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Registration number: 04584656

Micro Systems (UK) Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Micro Systems (UK) Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 11

Consolidated Profit and Loss Account

12

Consolidated Statement of Comprehensive Income

13

Consolidated Balance Sheet

14

Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Financial Statements

18 to 45

 

Micro Systems (UK) Limited

Company Information

Directors

Mr G Clark

Mrs M Robinson

Registered office

101 Golborne Enterprise Park
Golborne
Warrington
Cheshire
WA3 3GR

Auditors

Alextra Audit Limited
Statutory Auditor7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Micro Systems (UK) Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the group is medical manufacturing and consultancy

Fair review of the business

We specialise in the design, manufacture and validation of micro and ultra precision injection moulds for the medical, pharmaceutical and optical markets. We offer full production capability to manufacture micro medical parts with appropriate quality accreditation, ISO13485. In addition to this, we have a mould manufacturing and testing facility in Singapore which complements our UK manufacturing site utilising duplicate machinery, inspection and software.

The company directors are pleased to see continued in year-on-year revenue aligned with strong Gross Profit and Net Operating Profit and are pleased to enter 2025 with a sizeable order book and pipeline sales.

During the year, we focused on strengthening relationships with long-standing and newer Customers and key Suppliers. We focused our marketing on the newest technological developments that inform our Research and Development work, with specific focus on Optical, Microfluidics diagnostics, diabetic and weight-loss drug delivery devices and soft-mist inhaler technologies. As anticipated, we won new business in Singapore as a result of our work over the past few years in developing our reputation through our operations.

We believe strongly that the relationships we have built with Customers and Suppliers in foreign markets, both EU and ROW, are as strong as ever and our reputation for best in class engineering solutions in technically difficult areas of the market gives us the strong belief that these relationships will continue to flourish into 2025 and beyond.

The board of directors has chosen several financial and non-financial key performance indicators (KPIs) to measure the group’s progress. The source of the data is consistent with published financial information in the audited financial statements. The tables below set out these KPIs.

 

Micro Systems (UK) Limited

Strategic Report for the Year Ended 31 December 2024

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

Financial KPIs'

 

Unit

2024

2023

Percentage growth in revenue to measure the growth of the business

%

4.84

(3.11)

Gross profit margin as a measure of the profitability of sales

%

33.10

35.97

Current Ratio used to measure the company's ability to pay its current liabilities

1.93

1.96

Return on capital employed

%

21.07

8.73

Non-financial KPIs %

Target %

2024

2023

On Time delivery

90% of planned delivery

85.00

83.00

Warranty and rectifications

Less than 2% of sales

1.43

1.33

Customer satisfaction survey

80% for all responses

96.00

95.00

Machine utilisation

90% of available hours

82.00

88.20

Principal risks and uncertainties

There are a number of risks and uncertainties that can impact the performance of the group, some of which are outside the control of the directors. These include the underlying trend of the UK economy and the wider world manufacturing base in the world's developed economies, specifically as an large proportion of the group's sales are export based. However, the majority of the group’s customers are international blue chip medical manufacturing companies, operating at the forefront of technology within their particular sector.

The principal risks and uncertainties to the business which the directors can control are as follows:

1. Foreign Exchange Risk
The group sells to customers both in US dollars and the Euro, as well as operating in Singapore where the local currency is the Singapore dollar. The group is therefore exposed to the risk of exchange rate losses, through unanticipated fluctuations in the exchange rates of these currencies with sterling. The directors mitigate against this risk by foreign exchange risk hedging in the form of forward buying of the appropriate currency in consultation with its bankers.

2. Adequate Funding
The group operates in a number of different jurisdictions and utilises within its business, expensive computer aided design and plant and machinery for manufacture. It also undertakes a considerable number of projects which are long term in nature, sometimes in excess of a year in duration. It is essential therefore that the group has adequate and appropriate funding in place to finance its working capital and capital expenditure. The directors do this through a combination of retained profits and cash flows in the business, bank borrowing, asset finance and customer deposits, so that they are matched with the expected lives of the expenditure being undertaken.

 

Micro Systems (UK) Limited

Strategic Report for the Year Ended 31 December 2024

Future developments
The directors continue to invest in new equipment in both UK and Singapore to maintain and improvement production quality as well as investing in the staff.

