Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31truetrueNo description of principal activitytruetruetruetrue2022-08-01false99103false 03325643 2022-08-01 2023-07-31 03325643 2021-08-01 2022-07-31 03325643 2023-07-31 03325643 2022-07-31 03325643 2021-08-01 03325643 6 2022-08-01 2023-07-31 03325643 6 2021-08-01 2022-07-31 03325643 1 2022-08-01 2023-07-31 03325643 e:Director1 2022-08-01 2023-07-31 03325643 e:Director2 2022-08-01 2023-07-31 03325643 e:RegisteredOffice 2022-08-01 2023-07-31 03325643 e:Agent1 2022-08-01 2023-07-31 03325643 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 03325643 d:Buildings d:LongLeaseholdAssets 2023-07-31 03325643 d:Buildings d:LongLeaseholdAssets 2022-07-31 03325643 d:PlantMachinery 2022-08-01 2023-07-31 03325643 d:PlantMachinery 2023-07-31 03325643 d:PlantMachinery 2022-07-31 03325643 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03325643 d:MotorVehicles 2022-08-01 2023-07-31 03325643 d:MotorVehicles 2023-07-31 03325643 d:MotorVehicles 2022-07-31 03325643 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03325643 d:FurnitureFittings 2022-08-01 2023-07-31 03325643 d:FurnitureFittings 2023-07-31 03325643 d:FurnitureFittings 2022-07-31 03325643 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03325643 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03325643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 03325643 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 03325643 d:CurrentFinancialInstruments 2023-07-31 03325643 d:CurrentFinancialInstruments 2022-07-31 03325643 d:Non-currentFinancialInstruments 2023-07-31 03325643 d:Non-currentFinancialInstruments 2022-07-31 03325643 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03325643 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03325643 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 03325643 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 03325643 f:UnitedKingdom 2022-08-01 2023-07-31 03325643 f:UnitedKingdom 2021-08-01 2022-07-31 03325643 f:RestEuropeOutsideUK 2022-08-01 2023-07-31 03325643 f:RestEuropeOutsideUK 2021-08-01 2022-07-31 03325643 f:RestWorldOutsideUK 2022-08-01 2023-07-31 03325643 f:RestWorldOutsideUK 2021-08-01 2022-07-31 03325643 d:UKTax 2022-08-01 2023-07-31 03325643 d:UKTax 2021-08-01 2022-07-31 03325643 d:ShareCapital 2022-08-01 2023-07-31 03325643 d:ShareCapital 2023-07-31 03325643 d:ShareCapital 2022-07-31 03325643 d:ShareCapital 2021-08-01 03325643 d:SharePremium 2022-08-01 2023-07-31 03325643 d:SharePremium 2023-07-31 03325643 d:SharePremium 2022-07-31 03325643 d:CapitalRedemptionReserve 2022-08-01 2023-07-31 03325643 d:CapitalRedemptionReserve 2023-07-31 03325643 d:CapitalRedemptionReserve 2022-07-31 03325643 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 03325643 d:RetainedEarningsAccumulatedLosses 2023-07-31 03325643 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 03325643 d:RetainedEarningsAccumulatedLosses 2022-07-31 03325643 d:RetainedEarningsAccumulatedLosses 2021-08-01 03325643 e:OrdinaryShareClass1 2022-08-01 2023-07-31 03325643 e:OrdinaryShareClass1 2023-07-31 03325643 e:OrdinaryShareClass1 2022-07-31 03325643 e:OrdinaryShareClass2 2022-08-01 2023-07-31 03325643 e:OrdinaryShareClass2 2023-07-31 03325643 e:OrdinaryShareClass2 2022-07-31 03325643 e:OrdinaryShareClass3 2022-08-01 2023-07-31 03325643 e:OrdinaryShareClass3 2023-07-31 03325643 e:FRS102 2022-08-01 2023-07-31 03325643 e:Audited 2022-08-01 2023-07-31 03325643 e:FullAccounts 2022-08-01 2023-07-31 03325643 e:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03325643 d:Subsidiary1 2022-08-01 2023-07-31 03325643 d:Subsidiary1 1 2022-08-01 2023-07-31 03325643 d:Subsidiary5 2022-08-01 2023-07-31 03325643 d:Subsidiary5 1 2022-08-01 2023-07-31 03325643 d:Subsidiary6 2022-08-01 2023-07-31 03325643 d:Subsidiary6 1 2022-08-01 2023-07-31 03325643 d:WithinOneYear 2023-07-31 03325643 d:WithinOneYear 2022-07-31 03325643 d:BetweenOneFiveYears 2023-07-31 03325643 d:BetweenOneFiveYears 2022-07-31 03325643 6 2022-08-01 2023-07-31 03325643 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 03325643 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 03325643 d:OtherDeferredTax 2023-07-31 03325643 d:OtherDeferredTax 2022-07-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03325643







