MiCiM Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 10267262

MiCiM Limited

Financial Statements

31 December 2025

MiCiM Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Consolidated statement of comprehensive income	8

Consolidated statement of financial position	9

Balance sheet	10

Consolidated statement of changes in equity	11

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

MiCiM Limited

Strategic Report

Year ended 31 December 2025

Principal activity and business review The group's principal activity during the year continued to be the provision of project management and construction delivery services. Turnover increased by 53.8 per cent, compared to the prior year, to £23,735,762 (2024 - £15,437,504). The gross profit margin increased from a gross loss in 2024 to 22.4 per cent in the current year, with a gross profit of £5,332,670 (2024 - £1,657,546 - loss). After accounting for administrative expenses and financial costs, the group has recorded a profit before tax for the year of £1,255,123 (2024 - £6,251,448 loss). A taxation charge of £338,537 arises on the results for the year (2024 - £1,452,355 credit), and therefore the profit after taxation for the year amounted to £911,413 (2024 - £4,799,093 - loss). Dividends of £198,000 were declared and paid during the year (2024 - £216,854). 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 group'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 group'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 2025

The directors present their report and the financial statements of the group for the year ended 31 December 2025 .

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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and 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 group and 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 group and 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 2025

Opinion

We have audited the financial statements of MiCiM Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, balance sheet, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 group's and of the parent company's affairs as at 31 December 2025 and of the group's profit 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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'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.

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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the 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 group's and the 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. 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 group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent 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 group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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

Consolidated Statement of Comprehensive Income

Year ended 31 December 2025

		2025	2024
Note		£	£
Turnover	4	23,735,762	15,437,504

Cost of sales	18,403,092	17,095,050
	-------------	-------------
Gross profit/(loss)	5,332,670	( 1,657,546)

Administrative expenses		3,542,831	4,395,754
Other operating income	5	3,328	–
		------------	------------
Operating profit/(loss)	6	1,793,167	( 6,053,300)

Other interest receivable and similar income	9	13,106	–
Interest payable and similar expenses	10	551,150	198,148
		------------	------------
Profit/(loss) before taxation		1,255,123	( 6,251,448)

Tax on profit/(loss)	11	338,537	( 1,452,355)
		------------	------------
Profit/(loss) for the financial year		916,586	( 4,799,093)
		------------	------------

Foreign currency retranslation	( 5,173)	–
	---------	------------
Total comprehensive income for the year	911,413	( 4,799,093)
	---------	------------

All the activities of the group are from continuing operations.

MiCiM Limited

Consolidated Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	13	206,026	303,994
Tangible assets	14	319,794	234,661
		---------	---------
		525,820	538,655

Current assets

Stocks	16	810,000	2,908,453
Debtors	17	8,688,080	7,373,744
Cash at bank and in hand		1,000,026	471,781
		-------------	-------------
		10,498,106	10,753,978

Creditors: amounts falling due within one year	19	8,488,002	7,388,603
		-------------	-------------
Net current assets		2,010,104	3,365,375
		------------	------------
Total assets less current liabilities		2,535,924	3,904,030

Creditors: amounts falling due after more than one year	20	350,701	486,805

Provisions	21	–	2,017,152
		------------	------------
Net assets		2,185,223	1,400,073
		------------	------------

Capital and reserves

Called up share capital	25	1,970	1,900
Share premium account	26	188,910	124,950
Capital redemption reserve	26	100	100
Profit and loss account	26	1,994,243	1,280,830
		------------	------------
Equity attributable to the owners of the parent company		2,185,223	1,407,780

Non-controlling interests	–	( 7,707)
	------------	------------
	2,185,223	1,400,073
	------------	------------

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

Balance Sheet

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	251,039	150,443
Investments	15	260	260
		---------	---------
		251,299	150,703

Current assets

Stocks	16	810,000	2,908,453
Debtors	17	6,355,842	7,396,895
Cash at bank and in hand		759,279	284,511
		------------	-------------
		7,925,121	10,589,859

