Moduloft Limited Filleted accounts for Companies House (small and micro)
Moduloft Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
10437735
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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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--------- |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current (liabilities)/assets |
(
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--------- |
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Total assets less current liabilities |
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Provisions |
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(
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Net assets |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
28 July 2023
, and are signed on behalf of the board by:
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Director |
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Company registration number:
10437735
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Notes to the Financial Statements |
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 1 & 2 Bridge Road, Brompton On Swale, Richmond, North Yorkshire, DL10 7HS.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Employee ownership trust
Moduloft Employee Ownership Trust has been established with the object of ensuring that shares in the company are held by the trustee for the benefit of the company's employees and that the eligible employees shall have an interest in the company's business.
Revenue recognition
Income tax
Foreign currencies
Goodwill
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
- |
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Development costs |
- |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property |
- |
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Plant and machinery |
- |
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Motor vehicles |
- |
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Equipment |
- |
20
% straight line |
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Website |
- |
25
% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance leases and hire purchase contracts
Government grants
Provisions
Financial instruments
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
23
(2021:
21
).
5.
Intangible assets
Goodwill |
Development costs |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2022 |
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Additions |
– |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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6.
Tangible assets
Freehold property |
Plant and machinery |
Motor vehicles |
Equipment |
Website |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Jan 2022 |
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63,689 |
18,432 |
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Additions |
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– |
15,531 |
– |
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At 31 Dec 2022 |
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79,220 |
18,432 |
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Depreciation |
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At 1 Jan 2022 |
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40,947 |
15,159 |
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Charge for the year |
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8,040 |
2,347 |
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At 31 Dec 2022 |
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48,987 |
17,506 |
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Carrying amount |
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At 31 Dec 2022 |
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30,233 |
926 |
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At 31 Dec 2021 |
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22,742 |
3,273 |
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7.
Debtors
2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Corporation tax repayable |
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Other debtors |
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8.
Creditors:
amounts falling due within one year
2022 |
2021 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Social security and other taxes |
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Other creditors |
150,000 |
– |
Other creditors |
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9.
Director's advances, credits and guarantees
The directors loan account remained in credit throughout the current year. There were no guarantees in the year.
10.
Related party transactions
The company made a gift of £1,025,445 (2021 - £nil) to the Moduloft Employee Ownership Trust. Future gifts will be made at the discretion of the company Directors based on available cashflows and the performance of the business.
11.
Employee ownership trust
On 25 February 2022 Moduloft Trustees Limited, being the trustee of Moduloft Employee Ownership Trust, acquired 100% of the ordinary share capital of Modugroup Limited.
12.
Controlling party
The company is controlled by Moduloft Trustees Limited, being the trustee of Moduloft Employee Ownership Trust.