Registration number:
Micro Systems (UK) Limited
for the Year Ended 31 December 2025
Micro Systems (UK) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Micro Systems (UK) Limited
Company Information
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Directors |
Mr M S Tappan Mr G D S Payne Mr R Bakke |
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Registered office |
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Auditors |
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Micro Systems (UK) Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is medical manufacturing and consultancy
Fair review of the business
We specialise in the design, manufacture and validation of micro and ultra precision injection moulds for the medical, pharmaceutical and optical markets. We offer full production capability to manufacture micro medical parts with appropriate quality accreditation, ISO13485. In addition to this, we have a mould manufacturing and testing facility in Singapore which complements our UK manufacturing site utilising duplicate machinery, inspection and software.
The company directors are pleased to see strong Gross Profit and Net Operating Profit and are pleased to enter 2026 with a sizeable order book and pipeline sales. During the year, we focused on strengthening relationships with long-standing and newer Customers and key Suppliers. We focused our marketing on the newest technological developments that inform our Research and Development work, with specific focus on Optical, Microfluidics diagnostics, diabetic and weight-loss drug delivery devices and soft-mist inhaler technologies. As anticipated, we won new business in Singapore as a result of our work over the past few years in developing our reputation through our operations. We believe strongly that the relationships we have built with Customers and Suppliers in foreign markets, both EU and ROW, are as strong as ever and our reputation for best in class engineering solutions in technically difficult areas of the market gives us the strong belief that these relationships will continue to flourish into 2026 and beyond. The board of directors has chosen several financial and non-financial key performance indicators (KPIs) to measure the group's progress.
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs' |
Unit |
2025 |
2024 |
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Percentage growth in revenue to measure the growth of the business |
% |
11.55 |
4.84 |
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Gross profit margin as a measure of the profitability of sales |
% |
41.31 |
43.95 |
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Current Ratio used to measure the company's ability to pay its current liabilities |
1.72 |
1.86 |
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Return on capital employed |
% |
15.77 |
19.65 |
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Non-financial KPIs % |
Target % |
2024 |
2023 |
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On Time delivery |
90% of planned delivery |
83.00 |
85.00 |
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Warranty and rectifications |
Less than 2% of sales |
1.62 |
1.43 |
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Customer satisfaction survey |
80% for all responses |
91.00 |
96.00 |
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Machine utilisation |
90% of available hours |
85.00 |
82.00 |
Micro Systems (UK) Limited
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
There are a number of risks and uncertainties that can impact the performance of the group, some of which are outside the control of the directors. These include the underlying trend of the UK economy and the wider world manufacturing base in the world's developed economies, specifically as an large proportion of the group's sales are export based. However, the majority of the group’s customers are international blue chip medical manufacturing companies, operating at the forefront of technology within their particular sector.
The principal risks and uncertainties to the business which the directors can control are as follows:
1. Foreign Exchange Risk
The group sells to customers both in US dollars and the Euro, as well as operating in Singapore where the local currency is the Singapore dollar. The group is therefore exposed to the risk of exchange rate losses, through unanticipated fluctuations in the exchange rates of these currencies with sterling. The directors mitigate against this risk by foreign exchange risk hedging in the form of forward buying of the appropriate currency in consultation with its bankers.
2. Adequate Funding
The group operates in a number of different jurisdictions and utilises within its business, expensive computer aided design and plant and machinery for manufacture. It also undertakes a considerable number of projects which are long term in nature, sometimes in excess of a year in duration. It is essential therefore that the group has adequate and appropriate funding in place to finance its working capital and capital expenditure. The directors do this through a combination of retained profits and cash flows in the business, bank borrowing, asset finance and customer deposits, so that they are matched with the expected lives of the expenditure being undertaken.
Future developments
In August 2025 Micro Systems (UK) Limited was acquired by Vangest Group , an organisation founded in 1986 and headquartered in Portugal. Vangest Group are a leading European provider of integrated engineering and manufacturing solutions, with manufacturing sites in Portugal, United Kingdom, Spain and Singapore. This strategic acquisition allows the company to accelerate development cycles, foster innovation, enhance operational agility, and strengthen the company’s ability to deliver on complex, high-specification projects.
Approved and authorised by the
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Micro Systems (UK) Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
Information included in the Strategic Report
Principal risks and uncertainties, future developments, and research and development are disclosed in the strategic report.
