Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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3,496 | 202 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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1,426,960 | 655,649 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 270,430 | 274,769 | ||
Total assets less current liabilities | 273,926 | 274,971 | ||
Provision for liabilities | 7, 8 |
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Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of Modus Research And Innovation Limited (registered number:
Dr Bridget Ruth Glaysher
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Modus Research And Innovation Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7-11 Melville Street, Edinburgh, EH3 7PE, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Exchange differences are recognised in the Income Statement in the period in which they arise.
Revenue is recognised on the accruals basis.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
The company takes advantage of the incentives offered under the UK's Research and Development Expenditure Credit (RDEC) regime to claim a credit for the company's significant expenditure on qualifying research and development. As enacted in the Finance Act 2020, the credit due to the company is equal to 13% of the company's qualifying expenditure until 31 March 2023 and 20% thereafter following the enactment of Finance Act 2023. The company continues to utilise the additional benefits from the scheme in light of the company's commitment to its innovative research and development.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 August 2022 |
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Additions |
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Disposals | (
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At 31 July 2023 |
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Accumulated depreciation | |||
At 01 August 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 July 2023 |
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Net book value | |||
At 31 July 2023 |
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At 31 July 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited to the Income Statement |
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At the end of financial year |
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The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
Commitments
2023 | 2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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