Company Registration No. 06802776 (England and Wales)
MIB Autotecniq Ltd
Unaudited accounts
for the year ended 31 January 2022
MIB Autotecniq Ltd
Statement of financial position
as at
31 January 2022
Tangible assets
28,559
35,850
Cash at bank and in hand
109,609
99,784
Creditors: amounts falling due within one year
(23,232)
(2,834)
Net current assets
104,514
98,109
Total assets less current liabilities
133,073
133,959
Creditors: amounts falling due after more than one year
(23,332)
(27,972)
Provisions for liabilities
Deferred tax
(5,426)
(6,811)
Net assets
104,315
99,176
Called up share capital
1
1
Profit and loss account
104,314
99,175
Shareholders' funds
104,315
99,176
For the year ending 31 January 2022 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 21 April 2022 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 2022
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 2022
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 2021
36,500
9,038
5,189
50,727
At 31 January 2022
36,500
9,038
5,189
50,727
At 1 February 2021
3,042
7,653
4,182
14,877
Charge for the year
6,691
347
253
7,291
At 31 January 2022
9,733
8,000
4,435
22,168
At 31 January 2022
26,767
1,038
754
28,559
At 31 January 2021
33,458
1,385
1,007
35,850
5
Debtors: amounts falling due within one year
2022
2021
Trade debtors
17,745
(741)
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
4,746
4,746
Taxes and social security
9,640
(3,761)
Loans from directors
3,689
-
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
23,332
27,972
MIB Autotecniq Ltd
Notes to the Accounts
for the year ended 31 January 2022
8
Deferred taxation
2022
2021
Accelerated capital allowances
5,426
6,811
Provision at start of year
6,811
606
(Credited)/charged to the profit and loss account
(1,385)
6,205
Provision at end of year
5,426
6,811
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to Director
1,311
-
1,311
-
10
Average number of employees
During the year the average number of employees was 1 (2021: 1).