90 27 October 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-31 Sage Accounts Production Advanced 2023 - FRS102_2023 25,002 12,500 2,500 15,000 10,002 12,502 209,004 21,695 230,699 131,996 37,293 169,289 61,410 77,008 xbrli:pure xbrli:shares iso4217:GBP 10464730 2022-01-31 2023-01-30 10464730 2023-01-30 10464730 2022-01-30 10464730 2021-01-31 2022-01-30 10464730 2022-01-30 10464730 2021-01-30 10464730 core:NetGoodwill 2022-01-31 2023-01-30 10464730 core:FurnitureFittings 2022-01-31 2023-01-30 10464730 bus:Director1 2022-01-31 2023-01-30 10464730 core:NetGoodwill 2022-01-30 10464730 core:NetGoodwill 2023-01-30 10464730 core:FurnitureFittings 2022-01-30 10464730 core:FurnitureFittings 2023-01-30 10464730 core:WithinOneYear 2023-01-30 10464730 core:WithinOneYear 2022-01-30 10464730 core:UKTax 2022-01-31 2023-01-30 10464730 core:UKTax 2021-01-31 2022-01-30 10464730 core:ShareCapital 2023-01-30 10464730 core:ShareCapital 2022-01-30 10464730 core:RetainedEarningsAccumulatedLosses 2023-01-30 10464730 core:RetainedEarningsAccumulatedLosses 2022-01-30 10464730 core:NetGoodwill 2022-01-30 10464730 core:FurnitureFittings 2022-01-30 10464730 bus:SmallEntities 2022-01-31 2023-01-30 10464730 bus:Audited 2022-01-31 2023-01-30 10464730 bus:SmallCompaniesRegimeForAccounts 2022-01-31 2023-01-30 10464730 bus:PrivateLimitedCompanyLtd 2022-01-31 2023-01-30 10464730 bus:FullAccounts 2022-01-31 2023-01-30
COMPANY REGISTRATION NUMBER: 10464730
MODA CONCESSIONS LTD
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 January 2023
MODA CONCESSIONS LTD
STATEMENT OF FINANCIAL POSITION
30 January 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
6
10,002
12,502
Tangible assets
7
61,410
77,008
--------
--------
71,412
89,510
CURRENT ASSETS
Debtors
8
1,747,713
1,568,643
Cash at bank and in hand
3,200
24,828
------------
------------
1,750,913
1,593,471
CREDITORS: amounts falling due within one year
9
( 1,024,096)
( 1,215,823)
------------
------------
NET CURRENT ASSETS
726,817
377,648
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
798,229
467,158
PROVISIONS
( 11,668)
( 14,632)
---------
---------
NET ASSETS
786,561
452,526
---------
---------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
786,560
452,525
---------
---------
SHAREHOLDERS FUNDS
786,561
452,526
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
MODA CONCESSIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 January 2023
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
S A Buck
Director
Company registration number: 10464730
MODA CONCESSIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JANUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Roundhay Road, Leeds, LS7 1AB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
10% straight line
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 90 (2022: 98 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
80,742
70,791
Adjustments in respect of prior periods
200
--------
--------
Total current tax
80,942
70,791
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 2,964)
588
--------
--------
Tax on profit
77,978
71,379
--------
--------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 31 January 2022 and 30 January 2023
25,002
--------
Amortisation
At 31 January 2022
12,500
Charge for the year
2,500
--------
At 30 January 2023
15,000
--------
Carrying amount
At 30 January 2023
10,002
--------
At 30 January 2022
12,502
--------
7. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 31 January 2022
209,004
Additions
21,695
---------
At 30 January 2023
230,699
---------
Depreciation
At 31 January 2022
131,996
Charge for the year
37,293
---------
At 30 January 2023
169,289
---------
Carrying amount
At 30 January 2023
61,410
---------
At 30 January 2022
77,008
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
272,808
189,768
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,445,838
1,358,338
Other debtors
29,067
20,537
------------
------------
1,747,713
1,568,643
------------
------------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
179
229
Amounts owed to group undertakings and undertakings in which the company has a participating interest
759,817
925,909
Corporation tax
151,533
70,791
Social security and other taxes
100,712
Other creditors
112,567
118,182
------------
------------
1,024,096
1,215,823
------------
------------
10. SUMMARY AUDIT OPINION
The auditor's report dated 27 October 2023 was unqualified .
The senior statutory auditor was JEFFREY WINE , for and on behalf of Wine & Co .