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

.........................................
Mr G Clark
Director

 

Micro Systems (UK) Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the group

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

Mr G Clark

Mrs M Robinson

Information included in the Strategic Report

Principal risks and uncertainties, future developments, and research and development are disclosed in the strategic report.

Directors' liabilities

The Directors have the benefit of the indemnity provisions contained in the Company’s Articles of Association (‘Articles’), and the Company has maintained throughout the year Directors’ and Officers’ liability insurance for the benefit of the Company, the Directors and its Officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Disclosure of information to the auditor

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

Reappointment of auditors

The auditors Alextra Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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

.........................................
Mr G Clark
Director

 

Micro Systems (UK) Limited

Statement of Directors' Responsibilities

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

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group 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. They are 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.

 

Micro Systems (UK) Limited

Independent Auditor's Report to the Members of Micro Systems (UK) Limited

Opinion

We have audited the financial statements of Micro Systems (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

 

Micro Systems (UK) Limited

Independent Auditor's Report to the Members of Micro Systems (UK) Limited

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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

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

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

We have nothing to report in this regard.

 

Micro Systems (UK) Limited

Independent Auditor's Report to the Members of Micro Systems (UK) Limited

Opinion on other matter prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor Responsibilities for the audit of the financial statements

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

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

 

Micro Systems (UK) Limited

Independent Auditor's Report to the Members of Micro Systems (UK) Limited


• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

 

Micro Systems (UK) Limited

Independent Auditor's Report to the Members of Micro Systems (UK) Limited

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.

......................................
Damian Wayne Riley FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA
 

31 July 2025

 

Micro Systems (UK) Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

Total
31 December
2024
£

Total
31 December
2023
£

Turnover

3

8,715,375

8,312,880

Cost of sales

 

(4,884,400)

(4,790,645)

Gross profit

 

3,830,975

3,522,235

Administrative expenses

 

(3,206,109)

(3,397,863)

Other operating income

4

146,545

147,222

Operating profit

5

771,411

271,594

Other interest receivable and similar income

6

195

2,063

Interest payable and similar expenses

7

(40,319)

(93,956)

   

(40,124)

(91,893)

Profit before tax

 

731,287

179,701

Tax on profit

11

(140,600)

(102,172)

Profit for the financial year

 

590,687

77,529

Profit/(loss) attributable to:

 

Owners of the company

 

590,993

118,750

Minority interests

 

(306)

(41,221)

 

590,687

77,529

 

Micro Systems (UK) Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

590,687

77,529

Foreign currency translation (losses)/gains

(120,684)

116,171

Total comprehensive income for the year

470,003

193,700

Total comprehensive income attributable to:

Owners of the company

470,309

234,921

Minority interests

(306)

(41,221)

470,003

193,700

 

Micro Systems (UK) Limited

(Registration number: 04584656)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

-

46,090

Tangible assets

13

1,351,536

1,588,781

 

1,351,536

1,634,871

Current assets

 

Stocks

15

923,400

780,013

Debtors

16

4,564,471

3,183,844

Cash at bank and in hand

 

306,454

339,192

 

5,794,325

4,303,049

Creditors: Amounts falling due within one year

18

(3,117,585)

(2,193,622)

Net current assets

 

2,676,740

2,109,427

Total assets less current liabilities

 

4,028,276

3,744,298

Creditors: Amounts falling due after more than one year

18

(273,717)

(543,007)

Provisions for liabilities

(197,071)

(88,806)

Net assets

 

3,557,488

3,112,485

Capital and reserves

 

Called up share capital

20

100,000

100,000

Other reserves

21

(128,632)

(7,948)

Retained earnings

21

3,622,365

3,056,372

Equity attributable to owners of the company

 

3,593,733

3,148,424

Minority interests

 

(36,245)

(35,939)

Shareholders' funds

 

3,557,488

3,112,485

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

.........................................
Mr G Clark
Director

 

Micro Systems (UK) Limited

(Registration number: 04584656)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

-

46,090

Tangible assets

13

1,117,973

1,300,631

Investments

14

823,153

823,153

 

1,941,126

2,169,874

Current assets

 

Stocks

15

841,694

775,717

Debtors

16

4,211,045

3,099,204

Cash at bank and in hand

 

205,447

321,960

 

5,258,186

4,196,881

Creditors: Amounts falling due within one year

18

(2,917,813)

(2,418,090)

Net current assets

 

2,340,373

1,778,791

Total assets less current liabilities

 

4,281,499

3,948,665

Creditors: Amounts falling due after more than one year

18

(273,717)

(543,007)

Provisions for liabilities

(197,071)

(88,806)

Net assets

 

3,810,711

3,316,852

Capital and reserves

 

Called up share capital

20

100,000

100,000

Retained earnings

3,710,711

3,216,852

Shareholders' funds

 

3,810,711

3,316,852

The company made a profit after tax for the financial year of £518,859 (2023 - profit of £483,466).

