REGISTERED NUMBER:
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John Mitchell Transport Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 May 2021 |
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REGISTERED NUMBER:
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John Mitchell Transport Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 May 2021 |
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John Mitchell Transport Limited (Registered number: 03981305) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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John Mitchell Transport Limited |
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Company Information |
for the Year Ended 31 May 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Lakeside Offices |
The Old Cattle Market |
Coronation Park |
Helston |
Cornwall |
TR13 0SR |
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BANKERS: |
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1 Market Place |
Helston |
Cornwall |
TR13 8SU |
John Mitchell Transport Limited (Registered number: 03981305) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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John Mitchell Transport Limited (Registered number: 03981305) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2021 |
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1. | STATUTORY INFORMATION |
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John Mitchell Transport Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Shed | - |
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Leasehold property improvement | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Office equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value [with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method]. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
John Mitchell Transport Limited (Registered number: 03981305) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Going concern |
The company has net current liabilities and the directors have confirmed that they will support the company if necessary and are confident that the company can pay its debts as they fall due. |
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At the year end, the UK continues to be significantly impacted by the Covid-19 pandemic. The impact on many businesses and sectors across the UK, Europe and the globe have been unprecedented, and at the date of these financial statements, the outcome of the outbreak still remains uncertain. |
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The directors have concluded that the long-term impact on the company should be minimal. Therefore with their support the directors anticipate that the company will continue to operate within its available resources, and be able to tolerate a reasonable level of unforeseen circumstance for a period of at least 12 months from the date of these financial statements. The financial statements have therefore been prepared on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Leasehold |
property | Plant and |
Shed | improvement | machinery |
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COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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John Mitchell Transport Limited (Registered number: 03981305) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
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Additions |
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Disposals |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
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COST |
At 1 June 2020 |
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Disposals | ( |
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At 31 May 2021 |
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DEPRECIATION |
At 1 June 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2021 |
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NET BOOK VALUE |
At 31 May 2021 |
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At 31 May 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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John Mitchell Transport Limited (Registered number: 03981305) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr | 23,446 | 26,729 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 226,653 | 295,535 |
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The bank loans are secured by way of a fixed and floating charge over the undertaking and all property and assets. |
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The outstanding hire purchase balances are secured against the assets of which the agreement refers. |