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Company No: 13739796 (England and Wales)

MODERN RUM CO LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

MODERN RUM CO LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

MODERN RUM CO LTD

STATEMENT OF FINANCIAL POSITION

As at 30 November 2023
MODERN RUM CO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2023
Note 30.11.2023 30.11.2022
£ £
Fixed assets
Tangible assets 3 1,221,456 832,787
1,221,456 832,787
Current assets
Stocks 346,548 29,658
Debtors 4 35,203 97,674
Cash at bank and in hand 27,534 248,864
409,285 376,196
Creditors: amounts falling due within one year 5 ( 197,755) ( 15,518)
Net current assets 211,530 360,678
Total assets less current liabilities 1,432,986 1,193,465
Creditors: amounts falling due after more than one year 6 ( 399,828) 0
Net assets 1,033,158 1,193,465
Capital and reserves
Called-up share capital 7 1,436 1,348
Share premium account 1,826,238 1,448,529
Profit and loss account ( 794,516 ) ( 256,412 )
Total shareholders' funds 1,033,158 1,193,465

For the financial year ending 30 November 2023 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 29 August 2024. They were signed on its behalf by:

L J Hayes
Director
MODERN RUM CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
MODERN RUM CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding 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 Woodwater House, Pynes Hill, Exeter, EX2 5WR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 will obtain further funding from investors and 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 Statement of Income and Retained Earnings 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 reducing balance / straight-line basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 20 years straight line
25 % reducing balance
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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

Year ended
30.11.2023
Period from
12.11.2021 to
30.11.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 2

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 December 2022 5,500 827,605 3,633 836,738
Additions 207,493 230,965 4,460 442,918
0 0 0 0
At 30 November 2023 212,993 1,058,570 8,093 1,279,656
Accumulated depreciation
At 01 December 2022 0 3,701 250 3,951
Charge for the financial year 5,576 47,548 1,125 54,249
At 30 November 2023 5,576 51,249 1,375 58,200
Net book value
At 30 November 2023 207,417 1,007,321 6,718 1,221,456
At 30 November 2022 5,500 823,904 3,383 832,787

4. Debtors

30.11.2023 30.11.2022
£ £
Trade debtors 23,310 0
Amounts owed by director 118 0
Prepayments 0 37,953
VAT recoverable 11,775 59,721
35,203 97,674

5. Creditors: amounts falling due within one year

30.11.2023 30.11.2022
£ £
Trade creditors 92,448 0
Other loans (secured) 85,927 0
Accruals 2,915 2,650
Other taxation and social security 10,223 11,479
Other creditors 6,242 1,389
197,755 15,518

Other loans are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

30.11.2023 30.11.2022
£ £
Other loans (secured) 399,828 0

Other loans are secured over the assets to which they relate.

7. Called-up share capital

30.11.2023 30.11.2022
£ £
Allotted, called-up and fully-paid
14,363 Ordinary shares of £ 0.10 each (30.11.2022: 13,475 shares of £ 0.10 each) 1,436 1,348

During the period, 888 Ordinary shares of £0.10 were issued for a total consideration of £381,037, with the balance being treated as share premium.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

30.11.2023 30.11.2022
£ £
within one year 21,000 0
between one and five years 70,000 0
91,000 0

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

30.11.2023 30.11.2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,320 1,262

9. Related party transactions

Transactions with the entity's director

30.11.2023 30.11.2022
£ £
Amounts owed by the director, at the balance sheet date 118 0

The balance is interest free and repayable on demand.