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

.........................................
Mr G Clark
Director

 

Micro Systems (UK) Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2023

100,000

(124,119)

2,962,622

2,938,503

5,282

2,943,785

Profit/(loss) for the year

-

-

118,750

118,750

(41,221)

77,529

Other comprehensive income

-

116,171

-

116,171

-

116,171

Total comprehensive income

-

116,171

118,750

234,921

(41,221)

193,700

Dividends

-

-

(25,000)

(25,000)

-

(25,000)

At 31 December 2023

100,000

(7,948)

3,056,372

3,148,424

(35,939)

3,112,485

Share capital
£

Foreign currency translation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2024

100,000

(7,948)

3,056,372

3,148,424

(35,939)

3,112,485

Profit/(loss) for the year

-

-

590,993

590,993

(306)

590,687

Other comprehensive income

-

(120,684)

-

(120,684)

-

(120,684)

Total comprehensive income

-

(120,684)

590,993

470,309

(306)

470,003

Dividends

-

-

(25,000)

(25,000)

-

(25,000)

At 31 December 2024

100,000

(128,632)

3,622,365

3,593,733

(36,245)

3,557,488

 

Micro Systems (UK) Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

590,687

77,529

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

403,016

473,397

Profit on disposal of tangible assets

(10,257)

-

Finance income

6

(195)

(2,063)

Finance costs

7

40,319

96,082

Income tax expense

11

140,600

102,172

 

1,164,170

747,117

Working capital adjustments

 

(Increase)/decrease in stocks

15

(143,387)

225,586

(Increase)/decrease in trade debtors

16

(1,380,627)

358,722

Increase/(decrease) in trade creditors

18

890,473

(472,194)

(Decrease)/increase in provisions

(17,504)

8,404

Cash generated from operations

 

513,125

867,635

Income taxes (paid)/received

11

(15,188)

15,187

Net cash flow from operating activities

 

497,937

882,822

Cash flows from investing activities

 

Interest received

195

2,063

Acquisitions of tangible assets

(130,336)

(274,139)

Proceeds from sale of tangible assets

 

20,912

19,990

Net cash flows from investing activities

 

(109,229)

(252,086)

Cash flows from financing activities

 

Interest paid

7

(40,319)

(96,082)

Repayment of bank borrowing

 

(143,750)

(199,999)

Repayment of other borrowing

 

(6)

(13)

Receipts from finance lease debtors

 

-

96,897

Payments to finance lease creditors

 

(204,652)

(239,882)

Dividends paid

(25,000)

(25,000)

Net cash flows from financing activities

 

(413,727)

(464,079)

Net (decrease)/increase in cash and cash equivalents

 

(25,019)

166,657

Cash and cash equivalents at 1 January

 

339,192

180,483

Effect of exchange rate fluctuations on cash held

 

(120,684)

(7,948)

Cash and cash equivalents at 31 December

26

193,489

339,192

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
101 Golborne Enterprise Park
Golborne
Warrington
Cheshire
WA3 3GR

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

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The presentational currency is GB pounds sterling (£)

Summary of disclosure exemptions

The parent company, Micro Systems (UK) Ltd, is included in the consolidated financial statements and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied as follows:

• No separate parent company Statement of Cash Flows with related notes is included; and
• The disclosures required by FRS 102.11 Basic Financial Instruments and FRS102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £483,466 (2022 - £63,481).

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates.

Revenue recognition

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Contract revenue recognition

For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point which the loss is recognised.

Where amounts invoiced exceed the value of the work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors. Retentions are included within trade debtors.

Where a contract's individual components operate independently of each other, revenue and related costs are recorded as the right to consideration and earned by the performance of the contract's separable parts. Profits are therefore recognised as they accrue on each separable component.

