2023-03-012024-02-292024-02-29falseSC417372MIBBIES AYE LTD2024-11-21iso4217:GBPxbrli:pureSC4173722023-03-01SC4173722024-02-29SC4173722023-03-012024-02-29SC4173722022-03-01SC4173722023-02-28SC4173722022-03-012023-02-28SC417372bus:SmallEntities2023-03-012024-02-29SC417372bus:AuditExempt-NoAccountantsReport2023-03-012024-02-29SC417372bus:FullAccounts2023-03-012024-02-29SC417372bus:PrivateLimitedCompanyLtd2023-03-012024-02-29SC417372core:WithinOneYear2024-02-29SC417372core:AfterOneYear2024-02-29SC417372core:WithinOneYear2023-02-28SC417372core:AfterOneYear2023-02-28SC417372core:ShareCapital2024-02-29SC417372core:SharePremium2024-02-29SC417372core:RevaluationReserve2024-02-29SC417372core:OtherReservesSubtotal2024-02-29SC417372core:RetainedEarningsAccumulatedLosses2024-02-29SC417372core:ShareCapital2023-02-28SC417372core:SharePremium2023-02-28SC417372core:RevaluationReserve2023-02-28SC417372core:OtherReservesSubtotal2023-02-28SC417372core:RetainedEarningsAccumulatedLosses2023-02-28SC417372core:LandBuildings2024-02-29SC417372core:PlantMachinery2024-02-29SC417372core:Vehicles2024-02-29SC417372core:FurnitureFittings2024-02-29SC417372core:OfficeEquipment2024-02-29SC417372core:NetGoodwill2024-02-29SC417372core:IntangibleAssetsOtherThanGoodwill2024-02-29SC417372core:ListedExchangeTraded2024-02-29SC417372core:UnlistedNon-exchangeTraded2024-02-29SC417372core:LandBuildings2023-02-28SC417372core:PlantMachinery2023-02-28SC417372core:Vehicles2023-02-28SC417372core:FurnitureFittings2023-02-28SC417372core:OfficeEquipment2023-02-28SC417372core:NetGoodwill2023-02-28SC417372core:IntangibleAssetsOtherThanGoodwill2023-02-28SC417372core:ListedExchangeTraded2023-02-28SC417372core:UnlistedNon-exchangeTraded2023-02-28SC417372core:LandBuildings2023-03-012024-02-29SC417372core:PlantMachinery2023-03-012024-02-29SC417372core:Vehicles2023-03-012024-02-29SC417372core:FurnitureFittings2023-03-012024-02-29SC417372core:OfficeEquipment2023-03-012024-02-29SC417372core:NetGoodwill2023-03-012024-02-29SC417372core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC417372core:ListedExchangeTraded2023-03-012024-02-29SC417372core:UnlistedNon-exchangeTraded2023-03-012024-02-29SC417372core:MoreThanFiveYears2023-03-012024-02-29SC417372core:Non-currentFinancialInstruments2024-02-29SC417372core:Non-currentFinancialInstruments2023-02-28SC417372dpl:CostSales2023-03-012024-02-29SC417372dpl:DistributionCosts2023-03-012024-02-29SC417372core:LandBuildings2023-03-012024-02-29SC417372core:PlantMachinery2023-03-012024-02-29SC417372core:Vehicles2023-03-012024-02-29SC417372core:FurnitureFittings2023-03-012024-02-29SC417372core:OfficeEquipment2023-03-012024-02-29SC417372dpl:AdministrativeExpenses2023-03-012024-02-29SC417372core:NetGoodwill2023-03-012024-02-29SC417372core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-29SC417372dpl:GroupUndertakings2023-03-012024-02-29SC417372dpl:ParticipatingInterests2023-03-012024-02-29SC417372dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-012024-02-29SC417372core:ListedExchangeTraded2023-03-012024-02-29SC417372dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-012024-02-29SC417372core:UnlistedNon-exchangeTraded2023-03-012024-02-29SC417372dpl:CostSales2022-03-012023-02-28SC417372dpl:DistributionCosts2022-03-012023-02-28SC417372core:LandBuildings2022-03-012023-02-28SC417372core:PlantMachinery2022-03-012023-02-28SC417372core:Vehicles2022-03-012023-02-28SC417372core:FurnitureFittings2022-03-012023-02-28SC417372core:OfficeEquipment2022-03-012023-02-28SC417372dpl:AdministrativeExpenses2022-03-012023-02-28SC417372core:NetGoodwill2022-03-012023-02-28SC417372core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-28SC417372dpl:GroupUndertakings2022-03-012023-02-28SC417372dpl:ParticipatingInterests2022-03-012023-02-28SC417372dpl:GroupUndertakingscore:ListedExchangeTraded2022-03-012023-02-28SC417372core:ListedExchangeTraded2022-03-012023-02-28SC417372dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-03-012023-02-28SC417372core:UnlistedNon-exchangeTraded2022-03-012023-02-28SC417372core:NetGoodwill2024-02-29SC417372core:IntangibleAssetsOtherThanGoodwill2024-02-29SC417372core:LandBuildings2024-02-29SC417372core:PlantMachinery2024-02-29SC417372core:Vehicles2024-02-29SC417372core:FurnitureFittings2024-02-29SC417372core:OfficeEquipment2024-02-29SC417372core:AfterOneYear2024-02-29SC417372core:WithinOneYear2024-02-29SC417372core:ListedExchangeTraded2024-02-29SC417372core:UnlistedNon-exchangeTraded2024-02-29SC417372core:ShareCapital2024-02-29SC417372core:SharePremium2024-02-29SC417372core:RevaluationReserve2024-02-29SC417372core:OtherReservesSubtotal2024-02-29SC417372core:RetainedEarningsAccumulatedLosses2024-02-29SC417372core:NetGoodwill2023-02-28SC417372core:IntangibleAssetsOtherThanGoodwill2023-02-28SC417372core:LandBuildings2023-02-28SC417372core:PlantMachinery2023-02-28SC417372core:Vehicles2023-02-28SC417372core:FurnitureFittings2023-02-28SC417372core:OfficeEquipment2023-02-28SC417372core:AfterOneYear2023-02-28SC417372core:WithinOneYear2023-02-28SC417372core:ListedExchange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MIBBIES AYE LTD

