MIRO FORESTRY DEVELOPMENTS LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 3(a) in the financial statements, which indicates that further funding is expected to be required within the 12 months to 31 December 2026 in order to fully fund working capital requirements and plantation operations in accordance with currently approved budgets. There is uncertainty surrounding the ability to raise the level of funds required, as well as the timing of this.

• ◆

  6 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 3(a) in the financial statements, which indicates that further funding is expected to be required within the 12 months to 31 December 2026 in order to fully fund working capital requirements and plantation operations in accordance with currently approved budgets. There is uncertainty surrounding the ability to raise the level of funds required, as well as the timing of this.”

Group structure

1. MIRO FORESTRY DEVELOPMENTS LIMITED · parent
   1. Miro Forestry (Ghana) Ltd 100% · Ghana · Forestry
   2. Miro Forestry (SL) Ltd 100% · Sierra Leone · Forestry
   3. Miro Timber Products Ltd 100% · Ghana · Plywood

Significant events

• “On 18th June 2025, the Company restructured its share capital by converting preference shares into ordinary shares and cancelling the warrants and growth shares. Following this capital restructure, a new investor, Jessy II Limited, and five existing shareholders... invested US$34 million as ordinary equity.”
• “On the 11th December 2024, the Company signed a loan facility for US$10,714,286 of new investment... This financing, together with further working capital and asset based financing financed the business through the first half of 2025.”
• “Completed the expansion of the plymill and continued the scale up of plywood production and revenue in Ghana; and Completed the construction of a plymill in Sierra Leone to advance the value added timber processing and began the scale up of plywood production and revenue in Sierra Leone.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

14

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

6

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +111.7%

  £8,303,325 → £17,576,710

• Cash

  -48.4%

  £2,623,514 → £1,354,311

• Net assets

  -56.6%

  -£26,808,259 → -£41,971,905

• Employees

  +76.5%

  1,767 → 3,119

• Operating profit

  +56.4%

  -£15,768,608 → -£6,874,986

• Profit before tax

  +31.3%

  -£22,066,103 → -£15,163,646

• Wages

  +33.8%

  £4,048,096 → £5,415,242

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers