Registration number:
MI3 Limited
for the Year Ended 31 December 2024
MI3 Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
MI3 Limited
Company Information
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Directors |
A D Erasmus B Hermann S Rehbein K Hammerl |
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Registered office |
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Auditors |
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MI3 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 company is design and manufacture of sterile medical products
Fair review of the business
Mi3 performed as expected during 2024 despite some major customers having to adjust their own demand in line with reduced demand and regulatory changes in some Countries. Increasing domestic labour cost continues to present a challenge as does considerable increases in materials, purchased products, transportation & energy costs. Next to an increasing variable cost burden, new regulation and higher efficiency standards also drive up operational expense. A significant effort has been made to unlock efficiency savings to secure our overall cost position. Efficiency initiatives and reduced production volume enforced a change from a 2 to 1 shift operation but through agile improvement activities and other operational countermeasures, cost increases have for the most part been absorbed with minimal increases to some selling prices.
In 2024 we completed successfully the onboarding of a new product as an important element to compensate for the decreasing revenue of mature products. Unfortunately, the launch and ramp up was slightly delayed but Customer projections indicate good volume growth.
The overall organizational changes and improvement measures triggered in 2023 helped to optimize operating costs in selective areas in 2024.
The forecast for 2025 is promising, subject to the projected ramp up of a new product during 2025 and the diligence of customer demand planning. So, notwithstanding the risks identified below, the company anticipates after a year of consolidation, a recovery and a more sustainable business.
With respect to HSE, the company continues to invest in training and awareness with all staff undergoing formal IOSH training and efforts to ensure a culture of awareness, prevention and care is maintained.
One major achievement in 2024 was the successful implementation of an electronic Quality Management System combined with the successful ISO 13485 Certification and a business scope extension. These achievements position Mi3 for additional business and diversification as a contract manufacturer.
We had to postpone the implementation of our digitalized shopfloor solution from 2024 to 2025 due to manufacturing engineering resource restraints and to ensure a successful implementation of our Quality Management System and associated streamlining and optimization of Mi3´s operational procedures.
Development and performance
The company has invested in a digital Shopfloor System combined with a lean kanban based production line setup to address regulatory driven complexity and unlock savings and efficiency improvement potential. These systems will go live in 2025 coming along with initial set up challenges and implementation costs. However, these systems are important elements to unlock efficiency and productivity gains. 2025 is about the setup and utilizing the promised capability of new digital solutions in conjunction with the existing ERP System.
In 2025 we continue to invest in training to unlock efficiency and safeguard operational excellence and the regulatory compliance of our business operation.
MI3 Limited
Strategic Report for the Year Ended 31 December 2024
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
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Sales |
£'000 |
7,272 |
8,662 |
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Gross profit |
£'000 |
2,435 |
2,860 |
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Gross profit |
% |
33 |
34 |
|
EBIT |
£'000 |
210 |
575 |
Future developments
We have defined improvements and investment into maintenance of the cleanroom infrastructure and the setup of additional assembly lines plus the digitalization of our shop floor management and maintenance. Mi3 is positioned to onboard additional products and associated revenue. Furthermore, we will insource manufacturing of selective components to maximize in-house injection molding capabilities.
Principal risks and uncertainties
Customer dependency and increasing labour costs remain key business risks as they continue to create uncertainty and challenges to established operational processes. All efforts are made to remail vigilant and responsive to the impact they may create. Other risks that the business faces currently may well have their root causes linked to geopolitical conflicts that can have an impact on the wider supply chain as well as on the overall inflation driven cost position.
The company was able to contain costs in 2024 by keeping headcount under control and ensuring capacity was adjusted to demand. We undertook much effort to compensate for the increase in manufacturing costs by a defined savings effort at operating cost level. However, the improvement of the ERP System as well as the upfront cost for the digitalization of our Quality Management and Shopfloor Management triggers increased expenses.
As the forecasts are revised and increasing demands are made, the need to recruit, train and retain becomes an ongoing operational challenge. Across the various business areas, we have seen an ongoing shortage in skilled labour as well as inflationary pressures of wage expectation which pressurize Mi3’s ability to unlock further operational efficiency potential and ensure a competitive service to the market.
Ongoing global military conflicts and associated geopolitical unrest leads to continuous uncertainty and inflationary pressure on material, component prices and energy costs. Mi3 continues strongly working with both suppliers and customers to balance demand and limit supply chain disruption.
The company remains vigilant and seeks to mitigate risk where possible. Fortunately, Mi3 is confident in the relationship with its largest customers and work closely with them to mitigate where possible.
Approved and authorised by the
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MI3 Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
In accordance with section 414C (11) of the Companies Act 2006 (Strategic and Directors report) regulations 2013 the company's strategic report information required by schedule 7 of the large and medium-size companies and groups (Accounts and reports) regulations 2008 is noted in the strategic report.
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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MI3 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MI3 Limited
Independent Auditor's Report to the Members of MI3 Limited
Opinion
We have audited the financial statements of MI3 Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, 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 company's affairs as at 31 December 2024 and of its 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 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 company'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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
MI3 Limited
Independent Auditor's Report to the Members of MI3 Limited
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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 |
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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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 5], 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is
detailed below.
