Company registration number 04114738 (England and Wales)
Microbuild Limited
Unaudited financial statements
For the year ended 31 December 2023
Microbuild Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
Microbuild Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,342
12,878
Tangible assets
4
187,951
249,171
Investments
5
224
224
199,517
262,273
Current assets
Debtors
6
1,206,149
1,013,806
Cash at bank and in hand
489,435
651,058
1,695,584
1,664,864
Creditors: amounts falling due within one year
7
(450,972)
(534,116)
Net current assets
1,244,612
1,130,748
Total assets less current liabilities
1,444,129
1,393,021
Creditors: amounts falling due after more than one year
8
(12,700)
(20,720)
Provisions for liabilities
(5,710)
(13,714)
Net assets
1,425,719
1,358,587
Capital and reserves
Called up share capital
889
936
Share premium account
18,659
18,659
Capital redemption reserve
47
Profit and loss reserves
1,406,124
1,338,992
Total equity
1,425,719
1,358,587
The directors of the company have 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 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Microbuild Limited
Statement of financial position (continued)
As at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
Mr S Whitby
Director
Company registration number 04114738 (England and Wales)
Microbuild Limited
Statement of changes in equity
For the year ended 31 December 2023
- 3 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
936
18,659
1,319,965
1,339,560
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
19,027
19,027
Balance at 31 December 2022
936
18,659
1,338,992
1,358,587
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
151,874
151,874
Dividends
-
-
-
(10,426)
(10,426)
Own shares acquired
-
-
-
(74,316)
(74,316)
Other movements
(47)
-
47
-
-
Balance at 31 December 2023
889
18,659
47
1,406,124
1,425,719
Microbuild Limited
Notes to the financial statements
For the year ended 31 December 2023
- 4 -
1
Accounting policies
Company information
Microbuild Limited is a private company limited by shares incorporated in England and Wales. The registered office is Microbuild LTD, 49 Peter Street, Manchester, M2 3NG.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.2
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Patents & licences
10% on cost
1.3
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
15% on reducing balance
Computers
25% on cost
Motor vehicles
25% on 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.
1.4
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Microbuild Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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
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 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.
Microbuild Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.7
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.
1.8
Employee benefits
Short term employee benefits, including holiday pay are recognised as an expense in the income statement in the period in which they are incurred.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Microbuild Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 7 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
32
38
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
15,361
Amortisation and impairment
At 1 January 2023
2,483
Amortisation charged for the year
1,536
At 31 December 2023
4,019
Carrying amount
At 31 December 2023
11,342
At 31 December 2022
12,878
Microbuild Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
381,669
Additions
6,884
Disposals
(38,267)
At 31 December 2023
350,286
Depreciation and impairment
At 1 January 2023
132,498
Depreciation charged in the year
66,842
Eliminated in respect of disposals
(37,005)
At 31 December 2023
162,335
Carrying amount
At 31 December 2023
187,951
At 31 December 2022
249,171
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
224
224
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,206,149
1,013,806
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,688
5,464
Corporation tax
45,225
Other taxation and social security
110,509
175,330
Other creditors
327,775
308,097
450,972
534,116
Microbuild Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
12,700
20,720
9
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
868,119
673,118
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
287,911
259,805
10
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Directors Loan
-
115,000
115,000
Directors Loan
-
119,000
119,000
234,000
234,000
11
Ultimate controlling party
By virtue of the shareholding of the company, S Whitby is the ultimate controlling party of the company.
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