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Registered Number: 05094128
England and Wales

 

 

 

MICROTEK (UK) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 16,287    19,168 
16,287    19,168 
Current assets      
Stocks 4 153,632    141,727 
Debtors 5 335,353    314,899 
Cash at bank and in hand 418,075    701,070 
907,060    1,157,696 
Creditors: amount falling due within one year 6 (698,057)   (655,806)
Net current assets 209,003    501,890 
 
Total assets less current liabilities 225,290    521,058 
Creditors: amount falling due after more than one year 7 (26,000)   (52,000)
Provisions for liabilities 8 (3,095)   (3,642)
Net assets 196,195    465,416 
 

Capital and reserves
     
Called up share capital 9 5,240    5,240 
Profit and loss account 190,955    460,176 
Shareholders' funds 196,195    465,416 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 18 March 2025 and were signed on its behalf by:


-------------------------------
Mr R Nila
Director
1
General Information
Microtek (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 05094128, registration address Gateway House, Gateway Drive, Yeadon, Leeds, LS19 7XY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 37 (2023 : 38).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 July 2023 91,154    17,769    33,956    142,879 
Additions     2,176    2,176 
Disposals      
At 30 June 2024 91,154    17,769    36,132    145,055 
Depreciation
At 01 July 2023 79,719    15,868    28,124    123,711 
Charge for year 1,704    480    2,873    5,057 
On disposals      
At 30 June 2024 81,423    16,348    30,997    128,768 
Net book values
Closing balance as at 30 June 2024 9,731    1,421    5,135    16,287 
Opening balance as at 01 July 2023 11,435    1,901    5,832    19,168 


4.

Stocks

2024
£
  2023
£
Stocks 153,632    141,727 
153,632    141,727 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 285,741    279,441 
Other Debtors 43,612    35,458 
329,353    314,899 

5.

Debtors: amounts falling due after one year

2024
£
  2023
£
Other Debtors 6,000   
6,000   

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 200,307    264,700 
Bank Loans & Overdrafts 26,000    26,000 
Taxation and Social Security 179,006    145,904 
Other Creditors 292,744    219,202 
698,057    655,806 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 26,000    52,000 
26,000    52,000 

8.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 3,095    3,642 
3,095    3,642 

9.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
10,100 Class A shares of £1.00 each 10,100    10,100 
10,100    10,100 

10.

Director’s loan

Directors loan

Amounts owed to directors   b/forward
£
  advances
£
  credits
£
  c/forward
£
R Nila (9,200) (9,200)
(9,200) (9,200)

11.

Controlling Party

The company was under the control of its directors throughout this and the previous year.
2