Microchannel Technologies Ltd iXBRL

Company Registration Number: NI036572

Microchannel Technologies Ltd

Unaudited Financial Statements

for the financial year ended 31 October 2025

Microchannel Technologies Ltd

Company Registration Number: NI036572

BALANCE SHEET

as at 31 October 2025

		2025	2024
	Notes	£	£

Fixed Assets

Intangible assets

734

918

Tangible assets

68,133

75,989

─────────

Fixed Assets

68,867

76,907

─────────

Current Assets

Stocks

10,340

4,700

Debtors

126,885

128,686

Cash and cash equivalents

565

292

─────────

137,790

133,678

─────────

Creditors: amounts falling due within one year

(26,099)

(29,673)

─────────

Net Current Assets

111,691

104,005

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Total Assets less Current Liabilities

180,558

180,912

Creditors:

amounts falling due after more than one year

(94,749)

(102,336)

Provisions for liabilities

15,668

19,733

Government grants

(162)

(202)

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Net Assets

101,315

98,107

═════════

Capital and Reserves

Called up share capital

177

177

Other reserves

5,590

5,590

Retained earnings

95,548

92,340

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Equity attributable to owners of the company

101,315

98,107

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Approved by the Board and authorised for issue on 2 July 2026 and signed on its behalf by



________________________________
Mr. Robert Barry Lloyd
Director

Microchannel Technologies Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 October 2025

General Information

Microchannel Technologies Ltd is a company limited by shares incorporated in Northern Ireland. 216 Aghafad Rd, Clogher, Co Tyrone is the registered office, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 October 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover attributable to geographical markets outside the UK amounted to 100% for the year.

Patents

Patents are valued at cost less accumulated amortisation.

Intangible assets

Intangible assets are valued at cost less accumulated amortisation.

Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 0 years.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

20% Reducing Balance

Internet Software

10% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Work in progress

Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Research and development

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Exceptional item

Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.

Employees

The average monthly number of employees, including directors, during the financial year was;

2025

2024

Number

Number

Employees

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4.	Intangible assets
			Development
		Patents	Costs	Total
		£	£	£
	Cost
	At 1 November 2024	200	100,222	100,422
		─────────	─────────	─────────

	At 31 October 2025	200	100,222	100,422
		─────────	─────────	─────────
	Amortisation
	At 1 November 2024	200	99,304	99,504
	Charge for financial year	-	184	184
		─────────	─────────	─────────
	At 31 October 2025	200	99,488	99,688
		─────────	─────────	─────────
	Net book value
	At 31 October 2025	-	734	734
		═════════	═════════	═════════
	At 31 October 2024	-	918	918
		═════════	═════════	═════════


5.	Tangible assets
		Fixtures,	Internet	Total
		fittings and	Software
		equipment
		£	£	£
	Cost
	At 1 November 2024	131,986	73,426	205,412
		─────────	─────────	─────────

	At 31 October 2025	131,986	73,426	205,412
		─────────	─────────	─────────
	Depreciation
	At 1 November 2024	129,423	-	129,423
	Charge for the financial year	513	7,343	7,856
		─────────	─────────	─────────
	At 31 October 2025	129,936	7,343	137,279
		─────────	─────────	─────────
	Net book value
	At 31 October 2025	2,050	66,083	68,133
		═════════	═════════	═════════
	At 31 October 2024	2,563	73,426	75,989
		═════════	═════════	═════════


6.	Stocks	2025	2024
		£	£

	Work in progress	10,340	4,700
		═════════	═════════

	The replacement cost of stock did not differ significantly from the figures shown.


7.	Debtors	2025	2024
		£	£

	Trade debtors	64,075	65,247
	Amounts owed by connected parties (Note 13)	55,351	55,351
	Taxation (Note 10)	7,459	8,088
		─────────	─────────
		126,885	128,686
		═════════	═════════


8.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Bank loan	4,552	4,486
	Trade creditors	-	3,640
	Accruals	21,547	21,547
		─────────	─────────
		26,099	29,673
		═════════	═════════


9.	Creditors	2025	2024
	Amounts falling due after more than one year	£	£

	Bank loan	18,996	23,614
	Directors' loan accounts	75,753	78,722
		─────────	─────────
		94,749	102,336
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 8)	4,552	4,486
	Repayable between one and two years	4,552	4,486
	Repayable between two and five years	14,444	19,128
		─────────	─────────
		23,548	28,100
		═════════	═════════


10.	Taxation	2025	2024
		£	£

	Debtors:
	VAT	7,459	8,088
		═════════	═════════

11.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Losses

Total

Total

allowances

2025

2024

At financial year start

641

(20,374)

(19,733)

(18,568)

Charged to profit and loss

3,145

920

4,065

(1,165)

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At financial year end

3,786

(19,454)

(15,668)

(19,733)

═════════


12.	Government Grants Deferred	2025	2024
		£	£

	Capital grants received and receivable
	At 1 November 2024	8,967	8,967
		─────────	─────────
	Amortisation
	At 1 November 2024	(8,765)	(8,715)
	Amortised in financial year	(40)	(50)
		─────────	─────────

	At 31 October 2025	(8,805)	(8,765)
		─────────	─────────
	Net book value
	At 31 October 2025	162	202
		═════════	═════════
	At 1 November 2024	202	252
		═════════	═════════

13.

Related party transactions

Balance

Balance

2025

2024

55,351

55,351

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Barry Lloyd is a director of Acasa Remittance Services EU Ltd. During the year Microchannel Technologies Ltd carried out work for Acasa Remittance Services EU Ltd and Acasa Remittance Services EU Ltd carried out work for Microchannel Technologies Ltd. These transactions were all at arms length and the following amounts are included in the financial statements;

Sales to Acasa Remittance Services EU Ltd £76,514

Purchases from Acasa Remittance Services EU Ltd £1,875

At the start of the year Acasa Remittance Services EU Ltd owed £55,351 to Microchannel Technologies Ltd. There were no transactions during the year, leaving a closing balance of £55,351 (2024: £55,351). This is included in the debtors section of the balance sheet.

Robert Barry Lloyd had an opening Directors‘ Loan Account balance of £78,722. During the year Microchannel Technologies Ltd borrowed £22,105 and repaid £25,074 to Robert Barry Lloyd leaving a closing balance of £75,753 (2024: £78,722) owed to Robert Barry Lloyd and this amount is included in the creditors section of the balance sheet.

There were no other related party transactions during the year.

14.

Controlling interest

Robert Barry Lloyd is considered to be the controlling party of Microchannel Technologies Ltd.