Important non adjusting events after the financial period
On 1st January 2026, the assets and liabilities together with the trade of Optimold Limited were transferred into the group.
Directors' liabilities
The Directors have the benefit of the indemnity provisions contained in the Company’s Articles of Association (‘Articles’), and the Company has maintained throughout the year Directors’ and Officers’ liability insurance for the benefit of the Company, the Directors and its Officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Azets Audit Services Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Micro Systems (UK) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group and company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Micro Systems (UK) Limited
Independent Auditor's Report to the Members of Micro Systems (UK) Limited
Opinion
We have audited the financial statements of Micro Systems (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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 our opinion the financial statements:
• | give a true and fair view of the state of the group's and 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; and |
• | 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 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.
Micro Systems (UK) Limited
Independent Auditor's Report to the Members of Micro Systems (UK) Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Micro Systems (UK) Limited
Independent Auditor's Report to the Members of Micro Systems (UK) Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Micro Systems (UK) Limited
Independent Auditor's Report to the Members of Micro Systems (UK) Limited
• 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 company’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 company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Micro Systems (UK) Limited
Independent Auditor's Report to the Members of Micro Systems (UK) Limited
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.
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For and on behalf of
7-9 Macon Court
Cheshire
CW1 6EA
Micro Systems (UK) Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
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Note |
Total |
Total |
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Turnover |
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|
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Other operating income |
|
|
|
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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(33,656) |
(40,124) |
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
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Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
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Owners of the company |
|
|
|
|
Minority interests |
|
( |
|
|
|
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Micro Systems (UK) Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
|
|
Profit for the year |
|
|
|
Foreign currency translation losses |
( |
( |
|
Total comprehensive income for the year |
|
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Total comprehensive income attributable to: |
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Owners of the company |
|
|
|
Minority interests |
|
( |
|
|
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Micro Systems (UK) Limited
(Registration number: 04584656)
Consolidated Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
|
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Other reserves |
( |
( |
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Retained earnings |
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Equity attributable to owners of the company |
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Minority interests |
( |
( |
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Shareholders' funds |
|
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Approved and authorised by the
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Micro Systems (UK) Limited
(Registration number: 04584656)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
|
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Cash at bank and in hand |
|
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|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
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Capital and reserves |
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Called up share capital |
|
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Retained earnings |
|
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Shareholders' funds |
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The company made a profit after tax for the financial year of £258,286 (2024 - profit of £518,859).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
Approved and authorised by the
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Micro Systems (UK) Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
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At 1 January 2024 |
|
( |
|
|
( |
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|
Profit/(loss) for the year |
- |
- |
|
|
( |
|
|
Other comprehensive income |
- |
( |
- |
( |
- |
( |
|
Total comprehensive income |
- |
( |
|
|
( |
|
|
Dividends |
- |
- |
( |
( |
- |
( |
|
At 31 December 2024 |
100,000 |
(128,632) |
3,622,365 |
3,593,733 |
(36,245) |
3,557,488 |
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Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 January 2025 |
|
( |
|
|
( |
|
|
Profit for the year |
- |
- |
|
|
|
|
|
Other comprehensive income |
- |
( |
- |
( |
- |
( |
|
Total comprehensive income |
- |
( |
|
|
|
|
|
At 31 December 2025 |
|
( |
|
|
( |
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Micro Systems (UK) Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
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|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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|
Loss/(profit) on disposal of tangible assets |
|
( |
|
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Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Increase/(decrease) in provisions |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations |
( |
( |
|
|
Cash and cash equivalents at 31 December |
1,602,005 |
193,489 |
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is pounds sterling (£) and the financial statements are rounded to the nearest £.
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Key sources of estimation uncertainty
The preparation of financial statements in conformity with the applicable financial reporting framework requires management to make judgements, estimates, and assumptions that affect the reported amounts of assets, liabilities, income, and expenses, as well as the disclosure of contingent assets and liabilities.
These estimates and assumptions are based on historical experience, current conditions, and other factors considered reasonable under the circumstances. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively in the period in which the estimate is revised and in any future periods affected.
Significant areas requiring management judgement and estimates include:
- Assessment of impairment of financial and non-financial assets.
- Estimation of useful lives and residual values of property, plant, and equipment.
- Valuation of stock and assessment of obsolescence.
- Revenue recognition where contracts involve significant judgement.