Registered Number
SC417372
(Scotland)

Unaudited Financial Statements for the Year ended
29 February 2024

MIBBIES AYE LTD
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

SALIM, Samy

Company Secretary

SALIM, Kalid

Registered Address

4d Auchingramont Road
Hamilton
ML3 6JT

Place of Business

63A Almada Street

Hamilton

ML3 0HQ


Registered Number

SC417372 (Scotland)
MIBBIES AYE LTD
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets37,15213,791
7,15213,791
Current assets
Stocks4606643
Debtors54,61017,268
Cash at bank and on hand69,11070,823
74,32688,734
Creditors amounts falling due within one year6(21,531)(22,515)
Net current assets (liabilities)52,79566,219
Total assets less current liabilities59,94780,010
Creditors amounts falling due after one year7(21,723)(28,455)
Provisions for liabilities9(1,359)(2,620)
Net assets36,86548,935
Capital and reserves
Called up share capital100100
Profit and loss account36,76548,835
Shareholders' funds36,86548,935
The financial statements were approved and authorised for issue by the Director on 21 November 2024, and are signed on its behalf by:
SALIM, Samy
Director
Registered Company No. SC417372
MIBBIES AYE LTD
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised at the point of sale.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings15-
Vehicles-4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Total

£££
Cost or valuation
At 01 March 2321,51236,32557,837
At 29 February 2421,51236,32557,837
Depreciation and impairment
At 01 March 2316,13427,91244,046
Charge for year5,3771,2626,639
At 29 February 2421,51129,17450,685
Net book value
At 29 February 2417,1517,152
At 28 February 235,3788,41313,791
Included in the net book value of £7,152 is £6,571 relating to assets held under hire purchase agreements.
4.Stocks

2024

2023

££
Other stocks606643
Total606643
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests4,61017,268
Total4,61017,268
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables906856
Bank borrowings and overdrafts3,8823,882
Taxation and social security11,42712,586
Finance lease and HP contracts4,1414,141
Accrued liabilities and deferred income1,1751,050
Total21,53122,515
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts19,29321,884
Other creditors2,4306,571
Total21,72328,455
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts2,4306,571
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,3592,620
Total1,3592,620
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
SALIM, Samy17,268012,6574,611
17,268012,6574,611