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REGISTERED NUMBER: SC229187 (Scotland)















MIMEC LTD

Financial Statements for the Year Ended 30 June 2024






MIMEC LTD (REGISTERED NUMBER: SC229187)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIMEC LTD

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Murdo MacDonald
Iain Alexander Macdonald
Kenneth Donald Smith





SECRETARY: Iain Alexander Macdonald





REGISTERED OFFICE: 26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF





REGISTERED NUMBER: SC229187 (Scotland)





ACCOUNTANTS: Mann Judd Gordon Ltd
Chartered Accountants
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

MIMEC LTD (REGISTERED NUMBER: SC229187)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,928,954 1,833,077
Investments 6 300,767 300,767
2,229,721 2,133,844

CURRENT ASSETS
Debtors 7 13,967 3,353
Cash at bank 250,260 235,585
264,227 238,938
CREDITORS
Amounts falling due within one year 8 81,115 79,853
NET CURRENT ASSETS 183,112 159,085
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,412,833

2,292,929

CREDITORS
Amounts falling due after more than one
year

9

(1,028,166

)

(923,599

)

PROVISIONS FOR LIABILITIES (169,539 ) (139,040 )
NET ASSETS 1,215,128 1,230,290

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,214,128 1,229,290
SHAREHOLDERS' FUNDS 1,215,128 1,230,290

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

MIMEC LTD (REGISTERED NUMBER: SC229187)

Balance Sheet - continued
30 June 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Iain Alexander Macdonald - Director


MIMEC LTD (REGISTERED NUMBER: SC229187)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Mimec Ltd is a private company, limited by shares , registered in Scotland. 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 (£).


The financial statements are rounded to the nearest £1.

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.

Significant judgements and estimates
Fixed asset net book value and depreciation charges are the areas of the accounts which are affected by significant judgements and estimates. The directors exercise judgement in determining both the useful economic life and the likely residual value of the company's assets. This judgement affects the rates of and charge for depreciation in the accounts for the year. It also therefore affects the net book value of the assets in the balance sheet.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - not provided
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


MIMEC LTD (REGISTERED NUMBER: SC229187)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and
Buildings property machinery
£    £    £   
COST
At 1 July 2023 942,631 10,797 86,680
Additions - - -
Disposals - - -
At 30 June 2024 942,631 10,797 86,680
DEPRECIATION
At 1 July 2023 - - 68,362
Charge for year - - 3,663
Eliminated on disposal - - -
At 30 June 2024 - - 72,025
NET BOOK VALUE
At 30 June 2024 942,631 10,797 14,655
At 30 June 2023 942,631 10,797 18,318

MIMEC LTD (REGISTERED NUMBER: SC229187)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 2,150 1,748,364 16,545 2,807,167
Additions - 292,858 - 292,858
Disposals - (254,314 ) - (254,314 )
At 30 June 2024 2,150 1,786,908 16,545 2,845,711
DEPRECIATION
At 1 July 2023 1,586 887,837 16,305 974,090
Charge for year 141 179,110 48 182,962
Eliminated on disposal - (240,295 ) - (240,295 )
At 30 June 2024 1,727 826,652 16,353 916,757
NET BOOK VALUE
At 30 June 2024 423 960,256 192 1,928,954
At 30 June 2023 564 860,527 240 1,833,077

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 300,767
NET BOOK VALUE
At 30 June 2024 300,767
At 30 June 2023 300,767

Investments held as fixed assets are included in the accounts at cost.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors - 2,400
VAT 13,967 953
13,967 3,353

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 33,213 31,951
Accrued expenses 47,902 47,902
81,115 79,853

MIMEC LTD (REGISTERED NUMBER: SC229187)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts 111,216 60,649
Amounts owed to group undertakings 916,950 862,950
1,028,166 923,599

10. RELATED PARTY DISCLOSURES

The company's entire turnover arose from the provision of assets to its associate company, Hebrides Haulage Ltd.

During the year the company paid a management fee of £45,000 (2023 : £45,000) to its associate company, Hebrides Haulage Ltd, for management services provided in the year.

Current liabilities include an inter company balance of £916,950 (2023 : £862,950) due to its associate company, Hebrides Haulage Ltd. There are no repayment terms in place and no interest is being charged.

During the year the company paid dividends of £Nil (2023: £90,000) to its parent company MHIK Holdings Limited.

11. ULTIMATE CONTROLLING PARTY

The controlling party is MHIK Holdings Limited.