Registered number
01356556
Modgift Limited
Filleted Accounts
31 March 2023
Modgift Limited
Registered number: 01356556
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 800,000 800,000
Current assets
Debtors 4 1,833 -
Cash at bank and in hand 7,332 13,418
9,165 13,418
Creditors: amounts falling due within one year 5 (45,665) (40,023)
Net current liabilities (36,500) (26,605)
Total assets less current liabilities 763,500 773,395
Provisions for liabilities (98,318) (98,318)
Net assets 665,182 675,077
Capital and reserves
Called up share capital 420,000 420,000
Revaluation reserve 6 393,274 393,274
Profit and loss account (148,092) (138,197)
Shareholders' funds 665,182 675,077
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Pravinkant Meghji Shah
Director
Approved by the board on 15 September 2023
Modgift Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rents receivable on the company's property.
Investment property
Investment properties are held to earn rental income and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on a ongoing basis are measured at a fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit or loss in the period in which they arise.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land & buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Investments Investment
Property
£
Cost
At 1 April 2022 800,000
At 31 March 2023 800,000
4 Debtors 2023 2022
£ £
Other debtors 1,833 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Shareholder loans 33,374 22,467
Taxation and social security costs 131 5,396
Other creditors 12,160 12,160
45,665 40,023
6 Revaluation reserve 2023 2022
£ £
At 1 April 2022 393,274 393,274
At 31 March 2023 393,274 393,274
7 Other information
Modgift Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Winchfield Close
Kenton Harrow
Middlesex
HA3 0DT
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