Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Dr Bridget Ruth Glaysher 03/05/2018 Cordelia Anne Lennon 25/01/2017 Dr Neil Andrew Stewart 01/01/2020 11 April 2024 The principal activity of the Company is research and technological development management. SC555652 2023-07-31 SC555652 bus:Director1 2023-07-31 SC555652 bus:Director2 2023-07-31 SC555652 bus:Director3 2023-07-31 SC555652 2022-07-31 SC555652 core:CurrentFinancialInstruments 2023-07-31 SC555652 core:CurrentFinancialInstruments 2022-07-31 SC555652 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC555652 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC555652 core:OtherPropertyPlantEquipment 2022-07-31 SC555652 core:OtherPropertyPlantEquipment 2023-07-31 SC555652 2021-07-31 SC555652 2022-08-01 2023-07-31 SC555652 bus:FilletedAccounts 2022-08-01 2023-07-31 SC555652 bus:SmallEntities 2022-08-01 2023-07-31 SC555652 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC555652 bus:CompanyLimitedByGuarantee 2022-08-01 2023-07-31 SC555652 bus:Director1 2022-08-01 2023-07-31 SC555652 bus:Director2 2022-08-01 2023-07-31 SC555652 bus:Director3 2022-08-01 2023-07-31 SC555652 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-08-01 2023-07-31 SC555652 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-08-01 2023-07-31 SC555652 2021-08-01 2022-07-31 SC555652 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: SC555652 (Scotland)

MODUS RESEARCH AND INNOVATION LIMITED

(A COMPANY LIMITED BY GUARANTEE)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

MODUS RESEARCH AND INNOVATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

MODUS RESEARCH AND INNOVATION LIMITED

BALANCE SHEET

AS AT 31 JULY 2023
MODUS RESEARCH AND INNOVATION LIMITED

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,496 202
3,496 202
Current assets
Debtors 4 53,774 119,931
Cash at bank and in hand 5 1,373,186 535,718
1,426,960 655,649
Creditors: amounts falling due within one year 6 ( 1,156,530) ( 380,880)
Net current assets 270,430 274,769
Total assets less current liabilities 273,926 274,971
Provision for liabilities 7, 8 0 ( 51)
Net assets 273,926 274,920
Reserves
Profit and loss account 273,926 274,920
Total reserves 273,926 274,920

For the financial year ending 31 July 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 Modus Research And Innovation Limited (registered number: SC555652) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

Dr Bridget Ruth Glaysher
Director
MODUS RESEARCH AND INNOVATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
MODUS RESEARCH AND INNOVATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue is recognised on the accruals basis.

Employee benefits

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.

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 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 2 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Impairment of assets

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
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Research and development expenditure

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 5

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2022 6,865 6,865
Additions 6,602 6,602
Disposals ( 2,261) ( 2,261)
At 31 July 2023 11,206 11,206
Accumulated depreciation
At 01 August 2022 6,663 6,663
Charge for the financial year 3,308 3,308
Disposals ( 2,261) ( 2,261)
At 31 July 2023 7,710 7,710
Net book value
At 31 July 2023 3,496 3,496
At 31 July 2022 202 202

4. Debtors

2023 2022
£ £
Trade debtors 18,333 85,086
Corporation tax 18,444 23,212
Other debtors 16,997 11,633
53,774 119,931

Included in Other debtors is a deferred tax asset of £2,279 (2022 - £0) arising from an RDEC claim.

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,373,186 535,718

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 24,747
Taxation and social security 0 3,123
Other creditors 1,156,530 353,010
1,156,530 380,880

7. Provision for liabilities

2023 2022
£ £
Deferred tax 0 51

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 51) ( 139)
Credited to the Income Statement 51 88
At the end of financial year 0 ( 51)

9. Liability of members

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.

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 11,950 456