Company registration number 04782008 (England and Wales)
MICROPORE TECHNOLOGIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MICROPORE TECHNOLOGIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MICROPORE TECHNOLOGIES LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,057,877
948,553
Tangible assets
4
132,247
175,785
Investments
5
41,745
13,105
1,231,869
1,137,443
Current assets
Stocks
526,742
259,928
Debtors
6
1,588,160
1,402,208
Cash at bank and in hand
40,725
336,037
2,155,627
1,998,173
Creditors: amounts falling due within one year
7
(601,356)
(1,033,310)
Net current assets
1,554,271
964,863
Total assets less current liabilities
2,786,140
2,102,306
Creditors: amounts falling due after more than one year
8
(1,109,644)
(1,145,112)
Net assets
1,676,496
957,194
Capital and reserves
Called up share capital
9
99,723
98,943
Share premium account
3,944,364
2,595,583
Profit and loss reserves
(2,367,591)
(1,737,332)
Total equity
1,676,496
957,194

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 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.

MICROPORE TECHNOLOGIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 April 2025 and are signed on its behalf by:
Mr J C M Curry
Director
Company Registration No. 04782008
MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Micropore Technologies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Wilton Centre, Wilton, Redcar, TS1 4RF.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

1.4
Intangible fixed assets other than goodwill

Separately acquired trademarks and licences are shown at historical cost.

 

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

 

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. The current rates of amortisation are as follows:

Trademarks, patents and licences
Amortise over 5 years
Development costs
Amortise over 5 years
1.5
Tangible fixed assets

Tangible assets are stated in the statement of financial position 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.

MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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

Plant and machinery
25% reducing balance
Computer equipment
3 years straight line

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.

1.6
Fixed asset investments

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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.

1.8
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 current liabilities.

1.9
Financial instruments
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.

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.

1.10
Taxation

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

MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

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

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.

1.11
Retirement benefits

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.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company that the company will comply with the condition attaching to them and the grants will be received.

 

Government grants are recognised using the accrual model and the performance model.

 

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

 

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred. it is recognised as deferred income and not deducted from the carrying amount of the asset.

 

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

1.13

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

 

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.14

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
16
3
Intangible fixed assets
Trademarks, patents and licences
Development costs
Total
£
£
£
Cost
At 1 October 2023
410,133
864,828
1,274,961
Additions
216,549
67,576
284,125
At 30 September 2024
626,682
932,404
1,559,086
Amortisation and impairment
At 1 October 2023
121,199
205,209
326,408
Amortisation charged for the year
97,012
77,789
174,801
At 30 September 2024
218,211
282,998
501,209
Carrying amount
At 30 September 2024
408,471
649,406
1,057,877
At 30 September 2023
288,934
659,619
948,553
MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 October 2023
299,576
5,922
305,498
Additions
-
0
1,981
1,981
At 30 September 2024
299,576
7,903
307,479
Depreciation and impairment
At 1 October 2023
125,926
3,787
129,713
Depreciation charged in the year
43,718
1,801
45,519
At 30 September 2024
169,644
5,588
175,232
Carrying amount
At 30 September 2024
129,932
2,315
132,247
At 30 September 2023
173,650
2,135
175,785
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
41,745
13,105
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
13,105
Additions
28,640
At 30 September 2024
41,745
Carrying amount
At 30 September 2024
41,745
At 30 September 2023
13,105

The above represents the 100% of the voting share capital in Micropore Technologies (India) Pvt Ltd and Micropore Technologies Inc. Micropore Technologies (India) Pvt Ltd and Micropore Technologies Inc are registered in India and USA respectively.

MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
109,006
250,444
Corporation tax recoverable
72,415
-
0
Amounts owed by group undertakings
643,504
571,516
Other debtors
16,905
48,610
Prepayments and accrued income
186,837
212,691
1,028,667
1,083,261
Deferred tax asset
559,493
318,947
1,588,160
1,402,208
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
44,328
-
0
Trade creditors
407,094
644,244
Taxation and social security
24,517
16,238
Deferred income
4,663
-
0
Other creditors
21,993
289,069
Accruals and deferred income
98,761
83,759
601,356
1,033,310
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Unsecured loans
1,109,644
1,145,112
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
171,000
171,000
1,710
1,710
A Ordinary of 1p each
438,870
391,900
4,389
3,919
B Ordinary of 1p each
112,416
81,400
1,124
814
722,286
644,300
7,223
6,443
MICROPORE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Called up share capital
(Continued)
- 9 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference of 1p each
9,250,000
9,250,000
92,500
92,500
Preference shares classified as equity
92,500
92,500
Total equity share capital
99,723
98,943

During the year the company coverted loans of £799,585 into 46,970 A Ordinary shares of £0.01.

 

During the year the company issued 31,016 B Ordinary shares of £0.01 each for the sum of £549,976.

10
Financial commitments, guarantees and contingent liabilities

Included in the statement of financial position are unpaid pension contributions of £20,039 (2023: £2,934 ).

 

Not included in the statement of financial position are financial commitments of £405,402 (2023: £326,890) relating to car leases and a rental agreement.

11
Events after the reporting date

On 18 November 2024 the company issued 1,127 B Ordinary shares of £0.01 each for an aggregate sum of £19,984.

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