Micklewrights Holdings Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Consolidated Statement of Comprehensive Income	6
Consolidated Balance Sheet	7
Company Balance Sheet	8
Consolidated Statement of Changes in Equity	9
Company Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Statement of Cash Flows	12
Notes to the Financial Statements	13—20

The directors present their strategic report for the year ended 31 January 2025.

Principal Risks and Uncertainties

The company is exposed to risks and uncertainties which could impact its financial performance. The directors apply their considerable experience in the trade to balance risk against business opportunities.

The company is exposed to market and price risk due to steel prices which have continued to increase throughout the year. The company has increased loans to assist in the short term, however there is no immediate issue with liquidity.

There are no other material exposure of the company relating to credit risk, foreign exchange risk and cash flow risk which are material for the assessment of the assets, liabilities, and financial performance of the company.

Key Performance Indicators

The company uses KPI's to monitor and measure performance. These include monitoring of sales, EBITDA and profit before tax as well as more detailed KPI's such as sales margins and service standards.

Turnover for the year has decreased this year by 26.62% from £16.9M to £12.4M which generated profit after tax of of £402k compared to £852k last year. Net assets have increased from £1.75M to £1.85M

On behalf of the board

Mr S Micklewright

Director

22 October 2025

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Micklewrights Holdings Limited

Company No. 12417975

Directors' Report For The Year Ended 31 January 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 January 2025.

Principal Activity

The group's principal activity continues to be that of Steelwork.

Dividends

The value of dividends paid amounted to £200,000 .

The directors do not recommended a further dividend.

Directors

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

Mr A Micklewright

Mr S Micklewright

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, M.T.Manley & Co Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr S Micklewright

Director

22 October 2025

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Independent Auditor's Report

to the Members of

Micklewrights Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Micklewrights Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2025 and of the group's profit/(loss) 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' 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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of 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 the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

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 or 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.

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Independent Auditor's Report (continued)

to the Members of

Micklewrights Holdings Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with laws and regulations - this responsibility lies with management with the oversight of the directors.

Based on our understanding of the company and industry and discussions with management we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:-

Enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance
Examining supporting documents for all material balances, transactions and disclosures
Review of board of directors minutes
Enquiry of management and review and inspection of relevant correspondence with any legal firms
Evaluation of the selection and application of accounting policies related to the subjective measurements and complex transactions
Analytical procedures to identify any unusual or unexpected relationships
Testing the appropriateness of journal entries recorded in the nominal ledger and other adjustments made in the preparation of the financial statements
Review of accounting estimates for biases

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to records transactions, collusion or intentional misrepresentations being made to us

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

Graham Collins (Senior Statutory Auditor)

for and on behalf of M.T.Manley & Co Limited , Statutory Auditor

20 October 2025

...CONTINUED

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Independent Auditor's Report (continued)

to the Members of

Micklewrights Holdings Limited

M.T.Manley & Co Limited

696 Yardley Wood Road

Billesley

Birmingham

West Midlands

B13 0HY

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Micklewrights Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 January 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	12,401,557	16,928,993
Cost of sales		(8,162,094 )	(11,772,754 )

GROSS PROFIT		4,239,463	5,156,239

Administrative expenses		(3,736,247 )	(4,341,551 )
Other operating income		4,000	4,000

OPERATING PROFIT	5	507,216	818,688
Other interest receivable and similar income	10	9,280	6,103
Interest payable and similar charges	11	(131,606 )	(184,224 )

PROFIT BEFORE TAXATION		384,890	640,567
Tax on Profit		17,378	(57,931 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		402,268	582,636
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		402,268	582,636

The notes on pages 12 to 20 form part of these financial statements.

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Micklewrights Holdings Limited

Consolidated Balance Sheet

As At 31 January 2025

Consolidated Balance Sheet

Registered number: 12417975

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		1,095,043		821,560

			1,095,043		821,560
CURRENT ASSETS
Stocks	14	542,965		132,071
Debtors	15	2,946,313		2,786,218
Cash at bank and in hand		1,247,912		2,082,877

		4,737,190		5,001,166
Creditors: Amounts Falling Due Within One Year	16	(3,115,793 )		(3,084,249 )

NET CURRENT ASSETS (LIABILITIES)			1,621,397		1,916,917

TOTAL ASSETS LESS CURRENT LIABILITIES			2,716,440		2,738,477

Creditors: Amounts Falling Due After More Than One Year	17		(506,196 )		(827,809 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(256,349 )		(159,041 )

NET ASSETS			1,953,895		1,751,627

CAPITAL AND RESERVES
Called up share capital	22		1,000		1,000
Revaluation reserve			75,015		75,015
Profit and Loss Account			1,877,880		1,675,612

SHAREHOLDERS' FUNDS			1,953,895		1,751,627

On behalf of the board

Mr S Micklewright

Director

22 October 2025

The notes on pages 12 to 20 form part of these financial statements.

