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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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MISCO TECHNOLOGIES LIMITED
COMPANY INFORMATION
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MISCO TECHNOLOGIES LIMITED
CONTENTS
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MISCO TECHNOLOGIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company’s principal activity during the year continued to be that of a value added reseller of IT solutions and services, supporting customers across the private and public sectors with hardware, software, and associated services.
A dividend of £3,869,723 was declared during the year.
Key financial and other performance indicators during the year were as follows:
2025 2024 Change
£’000 £'000 %
Turnover 119,329 85,691 39%
Operating profit excluding exceptional items9,438 6,117 54%
Profit after tax 6,925 2,528 174%
Equity Shareholders’ 8,535 5,479 56%
Current assets as a % of current liabilities149% 146% 3%
Average No. of employees 89 83 7%
The year ended 31 December 2025 represented a period of significant growth, building on the strong trading performance achieved in 2024. Revenue increased by 39% to £119 million (2024: £86 million), driven primarily by large-scale infrastructure projects supported by the Company’s enterprise team, alongside continued expansion of the customer base and increased software and licensing activity. This performance reflects the Company’s disciplined execution of its commercial strategy and its ability to deliver complex, high-value solutions.
Gross profit increased significantly, with gross margin improving from 11.1% in 2024 to 12.4% in 2025. This reflects a favourable project mix and effective commercial management. Overhead costs (excluding exceptional items) increased in line with business growth remained at a consistent rate with revenue at 4.5%, compared to 4% in 2024. This demonstrates strong cost control and increasing operational leverage as the business scales.
Profit after tax increased considerably in 2025, reflecting the Company’s stronger underlying trading performance, improved gross margins, and disciplined cost management. The year includes £290,000 of exceptional charges relating to the write-off of an intercompany debtor following the cessation of trading of a subsidiary, Comet Electricals Limited. Overall, the Company delivered a materially improved earnings performance during the year.
The Company maintained a strong and improving liquidity position throughout the year. Cash balances increased significantly from £2.1 million at 31 December 2024 to £8.4 million at 31 December 2025, supported by the continued effectiveness of the Company’s cash collection processes. Net assets increased from £5.4 million to £8.5 million over the same period, reflecting the profitable growth achieved. The ratio of current assets to current liabilities strengthened to 149% (2024: 146%), further enhancing the Company’s short-term financial resilience.
The Company continues to invest in its people as a key driver of growth. The average number of employees increased to 89 (2024: 83), reflecting targeted recruitment to support expanding operations, particularly within the sales function. Attracting and retaining skilled individuals from across the technology sector remains a strategic priority. In support of this growth, the Company relocated its registered office and principal place of business to Rushden in March 2026, providing expanded facilities and capacity to accommodate its growing workforce and support the continued expansion of its sales team.
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MISCO TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Sustainable Development
The Company remains committed to achieving sustainable growth aligned with its ISO 14001 Environmental Management accreditation and its Environmental Policy.
Performance for the year is captured in the Carbon Reduction Plan 2025, approved by the Board. During 2025, total emissions reduced by approximately 5%, despite a significant increase in turnover. This resulted in an improvement in emissions intensity both per £m of revenue and per employee, demonstrating the effectiveness of sustainability initiatives alongside business growth.
Key drivers of improvement included:
•Further reductions in natural gas consumption
•Stabilisation of electricity usage despite higher activity levels
•Continued transition to electric vehicles within the company car fleet
The Company continues to face challenges in employee commuting and transportation emissions but is actively engaging suppliers and employees to influence future reductions.
The Company consider that the following are the principal risks that could materially and adversely affect the Company’s future financial performance or financial position. The Board regularly reviews these and any other potential risks and takes proactive actions to mitigate their impact and, or likeliness.
Competition
In addition to an extensive brand and product portfolio, the Company boasts an experienced team specializing in the Business, Education, Healthcare, and Government sectors, delivering industry-leading solutions.
The Misco team is dedicated to building strong, long-lasting relationships with customers, with senior management investing significant time and resources to maintain and develop key accounts. As a business, we prioritize understanding our customers’ needs and challenges to identify the most suitable and cost-effective solutions.
The Company also collaborates closely with its distributors, vendors, and manufacturers to provide valuable and effective technology solutions.
Customer reliance
No one customer makes up more than 10% of the Company’s sales or gross profit and the Company operates across a broad spectrum of industries, reducing the impact of any market fluctuations or changes to procurement trends.
Supply chain
Misco’s ability to deliver timely and cost-effective solutions depends on the reliability of its supply chain.
While the company maintains strong relationships with key vendors and actively engages new suppliers, global
supply chain disruptions—such as component shortages, shipping delays, or geopolitical tensions—could impact product availability and pricing.
