MiCiM Limited Company accounts

COMPANY REGISTRATION NUMBER: 10267262

MiCiM Limited

Financial Statements

31 December 2024

MiCiM Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Profit and loss account	8

Balance sheet	9

Statement of changes in equity	10

Statement of cash flows	11

Notes to the financial statements	12

MiCiM Limited

Strategic Report

Year ended 31 December 2024

Principal activity and business review The company's principal activity during the year continued to be the provision of project management and construction delivery services. Turnover increased by 34.7 per cent, compared to the prior year, to £19,569,777 (2024 - £14,529,509). The gross profit margin was increased from a gross loss in 2024 to 19.6 per cent as the company returned to profitability. After accounting for administrative expenses and financial costs, the company has recorded a profit before tax for the year of £410,888 (2024 - £6,180,836 loss). A taxation charge of £157,641 arises on the results for the year (2024 - £1,453,560 - credit), and therefore the profit after taxation for the year amounted to £253,247 (2024 - £4,727,276 profit). Dividends of £198,000 were declared and paid during the year (2024 - £216,000). The directors are delighted to report a bounce back for the business and a return to profitability in 2025, with 2026 on track for the highest turnover in the company's 10-year history. Now established with four entities, our team is well placed to service clients across Europe and expects to maintain strong growth in the coming years, delivering successful projects for new and existing clients as the AI boom continues. Principal risks and uncertainties The board of directors regularly monitors the company's business strategies, interim financial reporting, and changing market conditions to ensure that principal risks and uncertainties are identified and kept under control. Any corrective actions are made as soon as they are deemed necessary. Key performance indicators The company's key financial indicators during the year continued to be changes, compared with last year, in turnover, gross profit, operating profit and profit before taxation. Details are shown in the business review above.

This report was approved by the board of directors on 13 May 2026 and signed on behalf of the board by:

Mr D J E Potter

Director

Registered office:

Reading Bridge House

George Street

Reading

RG1 8LS

MiCiM Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the company for the year ended 31 December 2024 .

Principal activities

The principal activity of the company during the year continued to be the provision of project management and construction delivery services.

Directors

The directors who served the company during the year were as follows:

Mr J M Beattie
Mr C M Jarman
Mr D J E Potter

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The directors are delighted to report a bounce back for the business and a return to profitability in 2025, with 2026 on track for the highest turnover in the company's 10-year history. Now established with four entities, our team is well placed to service clients across Europe and expects to maintain strong growth in the coming years, delivering successful projects for new and existing clients as the AI boom continues.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 profit or loss of the company for that period. In preparing these 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; - 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

This report was approved by the board of directors on 13 May 2026 and signed on behalf of the board by:

Mr D J E Potter

Director

Registered office:

Reading Bridge House

George Street

Reading

RG1 8LS

MiCiM Limited

Independent Auditor's Report to the Members of MiCiM Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of MiCiM Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, balance sheet, statement of changes in equity, statement of cash flows 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 FRS 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 loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 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.

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. 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 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 the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the 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 company and its 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, 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 directors' responsibilities statement, 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'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. 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: We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 & The Companies Act 2006) and the relevant tax compliance regulations. We confirmed how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and papers provided to the Audit team and noted that there was no contradictory evidence. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We considered the risk of fraud through management override and, in response, we incorporated a detailed review across manual journal entries into our audit approach. Where instances of risk behaviour patterns were identified through our review, we performed additional audit procedures to address each identified risk. These procedures included testing of transactions back to to source information and were designed to provide reasonable assurance that the financial statements were free from fraud or error. The engagement partner assessed the skills and experience of the audit team to ensure that they had the collective competence and capabilities to identify or recognise non-compliance with laws and regulations. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations identified above. Our procedures involved substantive testing on all balance sheet categories, journal entry testing, with a focus on journals meeting our defined risk criteria based on our understanding of the business. If any instances of non-compliance with laws and regulations were identified, these were communicated to the engagement partner. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Robert Bedford

(Senior Statutory Auditor)

For and on behalf of

Miller Davies LLP

Chartered Accountants & statutory auditor

A3 Broomsleigh Business Park

Worsley Bridge Road

London

SE26 5BN

13 May 2026

MiCiM Limited

Profit and Loss Account

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	14,529,509	29,721,367

Cost of sales	16,309,287	23,797,035
	-------------	-------------
Gross (loss)/profit	( 1,779,778)	5,924,332

