ModBox Spaces (Property) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10704596 (England and Wales)

Unaudited Financial Statements

For The Period

1 May 2020 to 31 December 2020

for

ModBox Spaces (Property) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P P Donoghue

R J Constant

REGISTERED OFFICE:

40 Normandy Way

Walker Lines Industrial Estate

Bodmin

Cornwall

PL31 1EX

REGISTERED NUMBER:

10704596 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Tangible assets

3

299

359

CURRENT ASSETS

Stocks

-

191,737

Debtors

4

1,199,533

828,883

Cash at bank and in hand

306

4,835

1,199,839

1,025,455

CREDITORS

Amounts falling due within one year

5

356,712

342,905

NET CURRENT ASSETS

843,127

682,550

TOTAL ASSETS LESS CURRENT
LIABILITIES

843,426

682,909

CREDITORS

Amounts falling due after more than one
year

6

40,000

-

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

803,326

682,809

803,426

682,909

843,426

682,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 March 2021 and were signed on its behalf by:

P P Donoghue - Director

R J Constant - Director

1.	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 recognised at the point when the contract has been exchanged, for the plots being purchased.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 25% on reducing balance

Stocks

Work in progress is valued a the lower of cost and net realisable value.

Included within work in progress are the legal and construction fees, in order to finalise the plots ready for future sale.

Taxation

Taxation for the period 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 period 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.

Covid-19

On 11 March 2020 the coronavirus disease called 'Covid-19' was assessed as a pandemic and on 23 March 2020 a lockdown was imposed across the United Kingdom to stop the spread of the virus. Economic uncertainties have arisen across the global economy, however to date this has had relatively little impact on the business, other than delaying construction.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2020 - 2 ) .

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 31 December 2020

850

DEPRECIATION

At 1 May 2020

491

Charge for period

60

At 31 December 2020

551

NET BOOK VALUE

At 31 December 2020

299

At 30 April 2020

359

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

30.4.20

£

Amounts owed by group undertakings

1,177,901

799,650

Other debtors

21,632

29,233

1,199,533

828,883

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

30.4.20

£

Bank loans and overdrafts

10,000

-

Trade creditors

1,068

29,938

Amounts owed to group undertakings

100,198

96,011

Taxation and social security

237,534

209,586

Other creditors

7,912

7,370

356,712

342,905

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

30.4.20

£

Bank loans

40,000

-

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2020 and the year ended 30 April 2020:

31.12.20

30.4.20

£

P P Donoghue

Balance outstanding at start of period

6,244

620

Amounts advanced

-

5,624

Amounts repaid

(166

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

6,078

6,244

8.	RELATED PARTY DISCLOSURES

During the period Modbox Spaces (Property) Limited invoiced a total of £nil (April 2020: £20,000) to Modbox Spaces (The Point) Limited, a company with common control.

Modbox Spaces (Property) Limited is owed by Modbox Spaces (The Point) Limited, a company with common control, a total of £126,567 (April 2020: £127,773) in the form of a loan. This loan is interest free and repayable on demand.

Modbox Spaces (Property) Limited is owed by Modbox Spaces (Rock) Limited, a company with common control, a total of £937,998 (April 2020: £554,727) in the form of a loan. This loan is interest free and repayable on demand.

Modbox Spaces (Property) Limited is owed by Modbox Spaces (Investments) Limited, a company with common control, a total of £113,336 (April 2020: £113,336) in the form of a loan. This loan is interest free and repayable on demand.

Modbox Spaces (Property) Limited owes Penmayne Limited, a company with common control, a total of £7,172 (April 2020: £3,814 owed) in the form of a loan. This loan is interest free and repayable on demand.

Modbox Spaces (Property) Limited owes Modbox Spaces Limited, a company with common control, a total of £93,026 (April 2020: £96,011) in the form of a loan. This loan is interest free and repayable on demand.

ModBox Spaces (Property) Limited - Accounts to registrar (filleted) - small 18.2

ModBox Spaces (Property) Limited - Accounts to registrar (filleted) - small 18.2