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023


MICROLINK PC (UK) LIMITED






































img3494.png                        

 


MICROLINK PC (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
Mr V Ganjavian 
Dr N Siabi 




Registered number
03325643



Registered office
Microlink House
Brickfield Lane

Chandlers Ford

Hampshire

SO53 4DP




Independent auditors
Menzies LLP
Chartered Accountants & Stautory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
Barclays Bank PLC
Corporate Banking Centre

PO Box 612

Ocean Way

Southampton

SO14 2SB





 


MICROLINK PC (UK) LIMITED
 



CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12 - 13
Notes to the Financial Statements
 
14 - 30


 


MICROLINK PC (UK) LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023

Business review
 
The principal activity during the year was, and continues to be, the supply of computer hardware and software, and the provision of consultancy services, training, software platforms, health & wellbeing products, accessibility services, installation services, assistive technology and workplace adjustment products and services, and on-going technical support of computer and technological solutions for people with disabilities.
The Company achieved an EBITDA for the year of £314,489 (2022 – £282,263 loss). At the year end, the Company’s total Capital and reserves changed from £14,487,904 to £14,755,891.
The student market has continued to be aggressively competitive with the Student Loans Company (SLC) continuing to use an E Quote portal. This has continued to put pressure on revenues and margins from this business line.
The Department for Education (DFE) tender for the supply of the above services was issued in February 2022. We came third in this competition, but unfortunately the decision of the DFE was to award all four regions only to those tenderers in first and second place.
Meanwhile, however, new revenue streams continue to be developed. In addition, the Company has continued adding new corporations to its customer base which is driving growth going forward.
We have not seen significant adverse impacts from Brexit as most of our business is currently within the UK.
Going forward, the Company continues to grow its business globally.

Page 1

 


MICROLINK PC (UK) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Principal risks and uncertainties
 
Risk is present in all businesses and the board regularly reviews the risks faced by the Company. The directors consider the following to be the major risks and uncertainties faced by the Company:
Coronavirus (Covid-19)
The Company continues to be impacted by the legacy of the virus and the changes in the working patterns of our customers.
The directors have carefully considered the situation and have concluded that the resources of the Company are adequate to withstand the impact of the virus.
Market uncertainties
The assistive technology sector by its very nature is one of rapid change and development creating both uncertainty and opportunity. Accordingly, the Company constantly seeks to look at expanding its range of products and its service offerings as well as maintaining its service levels and differentiating itself from its competitors.
Operational risk
Operational efficiency is of paramount importance in a business dedicated to delivering best value in quality and service. Our risk management approach encourages a proportionate response to each area of operational risk, with a combination of generic standards and local ownership. Supply chain resilience and product quality management are regarded as two key operational risks.
Supply of components
The Company configures its hardware to customer order on short lead time. There is, therefore, a potential risk to order fulfilment during times of industry wide component constraints. This is mitigated by multi-sourcing, strong long term supply arrangements including planning, forecasting and buffer stocks where appropriate.
Interest rate risks
Deposits are placed on fixed and variable rate terms for periods from overnight to one month based on forecasted cash flows and interest rate trends. The directors consider that the interest rate risk is at an acceptable level, and the appropriate safeguards are in place to mitigate these risks.
Credit risk
The bulk of our customers are Student Finance, Local Education Authorities, large listed companies, Schools and other government funded institutions. Because of this, the risk of financial loss to the Company arising from the failure of the Company's customers to meet their financial obligations for the services provided by the Company is very low.
Liquidity risks
The Company retains sufficient cash to ensure sufficient funds are available for operations. The Company's shareholders are committed and in principle have funds available to provide additional ongoing financial support for further development or any other requirement of the Company.

