MICROWN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Company Registration No. 02414110 (England and Wales)
MICROWN LIMITED
COMPANY INFORMATION
Director
Mr C Clapham
Secretary
Mr J P Greenwood
Company number
02414110
Registered office
Unit 49
Compass Industrial Park West
Speke
Liverpool
L24 1YA
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Business address
Unit 49
Compass Industrial Park West
Speke
Liverpool
L24 1YA
MICROWN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
MICROWN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Fair review of the business

As shown in the company’s statement of comprehensive income, revenue for the year has increased by 2.6%. In the challenging market conditions that existed in the year, in addition to continued pressure on employment costs, the directors still consider this to be a very strong performance.

 

The group continues to maintain strong controls over fixed costs and other overheads whilst also investing in manufacturing capability, quality, marketing and research and development to enable it to achieve its profitability targets.

Principal risks and uncertainties

There are a number of risks and uncertainties that can impact on the performance of Micrown Limited, some of which are beyond the control the group.

 

The directors consider the most significant risks faced by the group are the continuing knock on effect of the UK’s withdrawal from the European Union, the war in Ukraine which has created an energy crisis increasing the cost of energy substantially. These risks are managed by the Board as a whole and are the subject of regular internal review meetings.

The group monitors market trends and risks on an ongoing basis and takes corrective action as and when required.

Competitive pressure in all the markets it operates in are an ongoing risk to the group. To manage this risk the group maintains strong relationships with its customers with high levels of customer service and product quality, range and value.

Fluctuations in the price and supply of key raw materials, including purchases from overseas, may also affect the profitability of the business. Purchasing policies and practices mitigate, where practicable, these risks. Post year end the company has continued to hold sufficient stock to provide stability through disruption caused by disputes around the world.

Liquidity, foreign currency and credit risks are set out in the directors’ report.

Key performance indicators

Key performance indicators continue to be used throughout the business, and the financial indicators such as turnover, gross profit margin, profit before tax, trade debtors and stock levels are set out in the body of the accounts.

 

The cash balance at the year end was positive and the group maintains strong cash control which has enabled it to meet its obligations to suppliers and other creditors as they fall due.

 

The directors also consider other non-financial indicators to monitor the performance of the business. These include: -

 

The group’s ability to react to market conditions with a flexible approach to their manufacturing and distribution capabilities.

 

Research and development. The group continues with a robust policy to develop new products to enhance its position in the marketplace.

Other performance indicators

Employees - The group continues to invest in its strategies for the training, development and retention of employees. Average headcount for 2024 was 86 (2023: 77).

MICROWN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

On behalf of the board

Mr C Clapham
Director
27 May 2025
MICROWN LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company in the year under review was that of a holding company. The company did not otherwise trade during the year.

 

The principal activities of the group in the year under review were the manufacture and sale of ceramic tile adhesives and building chemical products supplied to the building and DIY industry.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr C J Sweeney
(Resigned 16 February 2024)
Mr C Clapham
Qualifying third party indemnity provisions

The group has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.

Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise

interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the

business.

Foreign currency risk

The groups principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria

approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are

monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The group plans to continue to grow the business and its reputation throughout the industry. The external commercial environment is expected to remain competitive but management remain confident that the group will maintain or increase its market share going forward.

Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

MICROWN LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr C Clapham
Director
27 May 2025
MICROWN LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

MICROWN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MICROWN LIMITED
- 6 -
Opinion

We have audited the financial statements of Micrown Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

MICROWN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MICROWN LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

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

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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.

MICROWN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MICROWN LIMITED
- 8 -
Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held 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:

 

 

 

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 journal entries; reviewing post year end payments for evidence of claims pay outs and the performance of analytical review 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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss BA FCA
For and on behalf of DSG Audit
27 May 2025
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
MICROWN LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
29,179,868
28,428,902
Cost of sales
(18,126,742)
(18,302,900)
Gross profit
11,053,126
10,126,002
Distribution costs
(4,509,174)
(4,148,139)
Administrative expenses
(2,436,960)
(1,974,200)
Operating profit
5
4,106,992
4,003,663
Interest receivable and similar income
8
877,575
407,800
Profit before taxation
4,984,567
4,411,463
Tax on profit
9
(1,138,535)
(872,810)
Profit for the financial year
3,846,032
3,538,653
Profit for the financial year is all attributable to the owners of the parent company.
MICROWN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
£
£
Profit for the year
3,846,032
3,538,653
Other comprehensive income
-
-
Total comprehensive income for the year
3,846,032
3,538,653
Total comprehensive income for the year is all attributable to the owners of the parent company.
MICROWN LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,852,079
3,780,495
Current assets
Stocks
16
3,239,741
3,704,997
Debtors
17
7,461,507
7,126,390
Cash at bank and in hand
20,488,000
17,768,151
31,189,248
28,599,538
Creditors: amounts falling due within one year
18
(4,739,647)
(4,401,653)
Net current assets
26,449,601
24,197,885
Total assets less current liabilities
31,301,680
27,978,380
Provisions for liabilities
Deferred tax liability
19
594,678
352,490
(594,678)
(352,490)
Net assets
30,707,002
27,625,890
Capital and reserves
Called up share capital
21
1,550,105
1,626,597
Revaluation reserve
497,539
511,755
Capital redemption reserve
387,145
310,653
Profit and loss reserves
28,272,213
25,176,885
Total equity
30,707,002
27,625,890

