Company registration number 10845506 (England and Wales)
MICRALITE (IP) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MICRALITE (IP) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MICRALITE (IP) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
-
-
Creditors: amounts falling due within one year
3
(81,259)
(81,063)
Net current liabilities
(81,259)
(81,063)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(81,260)
(81,064)
Total equity
(81,259)
(81,063)

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

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
Mr C A Walsh
Director
Company Registration No. 10845506
MICRALITE (IP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Micralite (IP) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Micklethorn, Broughton, Skipton, BD23 3JA.

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 £1.

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

The financial statements of the company are consolidated in the financial statements of Fosun International Limited as at 31 December 2023. These consolidated financial statements are available from www.fosun.com.

1.2
Going concern

At the time of approving the financial statements, the company had net liabilities of £true81,259 (2022 - £81,063). The director has a reasonable expectation that the company has adequate resources to cover this deficit and to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

MICRALITE (IP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.4
Equity instruments

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

2
Employees

There were no persons (2022 - nil) employed by the company during the year.

MICRALITE (IP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
81,259
81,063
4
Controlling party

The Company's immediate parent company is Micralite Holdings Limited, a company incorporated in England and Wales. The ultimate parent and controlling party is Fosun International Limited, a company incorporated in Hong Kong. The principle place of business of Fosun International Limited is Tower S1, Bund Finance Center, 600 Zhongshan, No. 2 Road (E), Shanghai, China.

 

Fosun International Limited prepares group financial statements, which include the results of the Company. Copies of the group's financial statements for Fosun International Limited can be obtained from www.fosun.com.

5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Chris Butt
Statutory Auditor:
Azets Audit Services Limited
2023-12-312023-01-01false16 August 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr N J PaxtonMr C A Walshfalsefalse0108455062023-01-012023-12-31108455062023-12-3110845506core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110845506core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31108455062022-12-3110845506core:ShareCapital2023-12-3110845506core:ShareCapital2022-12-3110845506core:RetainedEarningsAccumulatedLosses2023-12-3110845506core:RetainedEarningsAccumulatedLosses2022-12-3110845506bus:Director22023-01-012023-12-3110845506core:CurrentFinancialInstruments2023-12-3110845506core:CurrentFinancialInstruments2022-12-3110845506bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110845506bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110845506bus:FRS1022023-01-012023-12-3110845506bus:Audited2023-01-012023-12-3110845506bus:Director12023-01-012023-12-3110845506bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP