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REGISTERED NUMBER: 07402488 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Mibec Limited

Mibec Limited (Registered number: 07402488)






Contents of the Financial Statements
for the year ended 31 October 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mibec Limited

Company Information
for the year ended 31 October 2024







DIRECTORS: M L Cadd
M Chisnall





SECRETARY: Mrs R Cadd





REGISTERED OFFICE: Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF





REGISTERED NUMBER: 07402488 (England and Wales)

Mibec Limited (Registered number: 07402488)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 4,094 5,459

CURRENT ASSETS
Stocks 6 226,629 260,254
Debtors 7 447,724 452,393
Cash at bank and in hand 1,116,521 753,238
1,790,874 1,465,885
CREDITORS
Amounts falling due within one year 8 (1,090,476 ) (1,067,435 )
NET CURRENT ASSETS 700,398 398,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

704,492

403,909

PROVISIONS FOR LIABILITIES 10 (45,524 ) (10,865 )
NET ASSETS 658,968 393,044

CAPITAL AND RESERVES
Called up share capital 111 107
Share premium 20,989 9,993
Retained earnings 637,868 382,944
658,968 393,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Mibec Limited (Registered number: 07402488)

Statement of Financial Position - continued
31 October 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





M L Cadd - Director


Mibec Limited (Registered number: 07402488)

Notes to the Financial Statements
for the year ended 31 October 2024

1. STATUTORY INFORMATION

Mibec Limited's principal activity during the year under review was that of the supply of renewable energy product solutions.

The company is a private company limited by shares and is incorporated in England and Wales. The registered office address is Datum House, Electra Way, Crewe, Cheshire, CW1 6ZF. The company's registered number is 07402488.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

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

Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are discussed below:

(i) Warranty provision
A warranty provision is included to cover any defective work. This provision requires managements best estimate of the probability of defects and the labour costs that will be incurred based on contractual requirements.

Revenue
Revenue represents net invoiced sales of goods, excluding value added tax. Sales are recognised on the date goods are despatched. Carriage charges made to customers are included in turnover.

Mibec Limited (Registered number: 07402488)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 50% on cost
Plant and machinery - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 year was 6 (2023 - 6 ) .

Mibec Limited (Registered number: 07402488)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 15,610 37,754 21,000 4,949 79,313
Additions - - - 3,465 3,465
Disposals - (26,000 ) - - (26,000 )
At 31 October 2024 15,610 11,754 21,000 8,414 56,778
DEPRECIATION
At 1 November 2023 15,610 36,495 16,800 4,949 73,854
Charge for year - 630 4,200 - 4,830
Eliminated on disposal - (26,000 ) - - (26,000 )
At 31 October 2024 15,610 11,125 21,000 4,949 52,684
NET BOOK VALUE
At 31 October 2024 - 629 - 3,465 4,094
At 31 October 2023 - 1,259 4,200 - 5,459

6. STOCKS
2024 2023
£    £   
Stocks 226,629 260,254

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 411,071 326,563
Other debtors 36,653 125,830
447,724 452,393

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 644,452 566,369
Taxation and social security 333,711 248,072
Other creditors 112,313 252,994
1,090,476 1,067,435

Mibec Limited (Registered number: 07402488)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 10,490 24,000
Between one and five years - 10,000
10,490 34,000

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,024 1,365
Other provisions 44,500 9,500
45,524 10,865

Deferred Warranty
tax Provision
£    £   
Balance at 1 November 2023 1,365 9,500
(Credit)/charge to Income Statement during year (341 ) 35,000
Balance at 31 October 2024 1,024 44,500

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
M L Cadd
Balance outstanding at start of year - 53,269
Amounts advanced 16,227 20,937
Amounts repaid (11,755 ) (74,206 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,472 -

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Broadlands Holdings Limited, a company registered in England and Wales.