Creditors: amounts falling due within one year	19	6,709,462	7,239,625
		------------	-------------
Net current assets		1,215,659	3,350,234
		------------	------------
Total assets less current liabilities		1,466,958	3,500,937

Creditors: amounts falling due after more than one year	20	350,701	486,805

Provisions	21	–	2,017,152
		------------	------------
Net assets		1,116,257	996,980
		------------	------------

Capital and reserves

Called up share capital	25	1,970	1,900
Share premium account	26	188,910	124,950
Capital redemption reserve	26	100	100
Profit and loss account	26	925,277	870,030
		------------	---------
Shareholders funds		1,116,257	996,980
		------------	---------

The profit for the financial year of the parent company was £ 253,247 (2024: £ 4,727,276 loss).

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

Consolidated Statement of Changes in Equity

Year ended 31 December 2025

			Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
			£	£	£	£	£	£	£
At 1 January 2024			2,000	124,950	–	6,546,003	6,672,953	( 6,853)	6,666,100

Loss for the year						( 4,799,093)	( 4,799,093)	–	( 4,799,093)
			-------	---------	----	------------	------------	-------	------------
Total comprehensive income for the year			–	–	–	( 4,799,093)	( 4,799,093)	–	( 4,799,093)

Dividends paid and payable		12	–	–	–	( 216,000)	( 216,000)	( 854)	( 216,854)
Cancellation of subscribed capital			( 100)	–	100	( 250,080)	( 250,080)	–	( 250,080)
			-------	---------	----	------------	------------	-------	------------
Total investments by and distributions to owners			( 100)	–	100	( 466,080)	( 466,080)	( 854)	( 466,934)

At 31 December 2024 (as previously reported)			1,900	124,950	100	1,280,830	1,407,780	( 7,707)	1,400,073
Prior period adjustments			–	–	–	–	–	7,707	7,707
			-------	---------	----	------------	------------	-------	------------
At 31 December 2024 (restated)			1,900	124,950	100	1,280,830	1,407,780	–	1,407,780
			-------	---------	----	------------	------------	-------	------------

Profit for the year						916,586	916,586	–	916,586
Other comprehensive income for the year:
	Foreign currency retranslation		–	–	–	( 5,173)	( 5,173)	–	( 5,173)
			-------	---------	----	------------	------------	-------	------------
Total comprehensive income for the year			–	–	–	911,413	911,413	–	911,413

MiCiM Limited

Consolidated Statement of Changes in Equity (continued)

Year ended 31 December 2025

		Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£	£	£
Issue of shares		70	63,960	–	–	64,030	–	64,030
Dividends paid and payable	12	–	–	–	( 198,000)	( 198,000)	–	( 198,000)
		----	--------	----	---------	---------	----	---------
Total investments by and distributions to owners		70	63,960	–	( 198,000)	( 133,970)	–	( 133,970)

		-------	---------	----	------------	------------	----	------------
At 31 December 2025		1,970	188,910	100	1,994,243	2,185,223	–	2,185,223
		-------	---------	----	------------	------------	----	------------

MiCiM Limited

Company Statement of Changes in Equity

Year ended 31 December 2025

MiCiM Limited

Company Statement of Changes in Equity

Year ended 31 December 2025

		Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2024		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

Profit for the year					253,247	253,247
		-------	---------	----	------------	------------
Total comprehensive income for the year		–	–	–	253,247	253,247

Issue of shares		70	63,960	–	–	64,030
Dividends paid and payable	12	–	–	–	( 198,000)	( 198,000)
		----	--------	----	---------	---------
Total investments by and distributions to owners		70	63,960	–	( 198,000)	( 133,970)

		-------	---------	----	---------	------------
At 31 December 2025		1,970	188,910	100	925,277	1,116,257
		-------	---------	----	---------	------------

MiCiM Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2025

	2025	2024
Note	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	916,586	( 4,799,093)

