Silverfin false 24 February 2025 21 February 2025 Christopher Walford BSc ACA Albert Goodman LLP 233,053 642,621 false true 31/12/2024 01/01/2024 31/12/2024 Mr N Edling 01/06/2023 21 February 2025 The principal activity of the company in the year was that of the manufacture of microwave amplifiers. 02439076 2024-12-31 02439076 bus:Director1 2024-12-31 02439076 2023-12-31 02439076 core:CurrentFinancialInstruments 2024-12-31 02439076 core:CurrentFinancialInstruments 2023-12-31 02439076 core:Non-currentFinancialInstruments 2024-12-31 02439076 core:Non-currentFinancialInstruments 2023-12-31 02439076 core:ShareCapital 2024-12-31 02439076 core:ShareCapital 2023-12-31 02439076 core:RetainedEarningsAccumulatedLosses 2024-12-31 02439076 core:RetainedEarningsAccumulatedLosses 2023-12-31 02439076 core:ComputerSoftware 2023-12-31 02439076 core:ComputerSoftware 2024-12-31 02439076 core:LeaseholdImprovements 2023-12-31 02439076 core:PlantMachinery 2023-12-31 02439076 core:Vehicles 2023-12-31 02439076 core:OfficeEquipment 2023-12-31 02439076 core:LeaseholdImprovements 2024-12-31 02439076 core:PlantMachinery 2024-12-31 02439076 core:Vehicles 2024-12-31 02439076 core:OfficeEquipment 2024-12-31 02439076 core:DeferredTaxation 2024-12-31 02439076 core:DeferredTaxation 2023-12-31 02439076 core:OtherProvisionsContingentLiabilities 2024-12-31 02439076 core:OtherProvisionsContingentLiabilities 2023-12-31 02439076 bus:OrdinaryShareClass1 2024-12-31 02439076 core:WithinOneYear 2024-12-31 02439076 core:WithinOneYear 2023-12-31 02439076 core:BetweenOneFiveYears 2024-12-31 02439076 core:BetweenOneFiveYears 2023-12-31 02439076 2024-01-01 2024-12-31 02439076 bus:FilletedAccounts 2024-01-01 2024-12-31 02439076 bus:SmallEntities 2024-01-01 2024-12-31 02439076 bus:Audited 2024-01-01 2024-12-31 02439076 2023-01-01 2023-12-31 02439076 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02439076 bus:Director1 2024-01-01 2024-12-31 02439076 core:ComputerSoftware core:TopRangeValue 2024-01-01 2024-12-31 02439076 core:LeaseholdImprovements 2024-01-01 2024-12-31 02439076 core:PlantMachinery 2024-01-01 2024-12-31 02439076 core:Vehicles 2024-01-01 2024-12-31 02439076 core:Vehicles core:TopRangeValue 2024-01-01 2024-12-31 02439076 core:OfficeEquipment 2024-01-01 2024-12-31 02439076 core:ComputerSoftware 2024-01-01 2024-12-31 02439076 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 02439076 core:Non-currentFinancialInstruments 2024-01-01 2024-12-31 02439076 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 02439076 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02439076 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02439076 (England and Wales)

MICROWAVE AMPS LTD

Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MICROWAVE AMPS LTD

Financial Statements

For the financial year ended 31 December 2024

Contents

MICROWAVE AMPS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
MICROWAVE AMPS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 11,000 0
Tangible assets 4 330,239 264,953
341,239 264,953
Current assets
Stocks 573,193 576,230
Debtors 5 360,700 676,815
Cash at bank and in hand 1,257,041 545,586
2,190,934 1,798,631
Creditors: amounts falling due within one year 6 ( 590,029) ( 466,179)
Net current assets 1,600,905 1,332,452
Total assets less current liabilities 1,942,144 1,597,405
Creditors: amounts falling due after more than one year 7 ( 23,095) ( 29,871)
Provision for liabilities 8 ( 159,770) ( 41,308)
Net assets 1,759,279 1,526,226
Capital and reserves
Called-up share capital 9 1,002 1,002
Profit and loss account 1,758,277 1,525,224
Total shareholder's funds 1,759,279 1,526,226

The notes on pages 3 to 10 form part of these financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Microwave Amps Ltd (registered number: 02439076) were approved and authorised for issue by the Director on 21 February 2025. They were signed on its behalf by:

Mr N Edling
Director
MICROWAVE AMPS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MICROWAVE AMPS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Microwave Amps Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 103 South Liberty Lane, Bristol, BS3 2SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 % reducing balance
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
2 years straight line
Office equipment 25 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 28 24

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2024 0 0
Additions 13,200 13,200
At 31 December 2024 13,200 13,200
Accumulated amortisation
At 01 January 2024 0 0
Charge for the financial year 2,200 2,200
At 31 December 2024 2,200 2,200
Net book value
At 31 December 2024 11,000 11,000
At 31 December 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2024 41,749 623,062 50,394 30,676 745,881
Additions 0 23,823 944 81,805 106,572
At 31 December 2024 41,749 646,885 51,338 112,481 852,453
Accumulated depreciation
At 01 January 2024 7,692 453,631 9,449 10,156 480,928
Charge for the financial year 1,703 18,771 10,276 10,536 41,286
At 31 December 2024 9,395 472,402 19,725 20,692 522,214
Net book value
At 31 December 2024 32,354 174,483 31,613 91,789 330,239
At 31 December 2023 34,057 169,431 40,945 20,520 264,953

5. Debtors

2024 2023
£ £
Trade debtors 311,614 643,935
Prepayments 45,966 32,849
Other debtors 3,120 31
360,700 676,815

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 239,595 141,925
Accruals and deferred income 223,537 43,638
Corporation tax 57,899 196,089
Other taxation and social security 62,222 77,751
Obligations under finance leases and hire purchase contracts (secured) 6,776 6,776
590,029 466,179

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 23,095 29,871

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 62,570 41,308
Other provisions 97,200 0
159,770 41,308

The other provisions is made up of a dilapidation provision, and reflects management’s best estimate given available information and data.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,002 Ordinary shares of £ 1.00 each 1,002 1,002

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 85,342 85,342
between one and five years 227,579 312,921
312,921 398,263

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 6,385 7,092

11. Related party transactions

Other related party transactions

The company has taken advantage of the exemption under Section 33 of FRS 102 and not disclosed related party transactions with companies within the group.

12. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2024 was qualified.

The qualification in the audit report was as follows:

We were not appointed as auditors of the company until after the year ended 31 December 2023 and thus did not observe the counting of the physical stock at the end of the previous year. We were unable to satisfy ourselves by alternative audit procedures or other means concerning the inventory quantities held at 31 December 2023, which are included in the profit and loss account and balance sheet at £573,193. Consequently, we were unable to determine whether this amount was materially correct and if any adjustment to this amount was necessary.

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’s 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 Financial Reporting Council’s (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 qualified opinion.

The audit report was signed by Christopher Walford BSc ACA on behalf of Albert Goodman LLP.

13. Ultimate controlling party

Parent Company:

Scandinova Systems AB
Typsnittgatan 15, 754 54 Uppsala, Sweden

There is no ultimate controlling party.