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REGISTERED NUMBER: 01947718 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Microferm Limited

Microferm Limited (Registered number: 01947718)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Microferm Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J Smith
L Auchincloss
D B Shorthouse
C D Gamble



REGISTERED OFFICE: Microferm House
Spring Lane North
Malvern
Worcestershire
WR14 1BU



REGISTERED NUMBER: 01947718 (England and Wales)



AUDITORS: Charles Hinitt & Associates Limited
Chartered Certified Accountants &
Statutory Auditors
48 Belle Vue Terrace
Malvern
Worcestershire
WR14 4QG



BANKERS: Virgin Money
30 St. Vincent Place
Glasgow
G1 2HL



SOLICITORS: SME Solicitors
8 Sansome Walk
Worcester
WR1 1LW

Microferm Limited (Registered number: 01947718)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,142,002 3,281,976
Investments 5 3,681,620 3,180,882
6,823,622 6,462,858

CURRENT ASSETS
Stocks 1,340,676 1,381,494
Debtors 6 366,571 560,734
Investments 7 - 490,252
Cash at bank and in hand 1,552,879 838,256
3,260,126 3,270,736
CREDITORS
Amounts falling due within one year 8 583,742 621,391
NET CURRENT ASSETS 2,676,384 2,649,345
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,500,006

9,112,203

PROVISIONS FOR LIABILITIES 547,436 456,194
NET ASSETS 8,952,570 8,656,009

CAPITAL AND RESERVES
Called up share capital 924,416 924,416
Revaluation reserve 10 971,492 999,489
Capital redemption reserve 100,000 100,000
Retained earnings 6,956,662 6,632,104
SHAREHOLDERS' FUNDS 8,952,570 8,656,009

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 20 August 2024 and were signed on its behalf by:





J Smith - Director


Microferm Limited (Registered number: 01947718)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Microferm 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 as modified by the revaluation of certain assets.

The financial statements are prepared in Sterling (£).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2.5% on cost
Plant and machinery etc - 50% on cost, 25% on cost and 16.67% on cost

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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 transaction. Exchange differences are taken into account in arriving at the operating result.

Microferm Limited (Registered number: 01947718)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The Directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the Directors have also considered the Company’s ability to meet its liabilities as they fall due.

The Directors have therefore reviewed the current and future financial position of the Company, its cash flows, and its liquidity position.

The Directors were confident that the existing reserves and support from external facilities will provide sufficient headroom to meet the forecast cash requirements. As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern basis.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Non-basic financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 December 2022 2,453,287 4,422,571 6,875,858
Additions 165,501 167,449 332,950
Disposals - (25,750 ) (25,750 )
At 30 November 2023 2,618,788 4,564,270 7,183,058
DEPRECIATION
At 1 December 2022 610,842 2,983,040 3,593,882
Charge for year 76,069 389,834 465,903
Eliminated on disposal - (18,729 ) (18,729 )
At 30 November 2023 686,911 3,354,145 4,041,056
NET BOOK VALUE
At 30 November 2023 1,931,877 1,210,125 3,142,002
At 30 November 2022 1,842,445 1,439,531 3,281,976

Microferm Limited (Registered number: 01947718)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 1997 56,014 - 56,014
Valuation in 2007 362,780 - 362,780
Valuation in 2016 844,565 - 844,565
Cost 1,355,429 4,564,270 5,919,699
2,618,788 4,564,270 7,183,058

If the land and buildings had not been revalued they would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 927,406 927,406
Aggregate depreciation 282,066 282,066

Value of land in freehold land and buildings 645,340 645,340

The revaluation reserve is released to the P&L reserve at a rate of 2.5% per annum and this year the amount written off is £27,997.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 December 2022 3,180,882
Additions 500,738
At 30 November 2023 3,681,620
NET BOOK VALUE
At 30 November 2023 3,681,620
At 30 November 2022 3,180,882

Isle of Arran Distillers Limited

The company holds 3,732,026 (2022 : 3,221,513) Ordinary B shares which represents 14% of the total issued share capital of Isle of Arran Distillers Limited.

Microferm Limited (Registered number: 01947718)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 307,082 442,055
Other debtors 434 62,616
Prepayments 59,055 56,063
366,571 560,734

7. CURRENT ASSET INVESTMENTS
30.11.23 30.11.22
£    £   
Other investments - 490,252

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 251,570 316,038
Tax 6,916 -
Social security and other taxes 49,329 44,066
VAT 14,717 -
Other creditors 18,610 45,580
Directors' current accounts 99,257 99,257
Accrued expenses 143,343 116,450
583,742 621,391

9. SECURED DEBTS

Clydesdale Bank plc hold fixed and floating charges over all assets and undertakings of Microferm Limited.

10. RESERVES
Revaluation
reserve
£   
At 1 December 2022 999,489
Tfr from Revaluation Reserve (27,997 )

At 30 November 2023 971,492

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

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)
for and on behalf of Charles Hinitt & Associates Limited

12. ULTIMATE CONTROLLING PARTY

The controlling party is L Auchincloss.