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Registration number: 00792890

Mortimer's (Yeovil) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Mortimer's (Yeovil) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Mortimer's (Yeovil) Limited

(Registration number: 00792890)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

6,000

6,500

Tangible assets

5

1,194,524

1,006,778

Other financial assets

6

88

88

 

1,200,612

1,013,366

Current assets

 

Stocks

7

31,945

19,364

Debtors

8

105,559

106,487

Cash at bank and in hand

 

2,480

2,244

 

139,984

128,095

Creditors: Amounts falling due within one year

9

(341,220)

(215,143)

Net current liabilities

 

(201,236)

(87,048)

Total assets less current liabilities

 

999,376

926,318

Creditors: Amounts falling due after more than one year

9

(151,193)

(68,680)

Provisions for liabilities

(165,837)

(117,033)

Net assets

 

682,346

740,605

Capital and reserves

 

Called up share capital

3,844

3,844

Capital redemption reserve

1,000

1,000

Revaluation reserve

495,268

495,268

Retained earnings

182,234

240,493

Shareholders' funds

 

682,346

740,605

 

Mortimer's (Yeovil) Limited

(Registration number: 00792890)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

R J Mortimer
Director

   
     
 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Motivo House
Alvington
Yeovil
Somerset
BA20 2FG
England

These financial statements were authorised for issue by the Board on 22 May 2025.

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 company, and rounded to the nearest £.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land, freehold

Nil

Buildings, freehold

Straight line over 50 years

Land and buildings, leasehold

Straight line over term of lease

Plant and machinery

15% reducing balance

Office equipment

25% straight line method

Motor vehicles

25% reducing balance or term of lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 stocks 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.

Creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 37 (2024 - 37).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2024

10,000

10,000

At 31 March 2025

10,000

10,000

Amortisation

At 1 April 2024

3,500

3,500

Amortisation charge

500

500

At 31 March 2025

4,000

4,000

Carrying amount

At 31 March 2025

6,000

6,000

At 31 March 2024

6,500

6,500

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5

Tangible assets

Land and buildings
£

Other property, plant and equipment
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

930,685

1,496,228

53,594

131,850

2,612,357

Additions

-

236,613

-

-

236,613

Disposals

-

-

-

(22,500)

(22,500)

At 31 March 2025

930,685

1,732,841

53,594

109,350

2,826,470

Depreciation

At 1 April 2024

80,685

1,397,317

53,188

74,389

1,605,579

Charge for the year

-

24,782

228

11,201

36,211

Eliminated on disposal

-

-

-

(9,844)

(9,844)

At 31 March 2025

80,685

1,422,099

53,416

75,746

1,631,946

Carrying amount

At 31 March 2025

850,000

310,742

178

33,604

1,194,524

At 31 March 2024

850,000

98,911

406

57,461

1,006,778

Revaluation
The fair value of the company's freehold building was revalued on 31 March 2020.

Included within the net book value of land and buildings above is £850,000 (2024 - £850,000) in respect of freehold land and buildings.
 

6

Other financial assets (current and non-current)

2025
£

2024
£

Non-current financial assets

Financial assets at cost less impairment

88

88

7

Stocks

2025
£

2024
£

Finished goods and goods for resale

31,945

19,364

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Debtors

2025
£

2024
£

Trade debtors

84,674

78,124

Other debtors

5,089

11,178

Prepayments

15,796

17,185

105,559

106,487

9

Creditors

Due within one year

Note

2025
£

2024
£

 

Loans and borrowings

10

193,705

85,995

Trade creditors

 

64,352

65,066

Social security and other taxes

 

8,836

8,266

Other creditors

 

36,471

7,130

Accruals

 

37,734

40,899

Corporation tax liability

122

7,787

 

341,220

215,143

Due after one year

 

Loans and borrowings

10

151,193

68,680

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

23,198

28,927

Finance lease liabilities

127,995

39,753

151,193

68,680

Included within non-current loans and borrowings are secured finance lease liabilities of £127,995 (2023: £39,753). The liabilities are secured against the underlying assets.

Current loans and borrowings

2025
£

2024
£

Bank borrowings

5,567

5,405

Bank overdrafts

131,545

57,477

Finance lease liabilities

56,593

23,113

193,705

85,995

Included within current loans and borrowings are secured finance lease liabilities of £56,593 (2023: £23,113). The liabilities are secured against the underlying assets.

 

Mortimer's (Yeovil) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

11

Related party transactions

Loans to related parties

2025

Key management
£

Total
£

At start of period

4,718

4,718

Advanced

65

65

Repaid

(4,783)

(4,783)

At end of period

-

-

2024

Key management
£

Total
£

At start of period

1,061

1,061

Advanced

6,577

6,577

Repaid

(2,920)

(2,920)

At end of period

4,718

4,718

Loans from related parties

2025

Key management
£

Total
£

At start of period

5,263

5,263

Advanced

47,000

47,000

Repaid

(18,008)

(18,008)

At end of period

34,255

34,255

2024

Key management
£

Total
£

At start of period

5,393

5,393

Repaid

(130)

(130)

At end of period

5,263

5,263