Page 2

 


MICROLINK PC (UK) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Financial key performance indicators
 
The key financial performance indicators for the Company are centred around turnover, gross margin and EBITDA. There is also a continued focus on the operational cost base to ensure that it remains at the correct level to support the ongoing business requirement.

2023
2022
Variance
Variance
£
£
£
%
Key Performance Indicators
Sales

10,075,526

9,039,766

1,035,760
 
11.5
 
Gross Profit

3,091,121

2,565,524

525,597
 
20.5
 
EBITDA

314,489

(282,623)

597,112
 
(211.3)
 
Cash at bank

243,821

288,368

(44,547)
 
(15.4)
 


This report was approved by the board and signed on its behalf.



................................................
Dr N Siabi
Director

Date: 28 March 2024

Page 3

 


MICROLINK PC (UK) LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £256,775 (2022 - loss £320,565).

The directors have not recommended a dividend.

Directors

The directors who served during the year were:

Mr V Ganjavian 
Dr N Siabi 

Future developments

The directors will continue to focus on the growth of the Company, whilst ensuring they maintain a high level of service. Regional hubs are being created to support the Company’s global growth.

Matters covered in the Strategic Report

The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Page 4

 


MICROLINK PC (UK) LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

An Indian subsidiary company was incorporated on 18 August 2023, as further disclosed by note 26.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
Dr N Siabi
Director

Date: 28 March 2024

Page 5

 


MICROLINK PC (UK) LIMITED
 

img6169.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MICROLINK PC (UK) LIMITED

Opinion


We have audited the financial statements of Microlink PC (UK) Limited (the 'Company') for the year ended 31 July 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 


MICROLINK PC (UK) LIMITED


img4ba4.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MICROLINK PC (UK) LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 


MICROLINK PC (UK) LIMITED


img6bf2.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MICROLINK PC (UK) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and 
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions; 
°Misappropriation of funds through fraudulent purchase ledger and payroll activity; and
°Manipulation of amounts subject to significant judgment or estimate. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 


MICROLINK PC (UK) LIMITED


img1a78.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MICROLINK PC (UK) LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Galliers (FCA) (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Stautory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

28 March 2024
Page 9

 


MICROLINK PC (UK) LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
10,075,526
9,039,766

Cost of sales
  
(6,984,405)
(6,474,242)

Gross profit
  
3,091,121
2,565,524

Distribution costs
  
(466,180)
(420,052)

Administrative expenses
  
(2,425,391)
(2,559,287)

Other operating income
 5 
57,075
72,110

Operating profit/(loss)
 6 
256,625
(341,705)

Interest receivable and similar income
 10 
3,835
450

Interest payable and similar expenses
 11 
(928)
(857)

Profit/(loss) before tax
  
259,532
(342,112)

Tax on profit/(loss)
 12 
(2,757)
21,547

Profit/(loss) for the financial year
  
256,775
(320,565)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 30 form part of these financial statements.

Page 10

 


MICROLINK PC (UK) LIMITED
REGISTERED NUMBER:03325643



STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
334,906
387,782

Investments
 15 
9,410
9,410

  
344,316
397,192

Current assets
  

Stocks
 16 
798,390
900,646

Debtors: amounts falling due within one year
 17 
15,351,441
14,597,622

Cash at bank and in hand
  
243,821
288,368

  
16,393,652
15,786,636

Creditors: amounts falling due within one year
 18 
(1,881,647)
(1,506,149)

Net current assets
  
 
 
14,512,005
 
 
14,280,487

Total assets less current liabilities
  
14,856,321
14,677,679

Creditors: amounts falling due after more than one year
 19 
(94,299)
(186,401)

Provisions for liabilities
  

Deferred tax
 20 
(6,131)
(3,374)

  
 
 
(6,131)
 
 
(3,374)

Net assets
  
14,755,891
14,487,904


Capital and reserves
  

Called up share capital 
 24 
963
351

Share premium account
 25 
10,337
-

Capital redemption reserve
 25 
263
-

Profit and loss account
 25 
14,744,328
14,487,553

  
14,755,891
14,487,904


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Dr N Siabi
Director

Date: 28 March 2024

The notes on pages 14 to 30 form part of these financial statements.

