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MICROSS COMPONENTS HOLDINGS LIMITED
REGISTERED NUMBER: 05724927
BALANCE SHEET
AS AT 31 DECEMBER 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2019.
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R O Kingdon
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The notes on pages 2 to 4 form part of these financial statements.
Page 1
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MICROSS COMPONENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 2
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MICROSS COMPONENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Investments in subsidiary companies
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The folloing were subsidiary undertakings of the Company:
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Micross Components Limited
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Eltek Semi Conductors Limited
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Mintech Semiconductors Limited
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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A dividend payment of £5,015,461 was included in the accounts for the year ended 31 December 2017 incorrectly. This dividend was declared in January 2018 and as such should have been accounted for in the accounts for the year ended 31 December 2018. A prior year adjustment has been posted to ensure that this dividend has been accounted for in the correct period.
Page 3
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MICROSS COMPONENTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Related party transactions
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The company is exempt from disclosing related party transactions with entities that are part of the group headed by Micross Investment Holdings LLC, where 100% of the voting rights are controlled within the group.
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The ultimate parent company at the balance sheet date was Micross Investments Holdings LLC, a company incorporated in the USA.
The parent of the smallest group for which group accounts including Micross Components Holdings Limited are drawn up is Micross UK Solutions Limited. Copies of these accounts are available from the registered office.
The parent of the largest group for which group accounts including Micross Components Holdings Limited are drawn up is Micross Investments Holdings LLC. Copies of these accounts are not available to the public.
The auditor's report on the financial statements for the year ended 31 December 2018 was unqualified.
The audit report was signed on 14 August 2019 by Robert Holland BSc FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston.
Page 4
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