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REGISTERED NUMBER: 05934955 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

MODUS UK LIMITED

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MODUS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: J P Brown
Mrs R L Hartley
L Hartley





REGISTERED OFFICE: Mayfield House
Lower Railway Road
Ilkley
West Yorkshire
LS29 8FL





REGISTERED NUMBER: 05934955 (England and Wales)





ACCOUNTANTS: Brosnans
Chartered Accountants
Suite 1, Aireside House
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 4 1,949,678 1,743,218
Tangible assets 5 60,173 99,847
2,009,851 1,843,065

CURRENT ASSETS
Stocks 56,104 70,739
Debtors 6 127,856 138,430
Prepayments and accrued income 660,073 444,084
Cash at bank 170,111 370,242
1,014,144 1,023,495
CREDITORS
Amounts falling due within one year 7 (2,352,856 ) (2,281,973 )
NET CURRENT LIABILITIES (1,338,712 ) (1,258,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

671,139

584,587

CREDITORS
Amounts falling due after more than
one year

8

(364,451

)

(510,785

)
NET ASSETS 306,688 73,802

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

BALANCE SHEET - continued
30 JUNE 2023

2023 2022
Notes £ £
CAPITAL AND RESERVES
Called up share capital 10 190,000 190,000
Retained earnings 116,688 (116,198 )
SHAREHOLDERS' FUNDS 306,688 73,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





L Hartley - Director


MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Modus Uk 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 (£).


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

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.

The financial statements have been prepared on the going concern basis, despite the company having negative reserves as the directors believe that current trading will remedy the situation.

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

INTANGIBLE ASSETS
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Development expenditure - 5 years

Provision is made for any impairment.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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

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.

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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

SCHEME SET UP COSTS
Expenditure incurred in developing the schemes which enable the company to offer its' services are incurred over a period of time, and will be written off over a period of five years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 68 (2022 - 79 ) .

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 July 2022 2,385,534
Additions 484,981
At 30 June 2023 2,870,515
AMORTISATION
At 1 July 2022 642,316
Amortisation for year 278,521
At 30 June 2023 920,837
NET BOOK VALUE
At 30 June 2023 1,949,678
At 30 June 2022 1,743,218

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 July 2022 35,795 373,020 408,815
Disposals - (46,500 ) (46,500 )
At 30 June 2023 35,795 326,520 362,315
DEPRECIATION
At 1 July 2022 30,442 278,526 308,968
Charge for year 1,338 18,719 20,057
Eliminated on disposal - (26,883 ) (26,883 )
At 30 June 2023 31,780 270,362 302,142
NET BOOK VALUE
At 30 June 2023 4,015 56,158 60,173
At 30 June 2022 5,353 94,494 99,847

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 127,856 138,430

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 75,000 69,000
Hire purchase contracts - 11,318
Trade creditors 990,280 1,111,348
Taxation and social security 529,669 480,536
Other creditors 757,907 609,771
2,352,856 2,281,973

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans 156,250 237,250
Hire purchase contracts - 2,008
Other creditors 208,201 271,527
364,451 510,785

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts - 13,326

Other creditors secured by a personal guarantee from the directors.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
50,000 Ordinary £1 50,000 50,000
28,000 Redeemable preference shares £5 140,000 140,000
190,000 190,000

MODUS UK LIMITED (REGISTERED NUMBER: 05934955)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

11. OTHER FINANCIAL COMMITMENTS

The company has lease commitments for operating leases of £214,420.