P. & S. Mitchell Limited - Period Ending 2016-03-31

P. & S. MITCHELL LIMITED - Company Information

Registration number: 01305462

P. & S. Mitchell Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

R S Porter & Co Limited
Albion Dockside Building
Hanover Place
Bristol
BS1 6UT

P. & S. Mitchell Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P. & S. Mitchell Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P. & S. Mitchell Limited for the year ended 31 March 2016 set out on pages XX from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of P. & S. Mitchell Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of P. & S. Mitchell Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. & S. Mitchell Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P. & S. Mitchell Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P. & S. Mitchell Limited. You consider that P. & S. Mitchell Limited 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 accounts of P. & S. Mitchell Limited. 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 accounts.

......................................

R S Porter & Co Limited
Albion Dockside Building
Hanover Place
Bristol
BS1 6UT

23 May 2016

Page 1

P. & S. Mitchell Limited

(Registration number: 01305462)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	1,270,145	1,260,880
Current assets
Stocks		156,622	253,946
Debtors		238,035	75,795
Cash at bank and in hand		(5,077)	48,742
		389,580	378,483
Creditors: Amounts falling due within one year		(199,505)	(182,898)
Net current assets		190,075	195,585
Total assets less current liabilities		1,460,220	1,456,465
Creditors: Amounts falling due after more than one year		(498,934)	(593,332)
Provisions for liabilities		(73,326)	(62,487)
Net assets		887,960	800,646
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		887,860	800,546
Shareholders funds		887,960	800,646

For the year ending 31 March 2016 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 23 May 2016 and signed on its behalf by:

.........................................
Mr Stephen John Jenour Mitchell
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

P. & S. Mitchell Limited

Notes to the Abbreviated Accounts

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land & Buildings	2% on Cost
Plant & Machinery	25% on Reducing Balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by FRS19. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Fixed assets

	Tangible assets £	Total £
Cost
At 1 April 2015	1,996,783	1,996,783
Additions	85,471	85,471
Disposals	(26,356)	(26,356)
At 31 March 2016	2,055,898	2,055,898
Depreciation
At 1 April 2015	735,903	735,903
Charge for the year	49,850	49,850
At 31 March 2016	785,753	785,753
Net book value
At 31 March 2016	1,270,145	1,270,145
At 31 March 2015	1,260,880	1,260,880

Page 3

P. & S. Mitchell Limited

Notes to the Abbreviated Accounts

	Tangible assets £	Total £
Cost
At 1 April 2015	1,996,783	1,996,783
Additions	85,471	85,471
Disposals	(26,356)	(26,356)
At 31 March 2016	2,055,898	2,055,898
Depreciation
At 1 April 2015	735,903	735,903
Charge for the year	49,850	49,850
At 31 March 2016	785,753	785,753
Net book value
At 31 March 2016	1,270,145	1,270,145
At 31 March 2015	1,260,880	1,260,880

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 4