Where additional costs are expected to arise on a contract after the balance sheet date these costs are accrued in the current year, and where costs are incurred in advance of the value of the work being recoverable from the customers the costs are included in work in progress,

Foreign currency transactions and balances

Functional currency and presentation currency
The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£)

Company
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Group
The financial statements of overseas subsidiary undertakings are translated from their functional currency to Sterling (£) at the rate ruling on the balance sheet date. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the date of the transactions are used. The exchange differences arising on the retranslation of opening net assets are taken directly to other comprehensive income and are not reclassified to profit and loss. All other translation differences are taken to the profit and loss account, with the exception of differences on foreign currency borrowings to the extent they are used to finance or provide a hedge against group equity investments in foreign enterprises, which are taken to other comprehensive income together with the exchange difference on the net investment in these enterprises. Tax charges and credits attributable to exchange differences on those borrowings are also taken to other comprehensive income.

Tax

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

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

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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

Tangible 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.

Depreciation

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:

Asset class

Depreciation method and rate

Fixtures, ffittings, and equipment

25% straight line basis

Land and buildings

25% straight line basis

Other tangible assets

20% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

- Capitalised Development costs - 5 years

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Capitalised development costs

20% straight line basis

Investments

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


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

Cash and cash equivalents

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

Trade debtors

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

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

Stocks

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

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 group 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.

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, for which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable plus employers national insurance for the period of absence.

Leases

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Dividends

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

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

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

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

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans, hire purchase liabilities and directors' loans.

 Recognition and measurement
Bank loans and hire purchase liabilities are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment.

 Impairment
If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

3

Turnover

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

2024
£

2023
£

Sale of goods

8,715,375

8,312,880

The analysis of the group's turnover for the year by class of business is as follows:

2024
£

2023
£

Design and manufacture of medical products

8,715,375

8,312,880

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

3,733,365

3,573,218

Europe

2,600,393

1,220,937

Rest of world

2,381,617

3,518,725

8,715,375

8,312,880

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

146,545

147,222

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

356,926

416,133

Amortisation expense

46,090

57,264

Operating lease expense - other

52,821

47,245

Profit on disposal of property, plant and equipment

(10,257)

-

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

195

185

Other finance income

-

1,878

195

2,063

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

-

45,269

Interest on obligations under finance leases and hire purchase contracts

30,795

35,031

Interest expense on other finance liabilities

9,524

15,607

Foreign exchange losses

-

(2,126)

Other finance costs

-

175

40,319

93,956

8

Staff costs

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

2024
£

2023
£

Wages and salaries

2,703,606

2,722,424

Social security costs

287,413

269,325

Other short-term employee benefits

1,033

-

Pension costs, defined contribution scheme

241,744

233,997

Other employee expense

9,344

21,592

3,243,140

3,247,338

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

2024
No.

2023
No.

Production

44

46

Administration and support

20

20

64

66

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

180,698

288,333

Contributions paid to money purchase schemes

5,977

4,946

186,675

293,279

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

19,800

25,213

Other fees to auditors

All other non-audit services

7,053

5,825


 

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

14,831

(753)

Deferred taxation

Arising from origination and reversal of timing differences

125,769

102,925

Tax expense in the income statement

140,600

102,172

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

731,287

179,701

Corporation tax at standard rate

182,822

44,925

Tax increase/(decrease) from effect of capital allowances and depreciation

163,529

(4,127)

Effect of expense not deductible in determining taxable profit (tax loss)

(41,055)

3,706

Effect of tax losses

(164,358)

(75,913)

Tax (decrease)/increase from other tax effects

(338)

133,581

Total tax charge

140,600

102,172

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Group

Deferred tax assets and liabilities

Deferred tax liabilities

The deferred tax liability is made up as follows:

2024
£

2023
£

Accelerated capital allowances

195,818

241,281

Tax losses

-

(171,232)

195,818

70,049

Company

Deferred tax assets and liabilities

Deferred tax liabilities

The deferred tax liability is made up as follows:

2024
£

2023
£

Accelerated capital allowances

195,818

241,281

Tax losses

-

(171,232)

