2022-06-012023-05-312023-05-31false09581446The Modern Rustic Homewares and Lifestyle 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The Modern Rustic Homewares and Lifestyle Limited

(formerly WIREBIRD MARKETING LIMITED)

Registered Number
09581446
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

The Modern Rustic Homewares and Lifestyle Limited
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

Joanne Sass
Graham Sass

Registered Address

179 Park Lane
Poynton
Stockport
SK12 1RH

Registered Number

09581446 (England and Wales)
The Modern Rustic Homewares and Lifestyle Limited
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets686917
86917
Current assets
Debtors-9,012
Cash at bank and on hand3,60615,785
3,60624,797
Creditors amounts falling due within one year8(22,858)(51,215)
Net current assets (liabilities)(19,252)(26,418)
Total assets less current liabilities(19,166)(25,501)
Net assets(19,166)(25,501)
Capital and reserves
Called up share capital22
Profit and loss account(19,168)(25,503)
Shareholders' funds(19,166)(25,501)
The financial statements were approved and authorised for issue by the Board of Directors on 11 January 2024, and are signed on its behalf by:
Graham Sass
Director
Registered Company No. 09581446
The Modern Rustic Homewares and Lifestyle Limited
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment5
Revenue recognition policy
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.
Taxation policy
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
4.Critical estimates and judgements
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
5.Employee information

20232022
Average number of employees during the year22
6.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 June 2211,07811,078
At 31 May 2311,07811,078
Depreciation and impairment
At 01 June 2210,16110,161
Charge for year831831
At 31 May 2310,99210,992
Net book value
At 31 May 238686
At 31 May 22917917
7.Debtors within one year

2023

2022

££
Trade debtors / trade receivables-3,800
Other debtors-5,212
Total-9,012
Short term trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables-13
Taxation and social security2,4315,024
Other creditors20,42746,178
Total22,85851,215
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
9.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.