To mitigate this, Misco works with an extensive supplier base, enabling flexibility and alternative sourcing
options. Misco’s ability to offer substitute IT solutions helps reduce dependency on specific products
or vendors.
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MISCO TECHNOLOGIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Credit risk
The Company employs a highly experienced and professional credit control function to manage credit risk effectively. We have established robust credit approval processes and maintain comprehensive credit insurance to mitigate potential losses. Additionally, our team proactively manages account balances, ensuring that any issues are promptly addressed to maintain the financial health of the organization.
Liquidity risk
The Company continues to operate under its HSBC overdraft facility, providing additional liquidity to support the working capital cycle if required. Notwithstanding this facility, the Company consistently maintained surplus cash balances throughout the year, generating interest receivable income as a result.
At the year end, the Company held £8.4 million in cash, which was placed in overnight deposit accounts. No amounts were owed at the balance sheet date.
Key financial performance indicators are monitored on a regular basis
• Turnover has increased by 39% compared to 2024, from £85.6M to £119.3M
• Gross margin has increased by 1.3% compared to 2024, from 11.1% to 12.4%
• Debtors days have decreased by 8 days compared to the previous year, from 45 to 37 days
• Net assets have increased to £8.5m
This report was approved by the board and signed on its behalf.
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MISCO TECHNOLOGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £6,925,050 (2024 - £2,528,371).
Dividends of £3,869,723 (2024 - £3,059,987) were declared in the year.
The directors who served during the year were:
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MISCO TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is not required to present data and information relating to emissions, energy consumption and energy efficiency action. However, it has chosen to do so given its increasing importance on taking action to reduce the effects of climate change and provide greater transparency for our stakeholders.
Misco has analysed its emissions usage, otherwise known as its GHG inventory, by applying the principles of the revised edition of the World Resources Institute/ World Business Council for Sustainable Development’s GHG Protocol Corporate Accounting and Reporting Standard.
Data has been collected in respect of energy consumption at Misco’s offices and its warehouse facilities both located in Wellingborough. Data has also been analysed in relation to emissions from combustion of fuels in company vehicles. This represents the Company’s Scope 1 and 2 emissions, being those under the direct control of Misco and its business activities. Energy consumption has been calculated using standard fuel energy content factors from the UK Government GHG Conversion Factors for Company Reporting 2025.
Misco has also analysed a defined subset of Scope 3 emissions in line with PPN-0621 to support the government’s commitment to continuing its efforts to reduce greenhouse gas emissions and deliver on its carbon budget commitments.
The Company has identified the following categories to report on under Scope 3 emissions:
CategoryDescription
3 Fuel & energy-related activities
4 Upstream Transportation & Distribution
5 Waste Generated in Operations
6 Business Travel
7 Employee Commuting
9 Downstream Transportation & Distribution
The calculation of GHG inventory for Scope 3 emissions is optional. However, given the direct relation between facility emissions and employee home working, this report has captured Scope 3 emissions from home working as an activity directly linked to reducing Misco’s carbon footprint.
For upstream and downstream transportation, the Company has analysed its fulfilment data for each individual sale made to customers. The Company has also liaised with its waste disposal providers to obtain weight data by each disposal method. An employee travel survey was again undertaken so that emissions from employee commuting to and from work can be measured.
The data aligns with the company’s financial reporting periods for years ending 31 December. To avoid double counting activities not under direct control of Misco, indirect emissions from the production of purchased materials and transport-related activities relating to the transportation of purchased materials or goods to our suppliers have been excluded from this Emissions Report.
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MISCO TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Scope Emissions Source Consumption Emissions (tCO2e)
2025 2024 2025 2024
(restated)
1 Natural Gas consumption 70,118 KWh 92,545 KWh 12.8 16.9
1 Company vehicles(diesel & petrol fuel) 0 KWh 6,265 KWh - 1.5
2Electricity purchased (100% renewable) 109,883 KWh 111,317 KWh - -
Total for Scope 1 & 2 180,001KWh 210,127KWh 12.8 18.4
3 Home Working 1,481 Days 1,323 Days 3.7 3.3
3 Waste Generated in Operations 6.47 tonnes 6.20 tonnes 0.0 0.0
3 Business Travel 17.2 19.5
3 Employee Commuting 47.6 54.1
3 Upstream Transportation & Distribution 13.0 8.7
3 Downstream Transportation & Distribution 13.0 8.7
Grand Total 107.3 112.7
The 2024 amounts have been restated due to the units being disclosed incorrectly in the prior year.
Alongside total emissions figures, the SLT present intensity measures of emissions based on both the number of employees and total revenue. The SLT believe this gives a good indication of the performance of the sustainability initiatives taking into account the company’s continuing organic growth.
