REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MIB INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
BANKERS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
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. |
for and on behalf of |
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. |