Mibec Limited - Accounts to registrar (filleted) - small 17.3
Mibec Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| FOR |
| MIBEC LIMITED |
| MIBEC LIMITED (REGISTERED NUMBER: 07402488) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MIBEC LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| MIBEC LIMITED (REGISTERED NUMBER: 07402488) |
| BALANCE SHEET |
| 31 OCTOBER 2017 |
| 31/10/17 | 31/10/16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| MIBEC LIMITED (REGISTERED NUMBER: 07402488) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 1. | STATUTORY INFORMATION |
| Mibec Limited is a |
| company's registered number and registered office address can be found on the Company |
| Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These are the first financial statements the Company has prepared in accordance with Financial |
| Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland'' (FRS 102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The |
| financial statements for the year ended 31 October 2016 were prepared in accordance with Financial |
| Reporting Standard for Smaller Entities (effective January 2015) (FRSSE). |
| Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and |
| accounting policy choices differ from the FRSSE. Consequently the directors have amended certain |
| accounting policies to comply with FRS 102. The directors have also taken advantage of certain |
| exemptions from the requirements of FRS 102 permitted by FRS 102 Chapter 35 ''Transition to FRS''. |
| There are no changes in the prior period on transition to FRS 102 as the directors consider them to be |
| immaterial to financial statements |
| 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 |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| MIBEC LIMITED (REGISTERED NUMBER: 07402488) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Motor | Computer |
| machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 October 2017 |
| DEPRECIATION |
| At 1 November 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 October 2017 |
| NET BOOK VALUE |
| At 31 October 2017 |
| At 31 October 2016 |
| MIBEC LIMITED (REGISTERED NUMBER: 07402488) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| 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 2016 |
| Disposals | ( |
) | ( |
) |
| At 31 October 2017 |
| DEPRECIATION |
| At 1 November 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2017 |
| NET BOOK VALUE |
| At 31 October 2017 |
| At 31 October 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/10/17 | 31/10/16 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/10/17 | 31/10/16 |
| £ | £ |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/10/17 | 31/10/16 |
| £ | £ |
| Hire purchase contracts (see note 8) |
| MIBEC LIMITED (REGISTERED NUMBER: 07402488) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31/10/17 | 31/10/16 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 31/10/17 | 31/10/16 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31/10/17 | 31/10/16 |
| £ | £ |
| Hire purchase contracts | 1,421 | 13,365 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M Cadd. |