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
For long term contracts, profit is recognised by reference to the stage of completion of each contract where
there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be
established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the
point which the loss is recognised.
Where amounts invoiced exceed the value of the work done, the excess is accounted for as payments received on account and is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as amounts recoverable on contracts and is included within debtors. Retentions are included within trade debtors.
Where a contract's individual components operate independently of each other, revenue and related costs are
recorded as the right to consideration and earned by the performance of the contract's separable parts. Profits
are therefore recognised as they accrue on each separable component.
Where additional costs are expected to arise on a contract after the balance sheet date these costs are
accrued in the current year, and where costs are incurred in advance of the value of the work being
recoverable from the customers the costs are included in work in progress,
Foreign currency transactions and balances
Company
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
Group
The financial statements of overseas subsidiary undertakings are translated from their functional currency to Sterling (£) at the rate ruling on the balance sheet date. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the date of the transactions are used. The exchange differences arising on the retranslation of opening net assets are taken directly to other comprehensive income and are not reclassified to profit and loss. All other translation differences are taken to the profit and loss account, with the exception of differences on foreign currency borrowings to the extent they are used to finance or provide a hedge against group equity investments in foreign enterprises, which are taken to other comprehensive income together with the exchange difference on the net investment in these enterprises. Tax charges and credits attributable to exchange differences on those borrowings are also taken to other comprehensive income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fixtures, fittings, and equipment |
25% straight line basis |
|
Land and buildings |
25% straight line basis |
|
Other tangible assets |
20% reducing balance basis |
|
Motor vehicles |
25% reducing balance basis |
Intangible assets
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Provisions
The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, for which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable plus employers national insurance for the period of absence.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Financial instruments
Classification
Recognition and measurement
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment.
Impairment
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
- |
|
|
Operating lease and similar expense |
|
|
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
|
Auditor's remuneration - The audit of the company's annual accounts |
19,800 |
19,800 |
|
Auditors' remuneration - non audit work |
16,706 |
7,053 |
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
178,867 |
186,675 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the income statement
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Overseas taxation |
(3,258) |
- |
|
178,449 |
14,831 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
|
Effect of tax losses |
- |
( |
|
Effect of foreign tax rates |
( |
- |
|
Tax decrease from other tax effects |
( |
( |
|
Total tax charge |
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Group
Deferred tax assets and liabilities
Deferred tax liabilities
The deferred tax liability is made up as follows:
|
2025 |
2024 |
|
|
Accelerated capital allowances |
|
|
|
Other provisions |
|
|
|
|
|
Company
Deferred tax assets and liabilities
Deferred tax liabilities
The deferred tax liability is made up as follows:
|
2025 |
2024 |
|
|
Accelerated capital allowances |
|
|
|
Other provisions |
|
|
|
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
Group
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
- |
- |
Company
|
Other intangible assets |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
- |
- |
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
|
Foreign exchange movements |
|
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
Foreign exchange movements |
|
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
403,187 |
505,999 |
|
Motor vehicles |
145,158 |
43,379 |
|
548,345 |
549,378 |
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
2 Tukang Innovation Grove
Singapore |
|
|
|
|
Subsidiary undertakings |
|
Micro Systems Engineering Solutions Pte Ltd The principal activity of Micro Systems Engineering Solutions Pte Ltd is |
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Work in progress |
|
|
- |
|
|
Other inventories |
|
|
|
|
|
|
|
|
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
|
|
Other debtors |
|
|
|
|
|
|
Amounts due from directors |
- |
189,758 |
- |
189,758 |
|
|
Prepayments |
|
|
|
|
|
|
Accrued income |
|
|
|
|
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
|
|
|
|
|
||
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
- |
- |
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
186,307 |
14,830 |
181,707 |
14,830 |
|
|
Gross amount due to customers for contract work |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Amounts owed to related parties |
- |
|
- |
|
|
|
83,558 |
273,717 |
83,558 |
273,717 |
||
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
- |
|
- |
|
|
Bank overdrafts |
- |
|
- |
|
|
Finance lease liabilities |
|
|
|
|
|
Other borrowings |
|
|
- |
- |
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Finance lease liabilities |
|
|
|
|
Group
Bank borrowings
|
Included in bank borrowings is an amount of £nil (2024 £52,084) which is secured by a charge created by National Westminster Bank Plc. The charge created a debenture over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, and fixed plant and machinery. |
Finance lease liabilities
The finance lease liabilities are secured on the assets financed.
|
Deferred tax and other provisions |
Group
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Additional provisions |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|||
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax is provided in respect of capital allowances rate in excess of depreciation on the purchase of new fixed assets. The reversal of the deferred tax asset is considered likely in the forthcoming year as the group remains profitable and continues to invest in new and enhanced plant and machinery.
