James Mitchell & Son Ltd. - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC271832 (Scotland)

Financial Statements for the Year Ended 31 March 2022

for

James Mitchell & Son Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTORS:

Mr J Mitchell

Mr A W Mitchell

SECRETARY:

REGISTERED OFFICE:

AFM House

6 Crofthead Road

Prestwick

Ayrshire

KA9 1BR

REGISTERED NUMBER:

SC271832 (Scotland)

ACCOUNTANTS:

Colin McNally B.A. Hon's; F.C.M.A

Parris and McNally Limited

6 Crofthead Road

Prestwick

Ayrshire

KA9 1HW

FIXED ASSETS

Tangible assets

4

183,482

152,769

Herd basis

5

59,413

58,757

242,895

211,526

CURRENT ASSETS

Stocks

6

61,850

61,910

Debtors

7

15,510

13,266

Cash at bank

964,236

856,148

1,041,596

931,324

CREDITORS

Amounts falling due within one year

8

(924,295

)

(879,011

)

NET CURRENT ASSETS

117,301

52,313

TOTAL ASSETS LESS CURRENT LIABILITIES

360,196

263,839

PROVISIONS FOR LIABILITIES

9

(24,085

)

(24,085

)

NET ASSETS

336,111

239,754

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

336,011

239,654

SHAREHOLDERS' FUNDS

336,111

239,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 21 December 2022 and were signed on its behalf by:

Mr J Mitchell - Director

1.	STATUTORY INFORMATION

James Mitchell & Son Ltd. 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents the net invoiced sale of livestock, wool and subsidies received from government agencies.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Tractors

-

25% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - 2 ).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2021

160,336

222,477

550

Additions

-

15,989

-

At 31 March 2022

160,336

238,466

550

DEPRECIATION

At 1 April 2021

150,255

114,660

550

Charge for year

1,120

19,438

-

At 31 March 2022

151,375

134,098

550

NET BOOK VALUE

At 31 March 2022

8,961

104,368

-

At 31 March 2021

10,081

107,817

-

Motor

vehicles

Tractors

Totals

£

£

£

COST

At 1 April 2021

30,745

28,000

442,108

Additions

-

44,000

59,989

At 31 March 2022

30,745

72,000

502,097

DEPRECIATION

At 1 April 2021

7,686

16,188

289,339

Charge for year

5,765

2,953

29,276

At 31 March 2022

13,451

19,141

318,615

NET BOOK VALUE

At 31 March 2022

17,294

52,859

183,482

At 31 March 2021

23,059

11,812

152,769

5.	HERD BASIS

Herd

basis

£

COST

At 1 April 2021

58,757

Additions

3,696

Disposals

(3,040

)

At 31 March 2022

59,413

NET BOOK VALUE

At 31 March 2022

59,413

At 31 March 2021

58,757

6.

STOCKS

31.3.22

31.3.21

£

£

Stocks

61,850

61,910

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

VAT

12,951

10,336

Prepayments

2,559

2,930

15,510

13,266

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

83,831

24,225

Tax

15,273

23,657

Social security and other taxes

255

515

Directors' loan accounts

818,609

824,094

Accrued expenses

6,327

6,520

924,295

879,011

9.	PROVISIONS FOR LIABILITIES

31.3.22

31.3.21

£

£

Deferred tax

24,085

24,085

Deferred

tax

£

Balance at 1 April 2021

24,085

Balance at 31 March 2022

24,085

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

100

Ordinary

100

100

100

11.

RESERVES

Retained

earnings

£

At 1 April 2021

239,654

Profit for the year

96,357

At 31 March 2022

336,011

12.	RELATED PARTY DISCLOSURES

At 31st March 2022 the company owed Mr J Mitchell (Director) £409,570 (2021: £412,027). This loan is interest free, has no fixed date for repayment and is included in creditors.

At 31st March 2022 the company owed Mr A W Mitchell (Director) £409,570 (2021: £412,027). This loan is interest free, has no fixed date for repayment and is included in creditors.

13.	ULTIMATE CONTROLLING PARTY

James Mitchell Limited was under the ultimate control of Mr James Mitchell and Mr Alan Mitchell (Directors) for the whole of the year to 31st March 2021.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Mitchell & Son Ltd for the year ended 31st March 2021 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of James Mitchell & Son Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of James Mitchell & Son Ltd and state those matters that we have agreed to state to the Board of Directors of James Mitchell & Son Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

You have acknowledged on the Balance Sheet as at 31st March 2021 your duty to ensure that the company 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 James Mitchell & Son Ltd. You consider that James Mitchell & Son Ltd 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 James Mitchell & Son Ltd. 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 financial statements.

Colin McNally B.A. Hon's; F.C.M.A

Parris and McNally Limited

6 Crofthead Road

Prestwick

Ayrshire

KA9 1HW

Date: .............................................