Company Registration No. 01831793 (England and Wales)
MICRO MINDER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MICRO MINDER LIMITED
COMPANY INFORMATION
Directors
Mr B G Sheth
Mr K C Shah
Company number
01831793
Registered office
Unit 1
8A Wadsworth Road
Perivale
Greenford
Middlesex
UB6 7JD
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MICRO MINDER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
MICRO MINDER LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICRO MINDER LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 11 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Micro Minder Limited for the year ended 31 March 2024 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Micro Minder Limited and state those matters that we have agreed to state to the Board of Directors of Micro Minder Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Micro Minder Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Micro Minder Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Micro Minder Limited. You consider that Micro Minder Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Micro Minder Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
18 November 2024
MICRO MINDER LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,947
Tangible assets
4
1,879,411
1,868,889
Investments
5
25,045
25,045
1,904,456
1,896,881
Current assets
Stocks
131,467
120,062
Debtors
6
1,981,808
1,386,945
Cash at bank and in hand
2,507,166
2,084,774
4,620,441
3,591,781
Creditors: amounts falling due within one year
7
(1,265,003)
(1,185,963)
Net current assets
3,355,438
2,405,818
Total assets less current liabilities
5,259,894
4,302,699
Provisions for liabilities
8
(417,488)
(406,772)
Net assets
4,842,406
3,895,927
Capital and reserves
Called up share capital
10
200,000
200,000
Revaluation reserves - non distributable
11
91,119
91,119
Foreign exchange unrealised gain/(loss)
(40,261)
(51,388)
Profit and loss reserves - distributable
12
4,591,548
3,656,196
Total equity
4,842,406
3,895,927
The directortrues of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial year ended 31 March 2024 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.
MICRO MINDER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr B G Sheth
Director
Company Registration No. 01831793
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Micro Minder Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, 8A Wadsworth Road, Perivale, Greenford, Middlesex, UB6 7JD.
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 at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
The rental income is from letting IT equipment to the customers.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is three years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
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:
Freehold buildings
2.5% on Straight line basis
Fixtures, fittings & equipment
25% on Straight line basis
Computer equipment
25% on Straight line basis
Motor vehicles
25% on Straight line basis
Freehold land is not depreciated.
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.
1.7
Fixed asset investments
Fixed asset investments are stated at cost.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, receivable from group undertaking, trade and other creditors and amounts due to related parties.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include trade and other debtors, receivable from group undertaking 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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to related parties 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.
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and movement in 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 profit and loss account 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.13
Leases
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 leased assets are consumed.
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.14
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.
Assets and liabilities of overseas operations are translated at the ruling rate at the balance sheet date. Exchange differences arising are dealt with through reserves.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
40
38
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
75,668
Amortisation and impairment
At 1 April 2023
72,721
Amortisation charged for the year
2,947
At 31 March 2024
75,668
Carrying amount
At 31 March 2024
At 31 March 2023
2,947
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
300,000
4,273,988
4,573,988
Additions
807,574
807,574
Disposals
(1,019,871)
(1,019,871)
At 31 March 2024
300,000
4,061,691
4,361,691
Depreciation and impairment
At 1 April 2023
55,256
2,649,843
2,705,099
Depreciation charged in the year
5,250
791,800
797,050
Eliminated in respect of disposals
(1,019,869)
(1,019,869)
At 31 March 2024
60,506
2,421,774
2,482,280
Carrying amount
At 31 March 2024
239,494
1,639,917
1,879,411
At 31 March 2023
244,744
1,624,145
1,868,889
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £118,002 (2023 : £123,252), being cost £178,508 (2023 : £178,508) and depreciation £60,506 (2023 : £55,256).
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
25,045
25,045
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
794,229
365,318
Corporation tax recoverable
40
Amounts owed by group undertakings
727,621
388,124
Other debtors
179,320
182,755
1,701,210
936,197
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Debtors
(Continued)
- 9 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
280,598
450,748
Total debtors
1,981,808
1,386,945
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
293,331
353,355
Amounts owed to group undertakings
82,127
32,087
Corporation tax
71,383
Other taxation and social security
224,945
158,424
Other creditors
664,600
570,714
1,265,003
1,185,963
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
417,488
406,772
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
417,488
376,399
Revaluations
-
30,373
417,488
406,772
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Deferred taxation
(Continued)
- 10 -
2024
Movements in the year:
£
Liability at 1 April 2023
406,772
Charge to profit or loss
10,716
Liability at 31 March 2024
417,488
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
200,000 Ordinary shares of £1 each
200,000
200,000
200,000
200,000
11
Revaluation reserve
2024
2023
£
£
At beginning and end of year
91,119
91,119
12
Profit and loss reserves
The only movements in reserves for the year ended 31 March 2024 and 31 March 2023 are dividend paid and profit for the years.
13
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £16,200 (2023 : £36,000).
14
Directors' transactions
Dividend totalling £1,002 (2023 - £9,025) was paid in the year in respect of shares held by the company's director.
MICRO MINDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
15
Related party transactions
At the balance sheet date, amount owed to the director, Mr B G Sheth was £27,398 (2023 : £14,430).
At the balance sheet date, amount due to Strategic Outsourcing Services Limited, company registered in England and Wales and company under the control of director, Mr B G Sheth and his family was £117,360 (2023 : £164,528).
At the balance sheet date, amount due from Strategic Outsourcing S.A (Pty) Ltd, company registered in South Africa which is the subsidiary company of Strategic Outsourcing Services Limited was £302,294 (2023 : £472,443). The loan is unsecured and the company has charged interest on loan at 1% plus Bank of England's base rate.
At the balance sheet date, amount due from Micro Minder Europe Limited, company registered in Ireland and company under the control of director, Mr B G Sheth was £Nil (2023 : £11,746).
At the balance sheet date, amount due from Microminder Cyber Security LLC, company registered in UAE was £88,857 (2023 : £79,436).
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