Mitchell and Dickinson Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07217073 (England and Wales)

MITCHELL AND DICKINSON LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Report of the Directors

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M Mitchell

P Dickinson

T J Coles

REGISTERED OFFICE:

37 Mill Street

Bideford

DEVON

EX39 2JJ

REGISTERED NUMBER:

07217073 (England and Wales)

ACCOUNTANTS:

Jane Maynard Limited

T/A Maynard Johns

37 Mill Street

Bideford

DEVON

EX39 2JJ

The directors present their report with the financial statements of the company for the year ended 31 March 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report.

M Mitchell

P Dickinson

T J Coles

The Directors are pleased to report that despite the difficulties of COVID 19 including 3 periods of lockdown which brought significant restrictions in operational capacity , the company performance improved year on year with sales of £1.159m up by £44k on the previous year. Gross profit grew to 35.52% compared with 24.91% in the prior year and with stable overheads which came in slightly lower than the year before, the company reduced its overall annual trading loss significantly in this most challenging pandemic year with at least one quarter's trading at almost breakeven.

The market for insulation continues to accelerate with energy saving measures now being a significant part of our national strategy against climate change. We are very well positioned as experts in the premium and difficult to treat period and listed retrofit market, with a fast growing operational footprint across the south of England.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

T J Coles - Director

16 June 2021

FIXED ASSETS

Tangible assets

4

19,766

14,229

CURRENT ASSETS

Stocks

25,744

21,710

Debtors

177,904

101,511

Cash at bank

334,877

69,053

538,525

192,274

CREDITORS

Amounts falling due within one year

(775,744

)

(411,728

)

NET CURRENT LIABILITIES

(237,219

)

(219,454

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(217,453

)

(205,225

)

CREDITORS

Amounts falling due after more than one year

5

(111,667

)

(70,000

)

NET LIABILITIES

(329,120

)

(275,225

)

CAPITAL AND RESERVES

Called up share capital

2,021

1,964

Share premium

304,409

284,716

Retained earnings

(635,550

)

(561,905

)

SHAREHOLDERS' FUNDS

(329,120

)

(275,225

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 16 June 2021 and were signed on its behalf by:

T J Coles - Director

1.	STATUTORY INFORMATION

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

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.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost, 15% on cost and 10% on cost

Stocks

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The directors have assessed the company's financial position as well as considered the future sales expectation. They have concluded that, with their continued support, the company will be able to trade for a period of at least eighteen months from the balance sheet date. They therefore consider that the going concern basis has been correctly applied.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2020 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

63,809

Additions

14,249

At 31 March 2021

78,058

DEPRECIATION

At 1 April 2020

49,580

Charge for year

8,712

At 31 March 2021

58,292

NET BOOK VALUE

At 31 March 2021

19,766

At 31 March 2020

14,229

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

as restated

£

£

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

70,000

70,000

Repayable by instalments

Bank loans more 5 yr by instal

1,667

-

6.	RELATED PARTY DISCLOSURES

During the year, a loan of £8,614 was made to The Period and Listed Retrofit Academy Ltd, a company under common control. The balance outstanding at the year end was £354. The loan is interest-free with no fixed date for repayment.

7.	GOING CONCERN

The directors have assessed the company's financial position as well as considered the future sales expectation. They have concluded that, with their continued support, the company will be able to trade for a period of at least eighteen months from the balance sheet date. They therefore consider that the going concern basis has been correctly applied.