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Micklewrights Holdings Limited

Company Balance Sheet

As At 31 January 2025

Company Balance Sheet

Registered number: 12417975

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		60,000		120,000
Investments	13		500		500

			60,500		120,500
CURRENT ASSETS
Debtors	15	175,700		-
Cash at bank and in hand		41,825		101,220

		217,525		101,220
Creditors: Amounts Falling Due Within One Year	16	(67,350 )		(122,120 )

NET CURRENT ASSETS (LIABILITIES)			150,175		(20,900 )

TOTAL ASSETS LESS CURRENT LIABILITIES			210,675		99,600

Creditors: Amounts Falling Due After More Than One Year	17		(20,833 )		(70,833 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(15,125 )		(25,745 )

NET ASSETS			174,717		3,022

CAPITAL AND RESERVES
Called up share capital	22		1,000		1,000
Profit and Loss Account			173,717		2,022

SHAREHOLDERS' FUNDS			174,717		3,022

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 371,695 (2024: £ 75,470 profit).

On behalf of the board

Mr S Micklewright

Director

22 October 2025

The notes on pages 12 to 20 form part of these financial statements.

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Micklewrights Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 January 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 February 2023	1,000	75,015	1,192,976	1,268,991
Profit for the year and total comprehensive income	-	-	582,636	582,636

Dividends paid	-	-	(100,000)	(100,000)

As at 31 January 2024 and 1 February 2024	1,000	75,015	1,675,612	1,751,627


Profit for the year and total comprehensive income	-	-	402,268	402,268

Dividends paid	-	-	(200,000)	(200,000)

As at 31 January 2025	1,000	75,015	1,877,880	1,953,895

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Micklewrights Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 January 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 February 2023	1,000	26,552	27,552
Profit for the year and total comprehensive income	-	75,470	75,470

Dividends paid	-	(100,000)	(100,000)

As at 31 January 2024 and 1 February 2024	1,000	2,022	3,022


Profit for the year and total comprehensive income	-	371,695	371,695

Dividends paid	-	(200,000)	(200,000)

As at 31 January 2025	1,000	173,717	174,717

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Micklewrights Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 January 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	425,753	1,772,165
Interest paid		(131,606 )	(155,439 )
Tax paid		(65,499 )	(51,476 )

Net cash generated from operating activities		228,648	1,565,250

Cash flows from investing activities
Purchase of tangible assets		(565,372 )	(254,502 )
Proceeds from disposal of tangible assets		34,472	-
Grants received		4,000	4,000
Interest received		9,280	6,103

Net cash used in investing activities		(517,620 )	(244,399 )

Cash flows from financing activities
Equity dividends paid		(200,000 )	(100,000 )
Proceeds from new bank borrowings		-	44,225
Repayment of bank borrowings		(337,412 )	(360,632 )
Repayment of finance leases		27,229	(30,520 )
Amount introduced by directors		258,335	13,160
Amount withdrawn by directors		(294,145)	-

Net cash used in financing activities		(545,993 )	(433,767 )



(Decrease)/increase in cash and cash equivalents		(834,965 )	887,084
Cash and cash equivalents at beginning of year	2	2,082,877	1,195,793

Cash and cash equivalents at end of year	2	1,247,912	2,082,877

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Micklewrights Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 January 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	402,268	582,636
Adjustments for:
Tax on profit	(17,378 )	57,931
Interest expense	131,606	184,224
Interest income	(9,280 )	(6,103 )
Depreciation of tangible assets	257,417	208,785
Grant income	(4,000)	(4,000)
Movements in working capital:
Increase in stocks	(410,894 )	(17,748 )
(Increase)/decrease in trade and other debtors	(160,095 )	9,899
Increase in trade and other creditors	236,109	756,541

Net cash generated from operations	425,753	1,772,165

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	1,247,912	2,082,877

3. Analysis of changes in net funds

	As at 1 February 2024	Cash flows	As at 31 January 2025
	£	£	£
Cash at bank and in hand	2,082,877	(834,965)	1,247,912
Finance leases	(241,593)	(27,229)	(268,822)
Debts falling due within one year	(337,412 )	15,585	(321,827 )
Debts falling due after more than one year	(690,874)	321,827	(369,047)

	812,998	(524,782)	288,216

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Micklewrights Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 January 2025

Notes to the Financial Statements

1. General Information

Micklewrights Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12417975 . The registered office is Unit 33 Thornleigh Trading Estate, Blowers Green, Dudley, West Midlands, DY2 8UB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 January 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

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Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% on reducing balance
Plant & Machinery	25% on cost & 10% on cost
Motor Vehicles	25% on cost

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.9. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Turnover is recognised at the fair value of consideration received or receivable for goods and services provided

in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of

consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods

have passed to the buyer (usually when the customer has signed for delivery), the amount of revenue can be

measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity

and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Contract revenue is recognised when the work has been completed and certified according to the terms of the

contract.

