Company registration number 01928863 (England and Wales)
MITRE CONSTRUCTION COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
MITRE CONSTRUCTION COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MITRE CONSTRUCTION COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,851
54,574
Current assets
Debtors
4
2,022,660
852,091
Cash at bank and in hand
1,274,155
1,247,944
3,296,815
2,100,035
Creditors: amounts falling due within one year
5
(1,902,766)
(1,121,568)
Net current assets
1,394,049
978,467
Total assets less current liabilities
1,428,900
1,033,041
Creditors: amounts falling due after more than one year
6
(3,227)
(15,302)
Provisions for liabilities
(6,359)
(9,565)
Net assets
1,419,314
1,008,174
Capital and reserves
Called up share capital
5,500
5,500
Capital redemption reserve
7,530
7,530
Profit and loss reserves
1,406,284
995,144
Total equity
1,419,314
1,008,174
MITRE CONSTRUCTION COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 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 profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
Mr E Salmon
Director
Company registration number 01928863 (England and Wales)
MITRE CONSTRUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information
Mitre Construction Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mitre House, 1e Hall Lane, Chingford, London, E4 8HH.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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:
Leasehold improvements
Straight line over 10 years
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
Straight line over 3 years
Motor vehicles
25% on 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
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.
MITRE CONSTRUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
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.
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
22
21
MITRE CONSTRUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
73,739
126,492
66,471
74,684
122,653
464,039
Additions
1,391
1,391
Disposals
(15,504)
(15,504)
At 31 March 2025
73,739
126,492
66,471
76,075
107,149
449,926
Depreciation and impairment
At 1 April 2024
73,739
119,362
66,045
73,934
76,385
409,465
Depreciation charged in the year
1,785
105
1,116
9,387
12,393
Eliminated in respect of disposals
(6,783)
(6,783)
At 31 March 2025
73,739
121,147
66,150
75,050
78,989
415,075
Carrying amount
At 31 March 2025
5,345
321
1,025
28,160
34,851
At 31 March 2024
7,130
426
750
46,268
54,574
Included within Motor Vehicles are assets held under Hire purchase agreements totalling £20,409. (March 2024: £20,409).
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,539,543
404,452
Amounts recoverable on contracts
84,105
67,501
Other debtors
364,355
346,272
Prepayments and accrued income
34,657
33,866
2,022,660
852,091
MITRE CONSTRUCTION COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Trade creditors
1,179,321
547,603
Taxation and social security
661,388
509,149
Other creditors
52,057
54,816
1,902,766
1,121,568
Bank loans and overdrafts, as they arise, are secured by a debenture over the assets of the company.
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,500
11,666
Other creditors
727
3,636
3,227
15,302
7
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases included in Other creditors:
£
£
Within one year
2,910
2,910
In two to five years
727
3,636
3,637
6,546
Assets held under hire purchase are secured over the relevant financed fixed asset.
8
Other financial commitments
As at 31 March 2025 the company had £103,959 (31 March 2024: £136,174) of other financial commitments that were contracted but not provided for in the financial statements.