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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
COMPANY INFORMATION
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THE MISCO GROUP LIMITED
CONTENTS
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THE MISCO GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
The Group’s business review, together with its financial position and exposure to price, credit and cash flow risk is described in this report.
The Misco Group Limited, comprising Misco Technologies Limited, Comet Electricals Limited, and Misco Netherlands B.V., continued to deliver strong performance across its diversified operations in 2025. The Group’s principal activities include the provision of IT solutions and services to business and public sector clients, consumer electronics retailing, and European distribution support.
Key financial and other performance indicators during the year were as follows:
2025 2024 Change
£'000 £’000 %
Turnover 121,928 89,631 36%
Operating Profit excluding exceptional items8,902 4,976 79%
Profit after tax 6,702 2,819 137%
Equity Shareholders’ funds 8,623 5,938 45%
Current assets as a % of current liabilities146% 143% 3%
Average No. of employees 98 96 2%
The year ended 31 December 2025 represented a period of significant growth, building on the strong trading
performance achieved in 2024. Revenue increased by 36% to £121.9 million (2024: £89.6 million), driven primarily by the growth of Misco Technologies Limited, which remains the groups largest subsidiary. Misco’s increase in turnover in 2025 is driven in part by the successful delivery of several well executed enterprise projects. This performance reflects the Groups disciplined execution of its commercial strategy and its ability to deliver complex, high-value solutions.
Gross profit increased significantly, with gross margin improving from 11.0% 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 but at a slightly lower rate than revenue, reducing from 5.4%
of turnover in 2024 to 5.1% in 2025. This demonstrates strong cost control and increasing operational leverage
as the business scales.
Profit after tax increased considerably in 2025, reflecting the Groups stronger underlying trading performance, improved gross margins, disciplined cost management and the absence of material exceptional items that affected the prior year.
The Group maintained a strong and improving liquidity position throughout the year. Cash balances increased
significantly from £2.3 million at 31 December 2024 to £8.7 million at 31 December 2025, supported by the
continued effectiveness of the Groups cash collection processes. Net assets increased from £5.9 million to
£8.6 million over the same period, reflecting the profitable growth achieved. The ratio of current assets to
current liabilities strengthened to 146% (2024: 143%), further enhancing the Groups short-term financial
resilience.
The Group continues to invest in its people as a key driver of growth. The average number of employees
increased to 98 (2024: 96), reflecting targeted recruitment to support expanding operations, particularly within
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THE MISCO GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
thesales function. Attracting and retaining skilled individuals from across the technology sector remains a strategicpriority. In support of this growth, the Group 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 Misco Technologies’ sales team.
The Group declared dividends of £3.87 million during the year (2024: £3.06 million).
Sustainable development
The Group 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 Group continues to face challenges in employee commuting and transportation emissions but is actively engaging suppliers and employees to influence future reductions.
The Group consider that the following are the principal risks that could materially and adversely affect the Group’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 Group 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
The Group benefits from a diversified customer base, with no single customer accounting for more than 10% of total revenue or gross profit. This reduces exposure to sector-specific downturns or procurement changes. The Group serves clients across various industries and geographies, including public sector frameworks and European operations via Misco Netherlands B.V.
Nonetheless, changes in government policy, budget allocations, or procurement regulations—particularly in the public sector—could affect demand. The Group mitigates this risk by continuously expanding its customer base and investing in customer acquisition strategies.
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THE MISCO GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Supply chain
The Group’s ability to deliver timely and cost-effective solutions depends on the reliability of its supply chain. While the Group 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, the Group 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.
Credit risk
Effective credit management is critical to the Group’s financial health.
The Group 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 Group continues to operate under its HSBC overdraft facility, providing additional liquidity to support the working capital cycle if required. Notwithstanding this facility, the Group consistently maintained surplus cash balances throughout the year, generating interest receivable income as a result.
At the year end, the Group held £8.7 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
• Group turnover increased to £121.9m in 2025 compared to £89.6m in 2024, representing a 36% increase.
• Gross margin has increased slightly from 11.0% to 12.4%
• Net assets increased to £8.6m in 2025 from £5.9m in 2024
•Debtor days improved to 39 days in 2025 from 45 days in 2024.