4. Other Operating Income

	2025	2024
	£	£
Grant income	4,000	4,000

	4,000	4,000

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	9,135	353,678
Depreciation of tangible fixed assets	257,417	208,785

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	15,500	12,750

Page 15

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Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	2,752,005	2,873,264
Social security costs	298,280	251,596
Other pension costs	151,565	302,451

	3,201,850	3,427,311

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 2 (2024: 2)

Company

Average number of employees, including directors, during the year was: NIL (2024: NIL)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	382,002	369,548
Company contributions to money purchase pension schemes	105,232	265,334

	487,234	634,882

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	105,975	-

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	9,280	6,103

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	110,208	170,998
Finance charges payable under finance leases and hire purchase contracts	21,398	13,226

	131,606	184,224

Page 16

Page 17

Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

12. Tangible Assets

Group

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 February 2024	-	968,530	610,936	1,579,466
Additions	60,000	223,355	282,017	565,372
Disposals	-	-	(82,734 )	(82,734 )

As at 31 January 2025	60,000	1,191,885	810,219	2,062,104

Depreciation
As at 1 February 2024	-	379,910	377,996	757,906
Provided during the period	6,000	150,672	100,745	257,417
Disposals	-	-	(48,262 )	(48,262 )

As at 31 January 2025	6,000	530,582	430,479	967,061

Net Book Value
As at 31 January 2025	54,000	661,303	379,740	1,095,043

As at 1 February 2024	-	588,620	232,940	821,560

Company

	Plant & Machinery
	£
Cost
As at 1 February 2024	240,000

As at 31 January 2025	240,000

Depreciation
As at 1 February 2024	120,000
Provided during the period	60,000

As at 31 January 2025	180,000

Net Book Value
As at 31 January 2025	60,000

As at 1 February 2024	120,000

Page 17

Page 18

Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

13. Investments

Company

	Listed
	£
Cost or Valuation
As at 1 February 2024	500

As at 31 January 2025	500

Provision
As at 1 February 2024	-

As at 31 January 2025	-

Net Book Value
As at 31 January 2025	500

As at 1 February 2024	500

14. Stocks

	2025	2024
	£	£
Stock	114,323	37,700
Work in progress	428,642	94,371

	542,965	132,071

15. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	2,692,805	2,528,919	-	-
Amounts owed by group undertakings	-	24,300	175,700	-
Other debtors	253,508	232,999	-	-

	2,946,313	2,786,218	175,700	-

16. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	131,673	104,658	-	-
Trade creditors	1,881,416	1,228,241	1	-
Bank loans and overdrafts	321,827	337,412	50,000	50,000
Amounts owed to group undertakings	-	24,300	-	24,300
Other creditors	254,761	96,952	2,149	27,320
Corporation tax	(131,620 )	48,565	-	-
Taxation and social security	69,841	65,475	12,700	18,000
Accruals and deferred income	587,895	1,178,646	2,500	2,500

	3,115,793	3,084,249	67,350	122,120

Page 18

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Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

17. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	137,149	136,935	-	-
Bank loans	369,047	690,874	20,833	70,833

	506,196	827,809	20,833	70,833

18. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	321,827	337,412	50,000	50,000

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	369,047	690,874	20,833	70,833

19. Obligations Under Finance Leases and Hire Purchase

	Group
	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	131,673	104,658
Later than one year and not later than five years	137,149	136,935

	268,822	241,593

	268,822	241,593

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	273,886	159,041	15,125	25,745
Tax losses carried forward	(17,537 )	-	-	-

	256,349	159,041	15,125	25,745

Page 19

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Micklewrights Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 February 2024	159,041	159,041
Deferred taxation	97,308	97,308

Balance at 31 January 2025	256,349	256,349

Company
	Deferred Tax	Total
	£	£
As at 1 February 2024	25,745	25,745
Additions	(10,620 )	(10,620)

Balance at 31 January 2025	15,125	15,125

22. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary A shares of £ 1.00 each	1,000	1,000

23. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £151,565 (2024: £302,451).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

24. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	200,000	100,000

Page 20