195,818

70,049

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Intangible assets

Group

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

286,310

286,310

At 31 December 2024

286,310

286,310

Amortisation

At 1 January 2024

240,220

240,220

Amortisation charge

46,090

46,090

At 31 December 2024

286,310

286,310

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

46,090

46,090

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

286,310

286,310

At 31 December 2024

286,310

286,310

Amortisation

At 1 January 2024

240,220

240,220

Amortisation charge

46,090

46,090

At 31 December 2024

286,310

286,310

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

46,090

46,090

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

975,357

309,574

283,905

5,970,105

7,538,941

Additions

-

-

-

130,336

130,336

Disposals

-

-

(59,952)

(47,500)

(107,452)

At 31 December 2024

975,357

309,574

223,953

6,052,941

7,561,825

Depreciation

At 1 January 2024

800,599

291,823

192,959

4,664,778

5,950,159

Charge for the year

54,934

7,210

20,610

274,173

356,927

Eliminated on disposal

-

-

(49,811)

(46,986)

(96,797)

At 31 December 2024

855,533

299,033

163,758

4,891,965

6,210,289

Carrying amount

At 31 December 2024

119,824

10,541

60,195

1,160,976

1,351,536

At 31 December 2023

174,758

17,751

90,946

1,305,326

1,588,781

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

491,048

614,511

Motor vehicles

43,379

57,839

534,427

672,350

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

536,805

223,964

203,965

5,265,772

6,230,506

Additions

-

-

-

101,842

101,842

Disposals

-

-

(59,952)

(47,500)

(107,452)

At 31 December 2024

536,805

223,964

144,013

5,320,114

6,224,896

Depreciation

At 1 January 2024

503,000

210,667

124,147

4,092,061

4,929,875

Charge for the year

8,451

4,276

18,080

243,038

273,845

Eliminated on disposal

-

-

(49,811)

(46,986)

(96,797)

At 31 December 2024

511,451

214,943

92,416

4,288,113

5,106,923

Carrying amount

At 31 December 2024

25,354

9,021

51,597

1,032,001

1,117,973

At 31 December 2023

33,805

13,297

79,818

1,173,711

1,300,631

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

823,153

823,153

Subsidiaries

£

Cost or valuation

At 1 January 2024

823,153

Provision

Carrying amount

At 31 December 2024

823,153

At 31 December 2023

823,153

Details of undertakings

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Micro Systems Engineering Solutions Pte Ltd

2 Tukang Innovation Grove
#05-02 JTC MedTech HUB
618305

Singapore

Ordinary

90%

90%

Subsidiary undertakings

Micro Systems Engineering Solutions Pte Ltd

The principal activity of Micro Systems Engineering Solutions Pte Ltd is design, manufacture and validation of ultra precision injection moulds for the medical, pharmaceutical and optical markets. .

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

82,447

5,038

741

742

Other inventories

840,953

774,975

840,953

774,975

923,400

780,013

841,694

775,717

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Debtors

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Trade debtors

2,992,485

1,950,853

2,731,179

1,936,117

Other debtors

356,614

335,672

329,071

298,367

Prepayments

239,469

193,353

174,892

160,754

Accrued income

361,163

200,678

361,163

200,678

Gross amount due from customers for contract work

614,740

503,288

614,740

503,288

4,564,471

3,183,844

4,211,045

3,099,204

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

306,454

339,192

205,447

321,960

Bank overdrafts

(112,965)

-

(112,965)

-

Cash and cash equivalents in statement of cash flows

193,489

339,192

92,482

321,960

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

23

326,202

349,647

325,840

349,279

Trade creditors

 

1,735,333

1,185,012

1,560,763

1,490,273

Amounts due to related parties

27

62,682

62,500

144,626

73,927

Social security and other taxes

 

129,712

150,317

112,270

135,963

Outstanding defined contribution pension costs

 

21,305

15,061

21,305

15,061

Other payables

 

53,451

53,687

(750)

(496)

Accruals

 

101,472

107,709

66,331

84,394

Corporation tax liability

11

14,830

15,187

14,830

15,187

Gross amount due to customers for contract work

 

672,598

254,502

672,598

254,502

 

3,117,585

2,193,622

2,917,813

2,418,090

Due after one year

 

Loans and borrowings

23

206,009

418,007

206,009

418,007

Amounts owed to related parties

 

67,708

125,000

67,708

125,000

 

273,717

543,007

273,717

543,007

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £241,744 (2023 - £233,997).

