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Registration number: 02334344

MICROLINK TECHNOLOGY LIMITED

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

MICROLINK TECHNOLOGY LIMITED

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 24

 

MICROLINK TECHNOLOGY LIMITED

Company Information

Directors

Mr R Rae

Mr M Reed

Registered office

Stanhope House Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

Auditors

Pennington Williams Limited
Chartered Certified Accountants and Statutory Auditors
Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

 

MICROLINK TECHNOLOGY LIMITED

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the company is the distribution and sale of diagnostic and microbiological products.

Fair review of the business

Having enjoyed steady growth for many years, Pro-Lab Diagnostics remains firmly positioned as a leading manufacturer and supplier of In-Vitro Diagnostics kits and reagents around the world.

With the event of Brexit, we are of course continuing to be presented with new challenges that were successfully met for our business, and this success continues through planned strategic marketing, market surveillance, and adoption change.

As a manufacturing company, as well as a distributor of carefully chosen complementary products, our products continue to grow from a sales perspective due to concerted sales and marketing efforts and reputation throughout the world.

The advent of the worldwide SARS-CoV-2 pandemic presented many challenges to our industry, and we were proud to be able to work closely with the NHS, UKHSA, BIVDA and DHSC with the supply of essential PCR testing kits and equipment in partnership with Certest Biotec in Spain whom we represent exclusively in the UK.

The results of this collaboration are demonstrated clearly in the sales figures for the last few years and although demand for this product is slowing many new opportunities are available. As a company, Pro-Lab Diagnostics is stronger in all areas of business, monitored by performance matrix, since before the pandemic. All of this is demonstrated in sales results over the last 6 years.

Moving forward , Pro-Lab Diagnostics has transitioned through another recognised market position with Molecular Biology and continues to succeed on the legacy of the pandemic sales in many other diagnostic areas.

From a development point of view, we have launched a full range of end-to-end automation equipment for molecular biology to compliment the kits and reagents which we are continuing to grow and expand into. This range continues to be successful with 2 major laboratories in the UK having adopted the products. In addition we have the imminent launch of additional equipment to this range.

We also entered in to a new agreement for the exclusive distribution of test equipment and reagents for the rapid determination of antimicrobial susceptibility testing directly from positive blood cultures. This is a breakthrough in the global fight against antimicrobial resistance and offers considerable growth potential over the next 5 years, circa £6 Million. The system is poised to be implemented in to a number of key NHS testing facilities in the UK in 2025.

 

MICROLINK TECHNOLOGY LIMITED

Strategic Report for the Year Ended 30 April 2024 (continued)

Also, Biobanking has become a new expanded requirement for laboratories carrying out routine pathogen screening of blood samples. We are pleased to continue to offer a unique automation platform for this need that is having great success in the UK and is now in routine use in over 20 laboratory sites in the UK.

As a result of the above expansions and success in product offering, we have also expanded our sales, technical and support team in the UK.

To ensure smooth growth and financial stability, we operate a full cash flow planning system matched to aged creditors and debtors. This works as a key KPI and also forms part of our compliance with ISO13485 for business planning purposes. Staff numbers, capabilities and ongoing training also form a key part of ISO compliance, and all actions are recorded and retained for compliance audit purposes. Investment is also made in production efficiency capabilities as we grow.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Gross Profit

%

35.75

34.80

Net Profit

%

1.13

7.20

Liquidity - Current ratio

1.93

2.25

Principal risks and uncertainties

Principle business risks exist in all market areas, including that of the IVD testing world as health challenges continue, and can often develop unexpectedly. To keep the company firmly positioned to meet all challenges, continual market research is conducted within our chosen market place and directly with our customers. We also work closely with leading organisation with committee positions held such as the British In-Vitro Diagnostics Association and the Institute of Biomedical Science. Close collaboration is also maintained with many leading educational institutes and Universities.

Approved by the Board on 31 January 2025 and signed on its behalf by:

.........................................
Mr R Rae
Director

.........................................
Mr M Reed
Director

 
     
 

MICROLINK TECHNOLOGY LIMITED

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R Rae

Mr M Reed (appointed 2 August 2023)

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Pennington Williams Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 31 January 2025 and signed on its behalf by:

.........................................
Mr R Rae
Director

.........................................
Mr M Reed
Director

 
     
 

MICROLINK TECHNOLOGY LIMITED

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

MICROLINK TECHNOLOGY LIMITED

Independent Auditor's Report to the Members of MICROLINK TECHNOLOGY LIMITED

Opinion

We have audited the financial statements of MICROLINK TECHNOLOGY LIMITED (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

MICROLINK TECHNOLOGY LIMITED

Independent Auditor's Report to the Members of MICROLINK TECHNOLOGY LIMITED (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

MICROLINK TECHNOLOGY LIMITED

Independent Auditor's Report to the Members of MICROLINK TECHNOLOGY LIMITED (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements nclude UK financial reporting standards, Company Law and distributable profits legislation.

