Micromeritics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02229749 (England and Wales)

Financial Statements

for the Year Ended 31st December 2021

for

Micromeritics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T P Kelly

W R Mercner

REGISTERED OFFICE:

1 Miller Court, Severn Drive

Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8DN

REGISTERED NUMBER:

02229749 (England and Wales)

SENIOR STATUTORY AUDITOR:

Christopher Cairns FCA

AUDITORS:

Alliotts LLP

Chartered Accountants and Business Advisors

Statutory Auditor

Friary Court

13-21 High Street

Guildford

Surrey

GU1 3DL

FIXED ASSETS

Tangible assets

4

3,458

462

CURRENT ASSETS

Stocks

201,918

320,002

Debtors

5

642,835

221,044

Cash at bank and in hand

205,376

390,169

1,050,129

931,215

CREDITORS

Amounts falling due within one year

6

246,013

264,349

NET CURRENT ASSETS

804,116

666,866

TOTAL ASSETS LESS CURRENT LIABILITIES

807,574

667,328

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

757,574

617,328

SHAREHOLDERS' FUNDS

807,574

667,328

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th July 2022 and were signed on its behalf by:

T P Kelly - Director

W R Mercner - Director

1.	STATUTORY INFORMATION

Micromeritics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Turnover

Turnover represents revenue recognised by the company in respect of goods supplied and services performed during the year. It is stated at the fair value of the consideration receivable, exclusive of Value Added Tax.

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, usually upon shipment.

Rendering of services

Revenue from services is recognised when the company has performed its obligations and in exchange obtained the right to consideration. Annual service contracts are recognised on a straight-line basis from the date of invoice.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 15% to 33% on cost

Government grants

The company recognises government grants relating to the Job Retention Scheme in the period to which the underlying costs of furloughed employees arise.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

Rentals under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the period until the rent is expected to be adjusted to the prevailing market rate.

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 higher of fair value less costs to sell an 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 (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to the 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 an 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 the 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 reserve.

Going concern

As a result of the Covid-19 pandemic, the suitability of the going concern basis has been assessed. At the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2021

6,020

Additions

3,764

Disposals

(570

)

At 31st December 2021

9,214

DEPRECIATION

At 1st January 2021

5,558

Charge for year

768

Eliminated on disposal

(570

)

At 31st December 2021

5,756

NET BOOK VALUE

At 31st December 2021

3,458

At 31st December 2020

462

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

622,048

207,370

Amounts owed by group undertakings

5,757

5,520

Tax

10,208

3,028

Prepayments and accrued income

4,822

5,126

642,835

221,044

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

10,236

8,112

Amounts owed to group undertakings

44,184

31,717

Social security and other taxes

-

8,084

VAT

50,591

16,826

Accruals and deferred income

141,002

199,610

246,013

264,349

7.	LEASING AGREEMENTS

The company has total operating lease commitments of £9,330 at the year end (2020 - £15,253)

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Cairns FCA (Senior Statutory Auditor)

for and on behalf of Alliotts LLP

9.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Micromeritics Instrument Corporation, a company incorporated in the United States of America. The company's accounts are consolidated in the accounts of Micromeritics Instrument Corporation and this is the largest and smallest group for consolidation purposes. These accounts can be obtained from Micromeritcs Instrument Corporation., 4356 Communications Drive, Norcross, GA30093 USA.

As a wholly owned subsidiary of Micromeritics Instrument Corporation, the company is exempt from the requirements of FRS 102 to disclose transactions with other members of the group headed by Micromeritics Instrument Corporation, on the grounds that consolidated accounts can be obtained from Micromeritics Instrument Corporation, 4356 Communications Drive, Norcross, GA30093 USA.

The company is entitled to take exemption from reporting group transactions for the purposes of these accounts.

10.	OTHER FINANCIAL COMMITMENTS

There were no capital commitments at the end of the year (2020 - Nil).

The company leases certain land and buildings on short term leases. Rentals charged to the profit and loss account in the period are shown in the notes to these accounts.