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REGISTERED NUMBER: 01275603 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MIB INTERNATIONAL LIMITED

MIB INTERNATIONAL LIMITED (REGISTERED NUMBER: 01275603)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MIB INTERNATIONAL LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr D Aldinio-Colbachini
Mr D Baessato



REGISTERED OFFICE: One Eastwood
Harry Weston Road
Binley Business Park
Coventry
West Midlands
CV3 2UB



REGISTERED NUMBER: 01275603 (England and Wales)



AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB



BANKERS: Lloyds Bank plc
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
LE3 2WP

MIB INTERNATIONAL LIMITED (REGISTERED NUMBER: 01275603)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 379 506

CURRENT ASSETS
Debtors 6 473,590 407,921
Cash at bank 38,081 20,536
511,671 428,457
CREDITORS
Amounts falling due within one year 7 35,559 18,743
NET CURRENT ASSETS 476,112 409,714
TOTAL ASSETS LESS CURRENT
LIABILITIES

476,491

410,220

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 476,391 410,120
SHAREHOLDERS' FUNDS 476,491 410,220

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 6 March 2024 and were signed on its behalf by:





Mr D Aldinio-Colbachini - Director


MIB INTERNATIONAL LIMITED (REGISTERED NUMBER: 01275603)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

MIB International Limited is a private company, limited by shares , registered in England and Wales. The 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
As noted in the Directors' report, the company will cease to trade by 31 December 2024 and accordingly, the financial statements have been prepared on the basis other than going concern. The directors have received confirmation that MIB Italiana SPA, the ultimate holding company, will continue to provide the necessary level of support to enable the company to meet its needs and liabilities.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, in the form of commissions, parts and service sales, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-


Plant and machinery etc

-
25% and 15% on reducing
balance

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.


MIB INTERNATIONAL LIMITED (REGISTERED NUMBER: 01275603)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Employment support income
Grant income received from the UK's Coronavirus Job Retention Scheme and Job Support Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other operating income.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

MIB INTERNATIONAL LIMITED (REGISTERED NUMBER: 01275603)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 675
DEPRECIATION
At 1 January 2023 169
Charge for year 127
At 31 December 2023 296
NET BOOK VALUE
At 31 December 2023 379
At 31 December 2022 506

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 453,594 397,508
VAT 374 4,517
Prepayments 19,622 5,896
473,590 407,921

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 21,005 7,260
Taxation 6,636 2,534
Social security and other taxes - 2,400
Other creditors 1,813 2,028
Accrued expenses 6,105 4,521
35,559 18,743

8. CALLED UP SHARE CAPITAL

9. RESERVES
Retained
earnings
£   

At 1 January 2023 410,120
Profit for the year 66,271
At 31 December 2023 476,391

MIB INTERNATIONAL LIMITED (REGISTERED NUMBER: 01275603)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


Financial statements prepared other than on a going concern basis.

We draw attention to note 3 to the financial statements, which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 3. Our opinion is not modified in respect of this matter.

Lucy Hatton FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP

11. RELATED PARTY DISCLOSURES

Transactions between the company and its holding company MIB Italiana SPA have not been disclosed as the company is a wholly owned subsidiary of MIB Italiana SPA and is included within the consolidated accounts of the group. The registered office is, Via Garibaldi, 6 - 35020 Casalserugo (PD), Italy.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of MIB Italiana SPA, a company registered in Italy whose Registered Office is Via Garibaldi, 35020 Casalserugo, Padova, Italy. The ultimate parent company is IVG Colbachini SPA, also registered in Italy.