Modco Limited - Accounts to registrar (filleted) - small 18.2

Modco Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 03546693 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

MODCO LIMITED

MODCO LIMITED (REGISTERED NUMBER: 03546693)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODCO LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2018







DIRECTORS: Mr A Modhvadia
Ms P Modhvadia





SECRETARY: Mr R Modhvadia





REGISTERED OFFICE: Unit 7 Wainman Road
Woodston
Peterborough
Cambridgeshire
PE2 7BU





REGISTERED NUMBER: 03546693 (England and Wales)





ACCOUNTANTS: Hanburys Limited
Chartered Certified Accountants
6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA

MODCO LIMITED (REGISTERED NUMBER: 03546693)

BALANCE SHEET
31 August 2018

31.8.18 31.8.17
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 581,892 603,590

CURRENT ASSETS
Stocks 5 27,538 45,457
Debtors 6 567,592 183,638
Cash at bank and in hand 79,571 47,425
674,701 276,520
CREDITORS
Amounts falling due within one year 7 263,861 404,698
NET CURRENT ASSETS/(LIABILITIES) 410,840 (128,178 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

992,732

475,412

CREDITORS
Amounts falling due after more than one
year

8

(559,497

)

(202,844

)

PROVISIONS FOR LIABILITIES 10 - (2,771 )
NET ASSETS 433,235 269,797

CAPITAL AND RESERVES
Called up share capital 11 4 4
Retained earnings 12 433,231 269,793
SHAREHOLDERS' FUNDS 433,235 269,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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.

MODCO LIMITED (REGISTERED NUMBER: 03546693)

BALANCE SHEET - continued
31 August 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 29 May 2019 and were signed on its behalf by:





Mr A Modhvadia - Director


MODCO LIMITED (REGISTERED NUMBER: 03546693)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2018

1. STATUTORY INFORMATION

Modco Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Tangible fixed assets
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 - 20% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

MODCO LIMITED (REGISTERED NUMBER: 03546693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2018

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the
contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is
a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction
price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the
present value of the future receipts discounted at a market rate of interest. Financial assets classified as
receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are classified as debt, are initially recognised at
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities
classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,
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.

MODCO LIMITED (REGISTERED NUMBER: 03546693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2018

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2017 792,374 86,931 14,490 13,817 907,612
Additions - - - 2,700 2,700
At 31 August 2018 792,374 86,931 14,490 16,517 910,312
DEPRECIATION
At 1 September 2017 219,217 72,709 604 11,492 304,022
Charge for year 15,847 3,556 3,471 1,524 24,398
At 31 August 2018 235,064 76,265 4,075 13,016 328,420
NET BOOK VALUE
At 31 August 2018 557,310 10,666 10,415 3,501 581,892
At 31 August 2017 573,157 14,222 13,886 2,325 603,590

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2017
and 31 August 2018 14,490
DEPRECIATION
At 1 September 2017 604
Charge for year 3,471
At 31 August 2018 4,075
NET BOOK VALUE
At 31 August 2018 10,415
At 31 August 2017 13,886

MODCO LIMITED (REGISTERED NUMBER: 03546693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2018

5. STOCKS
31.8.18 31.8.17
£    £   
Stocks 27,538 45,457

6. DEBTORS
31.8.18 31.8.17
£    £   
Amounts falling due within one year:
Trade debtors 159,595 171,095
Other debtors - 12,543
Deferred tax asset 1,352 -
160,947 183,638

Amounts falling due after more than one year:
Other debtors 406,645 -

Aggregate amounts 567,592 183,638

Other debtors include a loan to Steel Frame Builds Ltd of which Mr A Modhvadia is a director and
shareholder.This loan was on commercial terms to the company.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.18 31.8.17
£    £   
Bank loans and overdrafts (see note 9) 45,140 31,071
Hire purchase contracts 5,270 5,270
Trade creditors 10,489 16,997
Taxation 44,121 38,010
Social security and other taxes 2,010 621
Directors' current accounts 153,631 309,729
Accruals 3,200 3,000
263,861 404,698

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.18 31.8.17
£    £   
Bank loans (see note 9) 554,130 193,184
Hire purchase contracts 5,367 9,660
559,497 202,844

The bank loan is secured over the freehold property of the company.

MODCO LIMITED (REGISTERED NUMBER: 03546693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2018

9. LOANS

An analysis of the maturity of loans is given below:

31.8.18 31.8.17
£    £   
Amounts falling due within one year or on demand:
Bank loans 45,140 31,071

Amounts falling due between two and five years:
Bank loans 554,130 193,184

10. PROVISIONS FOR LIABILITIES
31.8.17
£   
Deferred tax
Accelerated capital allowances 2,771

Deferred
tax
£   
Balance at 1 September 2017 2,771
Credit to Income Statement during year (4,123 )
Balance at 31 August 2018 (1,352 )

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.8.18 31.8.17
value: £    £   
4 Ordinary £ 1 4 4

12. RESERVES
Retained
earnings
£   

At 1 September 2017 269,793
Profit for the year 171,438
Dividends (8,000 )
At 31 August 2018 433,231