Registered number
03804392
MODERN CONVERSIONS LIMITED
Unaudited Filleted Accounts
31 July 2023
MODERN CONVERSIONS LIMITED
Company Information
Director
Mr S Martin
Accountants
Key Business Consultants LLP
13 Whitchurch Lane
Edgware
HA8 6JZ
Bankers
Barclays Bank UK PLC
Registered office
13 Whitchruch Lane
Edgware
HA8 6JZ
Registered number
03804392
MODERN CONVERSIONS LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of MODERN CONVERSIONS LIMITED for the year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MODERN CONVERSIONS LIMITED for the year ended 31 July 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
13 Whitchurch Lane
Edgware
HA8 6JZ
18 January 2024
MODERN CONVERSIONS LIMITED
Registered number: 03804392
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,673,683 1,673,683
Current assets
Cash at bank and in hand 73,893 13,583
Creditors: amounts falling due within one year 4 (306,962) (217,134)
Net current liabilities (233,069) (203,551)
Total assets less current liabilities 1,440,614 1,470,132
Creditors: amounts falling due after more than one year 5 (746,481) (771,479)
Provisions for liabilities (17,299) (17,299)
Net assets 676,834 681,354
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 685,000 685,000
Profit and loss account (8,168) (3,648)
Shareholder's funds 676,834 681,354
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr S Martin
Director
Approved by the board on 18 January 2024
MODERN CONVERSIONS LIMITED
Notes to the Accounts
for the year ended 31 July 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). These accounts have been prepared under the going concern basis due to the shareholder's continued financial support.
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:
Freehold buildings no depreciation
Fixtures, fittings, tools and equipment in accordance with the property
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.
1 Accounting policies (cont.)
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 1,673,683 30,562 1,704,245
At 31 July 2023 1,673,683 30,562 1,704,245
Depreciation
At 1 August 2022 - 30,562 30,562
At 31 July 2023 - 30,562 30,562
Net book value
At 31 July 2023 1,673,683 - 1,673,683
At 31 July 2022 1,673,683 - 1,673,683
Freehold land and buildings: 2023 2022
£ £
Historical cost 988,683 988,683
Cumulative depreciation based on historical cost 435,021 415,247
553,662 573,436
Cost £988,683
Revaluation 2009 £410,000
Revaluation 2016 £100,000
Revaluation 2017 £175,000
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 27,600 25,247
Trade creditors 2,334 2,334
Other creditors 277,028 189,553
306,962 217,134
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 746,481 771,479
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 644,488 698,195
Secured bank loans 774,081 796,726
The loans are secured against the properties.
7 Revaluation reserve 2023 2022
£ £
At 1 August 2022 685,000 685,000
At 31 July 2023 685,000 685,000
8 Related party transactions
At the year end, the company owed the director Mr S Martin £277,028 (2022: £189,553) in interest free, repayable on demand loans.
9 Controlling party
The ultimate control throughout the year remained with Mr S Martin.
10 Other information
MODERN CONVERSIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
13 Whitchruch Lane
Edgware
HA8 6JZ
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