Provisions for onerous contracts represent foreseeable losses on sales contracts which are loss making, for which there is a present obligation under the contract.
Company
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2025 |
|
|
|
|
Additional provisions |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
|||
Deferred tax is provided in respect of capital allowances rate in excess of depreciation on the purchase of new fixed assets. The reversal of the deferred tax asset is considered likely in the forthcoming year as the group remains profitable and continues to invest in new and enhanced plant and machinery.
Provisions for onerous contracts represent foreseeable losses on contracts which are loss making, for which there is a present obligation under the contract.
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100,000 |
|
100,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Reserves |
Group
Ordinary shares
Represent incorporation shares and a bonus share issue.
Profit and loss account
Represents profits after tax and dividends.
Other reserves
Represents foreign currency translation reserves.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Foreign currency translation |
Total |
|
|
Foreign currency translation gains/losses |
( |
( |
|
|
||
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Foreign currency translation |
Total |
|
|
Foreign currency translation gains/losses |
( |
( |
|
|
||
Company
Ordinary Shares
Represent incorporation shares and a bonus share issue.
Profit and loss account
Represents profits after tax and dividends.
|
Minority interests |
The minority interests relate to:
Micro Systems Engineering Solutions Pte Ltd of which 10% (2024 - 10%) of the voting rights are held outside of the group.
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Analysis of changes in net debt |
Group
|
At 1 January 2025 |
Cash flows |
New finance leases |
Foreign exchange movements |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||||
|
Cash |
306,454 |
1,337,677 |
- |
(42,126) |
1,602,005 |
|
Overdrafts |
(112,965) |
112,965 |
- |
- |
- |
|
193,489 |
1,450,642 |
- |
(42,126) |
1,602,005 |
|
|
Borrowings |
|||||
|
Short term borrowings |
(52,084) |
52,084 |
- |
- |
- |
|
Lease liabilities |
(366,800) |
207,974 |
(129,950) |
- |
(288,776) |
|
(418,884) |
260,058 |
(129,950) |
- |
(288,776) |
|
|
|
|||||
|
( |
|
( |
( |
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Group
|
Transactions with directors |
|
2025 |
At 1 January 2025 |
Repayments by director |
At 31 December 2025 |
|
Mr G Clark |
|||
|
Director's Loan Account |
|
( |
- |
|
Mrs M Robinson |
|||
|
Director's Loan Account |
|
( |
- |
|
2024 |
At 1 January 2024 |
At 31 December 2024 |
|
Mr G Clark |
||
|
Director's Loan Account |
|
|
|
Mrs M Robinson |
||
|
Director's Loan Account |
|
|
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Dividends paid to directors
|
2025 |
2024 |
|||
|
|
||||
|
Total dividends paid to directors |
- |
25,000 |
||
Summary of transactions with all entities with joint control or significant interest
Income and receivables from related parties
|
2025 |
Entities with joint control or significant influence |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Entities with joint control or significant influence |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Entities with joint control or significant influence |
Subsidiary |
|
Purchase of goods |
|
|
|
Amounts payable to related party |
|
|
|
|
||
|
2024 |
Entities with joint control or significant influence |
Subsidiary |
|
Purchase of goods |
|
|
|
Amounts payable to related party |
|
|
|
|
||
Micro Systems (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Loans to related parties
|
2025 |
Subsidiary |
Total |
|
At end of period |
|
|
|
|
||
|
2024 |
Subsidiary |
Total |
|
At end of period |
|
|
|
|
||
|
Parent and ultimate parent undertaking |
On 6th August 2025 VANGEST Engineering Solutions S.A, a company incorporated in Portugal, registered office VANGEST Industrial Park, R. de Leiria 210 Building 2, 2430-091 Marinha Grande became the controlling party. Prior to that Mr G E Clark and Ms M A Robinson were considered to be the controlling party.
|
Non adjusting events after the financial period |
|
|