Company registration number 00340981 (England and Wales)
J A MITCHELL (SALISBURY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
J A MITCHELL (SALISBURY) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
J A MITCHELL (SALISBURY) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Non-current assets
Investment property
5
510,000
510,000
Current assets
Trade and other receivables
6
2,695
2,760
Cash and cash equivalents
151,357
138,281
154,052
141,041
Current liabilities
7
(19,404)
(14,931)
Net current assets
134,648
126,110
Total assets less current liabilities
644,648
636,110
Provisions for liabilities
(25,931)
(14,804)
Net assets
618,717
621,306
Equity
Called up share capital
9
2,352
2,352
Non-distributable profits reserve
10
206,506
225,366
Distributable retained earnings
409,859
393,588
Total equity
618,717
621,306
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their 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 directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
Mrs H V Thain
Director
Company registration number 00340981 (England and Wales)
J A MITCHELL (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
J A Mitchell (Salisbury) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 The Clarendon Centre, Salisbury Business Park, Dairy Meadow Lane, Salisbury, Wiltshire, SP1 2TJ.
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, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover represents rents and service charges receivable, excluding value added tax.
1.3
Property, plant and equipment
Property, plant and equipment 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:
Fixtures, fittings & equipment
25% Reducing balance
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement and statement of comprehensive income.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as property, plant and equipment.
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, 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.
J A MITCHELL (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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 statement of financial position 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 trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs.
Other financial assets
Other financial assets are measured at fair value, which is normally the transaction price.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The impairment reversal is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are recognised at transaction price.
Trade payables 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 payables are recognised initially at transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
J A MITCHELL (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
1,700
Depreciation and impairment
At 1 January 2024 and 31 December 2024
1,700
Carrying amount
At 31 December 2024
At 31 December 2023
J A MITCHELL (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
510,000
The fair value of the investment property has been arrived at on the basis of informal valuations provided in February and March 2022 by Myddelton & Major, Chartered Surveyors. The valuations were made on an open market value basis by reference to market evidence for similar properties.
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,250
1,250
Other receivables
1,445
1,510
2,695
2,760
7
Current liabilities
2024
2023
£
£
Corporation tax
5,789
5,661
Other taxation and social security
579
515
Other payables
13,036
8,755
19,404
14,931
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
25,931
14,804
2024
Movements in the year:
£
Liability at 1 January 2024
14,804
Charge to profit or loss
11,127
Liability at 31 December 2024
25,931
J A MITCHELL (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Deferred taxation
(Continued)
- 6 -
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2,352
2,352
2,352
2,352
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
225,366
225,366
Non distributable profits in the year
(18,860)
-
At the end of the year
206,506
225,366
11
Control
The company is controlled by its two directors, Mrs P J Rounds and Mrs H V Thain.
12
Prior period adjustment
The prior year financial statements have been restated, in previous years the investment properties have been revalued through a separate fair value reserve and as a result the gain/ loss on revaluation has not been correctly reflected through the profit or loss account.
An adjustment has been made to reclassify the fair value reserve as non distributable retained earnings for a clearer understanding of the financial statements.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Analysis of the effect upon equity
Revaluation reserve
-
(225,366)
Retained earnings
-
225,366
-
-