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REGISTERED NUMBER: 05628446 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MICROCOMMS PROFESSIONAL SERVICES LIMITED

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICROCOMMS PROFESSIONAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr CJ Darling
Mr S A Murley





SECRETARY: Mr S A Murley





REGISTERED OFFICE: Wheal Jane Earth Science park
Baldhu
TRURO
Cornwall
TR3 6EE





REGISTERED NUMBER: 05628446 (England and Wales)





ACCOUNTANTS: TC Group
Bickland House
Bickland Water Road
Falmouth
Cornwall
TR11 4SB

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 36,492 37,621

CURRENT ASSETS
Stocks 40,571 44,455
Debtors 5 679,960 522,445
Cash at bank 85,257 203,152
805,788 770,052
CREDITORS
Amounts falling due within one year 6 707,284 578,500
NET CURRENT ASSETS 98,504 191,552
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,996

229,173

CREDITORS
Amounts falling due after more than one
year

7

(81,083

)

(119,238

)

PROVISIONS FOR LIABILITIES (6,641 ) (4,773 )
NET ASSETS 47,272 105,162

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 47,172 105,062
47,272 105,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





Mr S A Murley - Director


MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

MICROCOMMS PROFESSIONAL SERVICES LIMITED 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.

Monetary amounts in these financial statements are rounded to the nearest £.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received and receivable, excluding discounts, rebates, value added tax and other sales taxes. the following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completions of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.

Sale of goods

Revenue from the sale of goods is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on despatch 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Over the lease term
Plant and machinery etc - 20% on cost

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 intangible asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial instruments
The company has elected to adopt Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 in respect 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.

Basic financial assets include short term trade and other debtors and cash and bank balances. These are initially measured at transaction price, less any impairment and are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities include short term trade and other creditors such as loans from group companies and bank loans. They are initially measured at transaction price and subsequently carried at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessee. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charges to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 25,712 202,259 227,971
Additions - 25,318 25,318
Disposals - (34,710 ) (34,710 )
At 31 December 2023 25,712 192,867 218,579
DEPRECIATION
At 1 January 2023 13,211 177,139 190,350
Charge for year 2,571 21,455 24,026
Eliminated on disposal - (32,289 ) (32,289 )
At 31 December 2023 15,782 166,305 182,087
NET BOOK VALUE
At 31 December 2023 9,930 26,562 36,492
At 31 December 2022 12,501 25,120 37,621

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

The assets of the company have been pledged to secure the bank borrowings in the company by a fixed and floating charge.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 426,771 333,119
Other debtors 253,189 189,326
679,960 522,445

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 45,000 45,000
Hire purchase contracts and finance leases 12,426 4,130
Trade creditors 199,892 277,744
Amounts owed to group undertakings 148,357 127,517
Taxation and social security 145,609 103,154
Other creditors 156,000 20,955
707,284 578,500

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 63,750 108,750
Hire purchase contracts and finance leases 17,333 10,488
81,083 119,238

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 108,750 153,750
Hire purchase contracts and finance leases 29,759 14,618
138,509 168,368

The bank loan is secured by means of a fixed and floating charge over the assets of the company.

MICROCOMMS PROFESSIONAL SERVICES LIMITED (REGISTERED NUMBER: 05628446)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr S A Murley
Balance outstanding at start of year - -
Amounts advanced 2,846 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,846 -

10. RELATED PARTY DISCLOSURES

Within the year the company advanced funds and paid for expenses on behalf of Ride On Holdings Limited, a company under common control. The total amount advanced within the year was £108,616 and repayments were made of £46,391, with a balance of £215,761 (2022:£153,536) outstanding at the year end. No interest is charged on this loan.

In previous years, the company was provided with a loan by Microcomms Holdings Limited, the parent company. An additional amount is due to the parent company for dividends not taken totalling £21,000. At the year end, a balance of £148,357 (2022: £127,517) remained on this loan. No interest is charged by the parent company for this loan.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr S Murley by virtue of his shareholding in Microcomms Holdings Limited.

The parent company of Microcomms Professional Services Limited is Microcomms Holdings Limited, a company incorporated in England and Wales. Its registered office is Wheal Jane Earth Science Park, Baldhu, Truro, Cornwall TR3 6EE.