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Registered number: 07685656
T Mitchell & Co Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Daverns
Chartered Accountants
Hardy House
Northbridge Road
Berkhamsted
Herts
HP4 1EF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07685656
30 June 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,097,064 1,131,267
1,097,064 1,131,267
CURRENT ASSETS
Debtors 6 79,981 113,914
Cash at bank and in hand 778,967 563,895
858,948 677,809
Creditors: Amounts Falling Due Within One Year 7 (142,878 ) (220,964 )
NET CURRENT ASSETS (LIABILITIES) 716,070 456,845
TOTAL ASSETS LESS CURRENT LIABILITIES 1,813,134 1,588,112
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (21,204 ) (29,755 )
NET ASSETS 1,791,930 1,558,357
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 1,791,920 1,558,347
SHAREHOLDERS' FUNDS 1,791,930 1,558,357
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Page 2
For the year ending 30 June 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Adrian Mitchell
Director
28th April 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
T Mitchell & Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07685656 . The registered office is Hardy House , Northbridge Road , Berkhamsted , Herts , HP4 1EF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of four years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost excluding land
Plant & Machinery 25%on reducing balance
Fixtures & Fittings 25% on reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company contibutes to a work place pension scheme (NEST) in line with its obligations under auto enrolement. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
30 June 2024 30 June 2023
Director 1 1
Employees 1 1
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 185,250
As at 30 June 2024 185,250
Amortisation
As at 1 July 2023 185,250
As at 30 June 2024 185,250
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 July 2023 1,012,247 435,370 4,334 1,451,951
Additions - - 639 639
Disposals - (78,750 ) - (78,750 )
As at 30 June 2024 1,012,247 356,620 4,973 1,373,840
Depreciation
As at 1 July 2023 - 317,390 3,294 320,684
Provided during the period - 27,852 420 28,272
Disposals - (72,180 ) - (72,180 )
As at 30 June 2024 - 273,062 3,714 276,776
Net Book Value
As at 30 June 2024 1,012,247 83,558 1,259 1,097,064
As at 1 July 2023 1,012,247 117,980 1,040 1,131,267
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
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6. Debtors
30 June 2024 30 June 2023
£ £
Due within one year
Trade debtors 68,163 101,033
Prepayments and accrued income 11,818 12,881
79,981 113,914
7. Creditors: Amounts Falling Due Within One Year
30 June 2024 30 June 2023
£ £
Trade creditors 2,429 10,768
Corporation tax 95,215 108,574
Other taxes and social security 33,537 64,208
Other creditors 236 1,978
Accruals and deferred income 10,447 10,007
Director's loan account 1,014 25,429
142,878 220,964
8. Deferred Taxation
The provision for deferred tax is made up as follows:
30 June 2024 30 June 2023
£ £
Other timing differences 21,204 29,755
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 29,755 29,755
Reversals (8,551 ) (8,551)
Balance at 30 June 2024 21,204 21,204
10. Share Capital
30 June 2024 30 June 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
30 June 2024 30 June 2023
£ £
Mr Adrian Mitchell 17,000 28,695
Page 5