Adjustments for:
Depreciation of tangible assets	115,364	119,377
Amortisation of intangible assets	97,968	97,901
Other interest receivable and similar income	( 13,106)	–
Interest payable and similar expenses	551,150	198,148
Gains on disposal of tangible assets	( 18,599)	–
Gain on impairment or disposal of operations	7,707	–
Unrealised foreign currency gains	(5,173)	–
Tax on profit/(loss)	338,537	( 1,452,355)
Accrued income	( 939,335)	( 1,566,841)

Changes in:
Stocks	2,098,453	( 2,897,203)
Trade and other debtors	2,178,726	1,495,823
Trade and other creditors	( 2,084,856)	2,450,699
Provisions and employee benefits	( 2,017,152)	2,017,152
	------------	------------
Cash generated from operations	1,226,270	( 4,336,392)

Interest paid	( 551,150)	( 198,148)
Interest received	13,106	–
Tax paid	( 260,272)	( 906,439)
	------------	------------
Net cash from/(used in) operating activities	427,954	( 5,440,979)
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 200,496)	( 133,204)
Proceeds from sale of tangible assets	18,598	2,611,339
	------------	------------
Net cash (used in)/from investing activities	( 181,898)	2,478,135
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	64,030	–
Purchase of own shares	–	( 250,080)
Proceeds from borrowings	414,730	542,178
Dividends paid	( 198,000)	( 216,854)
	------------	------------
Net cash from financing activities	280,760	75,244
	------------	------------

Net increase/(decrease) in cash and cash equivalents		526,816	( 2,887,600)
Cash and cash equivalents at beginning of year		471,639	3,359,239
		---------	------------
Cash and cash equivalents at end of year	18	998,455	471,639
		---------	------------

MiCiM Limited

Notes to the Financial Statements

Year ended 31 December 2025

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.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of MiCiM Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Incorporation expenses	-	20% straight line

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

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	-	25% straight line
Plant and machinery	-	25% straight line
Fixtures and fittings	-	20% 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 are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

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:

	2025	2024
	£	£
Construction contracts	23,735,762	15,437,504
	-------------	-------------

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

	2025	2024
	£	£
United Kingdom	17,569,777	13,925,350
Overseas	6,165,985	1,512,154
	-------------	-------------
	23,735,762	15,437,504
	-------------	-------------

5. Other operating income

	2025	2024
	£	£
Other operating income	3,328	–
	-------	----

6. Operating profit/(loss)

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	97,968	97,901
Depreciation of tangible assets	115,364	119,377
Gains on disposal of tangible assets	( 18,599)	–
Foreign exchange differences	( 5,814)	11,577
	---------	---------

7. Staff costs

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

	2025	2024
	No.	No.
Administrative staff	82	60
	----	----

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

	2025	2024
	£	£
Wages and salaries	6,096,352	4,863,921
Social security costs	635,608	518,488
Other pension costs	698,558	549,306
	------------	------------
	7,430,518	5,931,715
	------------	------------

8. Directors' remuneration

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

	2025	2024
	£	£
Remuneration	46,500	46,500
Company contributions to defined contribution pension plans	–	200,753
	--------	---------
	46,500	247,253
	--------	---------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	13,106	–
	--------	----

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	443,858	198,148
Other interest payable and similar charges	107,292	–
	---------	---------
	551,150	198,148
	---------	---------

11. Tax on profit/(loss)

Major components of tax expense/(income)

	2025	2024
	£	£

Current tax:

UK current tax expense/(income)	206,586	( 767,460)

Deferred tax:

Origination and reversal of timing differences	131,951	( 684,895)
	---------	------------
Tax on profit/(loss)	338,537	( 1,452,355)
	---------	------------

Reconciliation of tax expense/(income)

The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit/(loss) on ordinary activities before taxation	1,255,123	( 6,251,448)
	------------	------------
Profit/(loss) on ordinary activities by rate of tax	313,781	( 1,534,664)
Adjustment to tax charge in respect of prior periods	25,690	–
Effect of expenses not deductible for tax purposes	41,790	52,580
Effect of capital allowances and depreciation	( 1,334)	17,241
Utilisation of tax losses	( 106,467)	–
Unused tax losses	11,073	668,859
Deferred tax charge	131,951	( 684,895)
Change in tax rates affecting loss carryback	–	48,349
Effect of different international tax rates	(77,947)	(19,825)
	------------	------------
Tax on profit/(loss)	338,537	( 1,452,355)
	------------	------------

