IRIS Accounts Production v23.4.0.336 09310972 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh093109722022-12-31093109722023-12-31093109722023-01-012023-12-31093109722021-12-31093109722022-01-012022-12-31093109722022-12-3109310972ns15:EnglandWales2023-01-012023-12-3109310972ns14:PoundSterling2023-01-012023-12-3109310972ns10:Director12023-01-012023-12-3109310972ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109310972ns10:SmallEntities2023-01-012023-12-3109310972ns10:AuditExemptWithAccountantsReport2023-01-012023-12-3109310972ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109310972ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109310972ns10:FullAccounts2023-01-012023-12-310931097212023-01-012023-12-3109310972ns10:Director22023-01-012023-12-3109310972ns10:RegisteredOffice2023-01-012023-12-3109310972ns5:CurrentFinancialInstruments2023-12-3109310972ns5:CurrentFinancialInstruments2022-12-3109310972ns5:Non-currentFinancialInstruments2023-12-3109310972ns5:Non-currentFinancialInstruments2022-12-3109310972ns5:ShareCapital2023-12-3109310972ns5:ShareCapital2022-12-3109310972ns5:RetainedEarningsAccumulatedLosses2023-12-3109310972ns5:RetainedEarningsAccumulatedLosses2022-12-3109310972ns5:NetGoodwill2023-01-012023-12-3109310972ns5:PlantMachinery2023-01-012023-12-3109310972ns5:FurnitureFittings2023-01-012023-12-3109310972ns5:NetGoodwill2022-12-3109310972ns5:NetGoodwill2023-12-3109310972ns5:NetGoodwill2022-12-3109310972ns5:PlantMachinery2022-12-3109310972ns5:FurnitureFittings2022-12-3109310972ns5:MotorVehicles2022-12-3109310972ns5:MotorVehicles2023-01-012023-12-3109310972ns5:PlantMachinery2023-12-3109310972ns5:FurnitureFittings2023-12-3109310972ns5:MotorVehicles2023-12-3109310972ns5:PlantMachinery2022-12-3109310972ns5:FurnitureFittings2022-12-3109310972ns5:MotorVehicles2022-12-3109310972ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3109310972ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3109310972ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109310972ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109310972ns5:Secured2023-12-3109310972ns5:Secured2022-12-31

























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MODULAR WIRING SYSTEMS LTD

MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

MODULAR WIRING SYSTEMS LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: T Habgood
J Marson





REGISTERED OFFICE: Unit 1 Park Road
Holmewood Industrial Park
Chesterfield
Derbyshire
S42 5UW





REGISTERED NUMBER: 09310972 (England and Wales)





ACCOUNTANTS: Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 163,224 108,737
163,224 108,737

CURRENT ASSETS
Stocks 168,597 197,954
Debtors 7 419,499 320,238
Cash at bank and in hand 16,995 55,802
605,091 573,994
CREDITORS
Amounts falling due within one year 8 765,475 691,182
NET CURRENT LIABILITIES (160,384 ) (117,188 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,840 (8,451 )

CREDITORS
Amounts falling due after more than one year 9 82,768 82,139
NET LIABILITIES (79,928 ) (90,590 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (80,028 ) (90,690 )
SHAREHOLDERS' FUNDS (79,928 ) (90,590 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)

BALANCE SHEET - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





J Marson - Director


MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Modular Wiring Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The coronavirus pandemic has significantly disrupted individuals, personal lives and businesses, economic prospects in the UK and across the globe. The UK entered lockdown in March 2020 and some restrictions and social distancing provisions remain in place.

Despite the restrictions placed on our industry during the COVID-19 pandemic, we have managed to ensure that the business has continued to serve customers and act responsibly with suppliers and employees.

Going concern

We have continued to prepare the accounts on a going concern basis and deem this appropriate. we do not consider that a material uncertainty about our going concern status currently exists.These factors together with the support of the company shareholders and bank is considered to give the directors confidence that the trade will continue in the next financial year. In making this assessment we have considered the likely trading conditions for a period of twelve months from the date of our approval of these accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 100,000
AMORTISATION
At 1 January 2023
and 31 December 2023 100,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 102,877 61,193 18,085 182,155
Additions 778 - 86,385 87,163
At 31 December 2023 103,655 61,193 104,470 269,318
DEPRECIATION
At 1 January 2023 37,534 33,107 2,777 73,418
Charge for year 13,068 2,808 16,800 32,676
At 31 December 2023 50,602 35,915 19,577 106,094
NET BOOK VALUE
At 31 December 2023 53,053 25,278 84,893 163,224
At 31 December 2022 65,343 28,086 15,308 108,737

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 86,385
At 31 December 2023 86,385
DEPRECIATION
Charge for year 12,972
At 31 December 2023 12,972
NET BOOK VALUE
At 31 December 2023 73,413

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 314,806 214,255
Directors' current accounts 69,474 69,224
Tax 21,980 21,896
Prepayments and accrued income 13,239 14,863
419,499 320,238

MODULAR WIRING SYSTEMS LTD (REGISTERED NUMBER: 09310972)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 10) 281,231 138,087
Other loans (see note 10) 171,058 262,641
Hire purchase contracts 9,055 -
Trade creditors 174,088 179,369
Tax 84 -
Social security and other taxes 19,916 20,469
VAT 97,533 66,419
Other creditors 2,228 1,923
Directors' current accounts 14 14
Accrued expenses 10,268 22,260
765,475 691,182

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other loans (see note 10) 14,814 82,139
Hire purchase contracts 67,954 -
82,768 82,139

10. LOANS

The company took the advantage of a bounce back loan of £50,000 which is wholly guaranteed by the UK Government. The loan is repayable in instalments commencing June 2021.

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 281,231 138,087

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MODULAR WIRING SYSTEMS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Modular Wiring Systems Ltd for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Modular Wiring Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Modular Wiring Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Modular Wiring Systems Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Modular Wiring Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Modular Wiring Systems Ltd. You consider that Modular Wiring Systems Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Modular Wiring Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN


11 March 2024