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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
CONTENTS
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MA MICRO HOLDINGS LIMITED
COMPANY INFORMATION
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MA MICRO HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
MA Micro Holdings Limited (“the group”) is a holding company for a number of subsidiaries, including MA Micro Limited and VanMoof Netherlands BV.
The directors present their strategic report together with the audited financial statements for the period ended 31 December 2024. The company has shortened its reporting date from 30 April 2025 to 31 December 2024 to align with the rest of the group. Principal activity The group specialises in designing and manufacturing innovative urban e-bikes for sale and distribution across Europe.
In the comparative year ended 30 April 2024, MA Micro Limited, previously a fully owned subsidiary of Motion Applied Limited (formerly known as McLaren Applied Limited), was separated from the group at 31 December 2023 and was transferred to MA Micro Holdings Limited as part of a wider strategic acquisition, however it remains under the same ultimate beneficial ownership. The comparative period includes 4 months of trading activity compared to 8 months for the period ended 31 December 2024.
Following the commencement of sales in April 2024, the group has been in the process of scaling its operations throughout the period. The primary focus has been on building out the Retail Partner Network across Europe, with initial emphasis on The Netherlands as the lead market, supported by expansion into Germany, France, and Belgium as secondary markets. Alongside the growth of the Retail Partner Network, the group has also developed its direct-to-consumer sales channel through the company’s website. This has progressed in parallel with the expansion of the Partner Network, supported by targeted investment in marketing and a clear focus on rebuilding consumer trust. During 2024, the group continued to be in the early-scale-up phase, with limited but growing revenue alongside deliberate investment in people, technology, and marketing to support the relaunch and further growth. These costs were anticipated and are fully aligned with the approved business plans and forecasts. The detailed result is reported in the profit and loss account on page 12. The comparative period ended 30 April 2024 included a fair value gain of £3.4m which arose from the fair value adjustment of a non market rate loan. The balance sheet is presented on page 14. At 31 December 2024, the Group balance sheet shows total assets of approximately £20.1m (30 April 2024: £17.5m), primarily comprising gross intangible assets of £14.5m (30 April 2024: £13.1m), largely relating to acquired patents and other intellectual property. After recognising negative goodwill arising on acquisition, net intangible assets amounted to £12.6m (30 April 2024: £10.5m). The Group ended the year with net current assets of £4.7m (30 April 2024: £4.7m), including £3.9m of cash (30 April 2024: £2.7m), providing a solid liquidity position to support ongoing operations and planned growth. The balance sheet is intentionally structured to support the Group’s relaunch and scale-up phase, with long-term funding provided largely through shareholder loans and convertible loan facilities aligned with the Group’s medium-term strategy.
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MA MICRO HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Going concern
The directors have prepared forecasts and projections, based on expected revenue and expenditure for the group, including MA Micro Limited and VanMoof Netherlands BV, which management have sensitised. These forecasts indicate that the group will be able to operate within the level of its current cash reserves and available facilities. The group is reliant on continued availability of shareholder investment facilities from the group's investors. Greybull Capital LLP ("Greybull”), authorised and regulated by the Financial Conduct Authority (“FCA”) and in its capacity as advisers to MA Micro Holdings Limited, has confirmed it is satisfied that the group’s investors have the means and willingness to continue to support the group and to continue meeting their obligations under the terms of the investor loans. Key performance indicators The Board and Management Team use a defined set of financial and non-financial key performance indicators (“KPIs”) to monitor progress against the Group’s strategic objectives and to support effective decision-making. The primary financial KPIs include volume and revenue growth, gross margin by channel, operating cash flow, and balance sheet measures such as debtor, creditor and inventory days. These financial KPIs are reported and reviewed monthly as part of the management accounts process. Non-financial KPIs focus on customer trust and satisfaction, brand awareness, product reliability and employee engagement. Performance against these measures is reviewed on an ongoing basis by the Board and Management Team, enabling timely corrective action to be taken where necessary.
Future developments
The group intends to expand its sales across Europe through expansion of its Partner Network and additional distributor partnerships. In addition to this the group will continue to invest in strategic marketing, and strong brand differentiation to leverage its Direct-to-Consumer sales channel.
The key risk areas for the group are:
∙reputational damage in the event of any faulty products or services;
∙competition from other e-bike manufacturers in the industry
∙supply chain availability and timeliness; and
The group has implemented several strategic measures to mitigate these key risks. To address reputational risks from faulty products or services, the Group has established rigorous quality control processes, and responsive customer service channels to swiftly resolve any issues. In response to industry competition, the Group invests in continuous product innovation, strategic marketing, and strong brand differentiation to maintain a competitive edge. To ensure supply chain resilience, the Group has developed diversified supplier relationships, maintained adequate inventory levels, and employs proactive supply chain management strategies to minimize disruptions and ensure timely product availability. These measures collectively strengthen the Group’s market position and operational stability.
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MA MICRO HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The MA Micro Holding Limited Board approves a 3 year plan annually, or longer where the need arises, against which it monitors both operational and financial performance. The directors agree the strategy and review its funding requirements against these budgets. Where appropriate investments are scaled back, or the start delayed. In approving the strategy, the directors also consider external factors including the development of the technology industry together with the global economic and market conditions.