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
27 May 2025
Mr C Clapham
Director
Company registration number 02414110 (England and Wales)
MICROWN LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,288,911
3,288,911
Current assets
-
-
Creditors: amounts falling due within one year
18
(1,209,622)
(1,209,622)
Net current liabilities
(1,209,622)
(1,209,622)
Net assets
2,079,289
2,079,289
Capital and reserves
Called up share capital
21
1,550,105
1,626,597
Capital redemption reserve
387,145
310,653
Profit and loss reserves
142,039
142,039
Total equity
2,079,289
2,079,289

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit after tax for the year was £764,920 (2023 - £569,309 profit).

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
27 May 2025
Mr C Clapham
Director
Company registration number 02414110 (England and Wales)
MICROWN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
1,626,597
525,971
310,653
22,193,325
24,656,546
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
3,538,653
3,538,653
Dividends
10
-
-
-
(569,309)
(569,309)
Transfers
-
-
-
14,216
14,216
Other movements
-
(14,216)
-
-
(14,216)
Balance at 31 August 2023
1,626,597
511,755
310,653
25,176,885
27,625,890
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
3,846,032
3,846,032
Redemption of shares
21
(76,492)
-
76,492
(764,920)
(764,920)
Transfers
-
-
-
14,216
14,216
Other movements
-
(14,216)
-
-
(14,216)
Balance at 31 August 2024
1,550,105
497,539
387,145
28,272,213
30,707,002
MICROWN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
1,626,597
310,653
142,039
2,079,289
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
569,309
569,309
Dividends
10
-
-
(569,309)
(569,309)
Balance at 31 August 2023
1,626,597
310,653
142,039
2,079,289
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
764,920
764,920
Redemption of shares
21
(76,492)
76,492
(764,920)
(764,920)
Balance at 31 August 2024
1,550,105
387,145
142,039
2,079,289
MICROWN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
4,968,425
3,549,271
Income taxes paid
(915,000)
(780,736)
Net cash inflow from operating activities
4,053,425
2,768,535
Investing activities
Purchase of tangible fixed assets
(1,464,731)
(282,264)
Proceeds from disposal of tangible fixed assets
18,500
59,672
Interest received
877,575
407,800
Net cash (used in)/generated from investing activities
(568,656)
185,208
Financing activities
Redemption of shares
(764,920)
-
0
Dividends paid to equity shareholders
-
0
(569,309)
Net cash used in financing activities
(764,920)
(569,309)
Net increase in cash and cash equivalents
2,719,849
2,384,434
Cash and cash equivalents at beginning of year
17,768,151
15,383,717
Cash and cash equivalents at end of year
20,488,000
17,768,151
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
1
Accounting policies
Company information

Micrown Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Unit 49, Compass Industrial Park West, Speke, Liverpool, L24 1YA.

 

The group consists of Micrown Limited and its subsidiary.

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.

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, modified to include the revaluation of leasehold properties at deemed cost. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -

The consolidated financial statements incorporate those of Micrown Limited and of its subsidiary (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods or upon collection), 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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or deemed cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Long leasehold land and buildings
2% straight line
Plant and machinery
15% reducing balance, 2%, 5% and 10% on cost
Office furniture and fittings
15% reducing balance and 10% on cost
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.9
Cash at bank and in hand

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.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of debtors

Management reviews the carrying amount of trade receivables on a regular basis to identify items where recoverability may be in doubt. The timing and quantum of any impairment of receivables is a matter of management judgement. Details of such impairments are detailed in Note 17 to these financial statements.

Impairment of stock

The group maintains material levels of stock in order to satisfy current and future sales orders. Management reviews stock on a regular basis to ensure that there is no material accumulation of items that are obsolete or otherwise impaired. The timing and quantum of any stock impairment is a matter of management judgement which is also partially dependent on projected sales activity which is an area of uncertainty. Details of such impairments are detailed in Note 16 to these financial statements.