Contributions totalling £21,305 (2023 - £15,061) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
All ordinary shares rank pari passu in relation to voting rights, rights to dividends and capital on the winding up of the company.

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

21

Reserves

Group

Ordinary shares

Represent incorporation shares and a bonus share issue.

Profit and loss account

Represents profits after tax and dividends.

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Foreign currency translation
£

Total
£

Foreign currency translation gains/losses

(120,684)

(120,684)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Foreign currency translation
£

Total
£

Foreign currency translation gains/losses

116,171

116,171

Company

Ordinary Shares

Represent incorporation shares and a bonus share issue.

Profit and loss account

Represents profits after tax and dividends.

22

Minority interests

The minority interests relate to:

Micro Systems Engineering Solutions Pte Ltd of which 10% (2023 - 10%) of the voting rights are held outside of the group.

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

23

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

52,084

143,750

52,084

143,750

Bank overdrafts

112,965

-

112,965

-

Finance lease liabilities

160,791

205,529

160,791

205,529

Other borrowings

362

368

-

-

326,202

349,647

325,840

349,279

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

-

52,084

-

52,084

Finance lease liabilities

206,009

365,923

206,009

365,923

206,009

418,007

206,009

418,007

Group

Bank borrowings

Included in bank borrowings is an amount of £52,084 (2023 £143,750) due within 1 year and £nil (2023 £52,084) due after 1 year which is secured by a charge created by National Westminster Bank Plc. The charge created a debenture over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, and fixed plant and machinery.

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Other borrowings

The finance lease liabilities are secured on the asset financed.

24

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

160,791

365,923

Later than one year and not later than five years

206,009

205,529

366,800

571,452

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

408,433

447,163

Later than one year and not later than five years

598,380

948,000

1,006,813

1,395,163

The amount of non-cancellable operating lease payments recognised as an expense during the year was £405,520 (2023 - £373,689).

25

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £0.25 per each Ordinary shares

25,000

25,000

 

 
 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

26

Analysis of changes in net debt

Group

At 1 January 2024
£

Cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

339,192

(145,703)

193,489

Borrowings

Short term borrowings

(143,750)

91,666

(52,084)

Long term borrowings

(52,084)

52,084

-

Lease liabilities

(571,452)

204,652

(366,800)

(767,286)

348,402

(418,884)

 

(428,094)

202,699

(225,395)

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

27

Related party transactions

Group

Transactions with directors

2024

At 1 January 2024
£

At 31 December 2024
£

Mr G Clark

Director's Loan Account

134,721

134,721

-

-

134,721

134,721

Mrs M Robinson

Director's Loan Account

90,037

90,037

-

-

90,037

90,037

2023

At 1 January 2023
£

At 31 December 2023
£

Mr G Clark

Director's Loan Account

134,721

134,721

134,721

134,721

Mrs M Robinson

Director's Loan Account

90,037

90,037

90,037

90,037

Dividends paid to directors

2024
£

2023
£

Total dividends paid to directors

25,000

25,000

 

 
 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Summary of transactions with all entities with joint control or significant interest


Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Sale of goods

790,560

Amounts receivable from related party

174,600

2023

Entities with joint control or significant influence
£

Sale of goods

771,158

Amounts receivable from related party

102,695

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Subsidiary
£

Purchase of goods

3,153,619

1,792,535

Amounts payable to related party

453,685

272,955

2023

Entities with joint control or significant influence
£

Subsidiary
£

Purchase of goods

2,777,194

1,023,283

Amounts payable to related party

509,733

395,043

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

601,853

601,853

At end of period

601,853

601,853

 

Micro Systems (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

2023

Subsidiary
£

Total
£

At start of period

601,853

601,853

At end of period

601,853

601,853

Loans from related parties

2024

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

At start of period

187,500

11,247

198,747

Advanced

-

70,878

70,878

Repaid

(57,292)

-

(57,292)

At end of period

130,208

82,125

212,333

2023

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

At start of period

250,000

-

250,000

Advanced

-

11,247

11,247

Repaid

(62,500)

-

(62,500)

At end of period

187,500

11,247

198,747

Terms of loans from related parties

The loan is unsecured.
 

28

Parent and ultimate parent undertaking

The ultimate controlling party is the directors.