Company Registration No. 06802776 (England and Wales)
MIB Autotecniq Ltd
Unaudited accounts
for the year ended 31 January 2023
MIB Autotecniq Ltd
Statement of financial position
as at
31 January 2023
Tangible assets
39,126
28,559
Cash at bank and in hand
122,785
109,609
Creditors: amounts falling due within one year
(12,471)
(23,232)
Net current assets
124,946
104,514
Total assets less current liabilities
164,072
133,073
Creditors: amounts falling due after more than one year
(27,290)
(23,332)
Provisions for liabilities
Deferred tax
(7,434)
(5,426)
Net assets
129,348
104,315
Called up share capital
1
1
Profit and loss account
129,347
104,314
Shareholders' funds
129,348
104,315
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 March 2023 and were signed on its behalf by
Mark Bell
Director
Company Registration No. 06802776
MIB Autotecniq Ltd
Notes to the Accounts
for the year ended 31 January 2023
MIB Autotecniq Ltd is a private company, limited by shares, registered in England and Wales, registration number 06802776. The registered office is Easterly Barn, Grafton Lane, Bidford-on-Avon, Alcester, Warwickshire, B50 4LE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% on a reducing balance basis
Fixtures & fittings
25% on a reducing balance basis
Computer equipment
25% on a reducing balance basis
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
MIB Autotecniq Ltd
Notes to the Accounts
for the year ended 31 January 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2022
36,500
9,038
5,189
50,727
Additions
42,175
-
-
42,175
Disposals
(36,500)
-
-
(36,500)
At 31 January 2023
42,175
9,038
5,189
56,402
At 1 February 2022
9,733
8,000
4,435
22,168
Charge for the year
7,962
260
188
8,410
On disposals
(13,302)
-
-
(13,302)
At 31 January 2023
4,393
8,260
4,623
17,276
At 31 January 2023
37,782
778
566
39,126
At 31 January 2022
26,767
1,038
754
28,559
Amounts falling due within one year
Trade debtors
12,560
17,745
Accrued income and prepayments
1,572
-
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
4,562
4,746
Taxes and social security
4,256
9,640
Loans from directors
3,214
3,689
MIB Autotecniq Ltd
Notes to the Accounts
for the year ended 31 January 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
27,290
23,332
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).