REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 July 2020 |
|
for |
|
NCIMB Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 July 2020 |
|
for |
|
NCIMB Limited |
NCIMB Limited (Registered number: SC078368) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 July 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Report of the Accountants | 9 |
NCIMB Limited |
|
|
Company Information |
for the Year Ended 31 July 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
19 Hillcroft Road |
Banchory |
Kincardineshire |
AB31 5TF |
NCIMB Limited (Registered number: SC078368) |
|
|
Balance Sheet |
31 July 2020 |
|
31.7.20 | 31.7.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Prepayments and accrued income |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Revaluation reserve | 11 |
|
|
Retained earnings |
|
( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
NCIMB Limited (Registered number: SC078368) |
|
|
Balance Sheet - continued |
31 July 2020 |
|
|
|
|
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
|
|
|
|
|
|
|
|
NCIMB Limited (Registered number: SC078368) |
|
|
Notes to the Financial Statements |
for the Year Ended 31 July 2020 |
|
1. | STATUTORY INFORMATION |
|
NCIMB Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Turnover represents invoiced sales of goods and services, excluding value added tax. |
|
Intangible 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. |
|
|
|
Tangible fixed assets |
|
Culture collection | - |
|
Plant and machinery | - |
|
Computer software | - |
|
Equipment for hire | - |
|
|
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. |
NCIMB Limited (Registered number: SC078368) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Research and development |
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. |
|
Culture collection |
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST OR VALUATION |
At 1 August 2019 |
|
Revaluations | ( |
) |
At 31 July 2020 |
|
AMORTISATION |
At 1 August 2019 |
|
Amortisation for year |
|
Revaluation adjustments | ( |
) |
At 31 July 2020 |
|
NET BOOK VALUE |
At 31 July 2020 |
|
At 31 July 2019 |
|
|
Cost or valuation at 31 July 2020 is represented by: |
|
Patents |
and |
licences |
£ |
Cost | 15,198 |
NCIMB Limited (Registered number: SC078368) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
|
5. | TANGIBLE FIXED ASSETS |
Culture | Plant and | Computer | Equipment |
collection | machinery | software | for hire | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 August 2019 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 July 2020 |
|
|
|
|
|
DEPRECIATION |
At 1 August 2019 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 July 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 31 July 2020 |
|
|
|
|
|
At 31 July 2019 |
|
|
|
|
|
|
Cost or valuation at 31 July 2020 is represented by: |
|
Culture | Plant and | Computer | Equipment |
collection | machinery | software | for hire | Totals |
£ | £ | £ | £ | £ |
Cost | 750,000 | 1,462,271 | 126,484 | 16,381 | 2,355,136 |
|
If the Culture Collection had not been revalued it would have been included at the following historical cost: |
|
31.7.20 | 31.7.19 |
£ | £ |
Cost | 8,842 | 8,842 |
|
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 Professor of 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. |
NCIMB Limited (Registered number: SC078368) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
|
5. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1 August 2019 |
|
Additions |
|
Transfer to ownership | (88,551 | ) |
At 31 July 2020 |
|
DEPRECIATION |
At 1 August 2019 |
|
Charge for year |
|
Transfer to ownership | (39,057 | ) |
At 31 July 2020 |
|
NET BOOK VALUE |
At 31 July 2020 |
|
At 31 July 2019 |
|
|
6. | FIXED ASSET INVESTMENTS |
|
Investments (neither listed nor unlisted) were as follows: |
31.7.20 | 31.7.19 |
£ | £ |
Investments | 99,998 | 99,998 |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
Included in trade debtors as at 31 July 2020 are factored debts totalling £1,352,069 (2019: £140,740). |
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
NCIMB Limited (Registered number: SC078368) |
|
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.7.20 | 31.7.19 |
£ | £ |
Bank loans |
|
|
|
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 £81,818 as at 31 July 2020 (2019: £2,625). |
|
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 August 2019 |
and 31 July 2020 |
|
|
12. | RELATED PARTY DISCLOSURES |
|
One of the four main shareholders in the company, Aberdeen University provides one of the five directors. |
|
J Prosser is a professor at Aberdeen University. During the year ended 31 July 2020 £14,283 was charged to the company for his services (2019: £15,617) . |
|
13. | UNPROVIDED CUMULATIVE PREFERENCE DIVIDEND ARREARS |
|
On 31 July 2020 NCIMB Ltd had unprovided cumulative preference dividend arrears totalling £381,740 (2019: £360,381), consisting of £100,780 accrued to preference shareholders and £280,960 accrued to B preference shareholders. |
NCIMB Limited |
|
Report of the Accountants to the Directors of |
NCIMB Limited |
|
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
|
Report to the Directors on the preparation of the unaudited statutory accounts of NCIMB Ltd for the year ended 31 July 2019. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of NCIMB Limited for the year ended 31 July 2019 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us. |
|
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance |
|
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NCIMB Ltd and its Board of Directors as a body for our work for this report. |
|
It is your duty to ensure that NCIMB Limited has kept adequate accounting records to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of NCIMB Limited. You consider NCIMB Limited is exempt from the statutory audit requirement for the year. |
|
We have not been instructed to carry out an audit or review of the accounts of NCIMB Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion of the statutory accounts. |
|
|
|
|
|
|
|
19 Hillcroft Road |
Banchory |
Kincardineshire |
AB31 5TF |
|
|
Date: ............................................. |