Mode Projects Limited
Mode Projects Limited
Registered number: 06417684
Unaudited Financial Statements
For The Year Ended 31 March 2023
Mode Projects Limited
Unaudited Financial Statements
For The Year Ended 31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Mode Projects Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
06417684
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET (LIABILITIES)/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 | (11,443) | 20,399 | |||
Mode Projects Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Mode Projects Limited
Notes to the Financial Statements
For The Year Ended 31 March 2023
Notes to the Financial Statements
1.
General Information
Mode Projects Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
06417684
. The registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity
2.2.
Going Concern Disclosure
The director has assessed the company's financial performance for 2023, as well as its position at the year end, and concluded that it has access to enough financial resources to be able to settle its financial obligations as they fall due for at least twelve months from the date of approving the financial statements. The director has also agreed to provide financial support where required.
2.3.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Construction contracts
When the outcome of construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion at the end of the reporting period.
Reliable estimation of the outcome of construction contracts requires reliable estimates of the stage of completion, future costs and collectability of billings. The stage of completion is measured by surveys of work performed.
When the outcome of a construction contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable.
When it is probable that the total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
Revenue in respect of variations to contracts and incentive payments is recognised when it is probable it will be agreed by the customer.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Mode Projects Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2023
2.6.
Stocks and Work in Progress
The company recognises costs that relate to future activity on a construction contract as an asset if it is probable that the costs will be recovered.
Contract and speculative building work in progress is valued at cost or net realisable value, whichever is the lower. Cost for this purpose includes all direct costs as follows:- direct labour and materials, work done by subcontractors, hire of plant and equipment used on contract sites, and all overheads except those relating to administration. Net realisable value for this purpose is estimated selling value less cost to completion including selling costs. Work in progress is included within accrued income in debtors.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
Mode Projects Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2023
4.
Tangible Assets
| Plant & Machinery | |
|---|---|
| £ | |
| Cost | |
| As at 1 April 2022 |
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| As at 31 March 2023 |
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| Depreciation | |
| As at 1 April 2022 |
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| Provided during the period |
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| As at 31 March 2023 |
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| Net Book Value | |
| As at 31 March 2023 |
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| As at 1 April 2022 |
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5.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Amounts owed by group undertakings | - | 47,265 | |
| Other debtors | 100,009 | 47,744 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Amounts owed to group undertakings |
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| Other creditors | 6,644 | 23,307 | |
| Taxation and social security |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans |
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Mode Projects Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2023
8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2022 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 March 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Brendan Dooley |
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The above loan is unsecured, interest free and repayable on demand.