IRIS Accounts Production
v25.1.4.42
SC078368
Board of Directors
1.8.23
31.7.24
31.7.24
the provision of commercial services, including the sale of micro-organisms, microbial identification services to industry and academia and chemical analyses for the environmental and oil and gas sectors. The company is also actively engaged in research and development activities, in particular, the development and commercialisation of a multi-species (bacteria and yeast) toxicity testing kit.
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REGISTERED NUMBER: SC078368 (Scotland) |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
Report of the Directors |
2 |
|
Notes to the Financial Statements |
7 |
|
|
DIRECTORS: |
Prof J I Prosser |
|
REGISTERED OFFICE: |
Wellheads Place |
|
REGISTERED NUMBER: |
SC078368 (Scotland) |
|
ACCOUNTANTS: |
JDD Chartered Accountants |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
During the year under review, the company has conducted research and development activities directly related to the provision of new goods and services. |
The directors set out in the table below have held office during the whole of the period from 1 August 2023 to the date of this report unless otherwise stated. |
Other changes in directors holding office are as follows: |
J M Jarvis - resigned 8.9.23 |
The beneficial interests of the directors holding office at 31 July 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
A Ordinary shares of £1 each |
Ordinary shares of £1 each |
Prof J I Prosser |
14,714 |
|
14,714 |
|
|
B R Philpott |
59,403 |
|
59,403 |
|
|
Dr. C J Phillips |
49,190 |
|
49,190 |
|
|
B Ordinary Shares shares of 40p each |
Prof J I Prosser |
12,377 |
|
12,377 |
|
|
These directors did not hold any beneficial interests in the following: |
Preference shares of £1 each |
B Preference shares of £1 each |
These directors did not hold any non-beneficial interests in any of the shares of the company. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
TURNOVER |
2,468,285 |
|
2,106,362 |
|
|
Cost of sales |
1,470,822 |
|
1,319,483 |
|
|
GROSS PROFIT |
997,463 |
|
786,879 |
|
|
Administrative expenses |
935,202 |
|
1,172,258 |
|
|
OPERATING PROFIT/(LOSS) |
4 |
62,261 |
|
(385,379 |
) |
|
Interest receivable and similar income |
24 |
|
3,769 |
|
|
Interest payable and similar expenses |
77,544 |
|
49,328 |
|
|
LOSS BEFORE TAXATION |
(15,259 |
) |
(430,938 |
) |
|
Tax on loss |
(171,526 |
) |
(70,834 |
) |
|
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
156,267 |
|
(360,104 |
) |
|
Intangible assets |
5 |
570 |
|
1,007 |
|
|
Tangible assets |
6 |
5,779,021 |
|
5,835,957 |
|
|
Investments |
7 |
152,135 |
|
152,135 |
|
|
Debtors |
8 |
426,328 |
|
559,338 |
|
|
Prepayments and accrued income |
159,821 |
|
59,194 |
|
|
Cash at bank and in hand |
40,765 |
|
54,979 |
|
|
Amounts falling due within one year |
9 |
1,178,852 |
|
1,007,938 |
|
|
NET CURRENT LIABILITIES |
(262,742 |
) |
(61,859 |
) |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,668,984 |
|
5,927,240 |
|
|
Amounts falling due after more than one year |
10 |
(737,991 |
) |
(1,028,663 |
) |
|
PROVISIONS FOR LIABILITIES |
(93,571 |
) |
(217,422 |
) |
|
NET ASSETS |
4,837,422 |
|
4,681,155 |
|
|
Called up share capital |
1,009,177 |
|
1,009,177 |
|
|
Share premium |
285,775 |
|
285,775 |
|
|
Revaluation reserve |
600,338 |
|
600,338 |
|
|
Retained earnings |
2,942,132 |
|
2,785,865 |
|
|
SHAREHOLDERS' FUNDS |
4,837,422 |
|
4,681,155 |
|
|
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by: |
|
NCIMB Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. |
|
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. |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Patents and licences are being amortised evenly over their estimated useful life of fifteen years. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
|
Freehold property |
- |
not provided |
|
Culture collection |
- |
not provided |
|
Plant and machinery |
- |
at varying rates on cost |
|
Computer software |
- |
33% on cost |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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 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. |
