Accounts filed on 28-02-2021

Accounts filed on 28-02-2021

REFRIGERATION (MITTON) LIMITED - Company Information

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02468944falserefrigeration engineers and distributors and suppliers of air-conditioning and refrigeration equipment2020-02-292021-02-28http://www.companieshouse.gov.uk/2020-02-28http://www.companieshouse.gov.uk/pt:ShareCapital2020-02-28http://www.companieshouse.gov.uk/cd:Director12020-02-292021-02-28http://www.companieshouse.gov.uk/pt:ShareCapital2021-02-28http://www.companieshouse.gov.uk/cd:Director22020-02-292021-02-28http://www.companieshouse.gov.uk/cd:Director32020-02-292021-02-28http://www.companieshouse.gov.uk/cd:Director42020-02-292021-02-28http://www.companieshouse.gov.uk/cd:RegisteredOffice2020-02-292021-02-28http://www.companieshouse.gov.uk/cd:Director52020-02-292021-02-28http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2020-02-292021-02-28http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2021-02-28http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2020-02-28http://www.companieshouse.gov.uk/2020-02-292021-02-28http://www.companieshouse.gov.uk/2020-02-28http://www.companieshouse.gov.uk/cd:FRS1022020-02-292021-02-28http://www.companieshouse.gov.uk/2021-02-28http://www.companieshouse.gov.uk/cd:FullAccounts2020-02-292021-02-28http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2020-02-292021-02-28iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 02468944
Refrigeration (Mitton) Limited
ACCOUNTS
FOR THE YEAR ENDED 28/02/2021
Prepared By:
NB Lancaster & Co
Chartered Accountants
6 Brunswick Street
Carlisle
Cumbria
CA1 1PN
Refrigeration (Mitton) Limited
ACCOUNTS
FOR THE YEAR ENDED 28/02/2021
DIRECTORS
Mrs W Mitton
J T Wardrope
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 THEYEARENDED28/02/2021
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 28/02/2021
20212020
Notes££
FIXED ASSETS
Tangible assets240,42334,141
CURRENT ASSETS
Stock54,49060,850
Debtors4275,027259,292
Cash at bank and in hand19,8289,294
349,345329,436
CREDITORS: Amounts falling due within one year5138,415151,784
NET CURRENT ASSETS210,930177,652
TOTAL ASSETS LESS CURRENT LIABILITIES251,353211,793
CREDITORS: Amounts falling due after more than one year6101,23064,705
NET ASSETS150,123147,088
CAPITAL AND RESERVES
Called up share capital165,010165,010
Profit and loss account(14,887)(17,922)
SHAREHOLDERS' FUNDS150,123147,088
For the year ending 28/02/2021 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 11/11/2021 and signed on their behalf by
.............................
A D C Mitton
Director
Refrigeration (Mitton) Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 28/02/2021
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 29/02/2020149,012-149,012
Additions27512,59912,874
At 28/02/2021149,28712,599161,886
Depreciation
At 29/02/2020114,871-114,871
For the year3,4423,1506,592
At 28/02/2021118,3133,150121,463
Net Book Amounts
At 28/02/202130,9749,44940,423
At 28/02/202034,141-34,141
3. STOCK 20212020
££
Stock comprises:
Stock - Sales Department4,2504,250
Stock - Service Department50,24056,600
54,49060,850
Refrigeration (Mitton) Limited
4. DEBTORS 20212020
££
Amounts falling due within one year
Trade debtors114,930118,930
UK corporation tax-1,651
Other debtors5,5005,500
Amounts due from group companies143,433132,426
Prepayments11,164785
275,027259,292
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20212020
££
UK corporation tax3,500-
VAT14,89621,141
Other tax and social security costs7,5714,738
Directors current account1,0001,000
Bank loans and overdrafts18,667-
Bank loan20,68716,520
Hire purchase2,885-
Trade creditors62,709101,114
Accruals and Deferred Income6,5007,271
138,415151,784
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20212020
££
Bank loans (unsecured) >1yr45,833-
Bank loans (secured) >1yr48,18564,705
Hire purchase >1yr7,212-
101,23064,705
Refrigeration (Mitton) Limited
7. SECURED CREDITORS
20212020
££
Amount of bank loans and overdrafts which are secured83,37281,225
Amount of other creditors which are secured10,097-
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
20212020
No.No.
Average number of employees1010
9. RELATED PARTY TRANSACTIONS
During the year total dividends of £18,361 (2020 - £16,278) were paid to a director. Total salaries of £24,610 were paid to the directors during the year (2020 - £24,290).
At the balance sheet date total loans of £1,000 (2020 - £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 £143,433 (2020 - £132,426) 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 £44,000 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.