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Registered number: 09725395
MIB CONSTRUCTION LTD
Unaudited Financial Statements
For The Year Ended 31 July 2024
Saashiv & Co. Accountants Limited
Chartered Certified Accountants
Pentax House
South Harrow
London
HA2 0DU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09725395
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 34,554 46,073
34,554 46,073
CURRENT ASSETS
Stocks 5 375,000 318,544
Debtors 6 418,371 255,509
Cash at bank and in hand 18,190 45,666
811,561 619,719
Creditors: Amounts Falling Due Within One Year 7 (555,704 ) (403,509 )
NET CURRENT ASSETS (LIABILITIES) 255,857 216,210
TOTAL ASSETS LESS CURRENT LIABILITIES 290,411 262,283
Creditors: Amounts Falling Due After More Than One Year 8 (6,203 ) (16,153 )
NET ASSETS 284,208 246,130
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 284,108 246,030
SHAREHOLDERS' FUNDS 284,208 246,130
Page 1
Page 2
For the year ending 31 July 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr I Bot
Director
28/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
MIB CONSTRUCTION LTD is a private company, limited by shares, incorporated in England & Wales, registered number 09725395 . The registered office is 701 FINCHLEY ROAD, LONDON, NW2 2JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% ON REDUCING BALANCE
Motor Vehicles 25% ON REDUCING BALANCE
Fixtures & Fittings 25% ON REDUCING BALANCE
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2023 74,895 29,246 104,141
As at 31 July 2024 74,895 29,246 104,141
Depreciation
As at 1 August 2023 41,988 16,080 58,068
Provided during the period 8,227 3,292 11,519
As at 31 July 2024 50,215 19,372 69,587
Net Book Value
As at 31 July 2024 24,680 9,874 34,554
As at 1 August 2023 32,907 13,166 46,073
5. Stocks
2024 2023
£ £
Work in progress 375,000 318,544
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors (1,789 ) 55,977
Prepayments and accrued income 155,597 48,663
Other debtors 69,942 69,999
Other debtors (1) 80,870 80,870
VAT 113,751 -
418,371 255,509
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 329,590 156,639
Bank loans and overdrafts 10,698 10,968
Corporation tax 45,745 45,745
Other taxes and social security 60,076 13,753
VAT - 44,892
Net wages - 2,621
Other creditors 10,000 50,000
...CONTINUED
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Pension liability 511 757
CITB Levy payable 32,224 44,088
Directors' loan accounts 66,860 34,046
555,704 403,509
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,203 16,153
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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