VAT, returns, rebates and discounts.

 

The company recognises Turnover when:

The amount of Turnover can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to be reliably measured against generally accepted multipliers of turnover for a valuation perspective. The goodwill is compared to the businesses turnover and market multipliers annually for impairment.

1.4
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 or valuation of assets less their residual values over their useful lives on the following bases:

Office Equipment
5 years straight line
MITCHELL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
- 5 -

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

MITCHELL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
Number
Total
14
MITCHELL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 27 July 2023
-
0
Additions
1,074,984
At 31 July 2024
1,074,984
Amortisation and impairment
At 27 July 2023 and 31 July 2024
-
0
Carrying amount
At 31 July 2024
1,074,984
4
Tangible fixed assets
Office Equipment
£
Cost
At 27 July 2023
-
0
Additions
37,800
At 31 July 2024
37,800
Depreciation and impairment
At 27 July 2023
-
0
Depreciation charged in the year
3,743
At 31 July 2024
3,743
Carrying amount
At 31 July 2024
34,057
MITCHELL ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
428,628
Other debtors
1,005
429,633
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
28,923
Taxation and social security
123,810
Other creditors
271,243
423,976
7
Financial commitments, guarantees and contingent liabilities

The total amount of financial commitments not included in the balance sheet is £455,262.

 

This is made up of multiple property leases payable until the end of the lease terms.

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