Accounts filed on 28-02-2022

Accounts filed on 28-02-2022

REFRIGERATION (MITTON) LIMITED - Company Information

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02468944falserefrigeration engineers and distributors and suppliers of air-conditioning and refrigeration equipment2021-03-012022-02-28http://www.companieshouse.gov.uk/2021-02-28http://www.companieshouse.gov.uk/pt:ShareCapital2021-02-28http://www.companieshouse.gov.uk/cd:Director12021-03-012022-02-28http://www.companieshouse.gov.uk/pt:ShareCapital2022-02-28http://www.companieshouse.gov.uk/cd:Director22021-03-012022-02-28http://www.companieshouse.gov.uk/cd:Director32021-03-012022-02-28http://www.companieshouse.gov.uk/cd:Director42021-03-012022-02-28http://www.companieshouse.gov.uk/cd:RegisteredOffice2021-03-012022-02-28http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2021-03-012022-02-28http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2022-02-28http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2021-02-28http://www.companieshouse.gov.uk/2021-03-012022-02-28http://www.companieshouse.gov.uk/2021-02-28http://www.companieshouse.gov.uk/cd:FRS1022021-03-012022-02-28http://www.companieshouse.gov.uk/2022-02-28http://www.companieshouse.gov.uk/cd:FullAccounts2021-03-012022-02-28http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2021-03-012022-02-28iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 02468944
Refrigeration (Mitton) Limited
ACCOUNTS
FOR THE YEAR ENDED 28/02/2022
Prepared By:
NB Lancaster & Co
Chartered Accountants
6 Brunswick Street
Carlisle
Cumbria
CA1 1PN
Refrigeration (Mitton) Limited
ACCOUNTS
FOR THE YEAR ENDED 28/02/2022
DIRECTORS
Mrs W Mitton
G F B Mitton
A D C Mitton
B J S Mitton
SECRETARY
Mrs W Mitton
REGISTERED OFFICE
91 Blackdyke Road
Kingstown Industrial Estate
Carlisle
CA3 0PJ
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 02468944
BANKERS
National Westminster Bank plc
ACCOUNTANTS
NB Lancaster & Co
Chartered Accountants
6 Brunswick Street
Carlisle
Cumbria
CA1 1PN
Refrigeration (Mitton) Limited
ACCOUNTS
FOR THEYEARENDED28/02/2022
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Refrigeration (Mitton) Limited
BALANCE SHEET AT 28/02/2022
20222021
Notes££
FIXED ASSETS
Tangible assets260,53540,423
CURRENT ASSETS
Stock60,30054,490
Debtors4245,784275,027
Cash at bank and in hand32,17819,828
338,262349,345
CREDITORS: Amounts falling due within one year5175,685138,415
NET CURRENT ASSETS162,577210,930
TOTAL ASSETS LESS CURRENT LIABILITIES223,112251,353
CREDITORS: Amounts falling due after more than one year6102,368101,230
NET ASSETS120,744150,123
CAPITAL AND RESERVES
Called up share capital165,010165,010
Profit and loss account(44,266)(14,887)
SHAREHOLDERS' FUNDS120,744150,123
For the year ending 28/02/2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 14/11/2022 and signed on their behalf by
.............................
A D C Mitton
Director
Refrigeration (Mitton) Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28/02/2022
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant, Machinery and Equipmentreducing balance 10%
Commercial Vehiclesreducing balance 25%
1c. Stocks
Stocks are valued at the lower of cost and net estimated selling price less selling costs. Cost is based on average cost.
For work in progress, cost is taken as the production cost which includes a proportion of attributable overheads.
1d. Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
1e. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1f. Government Grants
Government grants offering immediate financial assistance in relation to Covid 19 are recognised in profit and loss in the year in which they are received.
Refrigeration (Mitton) Limited
1g. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. Turnover is recognised upon the despatch of goods and upon the provision of services.
1h. Leases
Assets held under hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The related obligations, net of finance charges, are included in creditors. The interest element of payments is charged to the profit and loss account over the period of the agreement. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
2. TANGIBLE FIXED ASSETS
Plant Machinery andCommercial
EquipmentVehiclesTotal
£££
Cost
At 01/03/2021149,28712,599161,886
Additions-34,09534,095
At 28/02/2022149,28746,694195,981
Depreciation
At 01/03/2021118,3133,150121,463
For the year3,09710,88613,983
At 28/02/2022121,41014,036135,446
Net Book Amounts
At 28/02/202227,87732,65860,535
At 28/02/202130,9749,44940,423
3. STOCK 20222021
££
Stock comprises:
Stock - Sales Department7,6004,250
Stock - Service Department52,70050,240
60,30054,490
Refrigeration (Mitton) Limited
4. DEBTORS 20222021
££
Amounts falling due within one year
Trade debtors77,281114,930
UK corporation tax6,571-
Other debtors5,5005,500
Amounts due from group companies152,543143,433
Prepayments3,88911,164
245,784275,027
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20222021
££
UK corporation tax-3,500
VAT11,81414,896
Other tax and social security costs3,5747,571
Directors current account1,0001,000
Bank loans and overdrafts-18,667
Bank loan22,09920,687
Hire purchase8,6812,885
Trade creditors122,01762,709
Accruals and Deferred Income6,5006,500
175,685138,415
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20222021
££
Bank loans (unsecured) >1yr40,46145,833
Bank loans (secured) >1yr34,56548,185
Hire purchase >1yr27,3427,212
102,368101,230
Refrigeration (Mitton) Limited
7. SECURED CREDITORS
20222021
££
Amount of bank loans and overdrafts which are secured51,10983,372
Amount of other creditors which are secured36,02410,097
The bank overdraft is secured by way of a fixed and floating charge over the assets of the company. The bank loan is secured by way of a personal guarantee from a director. Hire purchase creditors are secured on the assets to which the liabilities relate.
8. EMPLOYEES
20222021
No.No.
Average number of employees1010
9. RELATED PARTY TRANSACTIONS
During the year total dividends of £21,461 (2021 - £18,361) were paid to a director.Total salaries of £24,746 were paid to the directors during the year (2021 - £24,610).
At the balance sheet date total loans of £1,000 (2021 - £1,000) were owed by the company to the directors. The loans are unsecured, interest free and repayable on demand.
At the balance sheet date a loan of £152,543 (2021 - £143,433) was owed to the company by its parent undertaking, Mitton Refrigeration Ltd. The loan is interest free, unsecured and repayable on demand.
10. GUARANTEES AND OTHER FINANCIAL COMMITMENTS
The company had total outstanding commitments under operating lease of £14,000 at the balance sheet date.
11. ADDITIONAL INFORMATION
The company is a private company, limited by shares and registered in England & Wales.
The company's registered number is 02468944.
The company's registered office is 91 Blackdyke Road, Kingstown Industrial Estate, Carlisle, CA3 0PJ.