Company registration number SC226015 (Scotland)
DOUGLAS F MITCHELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
DOUGLAS F MITCHELL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
DOUGLAS F MITCHELL LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DOUGLAS F MITCHELL LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Douglas F Mitchell Limited for the year ended 31 December 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the b oard of d irectors of Douglas F Mitchell Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Douglas F Mitchell Limited and state those matters that we have agreed to state to the b oard of d irectors of Douglas F Mitchell Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Douglas F Mitchell Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that Douglas F Mitchell Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Douglas F Mitchell Limited. You consider that Douglas F Mitchell 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 financial statements of Douglas F Mitchell 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 f inancial statements.

A.J.B. Scholes Ltd
Chartered Accountants
75 High Street
Laurencekirk
AB30 1BH
21 April 2026
DOUGLAS F MITCHELL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
754,287
524,325
Current assets
Stocks
12,654
15,234
Debtors
5
258,234
196,821
Cash at bank and in hand
6,374
25,845
277,262
237,900
Creditors: amounts falling due within one year
6
(242,468)
(278,481)
Net current assets/(liabilities)
34,794
(40,581)
Total assets less current liabilities
789,081
483,744
Creditors: amounts falling due after more than one year
7
(407,762)
(264,632)
Provisions for liabilities
8
(103,645)
(61,231)
Net assets
277,674
157,881
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
198,457
194,169
Profit and loss reserves
11
79,117
(36,388)
Total equity
277,674
157,881
DOUGLAS F MITCHELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
31 December 2025
- 3 -

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 21 April 2026 and are signed on its behalf by:
Mr D F Mitchell
Director
Company registration number SC226015 (Scotland)
DOUGLAS F MITCHELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
1
Accounting policies
Company information

Douglas F Mitchell Limited is a private company limited by shares incorporated in Scotland. The registered office is Archgrove, Station Road, Laurencekirk, Kincardineshire, AB30 1BE.

1.1
Basis of preparation

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 a mounts 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 freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been prepared on a going concern basis.true

The directors have considered that the company maintains an appropriate level of liquidity sufficient to meet the demands of the business. In addition, the company's assets are assessed for recoverability on a regular basis and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the company has resources to continue in operational existence for the foreseeable future and there are no material uncertainties that lead to significant doubt upon the company's ability to continue as a going concern. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT.

Revenue from contracts for the provision of haulage services is recognised by reference to the stage of completion.

1.4
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:

Land and buildings
2% straight line
Plant and equipment
20% straight line
Lorries
20% reducing balance
Computers
25% straight line
Motor vehicles
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.

DOUGLAS F MITCHELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

1.8
Financial instruments

The following assets and liabilities are classified as financial instruments, bank, trade debtors, trade creditors, bank loans and loans to and from related parties. Cash at bank in the balance sheet is held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to the supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the profit and loss account. Bank loans are measured at the discounted amounts due. Loans to and from related parties are measured at the undiscounted amounts receivable and payable.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DOUGLAS F MITCHELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.11
Leases
As lessee

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 lease s asset are consumed.

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.

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:

2025
2024
Number
Number
Total
11
13
DOUGLAS F MITCHELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2025
300,000
597,888
897,888
Additions
-
0
293,187
293,187
Disposals
-
0
(32,150)
(32,150)
At 31 December 2025
300,000
858,925
1,158,925
Depreciation and impairment
At 1 January 2025
-
0
373,563
373,563
Depreciation charged in the year
6,001
63,225
69,226
Eliminated in respect of disposals
-
0
(32,150)
(32,150)
Revaluation
(6,001)
-
0
(6,001)
At 31 December 2025
-
0
404,638
404,638
Carrying amount
At 31 December 2025
300,000
454,287
754,287
At 31 December 2024
300,000
224,325
524,325

Land and buildings with a carrying amount of £300,000 were revalued at 28 June 2019 by J + E Shepherd, Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors are of the opinion that the fair value of the land & buildings at the current balance sheet date was £300,000.

The revaluation surplus is disclosed in note 10.

If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2025
2024
£
£
Cost
214,361
214,361
Accumulated depreciation
(118,047)
(113,759)
Carrying value
96,314
100,602
DOUGLAS F MITCHELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
192,107
173,666
Other debtors
66,127
23,155
258,234
196,821
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
11,395
15,500
Trade creditors
26,593
19,040
Taxation and social security
19,311
40,854
Other creditors
185,169
203,087
242,468
278,481

Creditors falling due within one year include liabilities of £139,828 (2024: £76,776) in respect of finance leases which are secured over the related fixed assets.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
164,762
178,522
Other creditors
243,000
86,110
407,762
264,632
Creditors which fall due after five years are payable as follows:
Payable by instalments
100,000
145,000

Creditors falling due after more than one year include liabilities of £243,000 (2024: £86,110) in respect of finance leases which are secured over the related fixed assets.

The Royal Bank of Scotland PLC holds a floating charge over the assets of the company. It also has security over property at Archgrove, Station Road, Laurencekirk. There is a personal guarantee for the amount of £124,000 from the directors of the company to the Royal Bank Of Scotland.

8
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
103,645
61,231
DOUGLAS F MITCHELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Revaluation reserve
2025
2024
£
£
At the beginning of the year
194,169
189,881
Revaluation surplus arising in the year
6,001
6,001
Transfer to retained earnings
(1,713)
(1,713)
At the end of the year
198,457
194,169
11
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
(36,388)
(124,054)
Profit for the year
113,792
85,953
Transfer from revaluation reserve
1,713
1,713
At the end of the year
79,117
(36,388)
12
Directors' transactions

The directors' loans are interest free and have no fixed repayment terms.

Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
DF/RB Mitchell
-
9,647
10,283
(9,647)
10,283
CD Mitchell
-
-
24,168
-
24,168
9,647
34,451
(9,647)
34,451
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