| The culture collection is periodically revalued, and if sold there would be capital gains tax payable. However, because the directors believe that it would never be sold, no provision is made for this.. |
| 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. |
| Expenditure on research and development is written off in the year in which it is incurred. |
|
Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
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. |
|
Culture collection is not depreciated as the culture samples maintained are based on their ability to generate sales. These samples have been constant over the years and there is no scientific reason for depletion or impairment. |
|
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
3. |
EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was 25 (2023 - 27 ) . |
4. |
OPERATING PROFIT/(LOSS) |
|
The operating profit (2023 - operating loss) is stated after charging: |
|
Depreciation - owned assets |
105,520 |
|
94,529 |
|
|
|
Depreciation - assets on hire purchase contracts |
62,425 |
|
64,375 |
|
|
|
Patents and licences amortisation |
437 |
|
534 |
|
|
5. |
INTANGIBLE FIXED ASSETS |
|
Amortisation for year |
437 |
|
|
|
Freehold |
|
Culture |
|
Plant and |
|
Computer |
|
|
property |
|
collection |
|
machinery |
|
software |
|
Totals |
|
At 1 August 2023 |
4,543,350 |
|
750,000 |
|
1,278,697 |
|
126,484 |
|
6,698,531 |
|
|
|
Additions |
100,009 |
|
11,000 |
|
- |
|
- |
|
111,009 |
|
|
|
At 31 July 2024 |
4,643,359 |
|
761,000 |
|
1,278,697 |
|
126,484 |
|
6,809,540 |
|
|
|
At 1 August 2023 |
- |
|
- |
|
736,752 |
|
125,822 |
|
862,574 |
|
|
|
Charge for year |
- |
|
- |
|
167,283 |
|
662 |
|
167,945 |
|
|
|
At 31 July 2024 |
- |
|
- |
|
904,035 |
|
126,484 |
|
1,030,519 |
|
|
|
At 31 July 2024 |
4,643,359 |
|
761,000 |
|
374,662 |
|
- |
|
5,779,021 |
|
|
|
At 31 July 2023 |
4,543,350 |
|
750,000 |
|
541,945 |
|
662 |
|
5,835,957 |
|
|
|
Cost or valuation at 31 July 2024 is represented by: |
|
Freehold |
|
Culture |
|
Plant and |
|
Computer |
|
|
property |
|
collection |
|
machinery |
|
software |
|
Totals |
|
Valuation in 2002 |
- |
|
151,158 |
|
- |
|
- |
|
151,158 |
|
|
|
Valuation in 2003 |
- |
|
340,000 |
|
- |
|
- |
|
340,000 |
|
|
|
Valuation in 2007 |
- |
|
250,000 |
|
- |
|
- |
|
250,000 |
|
|
|
Cost |
4,643,359 |
|
19,842 |
|
1,278,697 |
|
126,484 |
|
6,068,382 |
|
|
4,643,359 |
|
761,000 |
|
1,278,697 |
|
126,484 |
|
6,809,540 |
|
|
|
If the Culture Collection had not been revalued it would have been included at the following historical cost: |
|
The Culture Collection was valued on a value in use basis on 23 May 2018 by Professor M Goodfellow . |
| He valued the collection at £750,000 in his capacity as Emeritus Professor of Microbiology at Newcastle University.. |
| The directors do not consider that there has been a diminution in the value of the culture collection since its valuation was confirmed in May 2018. |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
7. |
FIXED ASSET INVESTMENTS |
|
The company has a 0.73% investment in Enterobiotix Ltd, a company carrying out research into faecal microbiota transplant technology. The shares are included in these accounts at cost as the directors believe this is a fair value. |
8. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade debtors |
426,328 |
|
517,953 |
|
|
| Included in trade debtors as at 31 July 2024 are factored debts totalling £299,467 (2023 £356,988). |
9. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Bank loans and overdrafts |
222,531 |
|
52,211 |
|
|
|
Hire purchase contracts |
47,673 |
|
89,102 |
|
|
|
Trade creditors |
423,256 |
|
349,962 |
|
|
|
Taxation and social security |
244 |
|
(51,186 |
) |
|
|
Other creditors |
485,148 |
|
567,849 |
|
|
10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
|
|
Bank loans |
484,235 |
|
557,234 |
|
|
|
Hire purchase contracts |
136,770 |
|
184,443 |
|
|
|
Other creditors |
116,986 |
|
286,986 |
|
|
|
The following secured debts are included within creditors: |
|
Bank loans |
706,766 |
|
609,445 |
|
|
|
The bank loans are secured by means of a bond and floating charge over all the assets of the company. |
|
Included in total secured debts as shown above is a liability due in more than one year of £484,235 as at 31 July 2024 (2023 £557,234). |