Company Registration No. 05227021 (England and Wales)
MIBZ DEVELOPMENTS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
MIBZ DEVELOPMENTS LTD
COMPANY INFORMATION
Directors
Mr T M Zaman
Mr N A Butt
Mr Z Iqbal
Secretary
Mr N A Butt
Company number
05227021
Registered office
245C Heckmondwike Road
Dewsbury
West Yorkshire
WF13 3NF
Accountants
AMS Accountants Corporate Limited
Chartered Accountants
2nd Floor
9 Portland Street
Manchester
M1 3BE
Business address
Express House
Station Road
Huddersfield
HD2 1UT
MIBZ DEVELOPMENTS LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 10
MIBZ DEVELOPMENTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2017.

Principal activities

The principal activity of the company continued to be that of property investment and rental.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T M Zaman
Mr N A Butt
Mr Z Iqbal

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr T M Zaman
Director
20 June 2018
MIBZ DEVELOPMENTS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIBZ DEVELOPMENTS LTD FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MIBZ Developments Ltd for the year ended 31 December 2017 set out on pages 3 to 10 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MIBZ Developments Ltd, as a body, in accordance with the terms of our engagement letter dated .......................... Our work has been undertaken solely to prepare for your approval the financial statements of MIBZ Developments Ltd and state those matters that we have agreed to state to the Board of Directors of MIBZ Developments Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MIBZ Developments Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that MIBZ Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MIBZ Developments Ltd. You consider that MIBZ Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MIBZ Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

AMS Accountants Corporate Limited
20 June 2018
Chartered Accountants
2nd Floor
9 Portland Street
Manchester
M1 3BE
MIBZ DEVELOPMENTS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
2017
2016
Notes
£
£
Turnover
69,604
64,437
Cost of sales
-
(17,272)
Gross profit
69,604
47,165
Administrative expenses
(31,397)
(66,554)
Operating profit/(loss)
38,207
(19,389)
Interest payable and similar expenses
(1,714)
(2,471)
Profit/(loss) before taxation
36,493
(21,860)
Tax on profit/(loss)
(13,627)
1,083
Profit/(loss) for the financial year
22,866
(20,777)
MIBZ DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2017
- 4 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
862,197
767,122
Current assets
Debtors
4
2,864
4,452
Cash at bank and in hand
16,134
8,405
18,998
12,857
Creditors: amounts falling due within one year
5
(55,302)
(67,741)
Net current liabilities
(36,304)
(54,884)
Total assets less current liabilities
825,893
712,238
Creditors: amounts falling due after more than one year
6
(727,667)
(650,505)
Provisions for liabilities
(32,144)
(18,517)
Net assets
66,082
43,216
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
65,982
43,116
Total equity
66,082
43,216

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

MIBZ DEVELOPMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2018 and are signed on its behalf by:
Mr T M Zaman
Director
Company Registration No. 05227021
MIBZ DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
1
Accounting policies
Company information

MIBZ Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 245C Heckmondwike Road, Dewsbury, West Yorkshire, WF13 3NF.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

 

The company has net current liabilities of £36,304 at the balance sheet date. In order to continue to trade the company is reliant upon the support of its Directors and Shareholders. It has been indicated that this support will continue for the foreseeable future.

1.3
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.

 

 

1.4
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:

Land and buildings Freehold
2% 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.

MIBZ DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 7 -
1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash at bank and in hand 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.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

MIBZ DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 8 -
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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MIBZ DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 9 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).

3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2017
1,006,900
Additions
95,075
At 31 December 2017
1,101,975
Depreciation and impairment
At 1 January 2017 and 31 December 2017
239,778
Carrying amount
At 31 December 2017
862,197
At 31 December 2016
767,122
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,040
-
Other debtors
1,824
4,452
2,864
4,452
MIBZ DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 10 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
7,895
20,726
Other creditors
47,407
47,015
55,302
67,741
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
60,564
107,763
Other creditors
667,103
542,742
727,667
650,505
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Related party transactions

By virtue of personal and business relationships, One Developments Limited is a related party.
The Director of One Developments Limited is Mr T M Zaman, who is also a Director
in Mibz Developments Ltd.

 

At the year end, a balance of £90,000 was due to One Developments Limited.

 

The above balances are interest free with no fixed date for repayment.

9
Directors' transactions

At the year end, a balance of £541,103 (2016: 452,742) was due to the Directors

 

The above loan is interest free with no fixed date of repayment.

10
Control note

By virtue of ownership of 50% of the issued share capital of the company, Mr T Zaman is the controlling party.

2017-12-312017-01-01falseCCH SoftwareCCH Accounts Production 2018.200Mr T M ZamanMr N A ButtMr Z IqbalMr N A Butt052270212017-01-012017-12-3105227021bus:Director12017-01-012017-12-3105227021bus:Director22017-01-012017-12-3105227021bus:Director32017-01-012017-12-3105227021bus:CompanySecretary12017-01-012017-12-3105227021bus:CompanySecretaryDirector12017-01-012017-12-3105227021bus:RegisteredOffice2017-01-012017-12-31052270212017-12-31052270212016-01-012016-12-31052270212016-12-3105227021core:LandBuildings2017-12-3105227021core:LandBuildings2016-12-3105227021core:CurrentFinancialInstruments2017-12-3105227021core:CurrentFinancialInstruments2016-12-3105227021core:Non-currentFinancialInstruments2017-12-3105227021core:Non-currentFinancialInstruments2016-12-3105227021core:ShareCapital2017-12-3105227021core:ShareCapital2016-12-3105227021core:RetainedEarningsAccumulatedLosses2017-12-3105227021core:RetainedEarningsAccumulatedLosses2016-12-3105227021core:ShareCapitalOrdinaryShares2017-12-3105227021core:ShareCapitalOrdinaryShares2016-12-3105227021core:LandBuildingscore:OwnedOrFreeholdAssets2017-01-012017-12-3105227021core:LandBuildings2016-12-3105227021core:LandBuildings2017-01-012017-12-3105227021bus:OrdinaryShareClass12017-12-3105227021bus:OrdinaryShareClass12017-01-012017-12-3105227021bus:PrivateLimitedCompanyLtd2017-01-012017-12-3105227021bus:FRS1022017-01-012017-12-3105227021bus:AuditExemptWithAccountantsReport2017-01-012017-12-3105227021bus:FullAccounts2017-01-012017-12-31xbrli:purexbrli:sharesiso4217:GBP

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