Mitchell Interflex Limited 02724470 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the manufacture, processing and merchanting of textiles and leisure goods. Digita Accounts Production Advanced 6.30.9574.0 true true true 02724470 2023-09-01 2024-08-31 02724470 2024-08-31 02724470 core:RetainedEarningsAccumulatedLosses 2024-08-31 02724470 core:ShareCapital 2024-08-31 02724470 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 02724470 core:CurrentFinancialInstruments 2024-08-31 02724470 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02724470 core:Non-currentFinancialInstruments 2024-08-31 02724470 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 02724470 core:OtherResidualIntangibleAssets 2024-08-31 02724470 core:FurnitureFittingsToolsEquipment 2024-08-31 02724470 core:LandBuildings 2024-08-31 02724470 core:MotorVehicles 2024-08-31 02724470 bus:SmallEntities 2023-09-01 2024-08-31 02724470 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02724470 bus:FilletedAccounts 2023-09-01 2024-08-31 02724470 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02724470 bus:RegisteredOffice 2023-09-01 2024-08-31 02724470 bus:Director1 2023-09-01 2024-08-31 02724470 bus:Director2 2023-09-01 2024-08-31 02724470 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02724470 bus:Agent1 2023-09-01 2024-08-31 02724470 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 02724470 core:Buildings 2023-09-01 2024-08-31 02724470 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 02724470 core:LandBuildings 2023-09-01 2024-08-31 02724470 core:MotorVehicles 2023-09-01 2024-08-31 02724470 core:PlantMachinery 2023-09-01 2024-08-31 02724470 1 2023-09-01 2024-08-31 02724470 countries:EnglandWales 2023-09-01 2024-08-31 02724470 2023-08-31 02724470 core:OtherResidualIntangibleAssets 2023-08-31 02724470 core:FurnitureFittingsToolsEquipment 2023-08-31 02724470 core:LandBuildings 2023-08-31 02724470 core:MotorVehicles 2023-08-31 02724470 2022-09-01 2023-08-31 02724470 2023-08-31 02724470 core:RetainedEarningsAccumulatedLosses 2023-08-31 02724470 core:ShareCapital 2023-08-31 02724470 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 02724470 core:CurrentFinancialInstruments 2023-08-31 02724470 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02724470 core:Non-currentFinancialInstruments 2023-08-31 02724470 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 02724470 core:OtherResidualIntangibleAssets 2023-08-31 02724470 core:FurnitureFittingsToolsEquipment 2023-08-31 02724470 core:LandBuildings 2023-08-31 02724470 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 02724470

Mitchell Interflex Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Mitchell Interflex Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Mitchell Interflex Limited

Company Information

Directors

Mr A B Mitchell

Mr L J Mitchell

Registered office

County Brook Mill
Foulridge
Colne
Lancashire
BB8 7LT

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mitchell Interflex Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mitchell Interflex Limited for the year ended 31 August 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Mitchell Interflex Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mitchell Interflex Limited. You consider that Mitchell Interflex 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 accounts of Mitchell Interflex 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 accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

28 May 2025

 

Mitchell Interflex Limited

(Registration number: 02724470)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

38,840

38,840

Tangible assets

5

327,252

338,126

 

366,092

376,966

Current assets

 

Stocks

6

861,919

1,083,194

Debtors

7

985,566

1,240,493

Cash at bank and in hand

 

27,777

34,326

 

1,875,262

2,358,013

Creditors: Amounts falling due within one year

8

(826,158)

(1,214,259)

Net current assets

 

1,049,104

1,143,754

Total assets less current liabilities

 

1,415,196

1,520,720

Creditors: Amounts falling due after more than one year

8

(12,500)

(22,500)

Provisions for liabilities

(79,773)

(80,186)

Net assets

 

1,322,923

1,418,034

Capital and reserves

 

Called up share capital

480,000

480,000

Retained earnings

842,923

938,034

Shareholders' funds

 

1,322,923

1,418,034

For the financial year ending 31 August 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 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.

 

Mitchell Interflex Limited

(Registration number: 02724470)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
Mr A B Mitchell
Director

.........................................
Mr L J Mitchell
Director

 

Mitchell Interflex Limited

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

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:
County Brook Mill
Foulridge
Colne
Lancashire
BB8 7LT

These financial statements were authorised for issue by the Board on 28 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue 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.

 

Mitchell Interflex Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

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

Plant and machinery

10% - 33.3% on cost

Motor vehicles

25% on cost

Alterations to leasehold premises

10% on cost

Intangible assets

Intangible assets are initially recognised as an asset at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Mitchell Interflex Limited

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

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

Software

25% on cost

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.

Trade 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.

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 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Mitchell Interflex Limited

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

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.

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.

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.

 

Mitchell Interflex Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 29 (2023 - 33).

4

Intangible assets

Software
£

Total
£

Cost or valuation

At 1 September 2023

38,840

38,840

At 31 August 2024

38,840

38,840

Amortisation

Carrying amount

At 31 August 2024

38,840

38,840

At 31 August 2023

38,840

38,840

 

Mitchell Interflex Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

30,942

2,293,970

190,883

2,515,795

Additions

-

11,868

84,942

96,810

Disposals

-

-

(101,562)

(101,562)

At 31 August 2024

30,942

2,305,838

174,263

2,511,043

Depreciation

At 1 September 2023

16,561

2,021,306

139,802

2,177,669

Charge for the year

2,457

63,456

25,255

91,168

Eliminated on disposal

-

-

(85,046)

(85,046)

At 31 August 2024

19,018

2,084,762

80,011

2,183,791

Carrying amount

At 31 August 2024

11,924

221,076

94,252

327,252

At 31 August 2023

14,381

272,664

51,081

338,126

Included within the net book value of land and buildings above is £11,924 (2023 - £14,381) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

861,919

1,083,194

 

Mitchell Interflex Limited

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

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

759,187

1,127,166

Amounts owed by group undertakings and undertakings in which the company has a participating interest

57,214

55,696

Prepayments

 

165,367

57,631

Other debtors

 

3,798

-

 

985,566

1,240,493

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

38,160

13,802

Trade creditors

 

456,283

692,624

Taxation and social security

 

50,948

122,937

Accruals and deferred income

 

43,005

86,776

Other creditors

 

237,762

298,120

 

826,158

1,214,259

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,500

22,500

 

Mitchell Interflex Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,500

22,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

28,160

3,802

38,160

13,802

Skipton Business Finance Ltd loan is secured on a fixed and floating charge on the company's assets. The finance leases are secured on the assets concerned.

10

Parent and ultimate parent undertaking

The company's immediate parent is County Brook Limited, incorporated in England and Wales.