Depreciation of fixed assets

Management review the useful economic life and residual value of their fixed assets. The assets are then depreciated over their useful economic life less any residual value. Both the useful economic life and residual value of an asset are a matter of management judgement. Details of the depreciation rates can be found in Note 1.5 to these financial statements.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
29,179,868
28,428,902
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
24,652,058
23,468,076
Europe
3,507,271
4,227,131
Middle East
1,019,012
730,080
Other
1,527
3,615
29,179,868
28,428,902
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Other revenue
Interest income
877,575
407,800
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,700
2,000
Audit of the financial statements of the company's subsidiaries
16,800
15,600
18,500
17,600
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
370,206
352,344
Loss/(profit) on disposal of tangible fixed assets
4,441
(11,762)
Impairment of trade debtors recognised or reversed
101,739
13,708
Operating lease charges
33,051
66,113
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
9
8
-
-
Production
54
51
-
-
Selling and distribution
9
6
-
-
Administration
14
12
-
-
86
77
-
0
-
0
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,662,565
3,154,436
-
0
-
0
Social security costs
393,368
336,007
-
-
Pension costs
42,905
34,153
-
0
-
0
4,098,838
3,524,596
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
1,264,436
1,140,967
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
335,587
318,502
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
877,575
407,800
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
905,764
865,051
Adjustments in respect of prior periods
(9,417)
(6,058)
Total current tax
896,347
858,993
Deferred tax
Origination and reversal of timing differences
242,188
13,817
Total tax charge
1,138,535
872,810
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,984,567
4,411,463
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
1,246,142
949,347
Adjustments in respect of prior years
(9,417)
(6,058)
Effect of change in tax rate
-
1,927
Permanent capital allowances in excess of depreciation
(98,190)
(72,406)
Taxation charge
1,138,535
872,810
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
569,309
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
3,014,370
Amortisation and impairment
At 1 September 2023 and 31 August 2024
3,014,370
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
12
Tangible fixed assets
Group
Long leasehold land and buildings
Plant and machinery
Office furniture and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 September 2023
2,489,235
6,495,292
666,829
371,591
10,022,947
Additions
-
0
1,138,561
77,110
249,060
1,464,731
Disposals
-
0
-
0
-
0
(50,479)
(50,479)
At 31 August 2024
2,489,235
7,633,853
743,939
570,172
11,437,199
Depreciation and impairment
At 1 September 2023
635,523
4,978,519
484,844
143,566
6,242,452
Depreciation charged in the year
49,785
207,509
30,228
82,684
370,206
Eliminated in respect of disposals
-
0
-
0
-
0
(27,538)
(27,538)
At 31 August 2024
685,308
5,186,028
515,072
198,712
6,585,120
Carrying amount
At 31 August 2024
1,803,927
2,447,825
228,867
371,460
4,852,079
At 31 August 2023
1,853,712
1,516,773
181,985
228,025
3,780,495
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.

The directors have valued the properties during the year and there has been no material change in the valuation of the properties.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £1,306,388 (2023 - £1,341,957), being cost £2,144,523 (2023 - £2,144,523) and depreciation £838,135 (2023 - £802,566).

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,288,911
3,288,911
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
3,288,911
Carrying amount
At 31 August 2024
3,288,911
At 31 August 2023
3,288,911
14
Subsidiaries

Details of the company's subsidiary at 31 August 2024 was as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Palace Chemicals Limited
England and Wales
Manufacturing of chemical goods
Ordinary
100.00
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,073,376
6,789,390
n/a
n/a
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
3,608,269
3,266,970
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

 

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,525,896
2,934,105
-
-
Finished goods and goods for resale
713,845
770,892
-
0
-
0
3,239,741
3,704,997
-
-

An impairment loss of £51,180 (2023: £251,603) has been recognised against stock.

MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,073,376
6,789,390
-
0
-
0
Prepayments and accrued income
388,131
337,000
-
0
-
0
7,461,507
7,126,390
-
-

 

An impairment loss of £119,801 (2023: £37,935) has been recognised against trade debtors.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,058,119
1,762,864
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,209,622
1,209,622
Corporation tax payable
428,730
447,383
-
0
-
0
Other taxation and social security
702,648
687,300
-
-
Accruals and deferred income
1,550,150
1,504,106
-
0
-
0
4,739,647
4,401,653
1,209,622
1,209,622
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
595,563
353,305
Retirement benefit obligations
(885)
(815)
594,678
352,490
The company has no deferred tax assets or liabilities.
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
19
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
352,490
-
Charge to profit or loss
242,188
-
Liability at 31 August 2024
594,678
-
20
Retirement benefit schemes

 

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

The amount charged to the profit and loss in respect of defined contribution schemes is £42,905 (2023: £34,153)

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,550,105
1,626,597
1,550,105
1,626,597

On 26 January 2024 the company repurchased 76,492 Ordinary shares.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
85,464
33,051
-
-
Between two and five years
328,549
3,155
-
-
In over five years
83,922
-
-
-
497,935
36,206
-
-
MICROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,240,087
1,145,430
24
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,846,032
3,538,653
Adjustments for:
Taxation charged
1,138,535
872,810
Investment income
(877,575)
(407,800)
Loss/(gain) on disposal of tangible fixed assets
4,441
(11,762)
Depreciation and impairment of tangible fixed assets
370,206
352,344
Movements in working capital:
Decrease in stocks
465,256
590,379
Increase in debtors
(335,117)
(1,713,232)
Increase in creditors
356,647
327,879
Cash generated from operations
4,968,425
3,549,271
25
Analysis of changes in net funds - group
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
17,768,151
2,719,849
20,488,000
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