2025 2024
Turnover £m 119.3 85.7
Average number of employees 89 83
Intensity total (tCO2e per £1m of turnover) 0.90 1.32
Intensity total (tCO2e per employee) 1.21 1.36
Emissions Performance
Whilst no specific energy efficiency actions were planned during the year, overall emissions have decreased in 2025 when compared to 2024 from 112.7 tonnes to 107.32 tonnes, a decrease of 5%. This has been despite a significant increase in turnover of nearly 40%. Therefore, intensity levels by trading activity and headcount have also fallen in comparison to last year. As stated in previous year report, it was forecast that recruitment planning in late 2024, early 2025 would lead to emission intensity by employee to reduce during last year.
Following the consolidation of its warehousing in 2024, Misco achieved further reductions in natural gas consumption over the course of 2025. Additionally, despite the revenue growth of the business, total electricity consumption stayed almost flat at just over 100,000 kWh.
Whilst no specific energy efficiency actions were planned during the year, overall, Misco achieved its aim of reducing its emissions in 2025, as well as reducing its emissions per £1m of turnover. The three main areas of challenge continue to be:
(i)Natural gas consumption: All of Misco’s sites are leasehold and so making energy efficient alterations to the building was not possible.
(ii)Employee commuting: Adoption of electric vehicles by employees continues to be hindered by the government delaying the ban of fossil fuel vehicles to 2035.
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MISCO TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
(iii)Transportation & Distribution: There is limiting data or widespread action on emissions and Misco continues to work with its suppliers to build momentum in this area.
The revised project set out last year factors in recent growth trends in the business and a longer term goal for net-zero for 2050. Misco out-performed the 2025 revised project despite also out-performing its trading growth expectations.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MISCO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MISCO TECHNOLOGIES LIMITED
We have audited the financial statements of Misco Technologies Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MISCO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MISCO TECHNOLOGIES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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.
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.
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MISCO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MISCO TECHNOLOGIES LIMITED (CONTINUED)
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:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
•Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
•Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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MISCO TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MISCO TECHNOLOGIES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Northampton, United Kingdom
Date:
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MISCO TECHNOLOGIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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MISCO TECHNOLOGIES LIMITED
REGISTERED NUMBER: 07105367
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 29 form part of these financial statements.
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MISCO TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Misco Technologies Limited is a private company limited by shares, registered in England and Wales, registered number 07105367. The registered office and principal place of business is Suite 3, Sapphire House, Crown Way, Rushden, NN10 6FB.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of The Misco Group Limited as at 31 December 2025 and these financial statements may be obtained from Suite 3, Sapphire House, Crown Way, Rushden, NN10 6FB.
The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet all its obligations as and when they fall due for the foreseeable future.
The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Whilst the wider economic outlook is mixed, the Company is well placed in a sector where demand of IT products and services remains high. Having considered various potential downside scenarios the Board are confident that the Company has the ability to continue to trade as a going concern enterprise.
At the year end, the Company had net current assets of c.£8.5m. The Company's day to day working capital requirements are further supported through access to an overdraft facility.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capital redemption reserve
Profit and loss account
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year the Company has entered into an unlimited multilateral guarantee with the other members of the Group headed up by The Misco Group Limited.
PAYE Compliance Check
On 11 July 2024, HMRC initiated a PAYE compliance check in relation to a partnership agreement between the Company and UKCG & Partners LLP, which operated between June 2021 and December 2022. Although the Company paid all taxes as they became due, there is a possibility that HMRC may seek to recalculate the taxes owed by treating the partner members of the LLP as employees during this period.
As at the date of approval of these financial statements, HMRC has not identified any specific instance of non-compliance with tax legislation in relation to the arrangement. The Company obtained professional advice when establishing the LLP structure and continues to believe that the arrangement was implemented in accordance with applicable tax legislation.
Should HMRC ultimately challenge the arrangement successfully, the Company estimates that the potential liability, including interest, would be approximately £766,000 as at 30 November 2025. This estimate assumes that the arrangement is fully reversed and that interest is charged at prevailing HMRC rates. No penalties have been included in the estimate.
The matter remains subject to HMRC's review process and the timing of any resolution remains uncertain. Based on the information currently available and advice received, management does not consider that an outflow of economic benefits is probable. Accordingly, no provision has been recognised in these financial statements. No other events after the balance sheet date affect this disclosure.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £Nil (2024 - £26,738) were payable to the fund at the balance sheet date.
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MISCO TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's immediate and ultimate parent undertaking is The Misco Group Limited, a company incorporated in England and Wales.
The Company is ultimately controlled by G Watson, by virtue of his shareholding in The Misco Group Limited.
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