Frederick C.Mitchell & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00480857 (England and Wales)

FREDERICK C.MITCHELL & SONS LIMITED

TRADING AS

PARKSTONE BAY MARINA

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S C Rawlinson

E C Warington-Smyth

SECRETARY:

E C Warington-Smyth

REGISTERED OFFICE:

Northpoint

Parkstone Bay Marina

Turks Lane

Poole

Dorset

BH14 8EW

REGISTERED NUMBER:

00480857 (England and Wales)

ACCOUNTANTS:

ADDICUS

Chartered Accountants

4 The Axium Centre

Dorchester Road

Lytchett Minster

Poole

Dorset

BH16 6FE

FIXED ASSETS

Tangible assets

4

1,259,314

1,343,149

Investments

5

100

100

1,259,414

1,343,249

CURRENT ASSETS

Stocks

15,188

11,066

Debtors

6

1,196,697

1,161,142

Cash at bank and in hand

716,230

367,099

1,928,115

1,539,307

CREDITORS

Amounts falling due within one year

7

1,415,124

1,183,199

NET CURRENT ASSETS

512,991

356,108

TOTAL ASSETS LESS CURRENT LIABILITIES

1,772,405

1,699,357

CREDITORS

Amounts falling due after more than one year

8

(98,765

)

(135,476

)

PROVISIONS FOR LIABILITIES

(73,182

)

(97,304

)

NET ASSETS

1,600,458

1,466,577

CAPITAL AND RESERVES

Called up share capital

12,500

12,500

Revaluation reserve

403,429

403,429

Retained earnings

1,184,529

1,050,648

SHAREHOLDERS' FUNDS

1,600,458

1,466,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 August 2018 and were signed on its behalf by:

S C Rawlinson - Director

1.	STATUTORY INFORMATION

Frederick C.Mitchell & Sons Limited 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in associates

Investments in associate undertakings are recognised at cost.

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

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 the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

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

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 20 (2017 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2017

600,000

218,439

1,633,645

62,058

2,514,142

Additions

-

-

53,617

23,550

77,167

Disposals

-

-

(29,638

)

-

(29,638

)

At 31 March 2018

600,000

218,439

1,657,624

85,608

2,561,671

DEPRECIATION

At 1 April 2017

-

-

1,146,326

24,667

1,170,993

Charge for year

-

-

131,722

15,236

146,958

Eliminated on disposal

-

-

(15,594

)

-

(15,594

)

At 31 March 2018

-

-

1,262,454

39,903

1,302,357

NET BOOK VALUE

At 31 March 2018

600,000

218,439

395,170

45,705

1,259,314

At 31 March 2017

600,000

218,439

487,319

37,391

1,343,149

Cost or valuation at 31 March 2018 is represented by:

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

Valuation in 1996

403,429

-

-

-

403,429

Cost

196,571

218,439

1,657,624

85,608

2,158,242

600,000

218,439

1,657,624

85,608

2,561,671

If freehold property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

196,571

196,571

Value of land in freehold land and buildings

196,571

196,571

Freehold property was valued on an open market basis basis on 1 June 1996 by Cowling & West .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 April 2017

and 31 March 2018

46,058

DEPRECIATION

At 1 April 2017

11,515

Charge for year

8,636

At 31 March 2018

20,151

NET BOOK VALUE

At 31 March 2018

25,907

At 31 March 2017

34,543

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 April 2017

and 31 March 2018

100

NET BOOK VALUE

At 31 March 2018

100

At 31 March 2017

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

365,281

351,959

Amounts owed by group undertakings

773,816

751,407

Other debtors

57,600

57,776

1,196,697

1,161,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

33,600

32,760

Hire purchase contracts

2,864

2,864

Trade creditors

121,685

237,184

Amounts owed to group undertakings

168,315

151,006

Taxation and social security

137,493

73,399

Other creditors

951,167

685,986

1,415,124

1,183,199

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

65,177

99,024

Hire purchase contracts

33,588

36,452

98,765

135,476