The areas that we identified as being susceptible to material misstatements due to fraud were:
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Risks, legislation andregulations identified |
Audit response |
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Revenue recognition |
Testing a sample of transactions recognised either side of the reporting date todetermine whether revenue was recorded in the correct period. |
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Management override of controls |
Testing the appropriateness of journal entries and other judgements; Assessing whether the judgements made in making accounting estimates areindicative of a potential bias; and Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
MI3 Limited
Independent Auditor's Report to the Members of MI3 Limited
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FRS 102 and Companies Act 2006 |
Review of the financial statement disclosures and testing to supportingdocumentation; and Completion of disclosure checklists to identify areas of non-compliance. |
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Tax compliance regulations |
Inspection of correspondences with local tax authorities. |
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Employment law and health |
ISAs limit the required audit procedures to identify non-compliance with theselaws and regulations to inquiry of management and where appropriate, thosecharged with governance (as noted above) and inspection of legal andregulatory correspondence, if any. |
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.
MI3 Limited
Independent Auditor's Report to the Members of MI3 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.
......................................
For and on behalf of
Unit 32
Llys Edmund Prys
St Asaph Business Park
LL17 0JA
MI3 Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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|
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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55,702 |
3,367 |
||
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Profit before tax |
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|
|
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Taxation |
( |
( |
|
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Profit for the financial year |
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|
|
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Retained earnings brought forward |
4,556,741 |
4,134,170 |
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Retained earnings carried forward |
4,738,568 |
4,556,743 |
MI3 Limited
(Registration number: 05778266)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
500,100 |
500,100 |
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Retained earnings |
4,738,568 |
4,556,743 |
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Shareholders' funds |
5,238,668 |
5,056,843 |
Approved and authorised by the
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MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit C & D
Off Sett End Road West
Shadsworth Business Park
Blackburn
BB1 2QJ
These financial statements were authorised for issue by the
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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 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 £.
Summary of disclosure exemptions
In accordance with FRS 102, the company has taken advantage of the exemptions from the following disclosure
requirements:
- Section 7 'Statement of Cashflow' - Presentation of a Statement of Cashflow and related notes and disclosures.
- Section 33 'Related Party Disclosures' - Compensation for key management personnel, and the disclosure exemptions from paragraph 33.1A from disclosing transactions entered into between two or more members of a group.
Going concern
The financial statements have been prepared on a going concern basis.
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company 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 company's activities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Grants received for capital expenditure are released to the profit and loss account on a straight line basis over a period to correspond with the depreciation of the asset it funded.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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.
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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:
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Asset class |
Depreciation method and rate |
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Land and buildings |
2 - 5% straight line |
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Plant and machinery |
10 - 25% straight line |
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 company 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 company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
MI3 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 company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2024 |
2023 |
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Sale of goods |
|
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Rental income from investment property |
- |
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The analysis of the company's turnover for the year by class of business is as follows:
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2024 |
2023 |
|
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Medical devices |
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Rental income |
- |
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|
The analysis of the company's turnover for the year by market is as follows:
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2024 |
2023 |
|
|
UK |
|
|
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Europe |
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|
|
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2024 |
2023 |
|
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Government grants |
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
Operating profit |
Arrived at after charging/(crediting)
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
|
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Depreciation expense |
|
|
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Government grants |
The amount of grants recognised in the financial statements was £
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Other interest receivable and similar income |
|
2024 |
2023 |
|
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Interest income on bank deposits |
|
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
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Interest on bank overdrafts and borrowings |
- |
|
|
Foreign exchange gains/losses |
( |
|
|
Interest payable on loans from group undertakings |
38,500 |
32,101 |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
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Wages and salaries |
|
|
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Social security costs |
|
|
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Pension costs, defined contribution scheme |
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Other employee expense |
|
|
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|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
|
|
Production |
|
|
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Administration and support |
|
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Research and development |
|
|
|
Sales |
- |
|
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Distribution |
|
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Other departments |
|
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|
|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
70,357 |
112,180 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2024 |
2023 |
|
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Accruing benefits under money purchase pension scheme |
|
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In respect of the highest paid director:
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2024 |
2023 |
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Remuneration |
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Auditors' remuneration |
|
2024 |
2023 |
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Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the profit and loss account
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
|
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Current taxation |
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UK corporation tax |
|
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Deferred taxation |
||
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Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
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2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
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Tax increase from effect of capital allowances and depreciation |
|
|
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Tax decrease from effect of adjustment in research and development tax credit |
( |
- |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
|
Land and buildings |
Other tangible assets |
Total |
|
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Cost or valuation |
|||
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
|||
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £1,726,524 (2023 - £1,783,328) in respect of long leasehold land and buildings.
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Stocks |
|
2024 |
2023 |
|
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Raw materials and consumables |
|
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Work in progress |
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Finished goods and goods for resale |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
|
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Other debtors |
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Prepayments |
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MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Cash and cash equivalents |
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2024 |
2023 |
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Cash at bank |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accrued expenses |
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Deferred income |
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Due after one year |
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Deferred income |
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Other non-current financial liabilities |
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642,358 |
713,672 |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 January 2024 |
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Additional provisions |
( |
( |
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At 31 December 2024 |
- |
- |
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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500,000 |
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500,000 |
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Rights, preferences and restrictions
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Ordinary shares have the following rights, preferences and restrictions: |
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Deferred shares have the following rights, preferences and restrictions: |
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Reserves |
Profit and loss reserves
Profit and loss reserves include all current and prior period retained profits and losses.
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Loans and borrowings |
Included in the loans and borrowings are the following amounts due after more than five years:
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2024 |
2023 |
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After more than five years by instalments |
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- |
- |
Other loans after five years
Loan from parent repayable by equal installments over a period of 15years. Interest at 12 month GBP Libor plus 1.65%
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £
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Related party transactions |
Summary of transactions with parent
MI3 Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Loans to related parties
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2024 |
Parent |
Total |
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At start of period |
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Repaid |
( |
( |
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At end of period |
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2023 |
Parent |
Total |
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At start of period |
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Repaid |
( |
( |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is