• Those laws and regulations for which non-compliance may have a direct effect on the operating aspects of the business and therefore may have a material effect on the financial statements are ISO 13485, Health safety regulations, anti-bribery and anti-corruption laws and compliance with tax legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

MICROLINK TECHNOLOGY LIMITED

Independent Auditor's Report to the Members of MICROLINK TECHNOLOGY LIMITED (continued)

......................................
Lisa Jane Bean FCCA (Senior Statutory Auditor)
For and on behalf of Pennington Williams Limited, Statutory Auditor

Stanhope House
Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN

31 January 2025

 

MICROLINK TECHNOLOGY LIMITED

Profit and Loss Account for the Year Ended 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Turnover

3

8,654,972

10,552,676

Cost of sales

 

(5,561,141)

(6,878,976)

Gross profit

 

3,093,831

3,673,700

Administrative expenses

 

(2,955,239)

(2,723,272)

Operating profit

4

138,592

950,428

Profit before tax

 

138,592

950,428

Tax on profit

8

(40,906)

(194,326)

Profit for the financial year

 

97,686

756,102

The above results were derived from continuing operations.

 

MICROLINK TECHNOLOGY LIMITED

Statement of Comprehensive Income for the Year Ended 30 April 2024

30 April
2024
£

30 April
2023
£

Profit for the year

97,686

756,102

Surplus on property, plant and equipment revaluation

584,950

-

Total comprehensive income for the year

682,636

756,102

 

MICROLINK TECHNOLOGY LIMITED

(Registration number: 02334344)
Balance Sheet as at 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Fixed Assets

 

Tangible Assets

9

1,370,347

576,137

Investments

10

100

100

 

1,370,447

576,237

Current assets

 

Stocks

11

821,328

1,150,506

Debtors

12

1,176,586

1,337,347

Cash at bank and in hand

 

3,782,238

4,168,713

 

5,780,152

6,656,566

Creditors: Amounts falling due within one year

14

(2,999,539)

(2,960,646)

Net current assets

 

2,780,613

3,695,920

Total assets less current liabilities

 

4,151,060

4,272,157

Provisions for liabilities

15

(254,070)

(57,803)

Net assets

 

3,896,990

4,214,354

Capital and Reserves

 

Called up share capital

111

111

Share premium reserve

74,989

74,989

Revaluation reserve

584,950

-

Retained Earnings

3,236,940

4,139,254

Shareholders' funds

 

3,896,990

4,214,354

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr R Rae
Director

.........................................
Mr M Reed
Director

 
     
 

MICROLINK TECHNOLOGY LIMITED

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Share premium
£

Revaluation reserve
£

Retained Earnings
£

Total
£

At 1 May 2023

111

74,989

-

4,139,254

4,214,354

Profit for the year

-

-

-

97,686

97,686

Other comprehensive income

-

-

584,950

-

584,950

Total comprehensive income

-

-

584,950

97,686

682,636

Dividends

-

-

-

(1,000,000)

(1,000,000)

At 30 April 2024

111

74,989

584,950

3,236,940

3,896,990

Share capital
£

Share premium
£

Retained Earnings
£

Total
£

At 1 May 2022

111

74,989

5,991,152

6,066,252

Profit for the year

-

-

756,102

756,102

Dividends

-

-

(2,608,000)

(2,608,000)

At 30 April 2023

111

74,989

4,139,254

4,214,354

 

MICROLINK TECHNOLOGY LIMITED

Statement of Cash Flows for the Year Ended 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Cash flows from operating activities

Profit for the year

 

97,686

756,102

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

67,826

50,913

Income tax expense

8

40,906

194,326

Other Costs & Rounding

 

1

-

Tax refund received

 

-

18,750

 

206,419

1,020,091

Working capital adjustments

 

Decrease in stocks

11

329,178

565,264

Decrease in trade debtors

12

175,545

2,144,048

Increase/(decrease) in trade creditors

14

38,893

(5,949,727)

Cash generated from operations

 

750,035

(2,220,324)

Income taxes paid

8

(54,406)

(938,812)

Net cash flow from operating activities

 

695,629

(3,159,136)

Cash flows from investing activities

 

Acquisitions of tangible assets

(82,104)

(162,391)

Cash flows from financing activities

 

Dividends paid

18

(1,000,000)

(1,110,001)

Net decrease in cash and cash equivalents

 

(386,475)

(4,431,528)

Cash and cash equivalents at 1 May

 

4,168,713

8,600,241

Cash and cash equivalents at 30 April

 

3,782,238

4,168,713

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Stanhope House Mark Rake
Bromborough
Wirral
Merseyside
CH62 2DN
United Kingdom

The principal place of business is:
3 Bassendale Road
Bromborough
Merseyside
CH62 3QL

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£) and transactions have been rounded to nearest whole Pound Sterling(£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year, income from goods is recognised at the time of despatch when the sales invoice is raised. Income from services is recognised when the services have been completed.