12. Dividends

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

	2025	2024
	£	£
Dividends on equity shares	198,000	216,854
	---------	---------

13. Intangible assets

Group	Goodwill	Set up costs	Total
	£	£	£
Cost
At 1 January 2025 and 31 December 2025	493,292	6,504	499,796
	---------	-------	---------
Amortisation
At 1 January 2025	193,200	2,602	195,802
Charge for the year	96,600	1,368	97,968
	---------	-------	---------
At 31 December 2025	289,800	3,970	293,770
	---------	-------	---------
Carrying amount
At 31 December 2025	203,492	2,534	206,026
	---------	-------	---------
At 31 December 2024	300,092	3,902	303,994
	---------	-------	---------

The company has no intangible assets.

14. Tangible assets

Group	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2025	172,720	23,033	3,971	207,107	270,857	677,688
Additions	149,488	–	–	–	51,008	200,496
Disposals	( 172,720)	( 23,033)	–	( 26,500)	( 90,823)	( 313,076)
	---------	--------	-------	---------	---------	---------
At 31 Dec 2025	149,488	–	3,971	180,607	231,042	565,108
	---------	--------	-------	---------	---------	---------
Depreciation
At 1 Jan 2025	154,081	23,033	290	96,889	168,734	443,027
Charge for the year	19,507	–	305	49,241	46,311	115,364
Disposals	( 172,720)	( 23,033)	–	( 26,500)	( 90,824)	( 313,077)
	---------	--------	-------	---------	---------	---------
At 31 Dec 2025	868	–	595	119,630	124,221	245,314
	---------	--------	-------	---------	---------	---------
Carrying amount
At 31 Dec 2025	148,620	–	3,376	60,977	106,821	319,794
	---------	--------	-------	---------	---------	---------
At 31 Dec 2024	18,639	–	3,681	110,218	102,123	234,661
	---------	--------	-------	---------	---------	---------

Company	Short leasehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2025	172,720	23,033	126,954	260,333	583,040
Additions	149,488	–	–	43,139	192,627
Disposals	( 172,720)	( 23,033)	( 26,500)	( 90,823)	( 313,076)
	---------	--------	---------	---------	---------
At 31 December 2025	149,488	–	100,454	212,649	462,591
	---------	--------	---------	---------	---------
Depreciation
At 1 January 2025	154,081	23,033	87,438	168,045	432,597
Charge for the year	19,507	–	28,133	44,391	92,031
Disposals	( 172,720)	( 23,033)	( 26,500)	( 90,823)	( 313,076)
	---------	--------	---------	---------	---------
At 31 December 2025	868	–	89,071	121,613	211,552
	---------	--------	---------	---------	---------
Carrying amount
At 31 December 2025	148,620	–	11,383	91,036	251,039
	---------	--------	---------	---------	---------
At 31 December 2024	18,639	–	39,516	92,288	150,443
	---------	--------	---------	---------	---------

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2025 and 31 December 2025	803,081
	---------
Impairment
At 1 January 2025 and 31 December 2025	802,821
	---------

Carrying amount
At 1 January 2025 and 31 December 2025	260
	---------
At 31 December 2024	260
	---------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Copper Peg Limited	55b St. Marys Butts	Ordinary	75
	Reading
	Berks
	RG1 2LG
Operational Intelligence Limited	Reading Bridge House	Ordinary	100
	George Street
	Reading
	RG1 8LS
MiCiM Italia S.R.L.	Milano	Ordinary	100
	Via San Vito18
	20123
MiCim International Limited	Office 3C, Sky Business Centre	Ordinary	100
	Plato Business Park
	Damastown
	Dublin 15

Copper Peg Limited, Operational Intelligence Limited MiCiM International Limited and MiCiM Italia S.R.L. are exempt under the requirements of s479A of the Act relating to the audit of individual accounts. Therefore, a guarantee is given by the parent company under s479C of the Act.