Page 11

 


MICROLINK PC (UK) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023





Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 August 2022
351
-
-
14,487,553
14,487,904


Comprehensive income for the year

Profit for the year
-
-
-
256,775
256,775

Purchase of own shares
-
-
263
-
263

Shares issued during the year
962
10,337
-
-
11,299

Shares cancelled during the year
(350)
-
-
-
(350)


At 31 July 2023
963
10,337
263
14,744,328
14,755,891
Page 12

 


MICROLINK PC (UK) LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2022






Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2021
351
14,808,118
14,808,469



Loss for the year
-
(320,565)
(320,565)


At 31 July 2022
351
14,487,553
14,487,904


The notes on pages 14 to 30 form part of these financial statements.

Page 13

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


Statement of compliance

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Microlink PC (UK) Limited is a private company, limited by shares, which is incorporated and domiciled in England and Wales. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of MLPC Parent Limited as at 31 July 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors have carefully reviewed the uncertainties facing the Company and the actions taken to mitigate these risks and they believe that the Company should be well able to continue its operational existence for a period of at least 12 months from the approval of these accounts, and thus they consider the going concern basis of preparation continues to be appropriate.

Page 14

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 15

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over 25 years straight line
Plant and machinery
-
Over 4 years straight line
Motor vehicles
-
Over 4 years straight line
Fixtures and fittings
-
Over 4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 17

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.16

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 19

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Warranty provision
The directors have reviewed the historical return rate and review this on a regular basis. The level of this has remained constant and accordingly, the Directors have concluded the level of the provision remains appropriate. 


4.


Turnover

The turnover and profit before tax are attributable to the one principal activity of the Company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
10,044,130
9,014,700

Rest of Europe
808
21,802

Rest of the World
30,588
3,264

10,075,526
9,039,766



5.


Other operating income

2023
2022
£
£

Other operating income
57,075
59,553

Government grants receivable
-
12,557

57,075
72,110


Page 20

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£
£

Research & development charged as an expense
926
12,410

Exchange differences
387
786

Other operating lease rentals
38,185
154,438


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
26,850
24,275


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,602,594
2,516,542

Social security costs
236,256
227,554

Cost of defined contribution scheme
161,927
139,381

3,000,777
2,883,477


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administrative and production
99
103

Page 21

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
70,000
70,000

Company contributions to defined contribution pension schemes
2,100
2,100

72,100
72,100


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
3,835
450

3,835
450


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
928
857

928
857

Page 22

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(21,547)


-
(21,547)


Total current tax
-
(21,547)

Deferred tax


Origination and reversal of timing differences
2,757
-

Total deferred tax
2,757
-


Taxation on profit/(loss) on ordinary activities
2,757
(21,547)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 21.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
259,532
(342,112)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.01% (2022 - 19%)
54,528
(65,001)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,152
-

Permanent differences
10,161
9,655

Losses (relieved)/unrelieved
(74,126)
55,346

Adjustments to tax charge in respect of prior periods
-
(21,547)

Changes in tax rates
11,810
-

Group relief
(3,516)
-

Deferred tax
2,748
-

Total tax charge for the year
2,757
(21,547)

Page 23

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

13.


Intangible assets




Development expenditure

£



Cost


At 1 August 2022
250,000



At 31 July 2023

250,000



Amortisation


At 1 August 2022
250,000



At 31 July 2023

250,000



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 24

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
1,188,806
91,943
23,842
434,773
1,739,364


Additions
-
-
-
4,989
4,989


Disposals
-
-
-
(117,789)
(117,789)



At 31 July 2023

1,188,806
91,943
23,842
321,973
1,626,564



Depreciation


At 1 August 2022
819,794
91,943
23,842
416,003
1,351,582


Charge for the year on owned assets
47,879
-
-
9,986
57,865


Disposals
-
-
-
(117,789)
(117,789)