•The average number of employees rose to 98 in 2025 from 96 in 2024.
The directors have had regard to the matters set out in section 172(1) of the Companies Act 2006 in performing their duties. In doing so, the directors have considered the long-term success of the Group, the interests of employees, relationships with suppliers, customers and other stakeholders, and the impact of the Group’s operations on the community and environment.
This report was approved by the board and signed on its behalf.
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THE MISCO GROUP 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 Group Strategic Report, the Directors' Report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £6,680,574 (2024 - £2,819,344).
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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THE MISCO GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group's strategy is to continue to respond to the ever-growing demand from businesses to invest in technology software, hardware and solutions, as IT solutions and embracing new technologies remain at the forefront for development and efficiencies. The Company will continue to develop its customer base and extend reach in its current chosen sectors here in the UK.
The Group will continue to expand through investment in its people, both in training and development, as well as the recruitment of additional experienced sales staff.
The Group 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.
The Group 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 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 Group has identified the following categories to report on under Scope 3 emissions:
Category Description
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 Group has analysed its fulfilment data for each individual sale made to customers. The Group 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.
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THE MISCO GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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 107.2 112.7
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 122.9 89.6
Average number of employees 102 100
Intensity total (tCO2e per £1m of turnover) 0.87 1.26
Intensity total (tCO2e per employee) 1.05 1.13
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 107.2 tonnes, a decrease of 5%. This has been mainly due to a significant increase in turnover of 40%. Therefore, intensity levels by trading activity and headcount are broadly in line with last year. Recruitment planning around year end suggests rapid growth in this area in early 2025, so it is expected intensity by employee to reduce during next 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.
During 2022, the company switched its company car fleet policy to electric technology for all new leases. As a result of this, total emissions from company cars continues to fall.
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THE MISCO GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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 is 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.
(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.
There have been no significant events affecting the Group since the year end.
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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THE MISCO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MISCO GROUP LIMITED
We have audited the financial statements of The Misco Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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THE MISCO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MISCO GROUP 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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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THE MISCO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MISCO GROUP 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•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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THE MISCO GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MISCO GROUP 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 Auditors
Northampton, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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THE MISCO GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
REGISTERED NUMBER: 11962051
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
REGISTERED NUMBER: 11962051
CONSOLIDATED BALANCE SHEET (CONTINUED)
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 21 to 39 form part of these financial statements.
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THE MISCO GROUP LIMITED
REGISTERED NUMBER: 11962051
COMPANY 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 21 to 39 form part of these financial statements.
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THE MISCO GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Misco Group Limited is a private company limited by shares, registered in England and Wales, registered number 11962051. 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on a going concern basis, which assumes that the Group 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 Group 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 Group has the ability to continue to trade as a going concern enterprise.
At the year end, the Group had net current assets of £8.6M. The Group'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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THE MISCO GROUP 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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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 23
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
Given that the lives of the Group's freehold properties are so long and that they are maintained to such a high standard, it is the opinion of the directors that the residual values would be sufficiently high to make any depreciation charge immaterial. The directors perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the recoverable amount is not lower than the carrying value.
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.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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THE MISCO GROUP 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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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 27
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
Page 28
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
Page 31
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 33
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 34
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 35
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 36
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
Page 37
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAYE Compliance Check
On 11 July 2024, HMRC initiated a PAYE compliance check in relation to a partnership agreement between the Group and UKCG & Partners LLP, which operated between June 2021 and December 2022. Although the Group 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 Group 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 Group 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 Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.
At 31 December 2025 amounts owed to a director totalled £847,960 (2024 - £662,015). No interest is charged on this advance and the amount is due in instalments.
Page 38
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THE MISCO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group is ultimately controlled by G Watson, by virtue of his majority shareholding in the Company.
The Company, The Misco Group Limited, with registered office Suite 3, Sapphire House, Crown Way, Rushden, Northamptonshire, NN10 6FB shall fully guarantee for all the liabilities of
Comet Electricals Limited, with registered office Suite 3, Sapphire House, Crown Way, Rushden, Northamptonshire, NN10 6FB, company number 13734147.
The subsidiaries are therefore exempt from audit obligations in accordance with section 479A of the Companies Act.
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