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REGISTERED NUMBER: 12003235 (England and Wales)















Microlink Devices UK Ltd

Unaudited Financial Statements for the Year Ended 31 May 2024






Microlink Devices UK Ltd (Registered number: 12003235)






Contents of the Financial Statements
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Microlink Devices UK Ltd

Company Information
for the year ended 31 May 2024







DIRECTORS: N Pan
R H Chan
J A Fazackerley
A W E Morgan





REGISTERED OFFICE: One New Street
Wells
Somerset
BA5 2LA





REGISTERED NUMBER: 12003235 (England and Wales)





ACCOUNTANTS: Webb & Co Ltd
Accountants and Business Advisers
One New Street
Wells
Somerset
BA5 2LA

Microlink Devices UK Ltd (Registered number: 12003235)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 143,416 8,305

CURRENT ASSETS
Stocks - 10,961
Debtors 5 238,808 416,856
Cash at bank 259,042 80,764
497,850 508,581
CREDITORS
Amounts falling due within one year 6 93,502 67,775
NET CURRENT ASSETS 404,348 440,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

547,764

449,111

CREDITORS
Amounts falling due after more than one
year

7

1,911,761

1,414,232
NET LIABILITIES (1,363,997 ) (965,121 )

CAPITAL AND RESERVES
Called up share capital 8 1,220 1,220
Retained earnings (1,365,217 ) (966,341 )
SHAREHOLDERS' FUNDS (1,363,997 ) (965,121 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Microlink Devices UK Ltd (Registered number: 12003235)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:




J A Fazackerley - Director



A W E Morgan - Director


Microlink Devices UK Ltd (Registered number: 12003235)

Notes to the Financial Statements
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Microlink Devices UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from projects are recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33.3% on cost and 20% on cost
Fixtures and fittings - 20% on cost

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Microlink Devices UK Ltd (Registered number: 12003235)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2023 13,257 6,003 19,260
Additions 173,048 2,927 175,975
At 31 May 2024 186,305 8,930 195,235
DEPRECIATION
At 1 June 2023 8,554 2,401 10,955
Charge for year 39,078 1,786 40,864
At 31 May 2024 47,632 4,187 51,819
NET BOOK VALUE
At 31 May 2024 138,673 4,743 143,416
At 31 May 2023 4,703 3,602 8,305

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 96,645 216,630
Other debtors 142,163 200,226
238,808 416,856

Microlink Devices UK Ltd (Registered number: 12003235)

Notes to the Financial Statements - continued
for the year ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,242 42,003
Taxation and social security 16,572 15,540
Other creditors 74,688 10,232
93,502 67,775

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 1,911,761 1,414,232

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
122,000 Ordinary 0.01 1,220 1,220

9. GOING CONCERN

The major part of the company's working capital requirements are provided by a loan from MicroLink Devices Inc., a related company.
Directors of the related company have indicated that they will not demand repayment for the foreseeable future.
The Directors are confident that the company will start to generate revenues in 2025 and they are also working on establishing a facility to generate further complementary revenues. The Directors continue to source Grant funding to support ongoing Research and Development.
The Directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.