Mitchell and Dickinson Limited 31/03/2023 iXBRL

Mitchell and Dickinson Limited 31/03/2023 iXBRL

MITCHELL AND DICKINSON LIMITED - Company Information

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60 31/03/2023 2023-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 07217073 2022-04-01 2023-03-31 07217073 2023-03-31 07217073 2022-03-31 07217073 2021-04-01 2022-03-31 07217073 2022-03-31 07217073 2021-03-31 07217073 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 07217073 core:PlantMachinery 2022-04-01 2023-03-31 07217073 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07217073 core:OnerousContractsExcludingVacantProperties 2022-04-01 2023-03-31 07217073 bus:Director3 2022-04-01 2023-03-31 07217073 core:WithinOneYear 2023-03-31 07217073 core:WithinOneYear 2022-03-31 07217073 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 07217073 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 07217073 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 07217073 core:PlantMachinery 2022-03-31 07217073 core:FurnitureFittingsToolsEquipment 2022-03-31 07217073 core:MotorVehicles 2022-03-31 07217073 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 07217073 core:PlantMachinery 2023-03-31 07217073 core:FurnitureFittingsToolsEquipment 2023-03-31 07217073 core:MotorVehicles 2023-03-31 07217073 core:AfterOneYear 2023-03-31 07217073 core:AfterOneYear 2022-03-31 07217073 core:ShareCapital 2023-03-31 07217073 core:ShareCapital 2022-03-31 07217073 core:SharePremium 2023-03-31 07217073 core:SharePremium 2022-03-31 07217073 core:RetainedEarningsAccumulatedLosses 2023-03-31 07217073 core:RetainedEarningsAccumulatedLosses 2022-03-31 07217073 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 07217073 core:MotorVehicles 2022-04-01 2023-03-31 07217073 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 07217073 core:PlantMachinery 2022-03-31 07217073 core:FurnitureFittingsToolsEquipment 2022-03-31 07217073 core:MotorVehicles 2022-03-31 07217073 bus:Director1 2022-03-31 07217073 bus:Director1 2023-03-31 07217073 bus:Director1 2021-03-31 07217073 bus:Director1 2022-03-31 07217073 bus:Director1 2022-04-01 2023-03-31 07217073 bus:SmallEntities 2022-04-01 2023-03-31 07217073 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07217073 bus:FullAccounts 2022-04-01 2023-03-31 07217073 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07217073 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07217073 core:AllAssociates 2022-04-01 2023-03-31 07217073 core:AllAssociates 2021-04-01 2022-03-31 07217073 core:ComputerEquipment 2022-04-01 2023-03-31 07217073 core:ComputerEquipment 2022-03-31 07217073 core:ComputerEquipment 2023-03-31 07217073 core:AllAssociates 2023-03-31 07217073 core:AllAssociates 2022-03-31
Company registration number: 07217073
Mitchell and Dickinson Limited
Unaudited filleted financial statements
31 March 2023
MITCHELL AND DICKINSON LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 9,360 2,730
Tangible assets 6 142,722 42,209
_______ _______
152,082 44,939
Current assets
Stocks 87,708 43,055
Debtors 7 342,034 406,907
Cash at bank and in hand 1,072,544 750,485
_______ _______
1,502,286 1,200,447
Creditors: amounts falling due
within one year 8 ( 1,848,506) ( 1,434,863)
_______ _______
Net current liabilities ( 346,220) ( 234,416)
_______ _______
Total assets less current liabilities ( 194,138) ( 189,477)
Creditors: amounts falling due
after more than one year 9 ( 92,351) ( 102,050)
_______ _______
Net liabilities ( 286,489) ( 291,527)
_______ _______
Capital and reserves
Called up share capital 2,127 2,127
Share premium account 10 306,323 306,323
Profit and loss account 10 ( 594,939) ( 599,977)
_______ _______
Shareholders deficit ( 286,489) ( 291,527)
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , and are signed on behalf of the board by:
Mr Thomas Coles
Director
Company registration number: 07217073
MITCHELL AND DICKINSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Studio K, Business Support Centre, Caddsdown Industrial Park, Bideford, Devon, EX39 3DX.
Principal activity
The principal activity of the company is that of supplying glazing and window services to period and listed buildings.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software development - 3 Years Straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 15 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 6 Years Straight line
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Principal activity
The principal activity of the company is that of supplying glazing and window services to period and listed buildings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 60 (2022: 44 ).
5. Intangible assets
Other intangible assets
£
Cost
At 1 April 2022 4,095
Additions 11,993
_______
At 31 March 2023 16,088
_______
Amortisation
At 1 April 2022 1,365
Charge for the year 5,363
_______
At 31 March 2023 6,728
_______
Carrying amount
At 31 March 2023 9,360
_______
At 31 March 2022 2,730
_______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £ £
Cost
At 1 April 2022 953 49,843 3,798 20,000 39,959 114,553
Additions - 34,161 5,672 84,952 12,504 137,289
_______ _______ _______ _______ _______ _______
At 31 March 2023 953 84,004 9,470 104,952 52,463 251,842
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2022 953 26,187 1,272 7,917 36,015 72,344
Charge for the year - 18,336 2,367 9,346 6,727 36,776
_______ _______ _______ _______ _______ _______
At 31 March 2023 953 44,523 3,639 17,263 42,742 109,120
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 - 39,481 5,831 87,689 9,721 142,722
_______ _______ _______ _______ _______ _______
At 31 March 2022 - 23,656 2,526 12,083 3,944 42,209
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 129,712 215,010
Other debtors 212,322 191,897
_______ _______
342,034 406,907
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 114,510 107,369
Accruals and deferred income 1,376,616 1,075,822
Social security and other taxes 166,886 110,760
Other creditors 180,494 130,912
_______ _______
1,848,506 1,434,863
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 22,351 32,050
Other creditors 70,000 70,000
_______ _______
92,351 102,050
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
The Directors (32,026) 9,533 (22,493)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
The Directors (32,026) - (32,026)
_______ _______ _______
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
The Period and Listed Retrofit Academy Limited 150 154 304 154
_______ _______ _______ _______
During the year, a loan was made to The Period and Listed Retrofit Academy Limited, a company under common control. The balance outstanding at the year end was £304. The loan is interest free with no fixed date for repayment