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

REGISTERED NUMBER: 03546693 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

FOR

MODCO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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:

Chartswood Limited

Chartered Certified Accountants

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

FIXED ASSETS

Tangible assets

4

536,960

558,268

CURRENT ASSETS

Stocks

5

30,922

70,107

Debtors

6

486,464

560,896

Cash at bank and in hand

106,723

7,114

624,109

638,117

CREDITORS

Amounts falling due within one year

7

102,412

142,089

NET CURRENT ASSETS

521,697

496,028

TOTAL ASSETS LESS CURRENT LIABILITIES

1,058,657

1,054,296

CREDITORS

Amounts falling due after more than one year

8

(517,392

)

(539,138

)

PROVISIONS FOR LIABILITIES

10

(5,166

)

(6,204

)

NET ASSETS

536,099

508,954

CAPITAL AND RESERVES

Called up share capital

11

4

4

Retained earnings

536,095

508,950

SHAREHOLDERS' FUNDS

536,099

508,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2022 and were signed on its behalf by:

Mr A Modhvadia - Director

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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

-

Straight line over 50 years

Plant and machinery

-

25% 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.

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, 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 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 Statement of Income and Retained Earnings, 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.

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 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2020

792,374

97,881

27,990

16,517

934,762

Additions

-

3,095

-

-

3,095

Disposals

-

-

-

(13,817

)

(13,817

)

At 31 August 2021

792,374

100,976

27,990

2,700

924,040

DEPRECIATION

At 1 September 2020

266,758

84,182

9,476

16,078

376,494

Charge for year

15,847

3,489

4,628

439

24,403

Eliminated on disposal

-

-

-

(13,817

)

(13,817

)

At 31 August 2021

282,605

87,671

14,104

2,700

387,080

NET BOOK VALUE

At 31 August 2021

509,769

13,305

13,886

-

536,960

At 31 August 2020

525,616

13,699

18,514

439

558,268

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Motor

vehicles

£

COST

At 1 September 2020

and 31 August 2021

14,490

DEPRECIATION

At 1 September 2020

8,632

Charge for year

1,464

At 31 August 2021

10,096

NET BOOK VALUE

At 31 August 2021

4,394

At 31 August 2020

5,858

5.

STOCKS

31.8.21

31.8.20

£

£

Stocks

30,922

70,107

6.

DEBTORS

31.8.21

31.8.20

£

£

Amounts falling due within one year:

Trade debtors

79,819

154,251

Amounts falling due after more than one year:

Other debtors

406,645

406,645

Aggregate amounts

486,464

560,896

Other debtors include a loan to Steel Frame Builds Ltd that has shareholders and directors in common.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts (see note 9)

21,747

20,808

Trade creditors

44,064

56,714

Taxation

16,022

10,118

Social security and other taxes

2,154

6,127

Value added tax

2,612

2,530

Other creditors

352

-

Directors' current accounts

11,961

42,392

Accruals

3,500

3,400

102,412

142,089

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans (see note 9)

517,392

539,138

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

420,208

446,149

420,208

446,149

The bank loan is secured by way of a legal charge on the properties concerned.

9.

LOANS

An analysis of the maturity of loans is given below:

31.8.21

31.8.20

£

£

Amounts falling due within one year or on demand:

Bank loans

21,747

20,808

Amounts falling due between two and five years:

Bank loans - 2-5 years

97,184

92,989

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

420,208

446,149

420,208

446,149

10.	PROVISIONS FOR LIABILITIES

31.8.21

31.8.20

£

£

Deferred tax

Accelerated capital allowances

5,166

6,204

Deferred

tax

£

Balance at 1 September 2020

6,204

Credit to Statement of Income and Retained Earnings during year

(1,038

)

Balance at 31 August 2021

5,166

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

4

Ordinary

£ 1

4

4