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

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 profit or loss.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

20% on reducing balance

Buildings

Straight line over 25 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company uses the following basic financial instruments, cash at bank and in hand, trade debtors, trade creditors and bank loans, the company does not have any other financial instruments.
 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

30 April
2024
£

30 April
2023
£

Sale of goods

8,621,147

10,547,301

Interest received

33,825

5,375

8,654,972

10,552,676

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

67,826

50,913

Foreign exchange (gains)/losses

(26,296)

43,475

Operating lease expense - plant and machinery

94,343

76,013

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

30 April
2024
£

30 April
2023
£

Wages and salaries

1,567,448

1,501,499

Social security costs

191,289

189,948

Pension costs, defined contribution scheme

40,587

34,471

1,799,324

1,725,918

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

30 April
2024
No.

30 April
2023
No.

Administration and support

30

29

30

29

6

Directors' remuneration

In respect of the highest paid director:

2024
 £

2023
 £

Remuneration

366,412

-

Company contributions to money purchase pension schemes

6,233

-

7

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

8,400

7,995

Other fees to auditors

All other non-audit services

31,386

7,560


 

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

8

Taxation

Tax charged/(credited) in the profit and loss account

30 April
2024
£

30 April
2023
£

Current taxation

UK corporation tax

39,622

165,046

Deferred taxation

Arising from origination and reversal of timing differences

1,284

29,280

Tax expense in the income statement

40,906

194,326

9

Tangible Assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

564,756

160,467

274,278

999,501

Revaluations

779,933

-

-

779,933

Additions

-

39,608

42,496

82,104

At 30 April 2024

1,344,689

200,075

316,774

1,861,538

Depreciation

At 1 May 2023

188,632

118,053

116,679

423,364

Charge for the year

22,057

10,001

35,769

67,827

At 30 April 2024

210,689

128,054

152,448

491,191

Carrying amount

At 30 April 2024

1,134,000

72,021

164,326

1,370,347

At 30 April 2023

376,124

42,414

157,599

576,137

Included within the net book value of land and buildings above is £1,134,000 (2023 - £376,123) in respect of freehold land and buildings.
 

Revaluation

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

9

Tangible Assets (continued)

The fair value of the company's Land & Building was revalued on 15 January 2024 by an independent valuer.
The company engaged a independent chartered surveyor to carry out the revaluation. The valuer adopted the market (comparable) and income (investment) methods of valuation as being appropriate in this instance.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £354,067 (2023 - £376,124).

10

Investments

2024
 £

2023
 £

Investments in subsidiaries

100

100

Subsidiaries

£

Cost

At 1 May 2023

100

Provision

Carrying amount

At 30 April 2024

100

At 30 April 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Pro-Lab Diagnostics Ltd

Stanhope House Mark Rake Bromborough Wirral Merseyside CH62 2DN

England & Wales

Ordinary £1 shares

100%

100%

Subsidiary undertakings

Pro-Lab Diagnostics Ltd

The principal activity of Pro-Lab Diagnostics Ltd is Dormant company.

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

11

Stocks

30 April
2024
£

30 April
2023
£

Stock

821,328

1,150,506

12

Debtors

Current

Note

30 April
2024
£

30 April
2023
£

Trade Debtors

 

1,014,719

1,086,063

Amounts owed by related parties

20

-

13,194

Other debtors

 

1,550

14,728

Prepayments

 

94,949

172,778

Corporation Tax

8

65,368

50,584

   

1,176,586

1,337,347

13

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

308

906

Cash at bank

1,814,086

2,664,703

Short-term deposits

1,967,844

1,503,104

3,782,238

4,168,713

14

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade Creditors

 

302,949

755,931

Amounts due to related parties

20

269,488

-

Social security and other taxes

 

673,297

36,455

Other payables

 

908,322

264,574

Accrued expenses

 

845,483

405,686

Dividends payable

18

-

1,498,000

 

2,999,539

2,960,646

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

57,803

57,803

Increase (decrease) in existing provisions

196,267

196,267

At 30 April 2024

254,070

254,070

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £40,587 (2023 - £34,471).

17

Share capital

Allotted, called up and fully paid shares

 

30 April
2024

30 April
2023

 

No.

£

No.

£

Ordinary shares of £1 each

111

111

111

111

         

18

Dividends

   

30 April
2024

 

30 April
2023

   

£

 

£

Interim dividend of £9,009.09 (2023 - £23,513.51) per ordinary share

 

1,000,000

 

2,608,000

         

19

Commitments

Other financial commitments

Leasing Agreements
The total amount of other financial commitments not provided in the financial statements was £195,282 (2023 - £169,142).

 

MICROLINK TECHNOLOGY LIMITED

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

20

Related party transactions

Summary of transactions with other related parties

At the year end included in creditors is £269,488 owing to Pro-Lab Diagnostics Inc, a Canadian company under the same control as Microlink Technology Limited.
 

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

100

100

At end of period

100

100

2023

Subsidiary
£

Total
£

At start of period

100

100

At end of period

100

100

Terms of loans from related parties

The loan relates to the issued share capital of the wholly owner subsidiary company Pro-Lab Diagnostics Ltd it is payable on demand.

 

21

Parent and ultimate parent undertaking

The company's immediate parent is 1000535300 Ontario Inc, incorporated in Canada.

 The ultimate controlling party is Robert Rae.