Administrative expenses		4,240,030	2,608,759
Other operating income	5	–	3,679
		------------	------------
Operating (loss)/profit	6	( 6,019,808)	3,319,252

Income from shares in group undertakings	9	37,120	270,000
Amounts written back to investments		–	802,821
Interest payable and similar expenses	10	198,148	94,401
		------------	------------
(Loss)/profit before taxation		( 6,180,836)	2,692,030

Tax on (loss)/profit	11	( 1,453,560)	749,606
		------------	------------
(Loss)/profit for the financial year and total comprehensive income		( 4,727,276)	1,942,424
		------------	------------

All the activities of the company are from continuing operations.

MiCiM Limited

Balance Sheet

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	13	150,443	2,832,173
Investments	14	260	8,871
		---------	------------
		150,703	2,841,044

Current assets

Stocks	15	2,908,453	–
Debtors	16	7,396,895	8,101,217
Cash at bank and in hand		284,511	3,040,665
		-------------	-------------
		10,589,859	11,141,882

Creditors: amounts falling due within one year	18	7,239,625	7,455,526
		-------------	-------------
Net current assets		3,350,234	3,686,356
		------------	------------
Total assets less current liabilities		3,500,937	6,527,400

Creditors: amounts falling due after more than one year	19	486,805	287,801

Provisions	20	2,017,152	49,263
		------------	------------
Net assets		996,980	6,190,336
		------------	------------

Capital and reserves

Called up share capital	24	1,900	2,000
Share premium account	25	124,950	124,950
Capital redemption reserve	25	100	–
Profit and loss account	25	870,030	6,063,386
		---------	------------
Shareholders funds		996,980	6,190,336
		---------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 13 May 2026 , and are signed on behalf of the board by:

Mr J M Beattie	Mr D J E Potter
Director	Director

Company registration number: 10267262

MiCiM Limited

Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2023		2,000	124,950	–	4,499,962	4,626,912

Profit for the year					1,942,424	1,942,424
		-------	---------	----	------------	------------
Total comprehensive income for the year		–	–	–	1,942,424	1,942,424

Dividends paid and payable	12	–	–	–	( 379,000)	( 379,000)
		-------	---------	----	------------	------------
Total investments by and distributions to owners		–	–	–	( 379,000)	( 379,000)

At 31 December 2023		2,000	124,950	–	6,063,386	6,190,336

Loss for the year					( 4,727,276)	( 4,727,276)
		-------	---------	----	------------	------------
Total comprehensive income for the year		–	–	–	( 4,727,276)	( 4,727,276)

Dividends paid and payable	12	–	–	–	( 216,000)	( 216,000)
Cancellation of subscribed capital		( 100)	–	100	( 250,080)	( 250,080)
		----	----	----	---------	---------
Total investments by and distributions to owners		( 100)	–	100	( 466,080)	( 466,080)

		-------	---------	----	---------	---------
At 31 December 2024		1,900	124,950	100	870,030	996,980
		-------	---------	----	---------	---------

MiCiM Limited

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
Note	£	£

Cash flows from operating activities

(Loss)/profit for the financial year	( 4,727,276)	1,942,424

Adjustments for:
Depreciation of tangible assets	108,947	119,254
Amounts written back to investments	–	802,821
Income from shares in group undertakings	( 37,120)	( 270,000)
Interest payable and similar expenses	198,148	94,401
Loss on disposal of tangible assets	–	451
Tax on (loss)/profit	( 1,453,560)	749,606
Accrued (income)/expenses	( 2,109,582)	4,814,973

Changes in:
Stocks	( 2,908,453)	–
Trade and other debtors	1,939,954	( 6,028,116)
Trade and other creditors	2,634,861	929,714
Provisions and employee benefits	2,017,152	–
	------------	------------
Cash generated from operations	( 4,336,929)	3,155,528

Interest paid	( 198,148)	( 94,401)
Tax paid	( 901,109)	( 488,496)
	------------	------------
Net cash (used in)/from operating activities	( 5,436,186)	2,572,631
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 38,556)	( 1,098,201)
Proceeds from sale of tangible assets	2,611,339	27,685
Acquisition of subsidiaries	( 85)	( 8,696)
Proceeds from sale of subsidiaries	8,696	–
Dividends received	37,120	270,000
	------------	------------
Net cash from/(used in) investing activities	2,618,514	( 809,212)
	------------	------------