The group understands the importance and benefit of having broad range of skills, experience, perspectives and backgrounds in our teams and continuously strives to attract, engage and retain a diverse range of talented people. Understanding the importance of the group’s employees to the long term success of the business, it regularly communicates to its employees through presentations, internal groupwide emails and newsletters. MA Micro Holding Limited slack channel give employees the opportunity to interact with members of the Board and other key management personnel. Employees are encouraged to ask questions about the team’s purpose, goals and direction. Employee surveys are undertaken to receive feedback about the employee experience, the results of which are carefully analysed and discussed by the board. Employees are offered a range of development opportunities including mentoring, coaching and e learning that enable the board to identify and develop the skills and knowledge it needs to succeed now and in the future. The Board regularly reviews how the group maintains positive relationships with all its stakeholders. It understands the importance of the group supply chain in delivering its long term plans. The group’s principal risks and uncertainties set out risks that can impact its long term success and how these risks relate to its stakeholders. The Board seeks information on the interaction with stakeholders to ensure that they have enough information to reach appropriate conclusions about the risks faced by the group and how these are reflected within the long term plans. The group’s environmental policy outlines the commitment to protect against the long term depletion of natural resources and lasting damage to species, habitats, biodiversity and climate. The group is focused on optimising its refurbishment operations to ensure that we can continually improve the repairability and re-usability of our parts. In addition to this the group is proud that its products are themselves enabling decarbonisation through, for example, the electrification of transport which encourages people to switch their transportation method, especially for commuting from cars to e-bikes. The Board takes the reputation of the group seriously, which is not limited to only operational and financial performance. The Board follows and approves a suite of controls that include adherence to anticorruption, bribery and anti slavery. The Board has committed to having a workforce that reflects society as a whole. It has considered the data, and narrative, relevant to the group’s Gender Pay Reporting in preparation for external publication, including proposed improvement plans to enhance performance. The members of the group rely on the Board to protect and manage their investment in a responsible and sustainable way that generates value for them. The company holds regular management meetings for all the Board to share knowledge and ensure consistency across operations and the management meet with the shareholders on a monthly basis through company Board meetings which contains independent Non Executives alongside the Executive Directors.
This report was approved by the board and signed on its behalf.
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MA MICRO HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
The loss for the period, after taxation and minority interests, amounted to £6,677,216 (30 April 2024: loss
£622,140).
The directors do not propose a dividend for the period ended 31 December 2024 (30 April 2024: £nil).
The directors who served during the period were:
Going concern
MA Micro Holdings Limited is a holding company for several subsidiaries.
The directors have prepared forecasts and projections, based on expected revenue and expenditure for the group, including MA Micro Limited and VanMoof Netherlands BV, which management have sensitised. These forecasts indicate that the group will be able to operate within the level of its current cash reserves and available facilities. The group is reliant on continued availability of shareholder investment facilities from the group's investors. Greybull Capital LLP ("Greybull”), authorised and regulated by the Financial Conduct Authority (“FCA”) and in its capacity as advisers to MA Micro Holdings Limited, has confirmed it is satisfied that the group’s investors have the means and willingness to continue to support the group and to continue meeting their obligations under the terms of the investor loans. The directors have a reasonable expectation that the group has adequate resources, including continued access to the investor loans, to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date the financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in accounting policy 2.3.
Financial risk management objectives and policies
The group's activities expose it to several financial risks including foreign exchange risk, and liquidity risk. Foreign exchange is managed through the hedging of significant USD exposures. Liquidity risk is managed using a weekly detailed cashflow forecasts to highlight and mitigate areas of exposure. Therefore, foreign exchange and liquidity risk are not considered a material risk to the group.
The future developments of the group and company are explained in the strategic report on pages 2 to 4.
The group continues to invest significantly in R&D activities, for which it receives an element of government funding to support its investment to develop sustainable future technologies.
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MA MICRO HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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MA MICRO HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to 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.
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MA MICRO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MA MICRO HOLDINGS LIMITED
FOR THE PERIOD ENDED 31 DECEMBER 2024
We have audited the financial statements of MA Micro Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024, which comprise the consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MA MICRO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MA MICRO HOLDINGS LIMITED (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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MA MICRO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MA MICRO HOLDINGS LIMITED (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
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 group 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the group through discussions with senior management, and from our commercial knowledge and experience of the sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HM Revenue and Customs and the group’s legal advisors.
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MA MICRO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MA MICRO HOLDINGS LIMITED (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Auditor's responsibilities for the audit of the financial statements (continued)
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's parent 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 parent 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
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
United Kingdom
WC2B 5AH
Date:
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MA MICRO HOLDINGS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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MA MICRO HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The loss after tax of the parent company for the year was £254,793 (30 April 2024: profit after tax of £3,175,844).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 43 form part of these financial statements.
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MA MICRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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MA MICRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Foreign exchange reserve
Profit and loss account
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MA MICRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £105,409 (2024: £76,884). Contributions totalling £11,373 (2024: £19,913) were payable to the fund at the balance sheet date and are included in creditors.
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MA MICRO HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
In the opinion of the directors, the ultimate controlling party is Marc Joseph Meyohas who owns 100% of the company.
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