Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr M A Brice 21/11/2018 Mrs S A Brice 13/11/2012 29 November 2023 The principal activity of the Company during the financial year was the holding of investments. 08291795 2023-03-31 08291795 bus:Director1 2023-03-31 08291795 bus:Director2 2023-03-31 08291795 2022-03-31 08291795 core:CurrentFinancialInstruments 2023-03-31 08291795 core:CurrentFinancialInstruments 2022-03-31 08291795 core:Non-currentFinancialInstruments 2023-03-31 08291795 core:Non-currentFinancialInstruments 2022-03-31 08291795 core:ShareCapital 2023-03-31 08291795 core:ShareCapital 2022-03-31 08291795 core:RetainedEarningsAccumulatedLosses 2023-03-31 08291795 core:RetainedEarningsAccumulatedLosses 2022-03-31 08291795 core:OfficeEquipment 2022-03-31 08291795 core:OfficeEquipment 2023-03-31 08291795 core:CostValuation 2022-03-31 08291795 core:AdditionsToInvestments 2023-03-31 08291795 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 08291795 core:CostValuation 2023-03-31 08291795 core:ProvisionsForImpairmentInvestments 2022-03-31 08291795 core:ProvisionsForImpairmentInvestments 2023-03-31 08291795 bus:OrdinaryShareClass1 2023-03-31 08291795 2022-04-01 2023-03-31 08291795 bus:FullAccounts 2022-04-01 2023-03-31 08291795 bus:SmallEntities 2022-04-01 2023-03-31 08291795 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08291795 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08291795 bus:Director1 2022-04-01 2023-03-31 08291795 bus:Director2 2022-04-01 2023-03-31 08291795 core:OfficeEquipment 2022-04-01 2023-03-31 08291795 2021-04-01 2022-03-31 08291795 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08291795 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08291795 (England and Wales)

MODA CPS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MODA CPS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MODA CPS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
MODA CPS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Mr M A Brice
Mrs S A Brice
REGISTERED OFFICE Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
COMPANY NUMBER 08291795 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
MODA CPS LIMITED

BALANCE SHEET

As at 31 March 2023
MODA CPS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 519 649
Investment property 4 690,000 680,000
Investments 5 4,080,636 3,741,602
4,771,155 4,422,251
Current assets
Debtors 6 11,747 788
Cash at bank and in hand 7 54,405 13,248
66,152 14,036
Creditors: amounts falling due within one year 8 ( 3,750) ( 3,272)
Net current assets 62,402 10,764
Total assets less current liabilities 4,833,557 4,433,015
Creditors: amounts falling due after more than one year 9 ( 332,011) ( 332,021)
Provision for liabilities ( 1,006,194) ( 926,914)
Net assets 3,495,352 3,174,080
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 3,495,252 3,173,980
Total shareholders' funds 3,495,352 3,174,080

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Moda CPS Limited (registered number: 08291795) were approved and authorised for issue by the Board of Directors on 29 November 2023. They were signed on its behalf by:

Mrs S A Brice
Director
MODA CPS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MODA CPS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

Moda CPS Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Key sources of estimation uncertainty

In the application of the company's accounting policies, management are required to make estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised, if it affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates which have a significant effect on the amounts recognised in the financial statements are as follows:

Going concern, as described in the above accounting policy.

Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used, as well as an assessment of the ongoing economic contribution of the assets of the company as to whether an indication of impairment has occurred.

Investment properties and other fixed asset investments are carried at cost, plus or less any subsequent accumulated revaluation gain or loss. This requires an estimation by the directors as to the current market value of the investments to determine whether a revaluation is required in the current period

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Office equipment 20 % reducing balance

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as above.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate and is assessed annually. The value is based on observable market prices, and adjusted if necessary for difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

No depreciation is provided in respect of investment properties. The treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment, and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to show a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments where a fair value cannot be reliably measured are stated at cost less impairment.

Financial instruments

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2022 1,498 1,498
At 31 March 2023 1,498 1,498
Accumulated depreciation
At 01 April 2022 849 849
Charge for the financial year 130 130
At 31 March 2023 979 979
Net book value
At 31 March 2023 519 519
At 31 March 2022 649 649

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 680,000
Fair value movement 10,000
As at 31 March 2023 690,000

At 31 March 2023, the directors valued the investment properties at £690,000 (2022: £680,000).
There has been no valuation of investment property by an independent valuer.

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 3,741,602 3,741,602
Additions 712 712
Movement in fair value 338,322 338,322
At 31 March 2023 4,080,636 4,080,636
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 4,080,636 4,080,636
Carrying value at 31 March 2022 3,741,602 3,741,602

Included in other fixed asset investments is an investment in Beach House Group Limited, a private Hong Kong based company, and associated businesses including Purple Flamingos LLC, a US based company. The directors have estimated that this investment had a fair value of £4,050,551 as at 31 March 2023, based on the information available to them (2022: £3,649,526).

6. Debtors

2023 2022
£ £
Amounts owed by directors 10,898 0
Prepayments 849 788
11,747 788

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 54,405 13,248

8. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 0 272
Accruals 3,750 3,000
3,750 3,272

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 332,011 332,021

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Loan to the directors, repayable on demand and interest free. (10,898) 0

During the year to 31 March 2023, advances totalling £20,898 were made to the directors, of which £10,000 was repaid in the year. As at 31 March 2023 the amount owing to the company was £10,898.

12. Reserves

As at 31 March 2023 the profit and loss account included £3,049,135 (2022: £2,780,093) of non-distributable reserves. This relates to revaluations on the investment properties and other fixed asset investments.