Company registration number 04246644 (England and Wales)
Micralite Limited
Financial Statements
For The Year Ended 31 December 2022
Pages For filing With Registrar
MICRALITE LIMITED
Micralite Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
MICRALITE LIMITED
Micralite Limited
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,823
Tangible assets
5
8,528
24,496
12,351
24,496
Current assets
Stocks
380,938
241,141
Debtors
6
149,530
220,629
Cash at bank and in hand
61,348
183,581
591,816
645,351
Creditors: amounts falling due within one year
7
(3,841,315)
(3,867,725)
Net current liabilities
(3,249,499)
(3,222,374)
Net liabilities
(3,237,148)
(3,197,878)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(3,238,148)
(3,198,878)
Total equity
(3,237,148)
(3,197,878)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr C A Walsh
Director
Company Registration No. 04246644
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Micralite Limited is a private company limited by shares incorporated in England and Wales. The registered office is Micklethorn, Broughton, Skipton, BD23 3JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Fosun International Limited as at 31 December 2021. These consolidated financial statements are available from www.fosun.com.
1.2
Going concern
To assess the appropriateness of the preparation of the accounts on a going concern basis, a range of financial forecasts have been prepared to model hypothetical scenarios reflecting material deterioration in demand, or ability to meet demand, amongst other factors. The latest cash, bank facilities and working capital position are also factored into the assessment. trueAdditionally, a letter of support has been obtained from the parent company (Silver Cross Nurseries Limited) which assures intercompany loans will not be repayable on demand if there is a deterioration in trading and performance. Based on this assessment, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operation for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
3 years - straight line
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
30-50% - straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provisions
At each reporting date an assessment is made for provisions required to recognise a fair valuation of damaged, slow moving or obsolete stock. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss and provided for in the balance sheet. Reversals of impairment losses are also recognised in profit or loss when they arise.
Bad and doubtful debts provisions
Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and therefore are able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
3
4
Intangible fixed assets
Other
£
Cost
At 1 January 2022
36,200
Additions
4,440
At 31 December 2022
40,640
Amortisation and impairment
At 1 January 2022
36,200
Amortisation charged for the year
617
At 31 December 2022
36,817
Carrying amount
At 31 December 2022
3,823
At 31 December 2021
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
321,046
Additions
2,035
At 31 December 2022
323,081
Depreciation and impairment
At 1 January 2022
296,550
Depreciation charged in the year
18,003
At 31 December 2022
314,553
Carrying amount
At 31 December 2022
8,528
At 31 December 2021
24,496
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
14,010
4,514
Corporation tax recoverable
400
Amounts owed by group undertakings
91,063
113,141
Other debtors
17,220
15,789
122,693
133,444
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
26,837
87,185
Total debtors
149,530
220,629
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
60,287
18,872
Amounts owed to group undertakings
3,743,580
3,814,782
Taxation and social security
21,956
8,131
Other creditors
15,492
25,940
3,841,315
3,867,725
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Chris Butt
Statutory Auditor:
Azets Audit Services Limited
9
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2021
£
£
£
Current assets
Debtors due within one year
143,503
77,126
220,629
Capital and reserves
Profit and loss reserves
(3,276,004)
77,126
(3,198,878)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2021
£
£
£
Administrative expenses
(498,884)
1,056
(497,828)
Loss for the financial period
(132,691)
1,056
(131,635)
MICRALITE LIMITED
Micralite Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in equity
1 January
31 December
2021
2021
£
£
Adjustments to prior year
Amounts due from group understakings
-
77,126
Equity as previously reported
(3,142,313)
(3,275,004)
Equity as adjusted
(3,142,313)
(3,197,878)
Analysis of the effect upon equity
Profit and loss reserves
-
77,126
Reconciliation of changes in loss for the previous financial period
2021
£
Adjustments to prior year
legal and professional fees
1,056
Loss as previously reported
(132,691)
Loss as adjusted
(131,635)
Notes to reconciliation
The prior period adjustment relates to invoices which have historically been raised by Micralite Limited on behalf of Micralite (IP) Limited (a related group entity) and for which Micralite Limited have borne the expense. These invoices relate to the IP held in Micralite (IP) and therefore the restatement recharges these costs.
2022-12-312022-01-01false28 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr N J PaxtonMr C A WalshMr C A Walsh042466442022-01-012022-12-31042466442022-12-31042466442021-12-3104246644core:IntangibleAssetsOtherThanGoodwill2022-12-3104246644core:IntangibleAssetsOtherThanGoodwill2021-12-3104246644core:OtherPropertyPlantEquipment2022-12-3104246644core:OtherPropertyPlantEquipment2021-12-3104246644core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104246644core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104246644core:CurrentFinancialInstruments2022-12-3104246644core:CurrentFinancialInstruments2021-12-3104246644core:ShareCapital2022-12-3104246644core:ShareCapital2021-12-3104246644core:RetainedEarningsAccumulatedLosses2022-12-3104246644core:RetainedEarningsAccumulatedLosses2021-12-3104246644bus:CompanySecretaryDirector12022-01-012022-12-3104246644core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3104246644core:ComputerSoftware2022-01-012022-12-3104246644core:FurnitureFittings2022-01-012022-12-31042466442021-01-012021-12-3104246644core:IntangibleAssetsOtherThanGoodwill2021-12-3104246644core:OtherPropertyPlantEquipment2021-12-3104246644core:OtherPropertyPlantEquipment2022-01-012022-12-3104246644core:WithinOneYear2022-12-3104246644core:WithinOneYear2021-12-3104246644core:AfterOneYear2022-12-3104246644core:AfterOneYear2021-12-3104246644core:ContinuingOperations2021-01-012021-12-3104246644bus:PrivateLimitedCompanyLtd2022-01-012022-12-3104246644bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3104246644bus:FRS1022022-01-012022-12-3104246644bus:Audited2022-01-012022-12-3104246644bus:Director12022-01-012022-12-3104246644bus:Director22022-01-012022-12-3104246644bus:CompanySecretary12022-01-012022-12-3104246644bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP