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REGISTERED NUMBER: 02572890 (England and Wales)


Mode Information Limited

Abridged Audited Financial Statements

for the Year Ended 31 December 2022






Mode Information Limited (Registered number: 02572890)






Contents of the Financial Statements
for the year ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Mode Information Limited

Company Information
for the year ended 31 December 2022







DIRECTOR: Mr Y H H Menard



SECRETARY:



REGISTERED OFFICE: 3-8 Bolsover Street
London
W1W 6AB



REGISTERED NUMBER: 02572890 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal FCA FCCA



AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

Mode Information Limited (Registered number: 02572890)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 11 11

CURRENT ASSETS
Inventories 5 42,337 52,554
Debtors 6 206,194 182,288
Cash at bank and in hand 47,750 28,721
296,281 263,563
CREDITORS
Amounts falling due within one year 7 505,436 338,848
NET CURRENT LIABILITIES (209,155 ) (75,285 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(209,144

)

(75,274

)

CREDITORS
Amounts falling due after more than one
year

8

51,831

81,480
NET LIABILITIES (260,975 ) (156,754 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 (261,075 ) (156,854 )
SHAREHOLDERS' FUNDS (260,975 ) (156,754 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2023 and were signed by:




Mr Y H H Menard - Director


Mode Information Limited (Registered number: 02572890)

Notes to the Financial Statements
for the year ended 31 December 2022

1. STATUTORY INFORMATION

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

Turnover is recognised when the customer takes delivery of their order and is derived from the ordinary activities of the business.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost

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

Cost of stock is on first in first out basis and net realisable value is the sales value of the stock less any additional cost to sell.

Taxation
Taxation for the year 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 due to tax losses.

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 statement of financial position date.


Mode Information Limited (Registered number: 02572890)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The current pandemic has seen the sales of the company and the industry as a whole plummet after the year end. This is mainly due to the office closure during the lock downs as sales personnel cannot visit clients. However, the director is optimistic about the future as online sales continue to pick up; the fall in activity is expected to be short lived. The director does not expect any problems with supplies as online sales begins to pick up. The director therefore does not anticipate any material uncertainties about the going concern of the business. He does not intend to curtail the activities of the company in the long run.

A no deal brexit is expected to have minimal impact on the company's operations. This is because most of the company's supplies are procured from the parent company in Europe and supplied to its customers base in UK. The company does not expect significant changes to trade between the UK and Germany .

The company is dependent on the financial support from the parent company in Germany. The director expects that this support will continue. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

Mode Information Limited (Registered number: 02572890)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 40,955 1,634 42,589
DEPRECIATION
At 1 January 2022
and 31 December 2022 40,949 1,629 42,578
NET BOOK VALUE
At 31 December 2022 6 5 11
At 31 December 2021 6 5 11

5. INVENTORIES
2022 2021
£    £   
Stocks 42,337 52,554

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 112,371 88,421
Other debtors 93,823 93,867
206,194 182,288

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 345,721 270,698
Amounts owed to group undertakings 31,504 15,120
Taxation and social security 451 1,721
Other creditors 127,760 51,309
505,436 338,848

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings 51,831 81,480

Mode Information Limited (Registered number: 02572890)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained
earnings
£   

At 1 January 2022 (156,854 )
Deficit for the year (104,221 )
At 31 December 2022 (261,075 )

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

12. OTHER FINANCIAL COMMITMENTS

Under a lease agreement for the company's premises the company is to pay rent of £8,240 per quarter. This is a virtual office agreement.

13. RELATED PARTY DISCLOSURES

MODE INFORMATION GmbH
This company is parent undertakings

The following transactions took place during the year under review between this company and its parent company:
1. Purchases & expenses of £177,932 (2021 - £200,082) have been included in the profit and loss account
2. Commission received of £3,429 (2021 - £1,768) has been included in the profit and loss account
3. Included in trade creditors is an amount of £327,123 (2021 - £265,606 ) due to the parent company,
4. Long term loan of 83,334 (2021- £96,600) has been provided by the parent company. Interest being charged during the year.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Mode Information GMBH. A company incorporated in Germany.