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Company No: 13739796 (England and Wales)

MODERN RUM CO LTD

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

MODERN RUM CO LTD

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

MODERN RUM CO LTD

STATEMENT OF FINANCIAL POSITION

As at 30 November 2024
MODERN RUM CO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,159,588 1,221,456
1,159,588 1,221,456
Current assets
Stocks 504,223 346,548
Debtors 4 71,587 35,203
Cash at bank and in hand 115,341 27,534
691,151 409,285
Creditors: amounts falling due within one year 5 ( 224,938) ( 197,755)
Net current assets 466,213 211,530
Total assets less current liabilities 1,625,801 1,432,986
Creditors: amounts falling due after more than one year 6 ( 467,879) ( 399,828)
Net assets 1,157,922 1,033,158
Capital and reserves
Called-up share capital 7 1,564 1,436
Share premium account 2,543,470 1,826,238
Profit and loss account ( 1,387,112 ) ( 794,516 )
Total shareholders' funds 1,157,922 1,033,158

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

Directors' responsibilities:

The financial statements of Modern Rum Co Ltd (registered number: 13739796) were approved and authorised for issue by the Board of Directors on 31 July 2025. 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 2024
MODERN RUM CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
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 year, 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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 5

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 December 2023 212,993 1,058,570 8,093 1,279,656
Additions 0 4,376 0 4,376
At 30 November 2024 212,993 1,062,946 8,093 1,284,032
Accumulated depreciation
At 01 December 2023 5,576 51,249 1,375 58,200
Charge for the financial year 10,650 53,915 1,679 66,244
At 30 November 2024 16,226 105,164 3,054 124,444
Net book value
At 30 November 2024 196,767 957,782 5,039 1,159,588
At 30 November 2023 207,417 1,007,321 6,718 1,221,456

4. Debtors

2024 2023
£ £
Trade debtors 32,472 23,310
Amounts owed by directors 241 118
Prepayments 5,100 0
VAT recoverable 8,574 11,775
Other debtors 25,200 0
71,587 35,203

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 40,804 92,448
Amounts owed to directors 47,403 0
Other loans (secured) 109,907 85,927
Accruals 4,751 2,915
Witholding tax 1,441 0
Other taxation and social security 17,591 10,223
Other creditors 3,041 6,242
224,938 197,755

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

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

2024 2023
£ £
Amounts owed to directors 166,560 0
Other loans (secured) 301,319 399,828
467,879 399,828

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

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
15,074 Ordinary shares of £ 0.10 each (2023: 14,363 shares of £ 0.10 each) 1,507 1,436
570 Ordinary A shares of £ 0.10 each (2023: nil shares) 57 0
1,564 1,436

During the year, 1,281 shares were issued for a total consideration of £717,360, 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:

2024 2023
£ £
within one year 21,000 21,000
between one and five years 49,000 70,000
70,000 91,000

Pensions

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

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,914 3,320

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed by a director, at the balance sheet date 241 118
Amounts owed to a director, at the balance sheet date (213,963) 0

The balance owed by a director is interest free and repayable on demand.
The balance owed to a director bears interst at 12% and is repayable equally over 5 years.