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Registration number: 01947193

Micropropagation Services (E.M.) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Micropropagation Services (E.M.) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Micropropagation Services (E.M.) Limited

Company Information

Directors

N. A. Wright

B. A. Wright

D. J. Buckeridge

L. W. Wright

J. S. Wright

Company secretary

B. A. Wright

Registered office

Ley Springs
Loughborough Road
East Leake
Loughborough
Leicestershire
LE12 6NZ

Accountants

Robert Whowell & Partners LLP
Chartered AccountantsWestwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Micropropagation Services (E.M.) Limited

(Registration number: 01947193)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

225,962

175,110

Tangible assets

5

1,550,089

1,200,774

 

1,776,051

1,375,884

Current assets

 

Stocks

6

676,650

1,093,935

Debtors

7

319,775

181,185

Cash at bank and in hand

 

144,334

22,811

 

1,140,759

1,297,931

Creditors: Amounts falling due within one year

8

(823,526)

(886,356)

Net current assets

 

317,233

411,575

Total assets less current liabilities

 

2,093,284

1,787,459

Provisions for liabilities

(203,396)

(83,988)

Net assets

 

1,889,888

1,703,471

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,889,788

1,703,371

Shareholders' funds

 

1,889,888

1,703,471

 

Micropropagation Services (E.M.) Limited

(Registration number: 01947193)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
N. A. Wright
Director

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ley Springs
Loughborough Road
East Leake
Loughborough
Leicestershire
LE12 6NZ

These financial statements were authorised for issue by the Board on 15 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are treated as deferred income and are allocated to the profit and loss account over the useful lives of the related assets.

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

4% straight line

Furniture, fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents and trademarks

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stock comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2023 - 32).

4

Intangible assets

Patents and trademarks
 £

Total
£

Cost or valuation

At 1 October 2023

187,588

187,588

Additions

63,533

63,533

At 30 September 2024

251,121

251,121

Amortisation

At 1 October 2023

12,478

12,478

Amortisation charge

12,681

12,681

At 30 September 2024

25,159

25,159

Carrying amount

At 30 September 2024

225,962

225,962

At 30 September 2023

175,110

175,110

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

1,172,513

298

105,410

769,174

2,047,395

Additions

-

999

-

489,908

490,907

At 30 September 2024

1,172,513

1,297

105,410

1,259,082

2,538,302

Depreciation

At 1 October 2023

425,027

10

64,560

357,024

846,621

Charge for the year

40,403

174

10,213

90,802

141,592

At 30 September 2024

465,430

184

74,773

447,826

988,213

Carrying amount

At 30 September 2024

707,083

1,113

30,637

811,256

1,550,089

At 30 September 2023

747,486

288

40,850

412,150

1,200,774

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

676,650

1,093,935

7

Debtors

Current

2024
£

2023
£

Trade debtors

297,113

119,496

Prepayments

313

200

Other debtors

22,349

61,489

 

319,775

181,185

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

315,646

135,444

Taxation and social security

17,438

24,451

Accruals and deferred income

48,936

22,911

Other creditors

441,506

703,550

823,526

886,356

 

Micropropagation Services (E.M.) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1

90

90

90

90

A shares of £1

5

5

5

5

B shares of £1

5

5

5

5

 

100

100

100

100

10

Related party transactions

During the year the shareholders received dividends amounting to £90,850 (2023 - £85,710).