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REGISTERED NUMBER: 05816977 (England and Wales)













M I B Garages Limited

Unaudited Financial Statements

for the Period 1 April 2023 to 30 March 2024






M I B Garages Limited (Registered number: 05816977)






Contents of the Financial Statements
for the period 1 April 2023 to 30 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M I B Garages Limited

Company Information
for the period 1 April 2023 to 30 March 2024







DIRECTORS: I W Powell
M B B Pedley





SECRETARY: I W Powell





REGISTERED OFFICE: 34 Wood Street
Longton
Stoke-on-Trent
Staffordshire
ST3 1EL





REGISTERED NUMBER: 05816977 (England and Wales)





ACCOUNTANTS: Slaters & Co Accountants
Lymore Villa
162a London Road
Chesterton
Newcastle
Staffordshire
ST5 7JB

M I B Garages Limited (Registered number: 05816977)

Balance Sheet
30 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 39,245 44,245
Tangible assets 6 3,245 4,327
42,490 48,572

CURRENT ASSETS
Stocks 53,506 54,239
Debtors 7 3,101 4,455
Cash in hand 103 250
56,710 58,944
CREDITORS
Amounts falling due within one year 8 54,884 51,850
NET CURRENT ASSETS 1,826 7,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,316

55,666

CREDITORS
Amounts falling due after more than one
year

9

(21,577

)

(30,440

)

PROVISIONS FOR LIABILITIES (617 ) (822 )
NET ASSETS 22,122 24,404

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 22,120 24,402
SHAREHOLDERS' FUNDS 22,122 24,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

M I B Garages Limited (Registered number: 05816977)

Balance Sheet - continued
30 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:




I W Powell - Director



M B B Pedley - Director


M I B Garages Limited (Registered number: 05816977)

Notes to the Financial Statements
for the period 1 April 2023 to 30 March 2024

1. STATUTORY INFORMATION

M I B Garages 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.

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
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoice value of goods / services provided, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2023 - 5 ) .

M I B Garages Limited (Registered number: 05816977)

Notes to the Financial Statements - continued
for the period 1 April 2023 to 30 March 2024

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 30 March 2024 125,000
AMORTISATION
At 1 April 2023 80,755
Charge for period 5,000
At 30 March 2024 85,755
NET BOOK VALUE
At 30 March 2024 39,245
At 31 March 2023 44,245

6. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023
and 30 March 2024 12,644 5,450 3,316 21,410
DEPRECIATION
At 1 April 2023 11,020 4,413 1,650 17,083
Charge for period 406 260 416 1,082
At 30 March 2024 11,426 4,673 2,066 18,165
NET BOOK VALUE
At 30 March 2024 1,218 777 1,250 3,245
At 31 March 2023 1,624 1,037 1,666 4,327

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,101 4,455

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,715 18,687
Trade creditors 11,850 6,441
Taxation and social security 23,131 22,434
Other creditors 6,188 4,288
54,884 51,850

M I B Garages Limited (Registered number: 05816977)

Notes to the Financial Statements - continued
for the period 1 April 2023 to 30 March 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 21,577 30,440