Cash flows from financing activities

Purchase of own shares	( 250,080)	–
Proceeds from borrowings	542,178	841,971
Proceeds from loans from group undertakings	( 5,043)	5,043
Dividends paid	( 216,000)	( 379,000)
	------------	------------
Net cash from financing activities	71,055	468,014
	------------	------------

Net (decrease)/increase in cash and cash equivalents		( 2,746,617)	2,231,433
Cash and cash equivalents at beginning of year		3,030,986	799,553
		------------	------------
Cash and cash equivalents at end of year	17	284,369	3,030,986
		------------	------------

MiCiM Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Reading Bridge House, George Street, Reading, RG1 8LS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	20% - 50% Straight line
Plant and machinery	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Construction contracts	14,529,509	29,721,367
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	13,929,509	25,444,959
Overseas	600,000	4,276,408
	-------------	-------------
	14,529,509	29,721,367
	-------------	-------------

5. Other operating income

	2024	2023
	£	£
Other operating income	–	3,679
	----	-------

6. Operating (loss)/profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	108,947	119,254
Loss on disposal of tangible assets	–	451
Impairment of trade debtors	–	(984)
Foreign exchange differences	24,317	( 15,997)
	---------	---------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Administrative staff	60	60
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	4,452,209	4,489,711
Social security costs	496,267	537,811
Other pension costs	521,770	242,201
	------------	------------
	5,470,246	5,269,723
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	46,500	46,500
Company contributions to defined contribution pension plans	200,753	–
	---------	--------
	247,253	46,500
	---------	--------

9. Income from shares in group undertakings

	2024	2023
	£	£
Income from group undertakings	37,120	270,000
	--------	---------

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	198,148	94,401
	---------	--------

11. Tax on (loss)/profit

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax (income)/expense	( 768,665)	768,665
Adjustments in respect of prior periods	–	( 4,465)
	---------	---------
Total current tax	( 768,665)	764,200
	---------	---------

Deferred tax:

Origination and reversal of timing differences	( 684,895)	( 14,594)
	------------	---------
Tax on (loss)/profit	( 1,453,560)	749,606
	------------	---------

Reconciliation of tax (income)/expense

The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
	£	£
(Loss)/profit on ordinary activities before taxation	( 6,180,836)	2,692,030
	------------	------------
(Loss)/profit on ordinary activities by rate of tax	( 1,545,209)	633,180
Adjustment to tax charge in respect of prior periods	–	( 4,465)
Effect of expenses not deductible for tax purposes	52,580	179,732
Effect of capital allowances and depreciation	17,241	19,258
Unused tax losses	667,654	–
Deferred tax charge	( 684,895)	( 14,594)
Dividends received from group undertakings	(9,280)	(63,505)
Change in tax rates affecting loss carry back	48,349	–
	------------	------------
Tax on (loss)/profit	( 1,453,560)	749,606
	------------	------------

12. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Dividends on equity shares	216,000	379,000
	---------	---------

13. Tangible assets

	Freehold property	Short leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	2,611,339	163,092	23,033	126,954	231,405	3,155,823
Additions	–	9,628	–	–	28,928	38,556
Disposals	( 2,611,339)	–	–	–	–	( 2,611,339)
	------------	---------	--------	---------	---------	------------
At 31 Dec 2024	–	172,720	23,033	126,954	260,333	583,040
	------------	---------	--------	---------	---------	------------
Depreciation
At 1 Jan 2024	–	117,600	23,033	54,835	128,182	323,650
Charge for the year	–	36,481	–	32,603	39,863	108,947
	------------	---------	--------	---------	---------	------------
At 31 Dec 2024	–	154,081	23,033	87,438	168,045	432,597
	------------	---------	--------	---------	---------	------------
Carrying amount
At 31 Dec 2024	–	18,639	–	39,516	92,288	150,443
	------------	---------	--------	---------	---------	------------
At 31 Dec 2023	2,611,339	45,492	–	72,119	103,223	2,832,173
	------------	---------	--------	---------	---------	------------

14. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2024	811,692
Additions	85
Disposals	( 8,696)
	---------
At 31 December 2024	803,081
	---------
Impairment
At 1 January 2024 and 31 December 2024	802,821
	---------

