Mitchell Agricultural Services Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04983510 (England and Wales)

Mitchell Agricultural Services Ltd

Financial Statements

for the Year Ended 31st May 2017

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

I G A Mitchell

Mrs B J Mitchell

Secretary:

Mrs B J Mitchell

Registered office:

Mount Pleasant

Longridge

Berwick-upon-Tweed

Northumberland

TD15 2XQ

Registered number:

04983510 (England and Wales)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

65,058

86,235

Current assets

Debtors

5

731,697

740,747

Investments

6

154,116

-

Cash at bank

134,654

226,532

1,020,467

967,279

Creditors

Amounts falling due within one year

7

14,865

45,511

Net current assets

1,005,602

921,768

Total assets less current liabilities

1,070,660

1,008,003

Provisions for liabilities

16,958

14,692

Net assets

1,053,702

993,311

Capital and reserves

Called up share capital

200

200

Retained earnings

9

1,053,502

993,111

Shareholders' funds

1,053,702

993,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors on 9th February 2018 and were signed on its behalf by:

Mrs B J Mitchell - Director

I G A Mitchell - Director

1.	Statutory information

Mitchell Agricultural Services Ltd is a private company, limited by shares , registered in England and

Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The principle accounting policies adopted in the preparation of the financial statements are set our

below.

The financial statement for the year ended 31 May 2017 are the first financial statements that comply

with FRS 102 section 1A for small entities. The date of transition is 1 June 2015.

There has been no impact to the financial statements on the transition date.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year,

or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of

ownership are passed to the buyer. Turnover arising from the provision of services is recognised as

contract activity progresses and the right to consideration is earned.

Tangible fixed assets

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

Forklifts and tractors

-

20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors and trade

creditors.

Trade debtors and trade creditors are measured at the undiscounted amount of the cash or other

consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of

Income and Retained Earnings in the period in which they are incurred.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The directors have considered the company's financial position for a period of 12 months from the date

of signing these financial statements and have reasonable expectation that the company has adequate

resources to continue in operational existence for the foreseeable future. Accordingly, they continue to

adopt the going concern basis in preparing these financial statements.

Current asset investments

Current asset investments are initially measured at fair value. At the end of the reporting period the

current asset investments are measured at fair value with changes being recorded through the profit

and loss account.

3.	Employees and directors

The average number of employees during the year was 1 (2016 - 1 ) .

4.	Tangible fixed assets

Forklifts

and

tractors

£

Cost

At 1st June 2016

216,785

Disposals

(29,278

)

At 31st May 2017

187,507

Depreciation

At 1st June 2016

130,550

Charge for year

16,265

Eliminated on disposal

(24,366

)

At 31st May 2017

122,449

Net book value

At 31st May 2017

65,058

At 31st May 2016

86,235

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

731,486

736,751

Other debtors

211

3,996

731,697

740,747

6.	Current asset investments

2017

2016

£

£

Listed investments

154,116

-

7.

Creditors: amounts falling due within one year

2017

2016

£

£

Hire purchase contracts

-

22,209

Trade creditors

276

6,389

Taxation and social security

13,076

15,700

Other creditors

1,513

1,213

14,865

45,511

8.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

-

22,209

HIre purchase contracts are secured on the assets to which they relate.

9.

Reserves

Included within retained earnings are non distributable amounts of £15,785.