Company registration number 03864799 (England and Wales)
MICROPORTS.NET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MICROPORTS.NET LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
MICROPORTS.NET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,492,817
2,182,992
Tangible assets
4
1,434
2,887
2,494,251
2,185,879
Current assets
Debtors
5
371,981
390,604
Cash at bank and in hand
153,180
259,845
525,161
650,449
Creditors: amounts falling due within one year
6
(251,476)
(209,007)
Net current assets
273,685
441,442
Total assets less current liabilities
2,767,936
2,627,321
Creditors: amounts falling due after more than one year
7
(147,696)
(245,697)
Provisions for liabilities
(359)
(722)
Net assets
2,619,881
2,380,902
Capital and reserves
Called up share capital
2,314
2,314
Share premium account
349,249
349,249
Other reserves
99,088
99,088
Profit and loss reserves
2,169,230
1,930,251
Total equity
2,619,881
2,380,902
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MICROPORTS.NET LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 July 2024
G Smith
Director
Company registration number 03864799 (England and Wales)
MICROPORTS.NET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Microports.Net Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Technology Park, Colindeep Lane, London, United Kingdom, NW9 6BX.
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
Turnover
Turnover represents the net invoiced sale of goods and services, excluding value added tax, and accrued work in progress.
1.3
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
The software IPR which was created by the directors of the company prior to the company commencing to trade, has been valued by the directors based on the cost of its development, and this surplus has been transferred to the revaluation reserve. In the opinion of the directors: a) the cost of development is less than the market valuation and b) this enables the accounts to show a true and fair view, although this treatment is not in accordance with the guidelines set out in the 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.
Software development
On useful life
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:
Fixtures and fittings
25% on cost
Computers
50% on cost
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
MICROPORTS.NET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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 statement of financial position 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. 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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.
1.7
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 income statement 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 income statement, 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.
MICROPORTS.NET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
3
Intangible fixed assets
Software development
£
Cost
At 1 January 2023
3,209,420
Additions
495,048
At 31 December 2023
3,704,468
Amortisation and impairment
At 1 January 2023
1,026,428
Amortisation charged for the year
185,223
At 31 December 2023
1,211,651
Carrying amount
At 31 December 2023
2,492,817
At 31 December 2022
2,182,992
MICROPORTS.NET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
13,484
55,632
69,116
Additions
2,867
2,867
Disposals
(13,484)
(49,858)
(63,342)
At 31 December 2023
8,641
8,641
Depreciation and impairment
At 1 January 2023
13,484
52,745
66,229
Depreciation charged in the year
4,320
4,320
Eliminated in respect of disposals
(13,484)
(49,858)
(63,342)
At 31 December 2023
7,207
7,207
Carrying amount
At 31 December 2023
1,434
1,434
At 31 December 2022
2,887
2,887
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
356,802
376,731
Corporation tax recoverable
5,050
5,050
Prepayments and accrued income
10,129
8,823
371,981
390,604
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
40,000
40,000
Other borrowings
50,000
50,000
Trade creditors
34,283
897
Taxation and social security
65,465
53,223
Other creditors
12,591
15,405
Accruals and deferred income
49,137
49,482
251,476
209,007
MICROPORTS.NET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
Included in other creditors, are amounts owed to a director, this is interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
56,667
96,667
Other creditors
91,029
149,030
147,696
245,697
8
Secured debts
The bank loan is a Covid 19 Business Interruption Loan and partially covered by a Government guarantee.