James Mitchell & Son Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC271832 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2018

FOR

JAMES MITCHELL & SON LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J Mitchell

Mr A W Mitchell

SECRETARY:

Www.firstregistrars.co.uk Limited

REGISTERED OFFICE:

AFM House

6 Crofthead Road

Prestwick

Ayrshire

KA9 1BR

REGISTERED NUMBER:

SC271832 (Scotland)

ACCOUNTANTS:

Firstax Limited

AFM House

6 Crofthead Road

Prestwick

Ayrshire

KA9 1HW

FIXED ASSETS

Tangible assets

4

121,690

136,097

Herd basis

5

54,994

50,857

176,684

186,954

CURRENT ASSETS

Stocks

6

54,300

55,500

Debtors

7

7,668

30,846

Cash at bank

617,355

630,095

679,323

716,441

CREDITORS

Amounts falling due within one year

8

823,433

828,983

NET CURRENT LIABILITIES

(144,110

)

(112,542

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,574

74,412

PROVISIONS FOR LIABILITIES

10

21,297

25,395

NET ASSETS

11,277

49,017

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

11,177

48,917

SHAREHOLDERS' FUNDS

11,277

49,017

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 21st December 2018 and were signed on its behalf by:

Mr J Mitchell - Director

1.	STATUTORY INFORMATION

James Mitchell & Son Ltd. is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover represents the net invoiced sale of livestock, wool and subsidies received from government agencies.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Tractors

-

25% on reducing balance

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 2 ).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Tractors

Totals

£

£

£

£

£

COST

At 1st April 2017

and 31st March 2018

149,136

205,004

550

31,000

385,690

DEPRECIATION

At 1st April 2017

148,974

71,397

550

28,672

249,593

Charge for year

106

13,719

-

582

14,407

At 31st March 2018

149,080

85,116

550

29,254

264,000

NET BOOK VALUE

At 31st March 2018

56

119,888

-

1,746

121,690

At 31st March 2017

162

133,607

-

2,328

136,097

5.	HERD BASIS

Herd

basis

£

COST

At 1st April 2017

50,857

Additions

12,882

Disposals

(8,745

)

At 31st March 2018

54,994

NET BOOK VALUE

At 31st March 2018

54,994

At 31st March 2017

50,857

6.

STOCKS

31.3.18

31.3.17

£

£

Stocks

54,300

53,200

Raw materials

-

2,300

54,300

55,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

VAT

3,089

7,547

Prepayments and accrued income

-

17,123

Prepayments

4,579

6,176

7,668

30,846

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts (see note 9)

3,567

-

Trade creditors

18,146

959

Tax

-

14,645

Social security and other taxes

609

953

Directors' loan accounts

794,693

806,194

Accrued expenses

6,418

6,232

823,433

828,983

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.18

31.3.17

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

3,567

-

10.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

21,297

25,395

Deferred

tax

£

Balance at 1st April 2017

25,395

Credit to Income Statement during year

(4,098

)

Balance at 31st March 2018

21,297

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

100

ordinary shares

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1st April 2017

48,917

Deficit for the year

(27,740

)

Dividends

(10,000

)

At 31st March 2018

11,177

13.	RELATED PARTY DISCLOSURES

At 31st March 2018 the company owed Mr J Mitchell (Director) £397,347 (2017: £403,097). This loan is interest free, has

no fixed date for repayment and is included in creditors

At 31st March 2018 the company owed Mr A W Mitchell (Director) £397,346 (2017: £403,097). This loan is interest free,

has no fixed date for repayment and is included in creditors.

14.	ULTIMATE CONTROLLING PARTY

James Mitchell Limited was under the ultimate control of Mr James Mitchell and Mr Alan Mitchell (Directors) for the whole

of the year to 31st March 2018.