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Work in progress	810,000	2,908,453	810,000	2,908,453
	---------	------------	---------	------------

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	2,620,005	4,461,384	828,109	3,934,126
Amounts owed by group undertakings	–	–	–	37,554
Deferred tax asset	503,681	635,632	503,681	635,632
Called up share capital not paid	70	70	70	70
Prepayments and accrued income	3,917,472	303,606	3,274,521	833,768
Corporation tax repayable	–	–	65,831	–
Directors loan account	966,507	1,316,507	966,507	1,316,507
Other debtors	680,345	656,545	717,123	639,238
	------------	------------	------------	------------
	8,688,080	7,373,744	6,355,842	7,396,895
	------------	------------	------------	------------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Deferred tax asset	–	561,187	–	561,187
	----	---------	----	---------

18. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	1,000,026	471,781
Bank overdrafts	( 1,571)	( 142)
	------------	---------
	998,455	471,639
	------------	---------

19. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	1,449,749	897,486	1,445,524	897,486
Trade creditors	1,730,717	2,893,124	1,678,664	2,843,080
Amounts owed to group undertakings	–	–	2,139,695	–
Accruals and deferred income	3,764,990	1,079,312	642,520	1,100,424
Corporation tax	115,064	168,750	–	168,750
Social security and other taxes	907,256	2,022,610	404,274	1,857,241
Other creditors	520,226	327,321	398,785	372,644
	------------	------------	------------	------------
	8,488,002	7,388,603	6,709,462	7,239,625
	------------	------------	------------	------------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	350,701	486,805	350,701	486,805
	---------	---------	---------	---------

21. Provisions

Group and company	Onerous contracts
	£
At 1 January 2025	2,017,152
Charge against provision	( 2,017,152)
	------------
At 31 December 2025	–
	------------

22. Deferred tax

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in debtors (note 17)	503,681	635,632	503,681	635,632
	---------	---------	---------	---------

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	57,506	32,022	57,506	32,022
Unused tax losses	( 561,187)	( 667,654)	( 561,187)	( 667,654)
	---------	---------	---------	---------
	(503,681)	(635,632)	(503,681)	(635,632)
	---------	---------	---------	---------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 698,558 (2024: £ 549,306 ).

24. Financial instruments

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

Financial assets measured at fair value through profit or loss

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Financial assets measured at fair value through profit or loss	8,556,803	6,314,653	5,929,305	6,485,812
	------------	------------	------------	------------

Financial liabilities measured at fair value through profit or loss

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Financial liabilities measured at fair value through profit or loss	7,780,938	5,640,119	6,657,885	5,702,340
	------------	------------	------------	------------

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,970	1,970	1,900	1,900
	-------	-------	-------	-------

26. 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.

27. Analysis of changes in net debt

	At 1 Jan 2025	Cash flows	At 31 Dec 2025
	£	£	£
Cash at bank and in hand	471,781	528,245	1,000,026
Bank overdrafts	(142)	(1,429)	(1,571)
Debt due within one year	(897,344)	(550,834)	(1,448,178)
Debt due after one year	(486,805)	136,104	(350,701)
	---------	---------	------------
	( 912,510)	112,086	( 800,424)
	---------	---------	------------

28. Operating leases

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	112,928	181,454	112,928	181,454
Later than 1 year and not later than 5 years	208,185	137,334	208,185	137,334
	---------	---------	---------	---------
	321,113	318,788	321,113	318,788
	---------	---------	---------	---------

MiCiM Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2025

29. Directors' advances, credits and guarantees

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

	2025
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr J M Beattie	850,000	( 350,000)	500,000
Mr D J E Potter	466,507	–	466,507
	------------	---------	---------
	1,316,507	( 350,000)	966,507
	------------	---------	---------

	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
	------------	---------	------------