Mibec Limited - Accounts to registrar (filleted) - small 18.2
Mibec Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2021 |
| for |
| Mibec Limited |
| Mibec Limited (Registered number: 07402488) |
| Contents of the Financial Statements |
| for the year ended 31 October 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Mibec Limited |
| Company Information |
| for the year ended 31 October 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Mibec Limited (Registered number: 07402488) |
| Statement of Financial Position |
| 31 October 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| 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. |
| Mibec Limited (Registered number: 07402488) |
| Statement of Financial Position - continued |
| 31 October 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Mibec Limited (Registered number: 07402488) |
| Notes to the Financial Statements |
| for the year ended 31 October 2021 |
| 1. | STATUTORY INFORMATION |
| Mibec Limited's principal activity during the year under review was that of the supply of renewable energy product solutions. |
| The company is a private company limited by shares and is incorporated in England and Wales. The registered office address is Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF. The company's registered number is 07402488. |
| The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Summary of significant accounting policies |
| The principal accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented, unless otherwise stated. |
| Basis of preparation |
| The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006. |
| Going concern |
| No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. |
| The directors therefore consider it appropriate to prepare the financial statements on the going concern basis. |
| Significant judgements and estimates |
| The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
| Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below: |
| (i) Warranty provision |
| A warranty provision is included to cover any defective work. This provision requires managements best estimate of the probability of defects and the labour costs that will be incurred based on contractual requirements. |
| Revenue |
| Revenue represents net invoiced sales of goods, excluding value added tax. Sales are recognised on the date goods are despatched. Carriage charges made to customers are included in turnover. |
| Mibec Limited (Registered number: 07402488) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Government grants |
| Government grants are recognised on an accruals basis and are shown within other operating income. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| Mibec Limited (Registered number: 07402488) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2021 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2020 |
| Additions |
| At 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2020 |
| and 31 October 2021 |
| DEPRECIATION |
| At 1 November 2020 |
| Charge for year |
| At 31 October 2021 |
| NET BOOK VALUE |
| At 31 October 2021 |
| At 31 October 2020 |
| 6. | STOCKS |
| 2021 | 2020 |
| £ | £ |
| Stocks |
| Mibec Limited (Registered number: 07402488) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2021 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 91,466 | 96,970 |
| Other creditors |
| Directors' current accounts | 266 | 29,491 |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Mibec Limited (Registered number: 07402488) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2021 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Hire purchase contracts | 13,671 | 19,995 |
| 12. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 6,891 | 6,566 |
| Other provisions | 9,500 | 19,000 |
| Deferred | Warranty |
| tax | Provision |
| £ | £ |
| Balance at 1 November 2020 |
| Charge for the year | 325 | - |
| Released | - | (9,500 | ) |
| Balance at 31 October 2021 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 October 2021 and 31 October 2020: |
| 2021 | 2020 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Mibec Limited (Registered number: 07402488) |
| Notes to the Financial Statements - continued |
| for the year ended 31 October 2021 |
| 14. | RELATED PARTY DISCLOSURES |
| Transactions with related parties during the year and balances outstanding at the end of the reporting period were as follows: |
| Parent company: |
| 2021 | 2020 |
| £ | £ |
| Interest Payable | 2,355 | 6,855 |
| Amounts owed | 3,500 | 59,000 |
| Recharged licence fees paid | 4,620 | 1,750 |
| Entities over which the directors have control: |
| 2021 | 2020 |
| £ | £ |
| Amounts owed | - | 3,780 |
| 15. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Broadlands Holdings Limited, a company registered in England and Wales. |