At 31 July 2023

867,673
91,943
23,842
308,200
1,291,658



Net book value



At 31 July 2023
321,133
-
-
13,773
334,906



At 31 July 2022
369,012
-
-
18,770
387,782

Page 25

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Investments





Investments in subsidiary companies
Loans to joint operations
Total

£
£
£



Cost or valuation


At 1 August 2022
10
9,400
9,410



At 31 July 2023
10
9,400
9,410






Net book value



At 31 July 2023
10
9,400
9,410



At 31 July 2022
10
9,400
9,410


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Microlink Global Limited (held directly)
Microlink House,
Brickfield Lane, 
Chandlers Ford, 
Hampshire SO53 4DP
Ordinary
100%
Hearability Pty Limited (held indirectly)
1 Rotspunt Close, Melkbostrand, Cape Town, 7441, Republic of South Africa
Ordinary
100%
Microlink, Inc (held indirectly)
251 Little Falls Drive, Wilmington DE 19808, United States
-
100%

During the year, there was a joint operation in place which provides specialised training and resource services within the education sector within the United Kingdom. The commitment from Microlink PC (UK) Limited is 50% of the revenue and costs ocurred within this joint operation.


16.


Stocks

2023
2022
£
£

Finished goods and goods for resale
798,390
900,646

798,390
900,646


Page 26

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

17.


Debtors

2023
2022
£
£


Trade debtors
1,069,445
699,225

Amounts owed by group undertakings
13,718,135
13,563,662

Other debtors
27,438
15,243

Prepayments and accrued income
536,423
319,492

15,351,441
14,597,622



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
63

Bank loans
10,000
3,615

Trade creditors
302,267
299,478

Other taxation and social security
425,895
259,784

Other creditors
107,715
127,937

Accruals and deferred income
1,035,770
815,272

1,881,647
1,506,149



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,564
37,949

Accruals and deferred income
72,735
148,452

94,299
186,401


Page 27

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

20.


Deferred taxation




2023


£






At beginning of year
3,374


Charged to the profit or loss
2,757



At end of year
6,131

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
6,131
6,663

Short term
-
(3,289)

6,131
3,374


21.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£



Not later than 1 year
28,856
33,832

Later than 1 year and not later than 5 years
8,472
37,329

37,328
71,161

Equipment expenses recognised within administrative expenses during the year were £33,832 (2022 - £32,701).


22.


Related party transactions

The Company has taken advantage of the exemption in Financial Reporting Standard Section 33 from the requirement to disclose transactions with group companies on the grounds that they are wholly owned within the Group.
The Company paid rent to APIC Trustees, which is a related party by means of its interest in the ultimate parent of Microlink PC (UK) Limited. The value of the rent payable was £22,333 (2022 -  £134,000). Within the year, a rental holiday was obtained for a period of 12 months.

Page 28

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £17,041 (2022 - £17,620) were payable to the fund at the balance sheet date and are included in creditors.


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



900 (2022 - 1) Ordinary  shares of £1.00 each
900
1
500 (2022 - 500) US $ shares of $1.00 each
-
350
6,303 (2022 - nil) Ordinary A shares of £0.01 each
63
-

963

351


The ordinary share has voting and dividend rights.
The ordinary "A" shares do not hold voting rights. Dividend rights are at the discretion of the directors.
On 29 November 2022, the Company cancelled its holding of 500 Bearer shares of US $1 each. On 30 November 2022, it then allotted 899 Ordinary £1 shares at par value and 6,303 A Ordinary £0.01 shares at par value.


25.


Reserves

Share premium account

Share premium represents the difference between the par value of shares issued and the amount that was received.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

This reserve records retained earnings and accumulated losses.


26.


Post balance sheet events

On 18 August 2023, a new subsidiary was set up in India called Microlink Assistive Technologies India Pvt. Ltd which commenced trading on 9 January 2024. This subsidiary is 99.99% owned by Microlink Global Limited, a fellow group member.

Page 29

 


MICROLINK PC (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

27.


Ultimate parent company and controlling party

The immediate and ultimate parent company is considered to be MLPC Parent Limited, a company incorporated in England and Wales. 
The largest and smallest company which prepares group accounts in the Group is MLPC Parent Limited.
Consolidated accounts for the group are available from;
         Microlink House,
         Brickfield Lane,
         Chandlers Ford,
         Hampshire
         SO53 4DP
The ultimate controlling party is Mr V Ganjavian.
 
Under the provision of section 400 of the Companies Act 2006, the Company is exempt from preparing consolidated accounts and has not done so. The accounts, therefore, show information about the Company as an individual entity.

 
Page 30