REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
Microferm Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants & |
Statutory Auditors |
48 Belle Vue Terrace |
Malvern |
Worcestershire |
WR14 4QG |
BANKERS: |
30 St. Vincent Place |
Glasgow |
G1 2HL |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
Microferm Limited (Registered number: 01947718) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Microferm Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
Additions |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |
Other debtors |
Prepayments |
7. | CURRENT ASSET INVESTMENTS |
30.11.23 | 30.11.22 |
£ | £ |
Other investments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 14,717 | - |
Other creditors |
Directors' current accounts | 99,257 | 99,257 |
Accrued expenses |
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 |
Tfr from Revaluation Reserve | (27,997 | ) |
At 30 November 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is L Auchincloss. |