Moderna Art Galleries Limited 06273446 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is Buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true true 06273446 2022-05-01 2023-04-30 06273446 2023-04-30 06273446 core:RetainedEarningsAccumulatedLosses 2023-04-30 06273446 core:ShareCapital 2023-04-30 06273446 core:CurrentFinancialInstruments 2023-04-30 06273446 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 06273446 core:Non-currentFinancialInstruments 2023-04-30 06273446 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 06273446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 06273446 bus:SmallEntities 2022-05-01 2023-04-30 06273446 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 06273446 bus:FullAccounts 2022-05-01 2023-04-30 06273446 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 06273446 bus:RegisteredOffice 2022-05-01 2023-04-30 06273446 bus:Director1 2022-05-01 2023-04-30 06273446 bus:Director2 2022-05-01 2023-04-30 06273446 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 06273446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 06273446 core:OtherRelatedParties 2022-05-01 2023-04-30 06273446 countries:EnglandWales 2022-05-01 2023-04-30 06273446 2022-04-30 06273446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 06273446 2021-01-01 2022-04-30 06273446 2022-04-30 06273446 core:RetainedEarningsAccumulatedLosses 2022-04-30 06273446 core:ShareCapital 2022-04-30 06273446 core:CurrentFinancialInstruments 2022-04-30 06273446 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 06273446 core:Non-currentFinancialInstruments 2022-04-30 06273446 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 06273446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 06273446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-01-01 2022-04-30 06273446 2020-12-31 06273446 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2020-12-31 iso4217:GBP xbrli:pure

Registration number: 06273446

Moderna Art Galleries Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Moderna Art Galleries Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Moderna Art Galleries Limited

(Registration number: 06273446)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

55,970

110

Cash at bank and in hand

 

20,178

351

 

76,148

461

Creditors: Amounts falling due within one year

5

(26,119)

(3,664)

Total assets less current liabilities

 

50,029

(3,203)

Creditors: Amounts falling due after more than one year

5

(310,932)

(290,000)

Net liabilities

 

(260,903)

(293,203)

Capital and reserves

 

Called up share capital

100,200

100,200

Retained earnings

(361,103)

(393,403)

Shareholders' deficit

 

(260,903)

(293,203)

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

D N S Pigott
Director

K N King
Director

 
     
 

Moderna Art Galleries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated & domiciled in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
Avon
BS1 6NL
England

These financial statements were authorised for issue by the Board on 10 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The directors have been mindful of any potential future impact from events such as the cost of living crisis, energy crisis and the current situation in Ukraine and have reviewed budgets and projections for the next twelve months. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Moderna Art Galleries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rental income and service charges in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- specific criteria have been met for each of the company's activities; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other operating income

Other operating income is recognised when the company has become aware that the future economic benefits will no longer flow from the entity regarding a loan agreement.

Finance income and costs policy

Finance income and costs are recognised using the effective interest method.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Moderna Art Galleries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2022 - 2).

4

Debtors

2023
£

2022
£

Trade debtors

10,383

-

Other debtors

-

110

Accrued income

45,587

-

55,970

110

 

Moderna Art Galleries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

-

364

Social security and other taxes

 

10,593

-

Other creditors

 

20

-

Accruals

 

15,506

3,300

 

26,119

3,664

Due after one year

 

Loans and borrowings

7

310,932

290,000

6

Related party transactions

Summary of transactions with other related parties

Entities under common control
 Amounts due to entities under common control at the year end totalled £60,015 (2022 - £40,015). These loans are repayable upon sale of the company.
 

Loans to related parties

2023

Key management
£

Total
£

At start of period

249,985

249,985

Advanced

932

932

At end of period

250,917

250,917

2022

Key management
£

Total
£

At start of period

1,097,890

1,097,890

Repaid

(104,845)

(104,845)

Interest transactions

(743,060)

(743,060)

At end of period

249,985

249,985

Terms of loan

The loans are interest free and repayable on demand.

 

Moderna Art Galleries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

310,932

290,000