Registered number
01505367
MODERNWEST LIMITED
Filleted Accounts
30 June 2023
MODERNWEST LIMITED
Registered number: 01505367
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 800,000 800,000
Investments 4 821,496 982,871
1,621,496 1,782,871
Current assets
Debtors 5 9,874 9,874
Cash at bank and in hand 219,544 278,106
229,418 287,980
Creditors: amounts falling due within one year 6 (140,103) (141,185)
Net current assets 89,315 146,795
Total assets less current liabilities 1,710,811 1,929,666
Provisions for liabilities (259,739) (259,739)
Net assets 1,451,072 1,669,927
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 617,843 779,218
Profit and loss account 833,129 890,609
Shareholders' funds 1,451,072 1,669,927
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.
Mrs Surbhi Shah
Director
Approved by the board on 11 March 2024
MODERNWEST LIMITED
Notes to the Accounts
for the year ended 30 June 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2022 391,938
Surplus on revaluation 408,062
At 30 June 2023 800,000
Depreciation
At 30 June 2023 -
Net book value
At 30 June 2023 800,000
At 30 June 2022 800,000
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 July 2022 - 611,715 982,871
Revaluation brought forward - 371,156 371,156
Movement in revaluation - (161,375) (161,375)
At 30 June 2023 - 821,496 821,496
5 Debtors 2023 2022
£ £
Other debtors 9,874 9,874
6 Creditors: amounts falling due within one year 2023 2022
£ £
Director's account 135,363 133,925
Other creditors 4,740 7,260
140,103 141,185
7 Revaluation reserve 2023 2022
£ £
At 1 July 2022 779,218 779,218
Loss on revaluation of land and buildings (161,375) -
At 30 June 2023 617,843 779,218
8 Other information
MODERNWEST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Laxmi House
2-B Draycott Avenue
Kenton
Harrow, Middlesex
HA3 0BU
MODERNWEST LIMITED 01505367 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts April 2022 Mrs Surbhi Shah No description of principal activity 01505367 2021-07-01 2022-06-30 01505367 core:RevaluationReserve core:LandBuildings 2021-07-01 2022-06-30 01505367 core:WithinOneYear 2022-06-30 01505367 core:ShareCapital 2022-06-30 01505367 core:OtherReservesSubtotal 2022-06-30 01505367 core:RetainedEarningsAccumulatedLosses 2022-06-30 01505367 core:RevaluationReserve 2021-06-30 01505367 2022-07-01 2023-06-30 01505367 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01505367 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01505367 bus:Director40 2022-07-01 2023-06-30 01505367 1 2022-07-01 2023-06-30 01505367 2 2022-07-01 2023-06-30 01505367 core:LandBuildings 2022-07-01 2023-06-30 01505367 core:RevaluationReserve core:LandBuildings 2022-07-01 2023-06-30 01505367 countries:England 2022-07-01 2023-06-30 01505367 bus:FRS102 2022-07-01 2023-06-30 01505367 bus:FullAccounts 2022-07-01 2023-06-30 01505367 2023-06-30 01505367 core:WithinOneYear 2023-06-30 01505367 core:ShareCapital 2023-06-30 01505367 core:OtherReservesSubtotal 2023-06-30 01505367 core:RetainedEarningsAccumulatedLosses 2023-06-30 01505367 core:LandBuildings 2023-06-30 01505367 core:RevaluationsIncreaseDecreaseInInvestments 2023-06-30 01505367 core:RevaluationReserve 2023-06-30 01505367 2022-06-30 01505367 core:LandBuildings 2022-06-30 01505367 core:RevaluationReserve 2022-06-30 iso4217:GBP xbrli:pure