Silverfin false 30/11/2022 12/11/2021 30/11/2022 L J Hayes 12/11/2021 10 November 2023 The principal activity of the Company during the financial period was distiling, rectifying and blending of spirits. 13739796 2022-11-30 13739796 bus:Director1 2022-11-30 13739796 core:CurrentFinancialInstruments 2022-11-30 13739796 core:ShareCapital 2022-11-30 13739796 core:SharePremium 2022-11-30 13739796 core:RetainedEarningsAccumulatedLosses 2022-11-30 13739796 core:LandBuildings 2021-11-11 13739796 core:PlantMachinery 2021-11-11 13739796 core:ComputerEquipment 2021-11-11 13739796 2021-11-11 13739796 core:LandBuildings 2022-11-30 13739796 core:PlantMachinery 2022-11-30 13739796 core:ComputerEquipment 2022-11-30 13739796 bus:OrdinaryShareClass1 2022-11-30 13739796 2021-11-12 2022-11-30 13739796 bus:FullAccounts 2021-11-12 2022-11-30 13739796 bus:SmallEntities 2021-11-12 2022-11-30 13739796 bus:AuditExemptWithAccountantsReport 2021-11-12 2022-11-30 13739796 bus:PrivateLimitedCompanyLtd 2021-11-12 2022-11-30 13739796 bus:Director1 2021-11-12 2022-11-30 13739796 core:LandBuildings core:TopRangeValue 2021-11-12 2022-11-30 13739796 core:PlantMachinery core:TopRangeValue 2021-11-12 2022-11-30 13739796 core:ComputerEquipment 2021-11-12 2022-11-30 13739796 core:LandBuildings 2021-11-12 2022-11-30 13739796 core:PlantMachinery 2021-11-12 2022-11-30 13739796 bus:OrdinaryShareClass1 2021-11-12 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13739796 (England and Wales)

MODERN RUM CO LTD

Unaudited Financial Statements
For the financial period from 12 November 2021 to 30 November 2022
Pages for filing with the registrar

MODERN RUM CO LTD

Unaudited Financial Statements

For the financial period from 12 November 2021 to 30 November 2022

Contents

MODERN RUM CO LTD

STATEMENT OF FINANCIAL POSITION

As at 30 November 2022
MODERN RUM CO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2022
Note 30.11.2022
£
Fixed assets
Tangible assets 3 832,787
832,787
Current assets
Stocks 29,658
Debtors 4 97,674
Cash at bank and in hand 248,864
376,196
Creditors: amounts falling due within one year 5 ( 15,518)
Net current assets 360,678
Total assets less current liabilities 1,193,465
Net assets 1,193,465
Capital and reserves
Called-up share capital 6 1,348
Share premium account 1,448,529
Profit and loss account ( 256,412 )
Total shareholders' funds 1,193,465

For the financial period ending 30 November 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Modern Rum Co Ltd (registered number: 13739796) were approved and authorised for issue by the Director on 10 November 2023. They were signed on its behalf by:

L J Hayes
Director
MODERN RUM CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 12 November 2021 to 30 November 2022
MODERN RUM CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 12 November 2021 to 30 November 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Modern Rum Co Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 15 Ebers Road, Nottingham, NG3 5DY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery 20 years straight line
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

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

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 creditors: amounts falling due within one year.

Trade and other creditors

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

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

2. Employees

Period from
12.11.2021 to
30.11.2022
Number
Monthly average number of persons employed by the Company during the period, including the director 2

3. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 12 November 2021 0 0 0 0
Additions 5,500 827,605 3,633 836,738
At 30 November 2022 5,500 827,605 3,633 836,738
Accumulated depreciation
At 12 November 2021 0 0 0 0
Charge for the financial period 0 3,701 250 3,951
At 30 November 2022 0 3,701 250 3,951
Net book value
At 30 November 2022 5,500 823,904 3,383 832,787

4. Debtors

30.11.2022
£
Prepayments 37,953
VAT recoverable 59,721
97,674

5. Creditors: amounts falling due within one year

30.11.2022
£
Accruals 2,650
Other taxation and social security 11,479
Other creditors 1,389
15,518

6. Called-up share capital

30.11.2022
£
Allotted, called-up and fully-paid
13,475 Ordinary shares of £ 0.10 each 1,348

During the period, 13,475 of shares were issued for a total consideration of £1,449,220, with the balance being treated as share premium.