REGISTERED NUMBER: SC259330 (Scotland)

Financial Statements for the Year Ended 31 March 2025

for

Mitchell's Stores Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I Mitchell

Mrs A Mitchell

SECRETARY:

Mr I Mitchell

REGISTERED OFFICE:

84 Mill O'Shield Road

Drongan

Ayrshire

KA6 7AY

REGISTERED NUMBER:

SC259330 (Scotland)

FIXED ASSETS

Intangible assets

4

9,870

9,870

Tangible assets

5

472,976

398,978

482,846

408,848

CURRENT ASSETS

Stocks

177,159

188,256

Debtors

6

7,177

3,539

Cash at bank and in hand

535,007

423,622

719,343

615,417

CREDITORS

Amounts falling due within one year

7

303,907

285,932

NET CURRENT ASSETS

415,436

329,485

TOTAL ASSETS LESS CURRENT LIABILITIES

898,282

738,333

CREDITORS

Amounts falling due after more than one year

8

-

(12,877

)

PROVISIONS FOR LIABILITIES

(33,367

)

(34,363

)

NET ASSETS

864,915

691,093

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

864,913

691,091

SHAREHOLDERS' FUNDS

864,915

691,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Mr I Mitchell - Director

1.	STATUTORY INFORMATION

Mitchell's Stores Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Inventories

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories have been valued at the lower of cost and estimated selling price less costs to sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2024 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

47,000

AMORTISATION

At 1 April 2024

and 31 March 2025

37,130

NET BOOK VALUE

At 31 March 2025

9,870

At 31 March 2024

9,870

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

269,506

215,061

484,567

Additions

80,486

15,945

96,431

At 31 March 2025

349,992

231,006

580,998

DEPRECIATION

At 1 April 2024

12,173

73,416

85,589

Charge for year

1,739

20,694

22,433

At 31 March 2025

13,912

94,110

108,022

NET BOOK VALUE

At 31 March 2025

336,080

136,896

472,976

At 31 March 2024

257,333

141,645

398,978

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

223

223

Other debtors

6,954

3,316

7,177

3,539

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

449

608

Trade creditors

97,259

146,353

Taxation and social security

114,814

77,134

Other creditors

91,385

61,837

303,907

285,932

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Other creditors

-

12,877

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank overdrafts

449

608

The company has provided a standard security over its heritable property at 76 Mill O' Shield Road, Drongan and a bond & floating charge over its assets in respect of any borrowings it may have with The Royal Bank of Scotland. Vehicles being acquired under hire purchase agreements form the security under the agreements.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

2

Ordinary Shares

£1

2

2