Carrying amount
At 31 December 2024	260
	---------
At 31 December 2023	8,871
	---------

15. Stocks

	2024	2023
	£	£
Work in progress	2,908,453	–
	------------	----

16. Debtors

	2024	2023
	£	£
Trade debtors	3,934,126	2,500,985
Amounts owed by group undertakings	37,554	–
Deferred tax asset	635,632	–
Called up share capital not paid	70	150
Prepayments and accrued income	833,768	3,929,767
Directors loan account	1,316,507	1,484,428
Other debtors	639,238	185,887
	------------	------------
	7,396,895	8,101,217
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Deferred tax asset	561,187	–
	---------	----

17. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	284,511	3,040,665
Bank overdrafts	( 142)	( 9,679)
	---------	------------
	284,369	3,030,986
	---------	------------

18. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	897,486	563,849
Trade creditors	2,843,080	1,723,214
Amounts owed to group undertakings	–	5,043
Accruals and deferred income	1,100,424	2,610,006
Corporation tax	168,750	1,838,524
Social security and other taxes	1,857,241	632,275
Other creditors	372,644	82,615
	------------	------------
	7,239,625	7,455,526
	------------	------------

19. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	486,805	287,801
	---------	---------

Loans totalling £511,475 are secured against the stock of the company.

20. Provisions

	Onerous contracts	Deferred tax (note 21)	Total
	£	£	£
At 1 January 2024	–	49,263	49,263
Additions	2,017,152	–	2,017,152
Charge against provision	–	( 49,263)	( 49,263)
	------------	--------	------------
At 31 December 2024	2,017,152	–	2,017,152
	------------	--------	------------

21. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2024	2023
	£	£
Included in debtors (note 16)	635,632	–
Included in provisions (note 20)	–	( 49,263)
	---------	--------
	635,632	( 49,263)
	---------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	32,022	49,263
Unused tax losses	( 667,654)	–
	---------	--------
	(635,632)	49,263
	---------	--------

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 521,770 (2023: £ 242,201 ).

23. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	6,485,812	10,776,890
	------------	-------------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	5,702,340	5,274,528
	------------	------------

24. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,970	1,970	1,900	1,900
	-------	-------	-------	-------

25. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

26. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	3,040,665	(2,756,154)	284,511
Bank overdrafts	(9,679)	9,537	(142)
Debt due within one year	(559,213)	(338,131)	(897,344)
Debt due after one year	(287,801)	(199,004)	(486,805)
	------------	------------	------------
	2,183,972	( 3,283,752)	( 1,099,780)
	------------	------------	------------

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	181,454	113,503
Later than 1 year and not later than 5 years	137,334	77,906
	---------	---------
	318,788	191,409
	---------	---------

28. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr J M Beattie	1,017,921	( 167,921)	850,000
Mr D J E Potter	466,507	–	466,507
	------------	---------	------------
	1,484,428	( 167,921)	1,316,507
	------------	---------	------------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr J M Beattie	–	1,017,921	1,017,921
Mr D J E Potter	466,507	–	466,507
	---------	------------	------------
	466,507	1,017,921	1,484,428
	---------	------------	------------

MiCiM Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

29. Related party transactions

During the year the company made purchases of £nil (2024 - £76,070) from Copper Peg Limited, a company in which MiCiM Limited owns 75 per cent of the issued share capital. At the year end the company was owed £nil (2024 - £10,634) by Copper Peg Limited. Copper Peg Limited has now ceased trading and all it's activities have been carried out by MiCiM Limited . The company made purchases of £nil (2024 - £nil) from Operational Intelligence Limited, a company in which MiCiM Limited owns 100 per cent of the issued share capital. At the year end the company owed £nil (2024 - £nil) to Operational Intelligence Limited. Operational Intelligence Limited has also ceased trading and all it's activities have been carried out by MiCiM Limited . The company also made sales of £2,000,000 (2024 - £600,000) to MiCiM International Limited, and purchases of £nil (2024 - £nil) a company in which MiCiM Limited owns 100 per cent of the issued share capital. At the year end the company owed MiCiM International Limited £2,139,695 (2024 - £94,034). MiCiM International Limited owns 100 per cent of the issued share capital of MiCiM Italia S.R.L. At the year end the company was owed £3,361 (2024 - £3,361) by MiCiM Italia S.R.L.