Company registration number 10881522 (England and Wales)
MIB INTERNATIONAL CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MIB INTERNATIONAL CONSTRUCTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MIB INTERNATIONAL CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
210,000
-
0
Current assets
Debtors
4
70,799
(1)
Cash at bank and in hand
1,806
38
72,605
37
Creditors: amounts falling due within one year
5
44,564
(40,205)
Net current assets/(liabilities)
117,169
(40,168)
Total assets less current liabilities
327,169
(40,168)
Creditors: amounts falling due after more than one year
6
(369,031)
(611)
Net liabilities
(41,862)
(40,779)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(41,864)
(40,781)
Total equity
(41,862)
(40,779)

The notes on pages 3 to 6 form part of these financial statements.

MIB INTERNATIONAL CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2023
30 December 2023
- 2 -

For the financial year ended 30 December 2023 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr Colin McKenzie
Director
Company registration number 10881522 (England and Wales)
MIB INTERNATIONAL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

MIB International Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 Rhymney River Bridge Road, Cardiff, South Glamorgan, UK, CF23 9AH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MIB INTERNATIONAL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
MIB INTERNATIONAL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 December 2022
-
0
Additions
280,000
At 30 December 2023
280,000
Depreciation and impairment
At 31 December 2022
-
0
Depreciation charged in the year
70,000
At 30 December 2023
70,000
Carrying amount
At 30 December 2023
210,000
At 30 December 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
70,799
(1)
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,111
8,111
Taxation and social security
(56,000)
-
0
Other creditors
3,325
32,094
(44,564)
40,205
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
(540)
611
Other creditors
369,571
-
0
369,031
611
MIB INTERNATIONAL CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

Included in other creditors is a loan from Concept Facade Systems Limited £336,000. Concept facade Systems and Facade Panel Systems Limited are both owned by KAMC Holdings Limited. Facade Panel Systems Limited is a customer of MIB International Construction Limited.

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